First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21)
("First Atlantic" or the "Company") is pleased to provide an update
on significant progress made at its wholly-owned Atlantic Nickel
Project in central Newfoundland, Canada (the "Project" or the
"Atlantic Nickel Project"). The Company has successfully completed
the Phase 1 road upgrade program which included the installation of
three bridges. Additionally, an all-weather camp has
been established on the project site, and the upgraded road and
bridges will ensure reliable access throughout the year.
District-scale awaruite nickel sampling program is well underway
along the extensive 30 km nickel-bearing trend, with an expanded
crew to accommodate the increased size and scale of the program.
Initial samples have been sent for analysis.
Highlights
- Road and infrastructure upgrades completed which include the
installation of three new bridges providing reliable year-round
road access to the Project and the establishment of a camp on the
property suitable for year round use.
- Logistical planning and preparations underway for the 2024
drilling program, with drilling set to commence in the coming
month.
- Dr. Ron Britten, a renowned nickel expert, on-site to aid in
the discovery of significant new zones of mineralization.
- District-scale awaruite nickel sampling program in progress
with an expanded ground team to cover the extensive 30 km
nickel-bearing trend accelerating exploration efforts.
- USGS has identified awaruite as a solution to nickel
concentrate shortages (in North America) due to its easier
concentration compared to nickel sulfide minerals1.
- Project site visit video released, showcasing the progress and
potential of the Atlantic Nickel Project
https://www.fanickel.com/atlantic-video.
- District-wide airborne LiDAR survey initiated, using advanced
data collection and processing to identify outcrops, map geology
and structures through vegetation across the 30 km nickel trend
centered on the Atlantic Nickel Project.
Adrian Smith, CEO of First Atlantic, remarks,
"We are thrilled with the advancements made at our unique nickel
alloy project, including establishing an all-season camp located on
the Project site. The completion of road upgrades and the
installation of heavy-duty bridges enables us to transport heavy
equipment to the project year-round. The establishment of a
road-accessible camp on the project site allows for efficient
operations while reducing overall costs. Additionally, we're
implementing a cutting-edge LiDAR survey with high-resolution
orthophotos across the 30 km district trend. This technology will
significantly enhance our ability to identify key geological
structures and discover new outcrops within the mineralized trend.
This is paired with the current expanded field-team concentrating
on intensive sampling and mapping to extend the mineralization
surrounding our four primary target areas within this substantial
nickel belt. This crucial work is paving the way for our upcoming,
fully funded, maiden drilling program".
Atlantic Nickel Project
Summary
- Awaruite (nickel-iron alloy) identified in rocks, tills, and
drill core samples over a 30 km trend.
- High nickel anomalies (up to 3300
ppm in rocks, 4260 ppm in soils) persist over 30 km, correlating
with ultramafic units and magnetic surveys; 20% of rock samples
average higher than 2000 ppm Ni.
- Field crew working on expanding on
4 priority large target areas identified for immediate follow-up,
including Atlantic Lake, Gulp Pond, Pipestone, and Chrome
Pond.
- Strategically located in central
Newfoundland, the Atlantic Nickel Project benefits from year-round
road access, proximity to a hydroelectric dam, a temperate climate,
and flat terrain.
Figure 1: Images showing infrastructure
upgrades including road clearing, culverts, and multiple bridge
installations giving year-round access to the Project. Bottom
right, phase 1 camp established on the Atlantic Nickel Project
site.
Figure 2: Fixed-wing aircraft equipped
with LiDAR sensor and high-resolution camera for
orthophotos.
LiDAR is a remote sensing technology that uses
laser pulses to create detailed 3D maps of the Earth's surface,
revolutionizing large-scale geological exploration for mining. It
enables geologists to efficiently map and analyze large areas with
high accuracy, revealing subtle geological features crucial for
mineral prospecting. By digitally removing vegetation and creating
bare-earth models, LiDAR exposes hidden structures like faults,
folds, and mineralized zones that are difficult to detect through
traditional methods. This high-resolution topographic data enhances
the identification of potential ore deposits, improves structural
analysis of rock formations, and optimizes drill target selection
in mining exploration projects.
First Atlantic will utilize the LiDAR data
gathered across the 30km mineralized trend to interpret geological
structures, aid in geological mapping and identify previously
undiscovered outcrops within the Project area.
Awaruite (Nickel-iron alloy Ni2Fe,
Ni3Fe)
Awaruite, a naturally occurring nickel-iron
alloy composed of Ni3Fe or Ni2Fe, is a proven and environmentally
safer solution to North America's domestic critical nickel supply
shortage. Unlike conventional nickel sources, awaruite can be
processed into high-grade concentrates exceeding 60% nickel content
without the need for smelting2. This is particularly significant
given the lack of smelting capacity in North America, which is
largely controlled by China, and the Inflation Reduction Act's
requirement that critical minerals in batteries be extracted or
processed domestically or in countries with U.S. free trade
agreements by 2025. As The Brookings Institution notes3, "Even if
the U.S. and EU were to dig more minerals out of the ground, many
of these minerals would need to be shipped overseas for
concentrating, refining, and smelting without significant increases
in U.S. and European mineral refining and smelting capacity".
Figure 3: USGS quote on Awaruite as a
solution for nickel concentrate demand in North
America.
The U.S. Geological Survey (USGS) highlighted
awaruite's potential, stating4, "The development of awaruite
deposits in other parts of Canada may help alleviate any prolonged
shortage of nickel concentrate. Awaruite, a natural iron-nickel
alloy, is much easier to concentrate than pentlandite, the
principal sulfide of nickel". Awaruite's unique properties enable
cleaner and safer processing compared to conventional sulfide &
laterite nickel sources, which often involve smelting or high
pressure acid leaching. These methods can release toxic sulfur
dioxide, generate hazardous waste, and could cause acid mine
drainage. Awaruite's simpler processing eliminates smelting and
intensive acid leaching, reducing greenhouse gas emissions and
toxic chemical release risks, addressing concerns about the large
carbon footprint and toxic emissions associated with battery metal
refining, particularly for nickel.
The development of awaruite resources is
crucial, given China's dominance in the global nickel market.
Chinese companies refine and smelt approximately 68%-80% of the
world's nickel5 6. Through investments, they also control an
estimated 84% of Indonesia's nickel output7, the world's largest
nickel supplier. Awaruite presents an environmentally safer, more
sustainable, and domestically processable nickel source that can
meet the growing demand in the stainless steel and electric vehicle
markets while reducing reliance on China-dominated foreign refining
and smelting, including their significant control over Indonesia's
nickel output.
Investor
Information
The Company's common shares trade on the TSX
Venture Exchange under the symbol "FAN", the
American OTCQB Exchange under the symbol “FANCF”
and on several German exchanges, including Frankfurt and Tradegate,
under the symbol "P21".
Investors can get updates about First Atlantic
Nickel by signing up to receive news via email and SMS text at
www.fanickel.com. Stay connected and learn more by following us on
these social media platforms:
https://twitter.com/FirstAtlanticNihttps://www.facebook.com/firstatlanticnickelhttps://www.linkedin.com/company/firstatlanticnickel/
FOR MORE INFORMATION:First
Atlantic Nickel Investor RelationsRobert GuzmanTel: +1 844 592
6337rob@fanickel.com
Disclosure
Adrian Smith, P.Geo., is a qualified person as
defined by NI 43-101. The qualified person is a member in good
standing of the Professional Engineers and Geoscientists
Newfoundland and Labrador (PEGNL) and is a registered professional
geoscientist (P.Geo.). Mr. Smith has reviewed and approved the
technical information disclosed herein.
The Company has not independently verified the
historic samples reported in this release but has received data
from the previous property owners and from the Government of
Newfoundland and Labrador’s online database.
About First Atlantic Nickel
Corp.
First Atlantic Nickel Corp.
(TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral
exploration company that owns 100% of the Atlantic Nickel Project,
a large scale significant nickel awaruite project in Newfoundland
and Labrador, Canada. By eliminating the need for smelting, nickel
in the form of awaruite reduces dependence on foreign entities of
concern for both supply and processing, thereby strengthening
supply chain security. In 20228, the US Government designated
nickel as a critical mineral, highlighting its importance to the
nation's economy and security.
The Atlantic Nickel Project is a special asset
due to its unique combination of size, location, proximity to
infrastructure, and the presence of awaruite. By developing this
domestic awaruite nickel project, First Atlantic aims to enhance
supply chain security for the stainless steel and electric vehicle
industries in the USA, Canada, and Europe. The Company's strategic
location and focus on awaruite nickel position it to play a key
role in meeting the growing demand for responsibly sourced nickel
in these sectors.
The Company is committed to responsible
exploration, environmental stewardship, and working closely with
local communities to create sustainable economic opportunities.
With its experienced team and the project's significant potential,
the Company is well-positioned to contribute to the future of the
nickel industry and the global transition to a cleaner, more secure
energy future.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking statements:
This news release may include "forward-looking
information" under applicable Canadian securities legislation. Such
forward-looking information reflects management's current beliefs
and are based on a number of estimates and/or assumptions made by
and information currently available to the Company that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to,
expectations regarding the timing, scope, and results from the 2024
work and drilling program; future project developments; the
Company’s objectives, goals or future plans, statements, and
estimates of market conditions. Readers are cautioned that such
forward-looking information are neither promises nor guarantees and
are subject to known and unknown risks and uncertainties including,
but not limited to, general business, economic, competitive,
political and social uncertainties, uncertain and volatile equity
and capital markets, lack of available capital, actual results of
exploration activities, environmental risks, future prices of base
and other metals, operating risks, accidents, labour issues, delays
in obtaining governmental approvals and permits, and other risks in
the mining industry. Additional factors and risks including
various risk factors discussed in the Company’s disclosure
documents which can be found under the Company’s profile on
http://www.sedarplus.ca. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected.
The Company is presently an exploration stage
company. Exploration is highly speculative in nature, involves many
risks, requires substantial expenditures, and may not result in the
discovery of mineral deposits that can be mined profitably.
Furthermore, the Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such
forward-looking statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements.
__________________________
1
https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf2https://fpxnickel.com/news/fpx-nickel-completes-confirmatory-large-scale-mineral-processing-pilot-testwork-with-funding-support-from-the-government-of-canada/3
https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf4
https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf5
https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf6
https://www.bloomberg.com/news/articles/2024-05-01/us-philippines-eye-partnership-to-cut-china-s-nickel-dominance7
https://www.airuniversity.af.edu/JIPA/Display/Article/3703867/the-rise-of-great-mineral-powers/8
https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals
Photo accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9f4a963e-9258-4b9c-b8d8-ae72224aba28
https://www.globenewswire.com/NewsRoom/AttachmentNg/c17424e6-cad2-4254-8fd1-56a47861dbcb
https://www.globenewswire.com/NewsRoom/AttachmentNg/cbf460e1-3936-40c8-9ba3-b78656a9aa80
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