Latest news with #AtlanticNickelProject
Toronto Star
23-07-2025
- Business
- Toronto Star
First Atlantic Nickel Unveils Initial Phase 2 Drill Plan Map with Drilling Underway Following Phase 1 Discovery at RPM Zone Confirming First Large-Scale Awaruite in the Atlantic
GRAND FALLS-WINDSOR, Newfoundland and Labrador, July 23, 2025 (GLOBE NEWSWIRE) — First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ('First Atlantic' or the 'Company') is pleased to announce the release of its Initial Phase 2 Drill Plan Map detailing the locations of the first five holes at the RPM Zone, within its 100%-owned Atlantic Nickel Project in central Newfoundland. The recently completed Phase 1 drilling program successfully defined a near-surface mineralized zone measuring approximately 400m x 500m containing magnetically recoverable awaruite nickel mineralization. All Phase 1 RPM Zone drill holes intersected broad, continuous zones of mineralization, yielding consistent grades and recoveries. Metallurgical testing via the Davis Tube Recovery (DTR) method yielded an average magnetically recoverable nickel grade (DTR Ni%) of 0.13%, with an average magnetic nickel concentrate of 1.41% Ni and an average mass pull of 9.1%. These results indicate an average total nickel recovery of 54% based on an initial total nickel grade of 0.24%. The mineralized system at the RPM Zone remains open in all directions, presenting significant exploration upside. The fully funded Phase 2 drilling program is now underway and designed to further expand on this discovery—the first widely disseminated, drilled awaruite discovery in the Atlantic. The Atlantic Nickel Project comprises a large, continuous 30-kilometer belt of serpentinized ultramafic ophiolite hosting disseminated awaruite nickel mineralization within heavily serpentinized, fractured, and sheared peridotite rocks. These formations originated from a substantial segment of ancient oceanic crust that was tectonically emplaced onto the continental margin. Awaruite, a natural nickel-iron alloy (Ni₃Fe), is notable for its sulfur-free and magnetic properties, which facilitate straightforward processing through magnetic separation and flotation. This eliminates the need for downstream high-temperature smelting, roasting, or high-pressure acid leaching (HPAL), processes typically required for conventional nickel sulfide and laterite deposits.
Yahoo
02-06-2025
- Business
- Yahoo
First Atlantic Nickel to Attend Benchmark Mineral Intelligence's GIGA USA 2025 Conference, Highlighting Atlantic Nickel Project's Smelter-Free Processing for North America's Critical Minerals Supply Chain
VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ('First Atlantic' or the 'Company') is pleased to announce its participation at the Benchmark Mineral Intelligence GIGA USA 2025 conference, taking place June 3-4, 2025, in Washington, DC. The Company will participate in strategic meetings during this critical mineral conference to demonstrate how its Atlantic Nickel Project addresses the growing need for nickel mining that can be completely processed in North America. The Atlantic Nickel Project contains nickel in the form of awaruite, a naturally occurring, sulfur-free, highly magnetic mineral with approximately 75% nickel content. These unique properties enable direct processing through magnetic separation and flotation, eliminating reliance on foreign overseas smelting or roasting operations. This simplified mineral processing method significantly lowers energy requirements and reduces environmental impacts, strengthening the development of a resilient, domestic critical minerals supply chain. The GIGA USA conference brings together key players from across the critical minerals sector for two days of networking, dealmaking, and policy discussions. Attendees include major automakers such as Tesla, Ford, General Motors, Rivian, Mercedes-Benz, and Volkswagen; battery manufacturers like LG Energy Solutions, Samsung SDI, and Panasonic Energy; and global mining companies including Rio Tinto, Vale, Glencore, South32, and Anglo American. Government representatives from the U.S. Department of Energy, U.S. Department of Commerce, U.S. Department of Defense, U.S. Department of State, the Government of Quebec, the Embassy of Canada, and the Delegation of the European Union will also attend. Conference topics will address the expansion of the United States' lithium-ion battery gigafactory industry and the need to establish secure, sustainable supply chains for critical raw materials, including lithium, nickel, graphite, cobalt, manganese and rare earth elements. The conference addresses key areas of focus including strengthening the U.S. critical minerals supply chain through domestic production and expanded gigafactory capacity, examining policy and trade impacts, such as the Inflation Reduction Act (IRA), and enhancing national security through critical mineral independence. The conference will also focus on investment and financing opportunities for next-generation mining projects, innovations in battery technology and sustainability, and the importance of global collaboration and strategic partnerships. The Company's Atlantic Nickel Project offers a secure and reliable solution for domestic nickel production. By leveraging awaruite's sulfur-free composition, high nickel content and magnetic properties, the project enables simple processing through magnetic separation and flotation without the need for secondary processing such as smelting or roasting. Unlike traditional nickel sulfide and laterite projects that undergo energy-intensive processes creating harmful waste and emissions, awaruite's metallurgical properties enable complete domestic nickel production while eliminating reliance on overseas processing. The lower energy requirements and sulfur-free nature of awaruite result in a reduced carbon and environmental footprint. The Company remains committed to strengthening North American critical minerals supply chains, with the Atlantic Nickel Project positioned to provide a secure, reliable nickel source for North American industries including electric vehicles, batteries, defense, and stainless steel manufacturing. Conference Meeting Requests First Atlantic welcomes the opportunity to meet with strategic partners, shareholders and investors during the GIGA USA 2025 conference. Interested parties are encouraged to contact Rob Guzman at rob@ or by phone at 844-592-6337 to arrange meetings. The conference takes place June 3-4, 2025 in Washington, DC. Phase 2 Drilling Update The Phase 2 drilling program is currently underway and successfully expanding the awaruite mineralization identified in multiple drill holes during the Phase 1 campaign. Technical improvements, including optimized HQ/NQ drill configurations and enhanced drill bit selection, have enabled the current program to reach greater depths than previously achieved. The Company anticipated providing updates on the Phase 2 drill holes in the coming weeks. For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic Nickel by phone at +1-844-592-6337 or via email at rob@ Corporate Update The Company also announces that on May 21, 2025 it closed the definitive agreement dated May 6, 2025 (the 'Purchase Agreement') to acquire a 100% interest in eight mineral licenses totaling approximately 3,350 hectares. These licenses are strategically located around the Company's Atlantic Nickel Project in central Newfoundland, in the Cold Spring Pod and Coy Pond areas. Under the terms of the Purchase Agreement, the Company has issued 1,000,000 Shares at a deemed price of $0.205 per Share. These Shares are subject to a statutory hold period of four months and one day, in accordance with applicable Canadian securities laws. And further to its May 6, 2025 news release, it closed the previously announced settlement agreement (the 'Settlement Agreement') on May 22, 2025, to settle outstanding obligations totaling $202,950 owed to an arm's length creditor (the 'Creditor') related to accounting services provided under a consulting agreement dating back to 2017. Pursuant to the Settlement Agreement, the Company has issued an aggregate of 312,500 common shares (each, a 'Share') at a deemed price of $0.32 per Share. These Shares will be released in three equal tranches over a 12-month period and are subject to a statutory hold period of four months and one day, in accordance with applicable Canadian securities laws. Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe) Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75% nickel content, offers a proven and environmentally safe solution to enhance the resilience and security of North America's domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation without the need for smelting, roasting, or high-pressure acid leaching1. Beginning in 2025, the US Inflation Reduction Act's (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals processed by foreign entities of concern (FEOC)2. These entities include Russia and China, which currently dominate the global nickel smelting industry. Awaruite's smelter-free processing approach could potentially help North American electric vehicle manufacturers meet the IRA's stringent critical mineral requirements and reduce dependence on FEOCs for nickel processing. The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating, "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."3 Awaruite's unique properties enable cleaner and safer processing compared to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite's simpler processing, facilitated by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic emissions linked to nickel refining. Figure 1: Quote from USGS on Awaruite Deposits in Canada The development of awaruite resources is crucial, given China's control in the global nickel market. Chinese companies refine and smelt 68% to 80% of the world's nickel4 and control an estimated 84% of Indonesia's nickel output, the largest worldwide supply5. Awaruite is a cleaner source of nickel that reduces dependence on foreign processing controlled by China, leading to a more secure and reliable supply for North America's stainless steel and electric vehicle industries. 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 by signing up to receive news via email and SMS text at Stay connected and learn more by following us on these social media platforms: FOR MORE INFORMATION:First Atlantic Investor RelationsRobert GuzmanTel: +1 844 592 6337rob@ Disclosure Adrian Smith, a director and the Chief Executive Officer of the Company 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 ( Mr. Smith has reviewed and approved the technical information disclosed herein. About First Atlantic Nickel Corp. First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The Project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75% nickel with no-sulfur and no-sulfides. Awaruite's properties allow for smelter-free magnetic separation and concentration, which could strengthen North America's critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new US Electric Vehicle US IRA requirements, which stipulate that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern)6. First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the USA and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the US IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption. 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 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: statements regarding: the timing, scope and results of the Company's Phase 1 and Phase 2 work and drilling programs; future project developments; the Company's objectives, goals, and future plans; statements and estimates of market conditions; the viability of magnetic separation as a low-impact processing method for awaruite; the strategic and economic implications of the Company's projects; and expectations regarding future developments and strategic plans; 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 and clean energy industries. 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 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 mineral 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. The Company undertakes no obligation to update forward-looking information, except as required by applicable securities laws. 1
Yahoo
19-03-2025
- Business
- Yahoo
First Atlantic Nickel and Colorado School of Mines Launch Research Partnership to Explore Geologic Hydrogen Potential in Newfoundland Ophiolites
VANCOUVER, British Columbia, March 19, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce a strategic research partnership with Colorado School of Mines to explore geologic hydrogen as an energy source. This collaboration will focus on two significant ophiolite complexes in Newfoundland, Canada: the St. Anthony Ophiolite Complex (Atlantis Project, 103 km²) and the Pipestone Ophiolite Complex (Atlantic Nickel Project, 71 km²). Both projects are 100% owned by First Atlantic and encompass extensive ultramafic rock formations, characterized by awaruite-bearing serpentinized peridotites, which are key indicators of geologic hydrogen. First Atlantic Nickel continues to advance its core operations focusing on exploring and drilling for awaruite nickel-iron alloy mineralization, which can be processed without smelting to create a secure, reliable supply of nickel for North America while reducing dependence on foreign nations for processing. This approach directly strengthens the resilience of North America's critical minerals supply chain. While maintaining this primary focus, the Company has established a strategic research partnership with Colorado School of Mines that leverages existing drilling data and exploration results from its Newfoundland ophiolite projects. The exploration data provided to Colorado School of Mines will support academic research on geological hydrogen as a potential energy source, with the ability to realize additional value from the project. Geologic Hydrogen: Ophiolites and Peridotite Ophiolites—sections of oceanic crust and upper mantle thrust onto continental crust—are globally recognized as prime sources of geologic hydrogen, often referred to as "white hydrogen" or "gold hydrogen." These formations are dominated by ultramafic rocks, notably peridotite, which consists primarily of olivine and pyroxene minerals rich in nickel, chromium, magnesium, and iron. When peridotite interacts with water, it triggers serpentinization—a hydrothermal reaction in which iron oxidizes and water is reduced, releasing molecular hydrogen gas (H₂). This natural process can be represented by the equation: 3FeO (in olivine) + H₂O → Fe₃O₄ (magnetite) + H₂ (hydrogen gas) During serpentinization, awaruite (Ni₃Fe) forms as a secondary mineral when liberated nickel (Ni2+) and iron (Fe2+) from the olivine, pyroxene, and chromite minerals react with the abundant hydrogen (H2) present. This natural process can be represented by the equation: 3Ni²⁺ + Fe²⁺ + 4H₂ → Ni₃Fe (awaruite) + 8H⁺ The formation of awaruite could not happen without the presence of abundant hydrogen. This process occurs readily in ophiolitic peridotites at depth, where water saturated rocks in oxygen-poor, reducing conditions produce this exothermic reaction, generating heat that sustains further reactions. According to the Geological Survey of Finland, "In Europe and in regions outside the crystal shield, only ophiolites are often referred to as a source of geological hydrogen."1 Within these ophiolite settings, serpentinized peridotites are the most promising targets, with peridotites producing significantly more hydrogen than other rocks. As stated in a Frontiers in Geochemistry article, "The best targets for stimulated hydrogen production are rocks such as peridotites, which can produce 2–4 kg hydrogen/m³ of rock, up to 4-orders of magnitude more hydrogen than mafic rocks such as basalts."2 Ophiolites represent large potential sources of geologic hydrogen, with some of the most significant global geologic hydrogen discoveries occurring in ophiolites. Figure 1: Visual representation of the serpentinization process forming hydrogen Quote From Dr. Yaoguo Li, Colorado School of Mines 'Geologic hydrogen systems are a combination of mineral systems and natural gas systems. In our group, we have the unique combination of expertise from both the mining industry and oil and gas industry to advance geologic hydrogen exploration and stimulated hydrogen monitoring,' said Dr. Yaoguo Li from Colorado School of 2: Conceptual example of Geologic Hydrogen Extraction wells targeting serpentinized ultra mafic rocks, process involves a process similar to fracking, stimulating, and hydrogen recovery.3 Awaruite: Indicator of Hydrogen-Producing Conditions Academic research has established awaruite (Ni₃Fe) as a reliable indicator mineral for hydrogen-rich geological environments. A landmark 2004 study published in the Proceedings of the National Academy of Sciences (PNAS) documented: "Metamorphic hydration and oxidation of ultramafic rocks produces serpentinites, composed of serpentine group minerals and varying amounts of brucite, magnetite, and/or FeNi alloys. These minerals buffer metamorphic fluids to extremely reducing conditions that are capable of producing hydrogen gas. Awaruite, FeNi₃, forms early in this process when the serpentinite minerals are Fe-rich.'4 The PNAS researchers also noted: "The partial pressure of H2 needed to form awaruite increases with temperature. For example, at 200°C, awaruite of composition FeNi3 cannot form unless the H2 partial pressure is more than ≈320 bars, which would preclude awaruite formation in a shallow land system. Even at low temperature, partial pressures in excess of 50 bars H2 is needed to form awaruite."5 This established scientific understanding makes awaruite an excellent indicator of hydrogen-rich environments, as it forms only under the highly reducing conditions created by significant hydrogen generation. The distribution of awaruite within serpentinized peridotites in Newfoundland's ophiolites underscores the region's promise for this research. Newfoundland's Ophiolite Complexes: Pipestone & St Anthony's Ophiolite Complexes The research will focus on two properties wholly owned by First Atlantic hosting major ophiolite complexes: Atlantis Project (St. Anthony Ophiolite Complex) Located in northwestern Newfoundland, the St. Anthony Ophiolite Complex spans 103 km² across two ultramafic massifs (60 km² and 43 km²). This flat-lying, thrusted sequence of oceanic lithosphere includes a mantle section dominated by serpentinized harzburgite and dunite—peridotite subtypes rich in olivine. Historical exploration identified nickel and chromium mineralization, with recent surveys confirming the presence of awaruite in serpentinized zones. The complex's shallow structural orientation facilitates surface access to potential hydrogen-producing formations, making it an ideal study site. Atlantic Nickel Project (Pipestone Ophiolite Complex) Covering 71 km², this project features a 30 km long ultramafic belt within the Pipestone Ophiolite Complex. Unlike the Atlantis Project, the Pipestone Ophiolite exhibits a steep to near-vertical dip, suggesting a depth extent exceeding several kilometers. First Atlantic Nickel recently reported a new discovery at the RPM Zone, intersecting 0.24% Nickel and 0.32% Chromium over 383.1 meters of serpentinized peridotite hosting disseminated awaruite, with no cutoff in mineralization depth, indicating continuity of hydrogen-producing environment. The complex's deep structure aligns with models of hydrogen retention, where lithostatic pressure at depths beyond 1 km could trap gas within zones of low permeability. Global Hydrogen Ophiolite Discoveries The research will draw insights from significant hydrogen-producing ophiolites worldwide: Samail Ophiolite (Oman) This formation produces hydrogen through low-temperature water/rock reactions, with dissolved H₂ concentrations as high as 2.9 millimolar in peridotite wells. Research estimates hydrogen generation at depths up to 5 km, with some hydrogen trapped and some escaping via springs, providing a benchmark for retention dynamics. Studies suggest that for economically viable extraction, stimulation methods must increase hydrogen production rates by at least 10,000-fold over natural levels6—a challenge being explored through enhanced fracturing and fluid chemistry adjustments. Bulqizë Mine (Albania) This recently discovered hydrogen reservoir vents a minimum of 200 tons of hydrogen annually at 84% hydrogen by volume7, making it one of the largest recorded hydrogen flows globally. The hydrogen originates from a faulted reservoir deeply rooted in the Jurassic ophiolite massif, suggesting similar potential for similar ophiolite systems like those in Newfoundland. Hydrogen Retention and Extraction Potential When hydrogen forms during serpentinization, it may be contained if the surrounding rock has low permeability. The serpentinization process often reduces permeability, potentially self-sealing the system. At increasing depths, lithostatic pressure can exceed gas pressure, aiding containment. Extraction methods under exploration include conventional drilling techniques similar to those used in the oil and gas industry. For the Atlantis Project, in-ground stimulation methods similar to hydraulic fracturing are being evaluated to enhance hydrogen production from its accessible, flat-lying peridotite. Conversely, the deep-extending vertical structures at the Atlantic Nickel Project may host natural hydrogen reservoirs potentially accessible through targeted deep drilling. Technical-economic analysis suggests that for economically viable hydrogen production from engineered water-rock reactions in peridotite formations, stimulation methods must increase net hydrogen production at least 10,000-fold compared to natural rates8. Researchers propose achieving this through increased fracturing density and optimizing the chemistry of injected fluids to enhance hydrogen generation. Figure 3: Illustration of geophysics needed in stimulated H2. Real-time monitoring of H2 generation process using integration of electromagnetic and magnetic data: characterizing and monitoring the temperature field, and real-time feedback to engineering operation using ML processing. (Image courtesy Mengli Zhang and Jenny Crawford.) Multidisciplinary Research Methodology The Company's partnership with Colorado School of Mines will employ a comprehensive suite of techniques to evaluate hydrogen potential: Geophysical Surveys: Magnetic, gravity, and seismic methods will delineate subsurface structures and identify fault systems that may channel or trap hydrogen. Remote Sensing: Hyperspectral imaging and satellite data will detect surface mineral signatures linked to serpentinization (e.g., serpentine and magnetite). Soil and Gas Sampling: Surface measurements will quantify hydrogen emissions, providing evidence of active generation and leakage. Rock Sampling and Drill Core Analysis: Petrographic and geochemical analyses will assess serpentinization extent, awaruite abundance, and hydrogen saturation in mineral phases. These integrated methods aim to construct a 3D model of hydrogen distribution, pinpointing high-potential zones for further exploration or stimulation. Technical Expertise from Colorado School of Mines Colorado School of Mines has 150 years of history in mineral exploration, the Department of Geophysics has 100 years of history in mineral exploration, and the collaborating group Center for Gravity, Electrical, and Magnetic Studies (CGEM) has history of 25 years of continuous research in this space funded by mineral and oil & gas industries. CGEM currently has geologic research projects funded by Advanced Research Projects Agency–Energy (ARPA-E) and by industry. They bring world-class expertise in geologic hydrogen systems, with an established track record of collaboration with industry leaders in the mineral industry and oil and gas industry. Their proficiency in geologic hydrogen research, geophysical modeling and remote sensing will enhance the project's ability to characterize hydrogen reservoirs at depth. ABOUT COLORADO SCHOOL OF MINES Colorado School of Mines is a public R1 research university focused on applied science and engineering, producing the talent, knowledge and innovations to serve industry and benefit society – all to create a more prosperous future. Scientific and Economic Implications Geologic hydrogen represents a potentially significant, low-cost, and sustainable energy resource that could substantially complement existing energy systems. Dr. Mengli Zhang from Colorado School of Mines has located more than 500 drilled natural gas wells using geophysics and followed through with post-drilling analyses. Dr. Zhang commented, 'Through these experiences, I have developed expertise in prospecting maps of geologic hydrogen and drilling location recommendations. Our group brings a unique set of expertise to the full cycle of geologic hydrogen exploration.' Unlike traditional hydrogen production methods that require significant energy inputs, naturally occurring hydrogen from ophiolites is continuously generated by ongoing geological processes and may be trapped in large reservoirs. This natural production pathway could result in substantially lower costs compared to conventional hydrogen manufacturing processes. The research program has three primary goals: first, to discover and map potential geologic hydrogen resources within Newfoundland's ophiolite complexes; second, to develop exploration techniques for these resources; and third, to establish efficient hydrogen generation methodologies from serpentinized ultramafic rocks. Geologic hydrogen has the potential to be a large-scale source of hydrogen that is cheaper and safer than traditional methods of hydrogen production that rely on oil and gas. Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe) Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75% nickel content, offers a proven and environmentally safe solution to enhance the resilience and security of North America's domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation without the need for smelting, roasting, or high-pressure acid leaching9. Beginning in 2025, the US Inflation Reduction Act's (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals processed by foreign entities of concern (FEOC)10. These entities include Russia and China, which currently dominate the global nickel smelting industry. Awaruite's smelter-free processing approach could potentially help North American electric vehicle manufacturers meet the IRA's stringent critical mineral requirements and reduce dependence on FEOCs for nickel processing. The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating, "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"11. Awaruite's unique properties enable cleaner and safer processing compared to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite's simpler processing, facilitated by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic emissions linked to nickel 4: Quote from USGS on Awaruite Deposits in Canada The development of awaruite resources is crucial, given China's control in the global nickel market. Chinese companies refine and smelt 68% to 80% of the world's nickel12 and control an estimated 84% of Indonesia's nickel output, the largest worldwide supply13. Awaruite is a cleaner source of nickel that reduces dependence on foreign processing controlled by China, leading to a more secure and reliable supply for North America's stainless steel and electric vehicle industries. 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 by signing up to receive news via email and SMS text at Stay connected and learn more by following us on these social media platforms: FOR MORE INFORMATION:First Atlantic Investor RelationsRobert GuzmanTel: +1 844 592 6337rob@ Disclosure Adrian Smith, 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 ( Mr. Smith has reviewed and approved the technical information disclosed herein. About First Atlantic Nickel Corp. First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The Project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75% nickel with no-sulfur and no-sulfides. Awaruite's properties allow for smelter-free magnetic separation and concentration, which could strengthen North America's critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new US Electric Vehicle US IRA requirements, which stipulate that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern)14. First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the USA and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the US IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption. 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 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 Phase 1 work and drilling program; results from the Phase 2 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 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 Photos accompanying this announcement are available at: in to access your portfolio
Yahoo
04-03-2025
- Business
- Yahoo
First Atlantic Nickel Reports New Discovery at RPM Zone: Intersects 0.24% Nickel & 0.32% Chromium Over 383.1 Meters, 10km Downstrike from Super Gulp
VANCOUVER, British Columbia, March 04, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce the initial assay results from its 100%-owned Atlantic Nickel Project in central Newfoundland. Drill hole AN-24-02 returned assays of up to 0.31% nickel and 2.61% chromium, with an average of 0.24% nickel and 0.32% chromium over its entire 383.1-meter length, from surface to the end of hole. These strong results confirm extensive nickel mineralization, initially observed as large-grain awaruite visibly disseminated throughout the drill core. Notably, all four Phase 1 drill holes at the RPM Zone intersected large-grain visible awaruite, covering an area 500 meters wide by 400 meters long. The Company plans to expand this mineralized zone in the upcoming Phase 2 drill program. This is the first of four drill holes completed in the RPM Zone as part of Phase 1, with assay results from the remaining three holes still pending. RPM Discovery Hole 1 (24-AN-02) (see Figure 1 & 2) significantly exceeds the depth of previous drilling at both the Super Gulp Zone and the historical Atlantic Lake Zone, further reinforcing the presence of a major nickel system within the company's district-scale, 30-kilometer trend. For comparison, the Super Gulp discovery hole (AN-24-01) intersected 0.25% nickel over 293.8 meters, while historical drilling at Atlantic Lake (DDH78-AL-1) intersected 0.22% nickel over its entire 87.15-meter length (NFLD/3284), with both drill holes ending in mineralization and remaining open in all directions. Alongside these promising drill assay results, Davis Tube Recovery (DTR) metallurgical testing is currently underway, with results expected soon. This testing aims to quantify magnetically recoverable nickel and evaluate the project's suitability for magnetic separation as a commercial mining processing method. Highlights Wide Interval of Nickel: The first discovery drill hole at RPM (AN-24-02) intersected an average of 0.24% nickel and 0.32% chromium over its entire 383.1-meter length, from surface to end of hole, with peak values reaching up to 0.31% nickel and 2.61% chromium. Mineralized Depth Extension: Drill hole AN-24-02 reached a depth of 394.1 meters, significantly exceeding the 297 meters drilled at Super Gulp and the historical average of 87.15 meters at Atlantic Lake. Future drilling will include step-out holes to further expand the depth and size of the RPM Zone. Major Step-Out within 30-km Nickel Trend: The RPM discovery hole, AN-24-02—located 10 km downstrike from the Super Gulp Zone and 26 km south of the Atlantic Lake Zone—confirms continuous awaruite nickel mineralization within the district-scale, 30-km-long magnetic ultramafic ophiolite. Extensive Awaruite Mineralization at RPM Zone: All four drill holes revealed large-grain awaruite, frequently exceeding 500 microns, across a 500m × 400m area, establishing a significant mineralized footprint targeted for expansion in Phase 2 drilling. Metallurgical Testing: DTR testing is underway to quantify magnetically recoverable nickel and evaluate the project's suitability for commercial processing via magnetic separation - a critical step in establishing project economics. Phase 2 Drilling Program: Phase 2 drilling is set to begin soon, utilizing new road access and a higher-power NQ/HQ drill rig to target deeper mineralization and expand the 500m × 400m mineralized area at RPM. The program is fully funded by a recently closed strategic, non-dilutive $3M raise, with additional Phase 1 drill assay results still pending. For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic Nickel by phone at +1 844 592 6337 or via email at rob@ RPM Zone Discovery Drill Hole 1 Drill Hole AN-24-02: The first drill hole in the RPM Zone, AN-24-02, was drilled to a final depth of 394.1 meters and encountered consistent nickel mineralization throughout its entire length. The hole intersected 0.24% nickel and 0.32% chromium over 383.1 meters, including peak values of up to 0.31% nickel and 2.61% chromium. Assay results confirm remarkable grade consistency, with abundant large-grain visible awaruite (natural nickel-iron alloy, Ni₃Fe) disseminated throughout the serpentinized ultramafic rock in the drill cores, with grain sizes frequently exceeding 500 microns. Table 1: Assays from RPM Drill Hole 1 (AN-24-02) Drill Hole From (m) To (m) Interval (m) Nickel (%) Chromium (%) AN-24-02 11 394.1 383.1 0.24 0.32 Drill Hole Intersection Breakdown including 11 147 136 0.24 0.29 including 147 258 111 0.23 0.29 including 258 394.1 136.1 0.26 0.36 including values 'up to' 0.31 2.61 Table 2: RPM Drill Hole 1 (AN-24-02) collar location information Hole ID Easting (NAD83) Northing (NAD83) Elevation Azimuth: Dip: Depth (m) AN-24-02 567123mE 5357573mN 239 90 -60 394.1 Figure 1: Location of RPM Drill Hole 1 (AN-24-02) at Atlantic Nickel Project showing the 30km awaruite sulfur-free nickel-alloy trend over TMI 2: Cross-section view of the RPM Zone Discovery Drill Hole 1 (AN-24-02), illustrating the grade distribution of mineralization, averaging 0.24% nickel and 0.32% chromium across a 383.1-meter drill interval. Assays are pending from drill holes AN-24-03 and AN-24-04. RPM Zone Expansion The RPM Zone has emerged as a key area of interest, with all four drill holes returning large-grain, abundant visible awaruite, confirming mineralization across an extensive 500m x 400m footprint. This significant mineralized zone highlights the potential for a substantial nickel system at RPM, prompting the Company to plan an expansion of the area in the upcoming Phase 2 drilling program. This phase will utilize new road access and a higher-power drill rig to explore both lateral and depth extensions. Located 10 km downstrike from the Super Gulp Zone and 26 km south of historical drilling at Atlantic Lake, the RPM Zone represents a major step-out, showing the potential for multiple large nickel zones along the Company's 30-kilometer trend. The discovery at RPM not only broadens the known mineralized footprint but also reveals that the nickel system extends much deeper than previously documented. Drill hole AN-24-02 has surpassed the depths of both the 293.8 meters at Super Gulp and the 87.15 meters of the historical Atlantic Lake hole, all while maintaining consistent mineralization throughout. Phase 1 drilling encountered soft, rippable rock across the property in all holes. Specifically, drill hole AN-24-02 intersected heavily fractured, broken serpentinized rock throughout, indicating the potential for lower-cost mining methods that may not require drilling and blasting. For future drilling, the Company plans to use a larger drill rig with HQ/NQ-sized core to reach greater depths, improve drilling efficiency, and expand the mineralization, which remains open at depth beyond 394.1 3: Image showing discovery hole RPM DDH001 (24-AN-02) with disseminated sulfur-free nickel-iron alloy (awaruite). Top image showing close-up of drill core at 384 meters with coarse grained disseminated awaruite; middle image showing core boxes from 380 meters to 394 meters, end of hole; bottom images showing microscope photos of individual large grains of awaruite, 580 microns to 667 microns at 384 4: RPM DDH001 (24-AN-02) at 152 meters showing coarse grains of nickel-iron alloy (awaruite). Left image shows drill-core with disseminated awaruite in serpentinized ultramafic cut by serpentine-magnetite fracture filings and veinlets; Right image shows microscope photo of nickel alloy grains ranging from 152 - 262 5: Top image showing coarse grained visible nickel-iron alloy (awaruite) in serpentinized ultramafics within the first drill hole at RPM Zone DDH001 (24-AN-02) at 288 meters downhole; bottom images are microscope photos showing large grains of nickel-iron alloy ranging from 280 microns to 571 microns at 288 meters. Microscopic analysis has confirmed awaruite grain sizes frequently exceeding 500 microns, well above the 10-micron threshold required for effective magnetic separation1. This supports the potential for simple, cost-effective processing without smelting, aligning with the Company's strategy to develop a smelter-free nickel project that could strengthen North America's nickel supply chain. The consistent grade throughout the hole, combined with mineralization that remains open at depth, underscores the potential for a large-tonnage nickel deposit. Phase 2 Drill Program The Company is preparing for Phase 2 drilling to further delineate and expand the RPM Zone, with drilling set to begin shortly using the newly constructed road for direct access. This road access enables a larger, more cost-effective program compared to Phase 1. Phase 2 drilling will utilize a higher-power drill rig with both NQ and HQ core capabilities, to target deeper mineralization beyond the depths reached in Phase 1. The Company's recent $3 million in strategic funding will support Phase 2 drilling, assays, and metallurgical work, while additional assay results from the three remaining Phase 1 drill holes at RPM are expected to be released soon. Metallurgical Program Preliminary DTR testing is currently underway to evaluate the Atlantic Nickel Project's potential for magnetic separation. This testing aims to characterize the recovery potential of awaruite-style mineralization. The Company is planning a detailed metallurgical process development program to build on the DTR testing, focusing on quantifying magnetically recoverable nickel. The metallurgical program will use a pilot scale magnetic separator as a key initial step in developing a process flowsheet, marking the start of a customized flowsheet optimization effort. Subsequent processing stages, following magnetic separation, will explore techniques such as gravity separation and/or flotation, as needed, to produce a saleable nickel concentrate. The objective of this program is to optimize the recovery of the abundant large-grain awaruite mineralization identified at the Atlantic Nickel Project and provide crucial data for future economic studies evaluating the project's commercial viability. Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe) Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75% nickel content, offers a proven and environmentally safe solution to enhance the resilience and security of North America's domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation without the need for smelting, roasting, or high-pressure acid leaching2. Beginning in 2025, the US Inflation Reduction Act's (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals processed by foreign entities of concern (FEOC)3. These entities include Russia and China, which currently dominate the global nickel smelting industry. Awaruite's smelter-free processing approach could potentially help North American electric vehicle manufacturers meet the IRA's stringent critical mineral requirements and reduce dependence on FEOCs for nickel processing. The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating, "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"4. Awaruite's unique properties enable cleaner and safer processing compared to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite's simpler processing, facilitated by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic emissions linked to nickel 6: Quote from USGS on Awaruite Deposits in Canada The development of awaruite resources is crucial, given China's control in the global nickel market. Chinese companies refine and smelt 68% to 80% of the world's nickel5 and control an estimated 84% of Indonesia's nickel output, the largest worldwide supply6. Awaruite is a cleaner source of nickel that reduces dependence on foreign processing controlled by China, leading to a more secure and reliable supply for North America's stainless steel and electric vehicle industries. 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 by signing up to receive news via email and SMS text at Stay connected and learn more by following us on these social media platforms: FOR MORE INFORMATION:First Atlantic Investor RelationsRobert GuzmanTel: +1 844 592 6337rob@ Disclosure Adrian Smith, 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 ( Mr. Smith has reviewed and approved the technical information disclosed herein. Analytical Method & QAQC Samples were split in half on site with one half remaining in the core box for future reference and one half packaged in secure bags. QAQC method included the use of blanks, duplicates and certified reference material (standards) with one being inserted once in every 20 samples in order to test the precision and accuracy of the lab. All results passed the QA/QC screening at the lab, and all company inserted standards and blanks returned results that were within acceptable limits. Samples were sent to Activation Laboratories LTD ('Actlabs') in Fredericton, NB. Actlabs is an ISO 17025 certified lab, accredited and acting independently from First Atlantic Nickel. Each sample was crushed, with a 250 g sub-sample pulverized to 95% - 200 mesh. A portion of the sample is fused with a lithium metaborate/tetraborate flux and analyzed by ICP-OES for major oxides and elements including cobalt, chromium and nickel. True widths are currently unknown. However the nickel bearing ultramafic ophiolite and peridotite rocks being targeted and sampled in the Phase 1 drilling program at the Atlantic Nickel Project are mapped as several hundred meters to over 1 kilometer wide and approximately 30 kilometers long. About First Atlantic Nickel Corp. First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The Project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75% nickel with no-sulfur and no-sulfides. Awaruite's properties allow for smelter-free magnetic separation and concentration, which could strengthen North America's critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new US Electric Vehicle US IRA requirements, which stipulate that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern)7. First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the USA and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the US IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption. 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 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 Phase 1 work and drilling program; results from the Phase 2 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 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 2 Photos accompanying this announcement are available at in to access your portfolio
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First Atlantic Nickel Reports New Discovery at Super Gulp: Initial Drill Hole Intersects 0.25% Nickel & 0.28% Chromium Over 293.8 Meters
VANCOUVER, British Columbia, Feb. 26, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce the initial assay results from its first drill hole at the Super Gulp Zone, part of its 100% owned Atlantic Nickel Project in central Newfoundland. The first drill hole, AN-24-01, returned assays of up to 0.32% nickel and 0.8% chromium, with an average of 0.25% nickel and 0.28% chromium over the entire 293.8-meter length. These strong results confirm extensive nickel mineralization, initially observed as large-grain awaruite disseminated throughout the drill hole. This marks the first of five holes drilled in the Phase 1 program, with additional drill results pending. The discovery hole significantly exceeds the average depth of historical drilling in the Atlantic Lake Zone, confirming the presence of a major new nickel zone within the Company's district-scale 30-kilometer trend. For comparison, historical drilling in the Atlantic Lake Zone (78-AL-1) intersected 0.22% nickel over its entire 87.15 meter length and ended in mineralization, remaining open in all directions (NFLD/3284). Alongside these promising drill results, Davis Tube Recovery (DTR) metallurgical testing is currently underway, with results expected soon. This testing aims to quantify magnetically recoverable nickel and evaluate the project's suitability for magnetic separation as a commercial mining processing method. Highlights Wide Interval of Nickel: The first drill hole at Super Gulp (AN-24-01) intersects 0.25% nickel and 0.28% chromium over its entire 293.8-meter length, with peak values reaching up to 0.32% nickel and 0.8% chromium. Mineralized Depth Extension: Drill hole AN-24-01 reached a depth of 293.8 meters, significantly exceeding the historical average of 80 meters drilled at Atlantic Lake. Notably, DDH78-AL-1 previously assayed 0.22% nickel over 87.15 meters. Future drilling will continue to step-out to further expand the depth and size of the Super Gulp Zone. Major Step-Out within 30-km Nickel Trend: The Super Gulp discovery hole, AN-24-01 - located 16 km south of the Atlantic Lake Zone and 10 km north of the RPM Zone - confirms continuous awaruite nickel mineralization within the district-scale, 30-km magnetic ultramafic ophiolite. Large Awaruite Grains: Assays confirm the presence of nickel-alloy (awaruite) throughout the drill hole, consistent with visual observations. Grain sizes reach up to 271 microns, well above the threshold for effective magnetic separation. Phase 2 Drilling Program: Phase 2 drilling is set to begin soon, utilizing new road access and a higher-power NQ/HQ drill rig to target deeper mineralization. The program is fully funded by a recently closed strategic non-dilutive $3M raise, with additional Phase 1 drill assay results pending. Metallurgical Testing: DTR testing is underway to quantify magnetically recoverable nickel and evaluate the project's suitability for commercial processing via magnetic separation - a critical step in establishing project economics. For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic Nickel by phone at +1 844 592 6337 or via email at rob@ Super Gulp Discovery Details Drill Hole AN-24-01: Drilled westward at a -60° dip to a final depth of 297 meters, AN-24-01 encountered consistent nickel mineralization throughout the drill hole after only 3.23 meters of overburden. The hole intersected 293.8 meters grading 0.25% nickel and 0.28% chromium, including peak values of up to 0.32% nickel and 0.8% chromium. Assay results confirm remarkable grade consistency, with serpentinized ultramafic rock and visible disseminated awaruite (natural nickel-iron alloy, Ni₃Fe) observed throughout the drill hole. Super Gulp Zone Expansion: The Super Gulp Zone marks a significant 16-kilometer step-out from historical drilling at Atlantic Lake and lies 10 km north of the RPM zone, confirming the potential for multiple large nickel zones across the Company's 30-kilometer trend. Historical drilling at Atlantic Lake (DDH78-AL-1) intersected 0.22% nickel over its entire 87.15-meter length and ended in mineralization, remaining open in all directions (NFLD/3284). The Super Gulp discovery significantly expands the known mineralized footprint and demonstrates that the nickel system extends much deeper than previously documented, with AN-24-01 reaching over three times the depth of the historical hole while maintaining consistent mineralization throughout. Table 1: Initial Assays from Super Gulp Drill Hole 1 (AN-24-01) Drill Hole From (m) To (m) Interval (m) Nickel (%) Chromium (%) AN-24-01 3.23 297 293.8 0.25 0.28 Drill Hole Intersection Breakdown including 3.23 75 71.8 0.25 0.32 including 75 195 120 0.26 0.25 including 195 297 102 0.24 0.30 including 'up-to' 0.32 0.80 Table 2: Super Gulp Drill Hole 1 (AN-24-01) collar location information Hole ID Easting (NAD83) Northing (NAD83) Elevation (m) Azimuth (deg°) Dip (deg°) Depth (m) AN-24-01 571017mE 5364751mN 295 270 -60 297 Phase 1 drilling encountered soft, rippable rock across the property in all holes. Specifically, AN-24-01 encountered heavily fractured, broken serpentinized rock throughout, suggesting the potential for lower-cost mining methods that do not require drilling and blasting. For future drilling, the Company plans to use a larger drill rig with HQ/NQ-sized core to reach greater depths, improve drilling efficiency, and expand the mineralization, which remains open at depth beyond 297 meters. Microscopic analysis has confirmed awaruite grain sizes ranging from 25 to 271 microns, well above the 10-micron threshold required for effective magnetic separation1. This supports the potential for simple, cost-effective processing without smelting, aligning with the Company's strategy to develop a smelter-free nickel project that could strengthen North America's nickel supply chain. The consistent grade throughout the hole, combined with mineralization that remains open at depth, underscores the potential for a large-tonnage nickel 1: Location of Super Gulp Drill Hole 1 (AN-24-01) at Atlantic Nickel Project showing the 30km awaruite sulfur-free nickel-alloy trend over TMI 2: Super Gulp Drill Hole 1 (AN-24-01) showing disseminated sulfur-free-nickel (awaruite) in serpentinized ultramafic rock, with serpentine-magnetite fracture filling and veinlets at 43m and 87m 3: Microscope images of awaruite grains (~200-271 microns) in Super Gulp Drill Hole 001 (AN-24-01). Phase 2 Drill Program The Company is preparing for Phase 2 drilling to further delineate and expand the RPM Zone, which will begin shortly using the newly constructed road for direct access. This road access allows for a larger, more cost-effective program compared to Phase 1. In addition, the Company is evaluating plans to develop road access to the Super Gulp Zone. Phase 2 drilling will employ a higher-power drill rig with both NQ and HQ core capabilities, targeting deeper mineralization than was achievable in Phase 1. The Company's recent $3 million in strategic funding will support Phase 2 drilling, assays, and metallurgical work, with additional assay results from other Phase 1 drill holes expected to be released soon. Metallurgical Program Preliminary DTR testing is currently underway to evaluate the Atlantic Nickel Project's potential for magnetic separation. This testing aims to characterize the recovery potential of awaruite-style mineralization. The Company is planning an intensive metallurgical process development program to build on the DTR testing, focusing on quantifying magnetically recoverable nickel. The metallurgical program will use a pilot scale magnetic separator as a key initial step in developing a process flowsheet, marking the start of a customized flowsheet optimization effort. Subsequent processing stages, following magnetic separation, will explore techniques such as gravity separation and/or flotation, as needed, to produce a saleable nickel concentrate. The objective of this program is to optimize the recovery of the abundant large-grain awaruite mineralization identified at the Atlantic Nickel Project and provide crucial data for future economic studies evaluating the project's commercial viability. Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe) Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75% nickel content, offers a proven and environmentally safer solution to enhance the resilience and security of North America's domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation without the need for smelting, roasting, or high-pressure acid leaching2. Beginning in 2025, the US Inflation Reduction Act's (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals processed by foreign entities of concern (FEOC)3. These entities include Russia and China, which currently dominate the global nickel smelting industry. Awaruite's smelter-free processing approach could potentially help North American electric vehicle manufacturers meet the IRA's stringent critical mineral requirements and reduce dependence on FEOCs for nickel processing. The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating, "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"4. Awaruite's unique properties enable cleaner and safer processing compared to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite's simpler processing, facilitated by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic emissions linked to nickel 4: Quote from USGS on Awaruite Deposits in Canada The development of awaruite resources is crucial, given China's control in the global nickel market. Chinese companies refine and smelt 68% to 80% of the world's nickel5 and control an estimated 84% of Indonesia's nickel output, the largest worldwide supply6. Awaruite is a cleaner source of nickel that reduces dependence on foreign processing controlled by China, leading to a more secure and reliable supply for North America's stainless steel and electric vehicle industries. 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 by signing up to receive news via email and SMS text at Stay connected and learn more by following us on these social media platforms: FOR MORE INFORMATION:First Atlantic Investor RelationsRobert GuzmanTel: +1 844 592 6337rob@ Disclosure Adrian Smith, 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 ( Mr. Smith has reviewed and approved the technical information disclosed herein. Analytical Method & QAQC Samples were split in half on site with one half remaining in the core box for future reference and one half packaged in secure bags. QAQC method included the use of blanks, duplicates and certified reference material (standards) with one being inserted once in every 20 samples in order to test the precision and accuracy of the lab. All results passed the QA/QC screening at the lab, and all company inserted standards and blanks returned results that were within acceptable limits. Samples were sent to Activation Laboratories LTD ('Actlabs') in Fredericton, NB. Actlabs is an ISO 17025 certified lab, accredited and acting independently from First Atlantic Nickel. Each sample was crushed, with a 250 g sub-sample pulverized to 95% - 200 mesh. A portion of the sample is fused with a lithium metaborate/tetraborate flux and analyzed by ICP-OES for major oxides and elements including cobalt, chromium and nickel. True widths are currently unknown. However, the nickel bearing ultramafic ophiolite and peridotite rocks being targeted and sampled in the Phase 1 drilling program at the Atlantic Nickel Project are mapped as several hundred meters to over 1 kilometer wide and approximately 30 kilometers long. About First Atlantic Nickel Corp. First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The Project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75% nickel with no-sulfur and no-sulfides. Awaruite's properties allow for smelter-free magnetic separation and concentration, which could strengthen North America's critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new US Electric Vehicle US IRA requirements, which stipulate that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern)7. First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the USA and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the US IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption. 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 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 Phase 1 work and drilling program; results from the Phase 2 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 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 Photos accompanying this announcement are available at: in to access your portfolio
