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First Atlantic Nickel Corp V.FAN

Alternate Symbol(s):  FANCF

First Atlantic Nickel Corp. is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel deposit strategically located near existing infrastructure in Newfoundland, Canada. The Project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 77% nickel with no-sulfur and no-sulfides. Its Voisey's West project is located about 50 kilometers (km) northwest of Voisey's Bay Ni-Cu-Co (nickel-copper-cobalt) mine and 70 km west of the town of Nain, in Newfoundland and Labrador, Canada. The property consists of about14 cells located near the town of Nain, Newfoundland and Labrador. The Company has a 100% interest of Lucky Mike property. It has the option to acquire a 100% interest in the Blackdome mineral property and Rey Lake Property. Its Atlantis Project totals approximately 13,675 hectares (ha). It also has the option to acquire a 100% interest in Pipestone Property-SSAF and Pipestone South Property.


TSXV:FAN - Post by User

Post by Oldschool2022on Oct 15, 2024 2:28pm
69 Views
Post# 36266772

Now drilling. Did they hit something big? Last news release!

Now drilling. Did they hit something big? Last news release!
First Atlantic Nickel Corp 
70,954,521
Close 2024-10-07
C$ 0.085
Market Cap
C$ 6,031,134
Recent Sedar Documents 
First Atlantic Nickel begins drilling at Atlantic
 
2024-10-08 12:42 ET - News Release
 
Mr. Adrian Smith reports
FIRST ATLANTIC NICKEL COMMENCES DRILLING AT ATLANTIC NICKEL PROJECT AFTER NEW VISIBLE AWARUITE DISCOVERIES ACROSS 30 KM TREND
First Atlantic Nickel Corp. has commenced drilling at its multizone, district-scale, 100-per-cent-owned Atlantic nickel project in central Newfoundland, Canada. This follows the recent discovery and expansion of multiple new zones of visible awaruite, a naturally occurring nickel-alloy, across the project's 30-kilometre nickel trend during the summer sampling program.
Highlights:
 
Drilling under way: Testing multiple large-scale, widely spaced, new high-priority nickel targets that have never been drilled;
New discoveries: A recent summer sampling program at 200-plus outcrops identified both new and expanded awaruite nickel-alloy zones across the 30-kilometre trend;
Significant scale potential: Multiple target areas showing large geophysical and geochemical footprints suggest the potential to host several mineralized systems with potential volumes ranging from 500 million to over one billion tonnes;
High-priority targets: RPM and Super Gulp revealed new discoveries of multiple outcrops with abundant visible disseminated awaruite grains. These discoveries extend surficial occurrences approximately 25 km south, from historic drilling at Atlantic Lake to the RPM zone, within the ultramafic (ophiolite) sequence: 
Super Gulp: Located approximately four kilometres (km) south of Gulp Pond zone and approximately 20 km south of historic hole 78-AL-01 in Atlantic Lake zone;
RPM: Located approximately 25 km south of Atlantic Lake, near the southern end of the 30-kilometre trend, within one km of the Chrome Pond showing which returned values up to over 60 per cent chromium (Cr2O3);
Smelter-free nickel: Awaruite (Ni3Fe), a natural nickel-iron alloy containing approximately 77 per cent Ni, enables smelter-free magnetic separation, which could enhance the resilience and security of North America's critical minerals supply chain. Awaruite's clean and efficient North American processing potential aligns with new United States Electric Vehicle IRA requirements, which stipulate that, beginning in 2025, eligible clean vehicles may not contain any critical minerals processed by a foreign entity of concern.
 
Adrian Smith, chief executive officer of First Atlantic, commented: "We are thrilled by the rapid progress our team has made at our district-scale Atlantic nickel project. With guidance from Dr. Ron Britten, a world-renowned nickel awaruite expert, we have advanced the project from acquisition to the discovery drilling phase in just half a year."
Mr. Smith continues: "The Atlantic nickel project's awaruite nickel-alloy has unique properties that enable a simple magnetic separation process, eliminating the need for smelting. This characteristic positions the project as a potential major source of nickel that could be processed domestically, reducing North America's reliance on foreign nickel smelting and processing. This is particularly beneficial given the region's limited nickel smelting capacity. This approach aligns with the U.S. Inflation Reduction Act (IRA), which mandates that, beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a foreign entity of concern (FEOC), such as China, a major global nickel refiner. By addressing these challenges, our project aims to contribute to a more secure, independent and resilient nickel supply chain for North America."
Drill program targeting large-scale nickel potential
The drill program is focused on testing multiple large-scale target areas that have never been drilled before. These high-priority areas show significant concentrations of visible awaruite observed at surface (in rock samples, outcrops and subcrops). Initial drilling is planned at wide spacings to evaluate the potential for bulk tonnage nickel mineralization, with target volumes potentially ranging from hundreds of millions to billions of tonnes.
Drilling is planned to focus on areas with high geochemical nickel concentrations at surface and confirmed visual awaruite occurrences along the 30-kilometre nickel trend. This trend is hosted within a large-scale ultramafic (ophiolite) sequence, which serves as the primary host rock for the large-scale nickel mineralization being targeted at the Atlantic nickel project.
2024 sampling program expands nickel targets
The recent sampling program successfully expanded multiple areas with visible awaruite nickel-alloy targets across several zones throughout the project. By sampling over 200 rock outcrop locations along the 30-kilometre trend, the company efficiently confirmed and prioritized targets for immediate drilling.
High-priority awaruite-bearing nickel zones identified from north to south include Atlantic Lake, Gulp Pond, Super Gulp (new discovery), Pipestone, Chrome Pond and the RPM zone (new discovery).
RPM zone
The RPM zone is a new discovery extending from the Chrome Pond area. Large visible disseminated awaruite grains (over 100 microns) were observed in several outcrops located in areas with extensive surficial cover and near elevated nickel in soils. This suggests the potential for large volumes of concealed mineralized material, making the RPM zone a high-priority target for the initial phase of drilling.
The RPM target zone spans approximately 2.6 kilometres in length and is estimated to be 400 to 600 metres wide. Outcrops in the area are heavily weathered, consisting of serpentinized ultramafics intersected by serpentine-magnetite veins, microfractures or disseminated magnetite.
Super Gulp zone
The Super Gulp zone is another new discovery located approximately four km south of the Gulp Pond zone and 20 km south of historic hole 78-AL-01 in the Atlantic Lake zone. This discovery extends the potential mineralized zone from the Big Gulp showing (Gulp Pond) target area for at least four km to the south. Abundant visible disseminated awaruite grains were observed, making it a promising target for further exploration and initial drill testing.
Samples from the summer program are currently being analyzed for awaruite and nickel content, with results pending. The identification of new targets like Super Gulp and RPM, alongside the confirmation of existing areas, highlights the project's immense district-scale potential.
Awaruite (nickel-iron alloy Ni2Fe, Ni3Fe)
Awaruite, a naturally occurring nickel-iron alloy composed of Ni3Fe or Ni2Fe, offers 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 per cent nickel content without the need for smelting. 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, by 2025, critical minerals in batteries be extracted or processed domestically or in countries with U.S. free trade agreements. As The Brookings Institution notes, "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."
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 sulphide of nickel." Awaruite's unique properties enable cleaner and safer processing compared to conventional sulphide and laterite nickel sources, which often involve smelting or high-pressure acid leaching. These methods can release toxic sulphur dioxide, generate hazardous waste and lead to acid mine drainage. Awaruite's simpler processing eliminates smelting and intensive acid leaching, reducing greenhouse gas emissions and risks associated with toxic chemical release. This addresses concerns about the large carbon footprint and toxic emissions linked to 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 per cent to 80 per cent of the world's nickel. Through investments, they also control an estimated 84 per cent of Indonesia's nickel output, the largest supply of nickel worldwide. 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 foreign refining and smelting dominated by China, including their significant control over Indonesia's nickel output.
About First Atlantic Nickel Corp.
First Atlantic Nickel is a Canadian mineral exploration company developing the 100-per-cent-owned Atlantic nickel project, a large-scale nickel deposit strategically located near existing infrastructure in Newfoundland, Canada. The project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 77 per cent nickel with no sulphur and no sulphides. 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 U.S. Electric Vehicle U.S. 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).
We seek Safe Harbor.
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