Deepest Drill Hole at RPM Zone Yields 1.27% Awaruite Nickel Alloy in Magnetic Concentrate for 447 Meters in First Atlantic Nickel's Phase 2 Drill Results
In a significant development for the mining industry, First Atlantic Nickel Corp, a Canadian mineral exploration company, has announced promising results from its Phase 2 drilling and metallurgical testing at the RPM Zone of the Atlantic Nickel Project in Newfoundland.
The recent findings show a large, continuous, and consistent awaruite-nickel mineralized system with favourable magnetic concentrate grades and moderate nickel recovery. This discovery could potentially strengthen North America's critical minerals supply chain by reducing foreign dependence on nickel smelting.
Drill hole AN-25-06, the deepest and longest drilled so far at 447.35 meters, intersected continuous awaruite mineralization. The whole rock assays across the entire length of the drill hole averaged 0.22% total nickel and 0.31% total chromium. Davis Tube Recovery (DTR) metallurgical testing of AN-25-06 returned an average magnetic concentrate grade of 1.27% nickel and 1.69% chromium with a 9.02% mass pull, yielding an average magnetically recoverable (DTR) nickel grade of 0.11% over the interval. Total nickel recovery averaged 51.84%, with peak nickel recovery reaching up to 81.4% in certain sections.
Across five completed Phase 2 drill holes at the RPM Zone, the average magnetic concentrate grade was approximately 1.38% nickel with average total nickel recovery around 52%. Phase 2 drilling is expanding the mineralized zone laterally, with successful step-out drilling extending mineralization 400 meters north from the previous limits, establishing an 800-meter north-south strike length at the RPM Zone.
The RPM Zone consists of serpentinized ultramafic peridotites hosting awaruite, a natural nickel-iron alloy. This enables magnetic concentration and a potentially straightforward, sulfur-free processing route. Petrographic studies are underway to identify the source mineral and assess potential processing for a chromium by-product concentrate.
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's common shares trade on several exchanges, including 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".
As the US IRA requires that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern), the discovery at the Atlantic Nickel Project could not come at a better time. The district-wide exploration program has identified numerous new occurrences of visible awaruite in surface rock samples throughout the 30-kilometer Pipestone Ophiolite Complex.
Phase 2 drilling has advanced further north, with drill holes AN-25-08 and AN-25-09 positioned to test the continuation of awaruite mineralization along strike. Chinese companies refine and smelt 68% to 80% of the world's nickel, with an estimated 84% of Indonesia's nickel output controlled by Chinese companies, making the Atlantic Nickel Project a significant potential player in the global market.
In conclusion, First Atlantic Nickel's latest Phase 2 drilling and metallurgical testing at the RPM Zone demonstrate a large, continuous, and consistent awaruite-nickel mineralized system with favourable magnetic concentrate grades and moderate nickel recovery, supporting further expansion and resource development at the Atlantic Nickel Project.
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