Pursuant to the area of interest clause of Fathom Nickel Inc.’s [FNI-CSE; FNICF-OTCQB; 6Q5-FSE] Gochager Lake option agreement, Saskatchewan, the land position covered under the option agreement has recently increased by 937 hectares.
The company was recently notified by the optionor that it had acquired, through direct staking, this 937-hectare disposition (MC00016594). Fathom paid the third party costs of staking the new disposition, which count as exploration expenditures toward the fulfilment of the earn-in conditions of the option agreement.
The new disposition is located approximately 10 km southeast of the site of Fathom’s recent Gochager Lake exploration program in an area commonly referred to as Mal Lake. Mal Lake was not a priority target area for the company when it initially executed the option agreement in September 2022. However, the company, with the assistance of highly regarded consultants, recently completed a compilation exercise of nickel exploration targets in north-central Saskatchewan. The Mal Lake nickel occurrence received a “very high” ranking.
“The addition of the new disposition at Mal Lake adds to our growing interest in this regional play,” commented Ian Fraser, CEO and vice-president, exploration. “The Mal Lake nickel occurrence exhibits many features and similarities comparable to what we recognized during our recent exploration program at Gochager Lake.”
The Gochager Lake property now comprises a land package totalling 4,865 hectares located in north-central Saskatchewan, approximately 20 km northwest of the village of Missinipe and in close proximity to the company’s flagship Albert Lake project.
The company recently completed an exploration program that consisted of diamond drilling (two holes totalling 725 metres), borehole electromagnetic (BHEM) probing of the two recent drill holes as well as three historic drill holes (five holes probed in total). Assay results from the Gochager program are expected to be received by mid-April.
Exploration at the company’s Albert Lake property is continuing, with the second drill hole now having been completed. The geological team is currently analyzing and assessing drill core and BHEM data prior to deciding on the location(s) for follow-on drilling. The program is expected to be completed within the next week. Assays for the Albert Lake exploration program will be released when received and analyzed – expected in mid-May to late May.
The company now has a portfolio of two high-quality exploration projects located in the prolific Trans-Hudson corridor in Saskatchewan: the Albert Lake project, a 90,000-plus-hectare project that was host to the historic and past-producing Rottenstone deposit (produced high-grade nickel, copper and platinum group elements from 1965 to 1969); and the Gochager Lake project, a 4,865-hectare project that is host to a historic, non-NI 43-101 compliant open-pit resource consisting of 4.3 million tonnes at 0.295% nickel and 0.081% copper.