First Atlantic Nickel drills 0.25% nickel and 0.29% chromium at RPM Zone, Atlantic Nickel Project, Newfoundland

First Atlantic Nickel Corp. [TSXV: FAN; OTCQB: FANCF; FSE: P21] reported assay results from drill hole AN-24-03, the third drill hole of the Phase 1 program and the second drill hole at the RPM Zone, located within its 100%-owned Atlantic Nickel Project in central Newfoundland.

The 234-metre hole intersected an average of 0.25% nickel and 0.29% chromium over a continuous 216-metre interval, starting at a depth of 18 metres (post-overburden) and continuing to the end of the hole. Notably, grades increased to 0.27% nickel over the final 21 metres.

Drilled westward from the same collar as the initial RPM discovery hole (AN-24-02) which was drilled to the east, AN-24-03 terminated in a heavily sheared and faulted zone of serpentinized peridotite. The Phase 1 drill rig did not have sufficient power to penetrate this fault zone. Given the increasing nickel grades observed towards the bottom of the hole, Phase 2 drilling will utilize a more powerful drill rig to test further westward into the fault zone and potentially expand the mineralized boundary.

The first four holes of the Phase 1 drilling program at the RPM Zone have outlined a mineralized area measuring 500 metres in lateral width and 400 metres in length, based on visual identification of awaruite nickel mineralization in drill core. Assays from the first two RPM Zone drill holes, AN-24-02 and AN-24-03 (RPM drill holes 1 and 2), have now confirmed 300 metres of the visually identified 500-metre lateral width assaying wide intersections of nickel, with both holes ending in mineralization. These results confirm a robust and laterally extensive mineralized zone with significant potential for expansion in all directions – a target the Company plans to pursue in its upcoming Phase 2 drilling program, which will utilize a more powerful drill rig capable of drilling deeper and longer holes.

Building on these promising results and the increasing grades observed near the fault, First Atlantic is preparing for Phase 2 drilling, which will utilize a higher-powered drill rig to drill deeper to define the vertical extent of the RPM Zone mineralization; expand the lateral width beyond the current 500-metre footprint; extend the strike length beyond the current 400-metre footprint through strategic step out drilling and penetrate the faulted zone encountered in drill hole AN-24-03 to test the western extension of the mineralized system.

Assays and DTR metallurgical test results for the remaining Phase 1 drill holes are still pending, as the transition to a new core storage and processing facility during the program caused delays in processing core and sample submission.

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 flotation without the need for smelting, roasting, or high-pressure acid leaching.

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 nickel and control an estimated 84% of Indonesia’s nickel output, the largest worldwide supply.