Northwire Canada EditionThursday, August 13, 2026
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Drill Results

First Atlantic renames Atlantic project to Pipestone XL

By The Northwire Desk — AI Analysis Sep 24, 2025 · 12:21 FAN · 0.175 First Atlantic Nickel & Cobalt Corp.
FAN · Price

Executive Summary

  • First Atlantic Nickel Corp. renamed its flagship Atlantic nickel project to Pipestone XL, reflecting 100 % ownership of the entire 30‑km Pipestone Ophiolite ultramafic complex.
  • The company announced the launch of RPM Phase 2X drilling, aimed at doubling both strike length and width of the previously delineated 400 m × 500 m mineralized zone.
  • Phase 1 results confirmed surface‑to‑495 m continuous awaruite (Ni₃Fe) mineralization with magnetic concentrate grades averaging 1.38 % Ni and 0.12 % Ni DTR, supporting a bulk‑tonnage, smelter‑free nickel project.

Key Details

  • Project Renaming: “Atlantic Nickel” → “Pipestone XL” to emphasize full ownership of the 30 km Pipestone Ophiolite belt and its district‑scale potential.
  • Ownership: 100 % owned after a series of acquisitions completed in H1 2024.
  • Geology: Continuous, heavily faulted serpentinized ultramafic rocks enriched in awaruite (Ni₃Fe) nickel‑iron‑cobalt alloy; strong magnetic anomaly aids exploration and processing.
  • Historical Drilling (1978): 0.22 % Ni over 87.15 m at Atlantic Lake zone (DDH78‑AL‑1).
  • Phase 1 RPM Results:
  • Mineralized envelope: 400 m × 500 m area, surface to 495 m depth, open in all directions.
  • Magnetic concentrate grades: 1.38 % Ni, 1.67 % Cr.
  • DTR (Davis Tube Recovery) nickel grade: 0.12 % Ni with a mass pull of 9.08 %.
  • RPM Phase 2X Program:
  • Objective: Double strike length and expand width of the RPM zone.
  • Drilling orientation shifted to east‑west (optimal for west‑dipping mineralization).
  • Step‑out holes will target bulk disseminated awaruite; rock‑type grade variation noted (0.08 % DTR Ni in dunite, 0.10–0.17 % DTR Ni in harzburgite).
  • Super Gulp Zone: Discovered during late‑summer 2024 surface work; now a secondary priority target for Phase 2X.
  • Hydrogen Research: Ongoing geologic hydrogen studies with Colorado School of Mines (announced 19 Mar 2025).
  • Strategic Advantages:
  • Surface‑accessible mineralization reduces drilling costs.
  • Magnetic properties enable smelter‑free concentration, aligning with North American critical‑metal supply‑chain goals.
  • Located in Newfoundland – top‑10 global mining jurisdiction with existing infrastructure and clean hydroelectric power.
  • CEO Quote (Ian Smith): Emphasized the significance of full ownership, the expanding RPM zone, validation from FPX Nickel/JOGMEC’s Advocate project, and the strategic fit of awaruite for EV and stainless‑steel markets.
  • Investor Information: TSX‑V: FAN, OTCQB: FANCF, German exchanges: P21.

Notable Quotes

“The Pipestone XL name reflects our 100‑per‑cent ownership of the 30‑kilometre ophiolite belt… Our awaruite's unique magnetic properties enable direct concentration without traditional smelting, offering a cleaner, more sustainable pathway to supply the industries and infrastructure that power our modern economy.” – Ian Smith, CEO

All boilerplate sections (About the Company, Safe Harbor, QA/QC details, etc.) have been omitted for brevity.

Read the original news release →

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