First Atlantic Nickel drills 495 m awaruite at Atlantic

Executive Summary

• First Atlantic Nickel’s Phase 2 drill hole AN‑25‑07 intersected 495 m of visible awaruite mineralization, expanding the RPM zone width to ≈750 m (≈50 % wider than Phase 1).
• The drilled section now measures 750 m wide by 400 m long, with additional holes AN‑25‑08 and AN‑25‑09 extending strike length to 800 m and targeting >1 km of continuous mineralization.
• Metallurgical testing continues to show strong magnetic recovery (average 1.38 % Ni in concentrate, overall recovery ≈52 %) supporting a smelter‑free nickel production model.

Key Details

• Drill Hole AN‑25‑07 (Line S2, 400 m north of Phase 1 holes) intersected 495 m of serpentinized peridotite hosting visibly disseminated awaruite.
• Expansion of RPM zone width to ≈750 m, a ~50 % increase from the previous 500 m width established in Phase 1.
• Phase 2 drilling now covers 800 m of north‑south strike length (holes AN‑25‑08 and AN‑25‑09 completed on Line S3).
• Ongoing prospecting across the 30‑km Pipestone ophiolite complex has collected numerous surface samples containing visible awaruite for assay and Davis‑tube metallurgical testing.
• Metallurgical performance to date: average magnetic concentrate nickel grade 1.38 %, mass pull 9.08 %, resulting in an average DTR nickel grade of 0.12 % and overall recovery 51.59 % from a starting grade of 0.24 % over 1,763 m of core.
• Company expects further updates on Phase 2 drilling and exploration “in the coming weeks.”

Notable Quotes

“We congratulate our geological team on the breakthrough discovery at the RPM zone,” said Adrian Smith, CEO. “Our systematic approach has revealed a rare nickel‑iron alloy that can be processed without smelting, reducing energy use and environmental impact.”