First Atlantic Nickel Reports New Discovery at RPM Zone: Intersects 0.24% Nickel & 0.32% Chromium Over 383.1 Meters, 10km Downstrike from Super Gulp

Core Insights - First Atlantic Nickel Corp. announced promising initial assay results from its Atlantic Nickel Project, confirming extensive nickel mineralization with drill hole AN-24-02 returning an average of 0.24% nickel and 0.32% chromium over 383.1 meters [1][5][6] - The RPM Zone has shown significant mineralization across a 500m x 400m area, prompting plans for an expansion in the upcoming Phase 2 drilling program [13][20] Summary by Sections Assay Results - Drill hole AN-24-02 encountered consistent nickel mineralization, with peak values of up to 0.31% nickel and 2.61% chromium [1][5][6] - The hole reached a depth of 394.1 meters, significantly exceeding previous drilling depths at both the Super Gulp Zone and the historical Atlantic Lake Zone [2][7][14] Metallurgical Testing - Davis Tube Recovery (DTR) metallurgical testing is underway to evaluate the project's suitability for magnetic separation, with results expected soon [3][22] - The testing aims to quantify magnetically recoverable nickel and assess the potential for a smelter-free processing approach [19][23] Phase 2 Drilling Program - Phase 2 drilling is set to begin shortly, utilizing new road access and a higher-power drill rig to target deeper mineralization and expand the mineralized area [20][21] - The program is fully funded by a recently closed strategic, non-dilutive $3 million raise, with additional assay results from the remaining Phase 1 drill holes still pending [21][22] Awaruite Mineralization - Awaruite, a naturally occurring nickel-iron alloy, is identified as a key mineral in the project, offering a cleaner processing method that aligns with North America's critical minerals supply chain needs [23][24][31] - The unique properties of awaruite allow for high-grade concentrates exceeding 60% nickel content through magnetic processing, reducing dependence on foreign processing [23][25] Strategic Importance - The project is positioned to meet the growing demand for responsibly sourced nickel, particularly in light of the US Inflation Reduction Act's requirements for electric vehicles [31][32] - First Atlantic aims to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape [32]