First Atlantic Nickel Reports DTR Metallurgical Results from RPM Hole 2: Magnetic Concentrate of 1.32% Nickel & 1.95% Chromium Over Entire 216 Meter Drill Hole

Core Insights - First Atlantic Nickel Corp. announced positive results from Davis Tube Recovery (DTR) metallurgical tests on drill hole AN-24-03, indicating strong potential for high-grade nickel and chromium recovery from its Atlantic Nickel Project [1][3][10] Summary by Sections DTR Test Results - The DTR testing from drill hole AN-24-03 yielded an average magnetic concentrate grade of 1.32% nickel and 1.95% chromium over 216 meters, with maximum grades reaching 2.54% nickel and 4.24% chromium [1][5][6] - The final 21 meters of the drill hole showed increasing DTR nickel grades averaging 0.15%, above the overall average of 0.11% [2][7] Drilling and Geological Insights - Drilling was halted at 216 meters due to a fault zone of heavily faulted and broken rock, which will be targeted in Phase 2 with more powerful drilling equipment [2][8] - The mineralization is hosted in serpentinized peridotites, consistent with other drill holes at the RPM Zone, suggesting potential for westward expansion of the mineralized area [2][6] Metallurgical Process Development - The DTR results confirm that awaruite nickel can be effectively concentrated through magnetic separation, marking a significant step towards a smelter-free metallurgical process [3][10] - The company aims to produce a high-grade nickel concentrate exceeding 60% nickel on-site, which aligns with North American critical minerals supply chain requirements [10][22] Future Plans - Phase 2 drilling will utilize HQ/NQ core sizes designed to penetrate the fault zone, aiming to extend known mineralization further westward and at depth [8][19] - The company is planning a comprehensive metallurgical process development program, including pilot-scale magnetic separation and further investigations into recovery of secondary metals like chromium and cobalt [19][22] Industry Context - Awaruite, a naturally occurring nickel-iron alloy, offers a cleaner processing alternative compared to conventional nickel sources, reducing dependence on foreign smelting and aligning with U.S. critical mineral requirements [22][26] - The U.S. Geological Survey highlighted the potential of awaruite deposits to alleviate nickel concentrate shortages, emphasizing its easier concentration compared to traditional nickel sulfides [23][26]