Fathom Announces the Acquisition of Claims Containing the Tremblay-Olson Ni-Cu+PGE Showing Within the Albert Lake Property
Calgary, Alberta--(Newsfile Corp. - July 6, 2022) - Fathom Nickel Inc. (CSE:FNI) (FSE: 6Q5), (OTCQB: FNICF) (the "Company" or "Fathom") is pleased to announce the acquisition of the Tremblay-Olson Ni-Cu+PGE Showing ("Trembley-Olson Showing"). Fathom purchased 100% of the Tremblay-Olson Showing claims, totaling 315 Ha, from Eagle Plains Resources Ltd. ("Eagle Plains") in exchange for a 2% Net Smelter Return ("NSR") royalty. Fathom has the right to purchase back 1.0% of the NSR for a one-time cash payment of $1,000,000. Including this recent acquisition of the Tremblay-Olson Showing claims, the Albert Lake Property now consists of 31 claims totaling 91,545 Ha.
Brad Van Den Bussche, CEO of Fathom commented, "The significance of this acquisition for Fathom is twofold. Firstly, the Tremblay-Olson Showing represents the final piece of mineral tenure within the Albert Lake block - Fathom is now the 100% owner of the entire land package. Secondly, the claims contain known mineralized occurrences including the surface-exposed Tremblay-Olson Showing, which will be a prioritized exploration target moving forward."
The Tremblay-Olson Showing refers to an ultramafic hosted Ni-Cu+PGE showing 2.4 km southwest of the historic Rottenstone Mine:
- Similar to the historic Rottenstone Mine, there is a long history of exploration within the Tremblay-Olson Showing area;
- Trenching and stripping up to 106.7 m in length has exposed a lens of mineralized pyroxenite containing up to 40% sulphides and samples collected of mineralized material within the trench have assayed up to 3.11% Ni, 0.34% Cu, 1.01 g/t Pd and 0.46 g/t Pt (Saskatchewan Mineral Deposit Index (SMDI) #0959);
- The last recorded exploration within the Tremblay-Olson showing area was by Placer Dome Inc. ("Placer") in 1987;
- Placer, through an option agreement with American Platinum Inc., completed eight drillholes (693m) to test anomalous soil geochemistry (Ni-Cu) and coincident geophysical anomalies to the northeast of the Tremblay-Olson Showing; and,
- Two drillholes intersected anomalous Ni and Cu (up to 630 ppm Ni, 1320 ppm Cu) and Pd and Pt (up to 115 ppb Pd, 90 ppb Pt) within significant widths (up to 26.9m) of mineralized metapelite.
TREMBLAY-OLSON SHOWING CLAIM MAP
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Mr. Van Den Bussche added, "Fathom's compilation efforts of available historical data from the Tremblay-Olson area recognizes soil geochemistry and geophysical signatures consistent with historical data at the Rottenstone Mine area and within the Company's current area of focus, The Bay Area Conductive Corridor. Ultramafic hosted mineralization occurring at the Tremblay-Olsen Showing, together with the Company's recent success of identifying ultramafic hosted nickel mineralization 400 - 500m west - north-northwest of Rottenstone is further evidence of a significant magmatic nickel system in place at the Albert Lake property. We look forward to applying our proven exploration methodology on this very strategic land package encompassing the Tremblay-Olsen Showing."
Qualified Person and Data Verification
Ian Fraser, PGeo., VP Exploration and a Director of the Company and the "qualified person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of the Company.
About Fathom Nickel Inc.
Fathom is a resource exploration and development company that is targeting high-grade nickel sulphide discoveries for use in the rapidly growing global electric vehicle market.
The Company is accelerating exploration on its flagship Albert Lake Project, host to the historic Rottenstone mine, which is recognized as one of the highest‐grade (Nickel, Copper, Platinum group metals) deposits of its type ever mined in Canada. The Albert Lake Project consists of over 90,000 ha of mineral claims located in the Trans-Hudson Corridor of Saskatchewan, which is home to numerous world-class mining camps.
ON BEHALF OF THE BOARD
"Brad Van Den Bussche"
President and CEO, Director
For Further Information Please Contact:
Brad Van Den Bussche, President and CEO
Manish Grigo, Director of Corporate Development
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the enhancement of the Company's geologic model and extending the areas of known mineralization and the Company's work towards defining a resource base. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; timing and availability of external financing on acceptable terms. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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