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Atlantic Nickel Project

Overview

  • AWARUITE ADVANTAGE: Naturally occurring nickel-iron alloy enables simple magnetic separation and flotation recovery, reducing dependence on China's control of the nickel sulfide processing supply chain and the need for energy-intensive smelting
  • PRIME LOCATION: 40 km from Grand Falls-Windsor, Newfoundland, Canada - a top-tier mining jurisdiction with a pro-mining government and community.
  • STRATEGIC INFRASTRUCTURE: Existing road access allows for year-round workability, with a project boundary just 3 km from a clean hydroelectric power dam.
  • DISTRICT SCALE POTENTIAL: 21,850 hectares of wholly owned land, featuring multiple mineralized zones, indicating potential for a district-scale model with multiple deposits

View our recent project site video

Project Site Visit

Awaruite is a naturally occurring nickel-iron alloy which uses simple magnetic separation and flotation recovery, reducing the need for energy-intensive smelting. Learn more as First Atlantic Project Geologist Mike Piller takes investors on a tour of the property and discusses the formation of Awaruite and the opportunity the project presents.

Project History

  • HIGH-POTENTIAL DISCOVERY: Identified in 2010 by Altius Minerals & Cliffs Natural Resources as a high-potential awaruite nickel-chromium deposit, verified by First Atlantic Nickel Corp.
  • EXTENSIVE LAND POSITION Significant land position covering almost the entire Pipestone ultramafic belt; Elevated nickel and chromium presence
  • CORE TREND AREA: 30 km core trend area with nickel values up to 4260 ppm in surficial sampling
  • BULK TONNAGE TARGETS: Enable quick large-scale resource delineation
  • MAGNETIC SURVEY CORRELATION: High magnetic signature correlates with elevated nickel values

Geological Setting

  • GEOLOGICAL SETTING: Project covers almost entire Pipestone Ophiolite Complex; Large scale Ultramafic rock formation ideal setting for awaruite formation
  • MINERALIZATION: Awaruite, a nickel-iron alloy confirmed to occur over the project with high nickel and chromium content and low sulfur; Elevated nickel values consistently greater than 2000 ppm nickel; Soil samples up to 4260 ppm nickel and rock samples up to 3300 ppm nickel
  • SIGNIFICANT SIZE: Nickel Identified in surface sampling over a 30 km trend aligns with high magnetics; Potential for multiple large scale discoveries on the property; Historic drilling verifies bulk tonnage nickel presence and continuity of grade
  • GEOLOGICAL MODELING: Indicates widespread alteration  and mineralization; Significant untested areas extend under cover
  • HIGH MAGNETICS AND SERPENTINIZATION: Simultaneous formation of magnetite
     and magnetic nickel-iron alloy (awaruite) correlate with magnetic highs and nickel; Mapping and geophysics indicate significant continuity across the property

Comparison to Other Bulk Tonnage Nickel Canadian Deposits

Crawford Deposit 1
(BFS Completed Oct. 2023)

2,562 Mt at 0.24% Total Ni (Measured & Indicated)  Indicated Resource
1,693 Mt at 0.22% Total Ni  Inferred Resource
21.77 Billion lbs  Total Nickel
18% - 28% Ni, 0.7% Co  Projected Concentrate
41 years average at 48,000 tons per nickel  Mine Life
$2.5 Billion NPV8% After Tax

FPX Baptiste Deposit 2
(PFS Completed Sept. 2023)

1,815 Mt at 0.211% Total Ni  Indicated Resource
339 Mt at 0.212% Total Ni  Inferred Resource
10.03 Billion lbs  Total Nickel
60% Ni, 30% Fe, 1% Co  Projected Concentrate
29 years average at 59,100 tons of nickel  Mine Life
$2.1 Billion  NPV8% After Tax

Adrian Smith, P.Geo., is a QP as defined by National Instrument 43-101 for the above-mentioned project. The QP is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered Professional Geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed above.

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