FATHOM NICKEL INC. EXPLORING FOR MAGMATIC NICKEL SULPHIDE DEPOSITS IN SASKATCHEWAN By Ian Fraser P.Geo., CEO, VP Exploration, Director
F
athom Nickel Inc. is an energy metals exploration company that is targeting high-grade nickel sulphide discoveries for use in the rapidly expanding electric vehicle and green energy markets. The company is accelerating exploration at its two magmatic nickel sulphide projects; the Gochager Lake and Albert Lake projects both located in the prolific Trans Hudson Corridor in northern Saskatchewan. Both projects host historic resources and the Albert Lake Project, hosts 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 company has assembled two large land packages and, through methodical and successful exploration, aims to demonstrate the province of Saskatchewan can be host to world-class nickel camps like the Thompson Nickel Belt (MB) and the Raglan (PQ) operations that also occur within the Trans-Hudson Corridor. Formed in 2015, the company was private until the spring of 2021 when it was granted a listing on the CSE and commenced trading in May of 2021. Exploration efforts in 2021 through to the end of 2022 were focused on the 90,460ha Albert Lake project, specifically in the area around the historic Rottenstone Mine. The historic Rottenstone deposit references the “Hill of Rotten Stone”, a gossanous outcrop approximately 50 metres in diameter by 10 metres in height, when mined in 1965-1969, produced approximately 26,000 tonnes grading 3.3 per
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cent Ni, 1.83 per cent Cu and >9.0 g/t Pd+Pt+Au (3PE)1. Since 2021, Fathom has drilled 10,713 metres in 60 drillholes at the Albert Lake property and in the process has confirmed that the historic Rottenstone deposit does not occur in isolation and that the high nickel grade and metal tenor associated with the deposit is part of a significant magmatic nickel sulphide system. The company has discovered more Rottenstone mineralization south of the historic mine; drillhole AL21024 intersected 1.06 per cent Ni, 0.88 per cent Cu and 4.36 g/t 3PE / 7.47m. The company has determined the Rottenstone deposit is in fault contact with a northeast trending shallow dipping fault that appears to have truncated the deposit. Geophysical evidence suggests a possible footwall offset occurring at depth and approximately 200 to 300 metres west of the mine workings. At 400 to 500 metres west-northwest of the mine, Fathom drilling has defined a new zone (discovery) of ultramafic hosted NiCu+3PE mineralization: the Bay-Island Trend. The discovery of the Bay-Island Trend resulted from surface geochemistry, re-interpretation of 2008 VTEM survey results, follow-up drilling of mineralized ultramafic rock intersected in a 2003 drillhole, and the use of borehole electromagnetic (BHEM) surveys. The Bay-Island Trend consists of continuous nickel mineralization over a strike of 300+ metres, is open along strike; however, the company does recognize that nickel tenor associated with this
Rottenstone-like mineralization is lower. Drillhole AL21052; 0.62 per cent Ni, 0.29 per cent Cu and 0.21 g/t 3PE / 13.27m is evidence of this. Nonetheless, the discovery of ultramafic, Rottenstone-like mineralization away from the Rottenstone deposit is evidence of a significant, large magmatic nickel sulphide system occurring at the Albert Lake property. In summer 2022, Fathom was able to acquire by staking the final piece of the Albert Lake property. The TremblayOlson claim area defines an area two kilometres south-southwest of the Rottenstone mine that hosts historic mineralized ultramafic occurrences. In the fall of 2022, Fathom initiated a soil geochemical program in the area and results have defined a very robust ~ 2km x 2km multi-element in-soil anomaly. Nickel occurs up to 743ppm in soil and an individual soil sample returned 1.21 g/t 3PE. A summer 2023 ground EM survey in the Tremblay-Olson claim area has defined an EM conductor measuring 450m in strike and approximately 150m in width. Modelling results of this robust conductor place the conductor at a depth of roughly 300m below surface which is coincident with surface gravity inversion results which suggest a body of more dense rock at the same depth. Furthermore, Fathom recognizes this conductor occurs along an interpreted unconformity contact between older granitoid rocks and younger supracrustal rocks. It’s along this contact where favourable structural traps occur; traps that host the Rottenstone deposit
