12:05 PM EDT, 03/13/2024 (MT Newswires) -- Fathom Nickel Inc. ( FNICF ) said Wednesday that it has completed drilling at the Albert Lake Project and drill, and crews have mobilized to the Gochager Lake Project.

Also, the company initiated drilling at the Gochager Lake Project on March 12. The drilling is expected to continue through mid-April.

From the Albert Lake Project drill program, the company said six holes were drilled amounting to 1,386 meters drilled.

Drillhole AL24075, the first drill hole of the program was designed to test the very robust EM-coincident gravity anomaly. The drill hole intersected multiple zones of elevated sulfide mineralization from 295 meters to 348.5 meters.

The other five drill holes focused on weaker EM features coincident with local strong multi-element soil geochemistry results, the company said.

Assay results are expected by mid-late April and the company will provide a complete summary of the Albert Lake program once assays are in hand.

Among the highlights from the Gochager Lake Drill Program, the company said it expects to drill 2,000 to 2,500 meters in five to seven drill holes.

Initial drill holes are designed to follow up on nickel-copper-cobalt mineralization encountered in drill hole GL23009, the company said.

The company's shares plunged nearly 27% on last look on Wednesday.

Price: 0.10, Change: -0.03, Percent Change: -26.92