08:15 AM EST, 12/17/2024 (MT Newswires) -- First Atlantic Nickel ( FANCF ) on Tuesday entered into an agreement to acquire a 100% interest in the RPM-South claims located immediately south of the recent discovery at the RPM Zone, which is part of the 30 kilometer nickel trend at the Atlantic Nickel project in Newfoundland.

In a statement it said future drill programs will aim to test for mineralization in all directions, including at depth, from the new discovery at the RPM target zone, which is no longer constrained by proximity to project boundaries. It added: "The claims are strategically important for future project infrastructure and mine development, while also being prospective as they have the potential to host awaruite nickel mineralization extending southward from the RPM Zone at depth."

Among highlights, on its strategic acquisition, the company will acquire a licence that consists of 12 claims. "This strategic acquisition is necessary for future project infrastructure and development. The new licence also enables the investigation of the potential southward continuation of awaruite nickel mineralization at depth within the RPM Zone."

Of other highlights: Phase 1 Drill core processing has resumed following successful relocation to long term drill core and processing facility; and the initial Phase 1 drill holes have been submitted for assays, while others are currently being processed. Metallurgical testing will commence upon receipt of the assay results.

Also, Phase 2 drill permits were submitted on November 27, 2024, including plans for a direct vehicle access road into the RPM and Chrome Pond Zones; and the RPM Zone remains open for drilling in all directions, "with mineralization appearing more substantial to the east and showing potential for further expansion along strike".

The company said it is not currently conducting or planning any private placement equity financings. First Atlantic has not engaged any third parties to solicit on its behalf.

FAN edged up $0.005 to $0.18 yesterday.