07:43 AM EDT, 03/27/2025 (MT Newswires) -- First Atlantic Nickel Corp. ( FANCF ) on Thursday announced the assay results from drill hole AN-24-03, the third drill hole of the Phase 1 program and the second drill hole at the RPM Zone, located within its 100%-owned Atlantic Nickel Project in central Newfoundland.

A statement noted the 234-meter hole intersected an average of 0.25% nickel and 0.29% chromium over a continuous 216 meter interval, starting at a depth of 18 meters (post-overburden) and continuing to the end of the hole. Notably, the statement said, grades increased to 0.27% nickel over the final 21 meters.

Drilled westward from the same collar as the initial RPM discovery hole (AN-24-02) which was drilled to the east, AN-24-03 terminated in a heavily sheared and faulted zone of serpentinized peridotite, the statement said. The Phase 1 drill rig did not have sufficient power to penetrate this fault zone, it added. Given the increasing nickel grades observed towards the bottom of the hole, Phase 2 drilling will utilize a more powerful drill rig to test further westward into the fault zone and potentially expand the mineralized boundary, the statement noted.

Thursday's statement said the first four holes of the Phase 1 drilling program at the RPM Zone have outlined a mineralized area measuring 500 meters in lateral width and 400 meters in length, based on visual identification of awaruite nickel mineralization in drill core. It added assays from the first two RPM Zone drill holes, AN-24-02 and AN-24-03 (RPM drill holes 1 and 2), have now confirmed 300 meters of the visually identified 500-meter lateral width assaying wide intersections of nickel, with both holes ending in mineralization. "These results confirm a robust and laterally extensive mineralized zone with significant potential for expansion in all directions -- a target the company plans to pursue in its upcoming Phase 2 drilling program, which will utilize a more powerful drill rig capable of drilling deeper and longer holes."