09:29 AM EST, 02/26/2025 (MT Newswires) -- First Atlantic Nickel ( FANCF ) , which lost 5.6% on Tuesday, reported on Wednesday, initial assay results from its first drill hole at the Super Gulp Zone, part of its Atlantic Nickel Project located in central Newfoundland.

The company said the first drill hole returned assays of up to 0.32% nickel and 0.8% chromium, with an average of 0.25% nickel and 0.28% chromium over the entire 293.8-meter length, which confirmed extensive nickel mineralization, initially observed as large-grain awaruite disseminated throughout the drill hole.

In a statement, the company said the discovery hole "significantly exceeds" the average depth of historical drilling in the Atlantic Lake Zone, confirming the presence of a major new nickel zone within the company's district-scale 30-kilometer trend.

The company added that Davis Tube Recovery (DTR) metallurgical testing, which aims to quantify magnetically recoverable nickel and evaluate the project's suitability for magnetic separation as a commercial mining processing method, is currently underway, with results expected soon.

First Atlantic is also preparing for Phase 2 drilling to further delineate and expand the RPM Zone, which will begin shortly using the newly constructed road for direct access.