09:02 AM EST, 01/15/2025 (MT Newswires) -- First Atlantic Nickel ( FANCF ) on Wednesday said it has been granted permits for its Phase 2 drilling program and the construction of a southern access trail at its 100% owned Atlantic Nickel Project in Newfoundland.

The Phase 2 program aims to expand the strike length and width of the recently discovered RPM Zone, focusing on extending mineralization further east towards the historical Chrome Pond occurrence and north towards the Pipestone and Super Gulp targets. The goal of the Phase 2 program is to define a larger area for resource drilling and prove continuity of nickel mineralization, highlighting the Project's significant potential to host substantial volumes of material suitable for commercial mining within large-scale target areas on the project.

The company expects to provide updates on the remaining Phase 1 drilling activities shortly, with initial Phase 1 drill assays expected in the coming weeks.

"These proactive steps position us to accelerate exploration and development at the RPM Zone and evaluate the significant potential within the 30 km ophiolite trend. We are eager to begin Phase 2 drilling and continue advancing the Atlantic Nickel Project," said First Atlantic Nickel ( FANCF ) Chief Executive Adrian Smith.

Shares of the company closed down $0.005 or 2.6%, to $0.185 on Tuesday on the TSX Venture Exchange.