09:04 AM EST, 02/19/2025 (MT Newswires) -- First Atlantic Nickel ( FANCF ) reported Wednesday a large expansion in drilling of visible awaruite nickel-alloy mineralization at the RPM zone within its Atlantic nickel project in Newfoundland.

The company said RPM Drill Hole 4, the fifth and final hole of phase 1, was a 400-meter step-out to the north of the RPM discovery holes 1, 2, and 3.

First Atlantic said the drill hole intersected abundant visual awaruite, with large grains reaching up to 732 microns, throughout the entire 402-meter interval.

"RPM Hole 4 confirms the significant scale and consistent presence of high-quality awaruite mineralization at the RPM Zone," CEO Adrian Smith said. "Intersecting 402 meters of continuous, large-grain awaruite in a 400-meter step-out, ending in mineralization, is a clear indication of the system's potential."

The company said the results along with the recent closing of a $3 million strategic funding round set the stage for a larger, more expansive phase 2 exploration program.

"With Phase 2 fully funded and permitted, we are eager to continue expanding this exciting discovery," Smith said.

The company's share price jumped 9.1% on Tuesday to $0.30 on the TSXV.