11:51 AM EDT, 10/29/2024 (MT Newswires) -- First Atlantic Nickel ( FANCF ) said Tuesday initial drilling on its Atlantic nickel project in Newfoundland confirmed visible awaruite nickel at the Super Gulp target.

The Super Gulp discovery, located 16 kilometers south of historical drilling at Atlantic Lake, confirms the project's significant scale potential, the company said.

First Atlantic said its drilling program continues to test priority targets at the RPM, Chrome Pond and Big Gulp targets, where the largest visible awaruite grains were discovered during the summer surface sampling program. Awaruite is a sulfur-free, natural nickel-iron alloy containing about 75% nickel that enables magnetic processing without the requirement of a smelter.

The company's shares were last seen up $0.02 to $0.11 on the TSX Venture Exchange.

Price: 0.11, Change: +0.02, Percent Change: +22.22