Fathom Nickel (CSE:FNI) has completed the winter trail and mobilisation of drilling and ancillary equipment to the Gochager Lake Project in Canada, for an upcoming 3,000-4,000m drilling program.
The program, expected to begin in the first week of March, will focus on the areas A, B, C and D.
Area A is the Camp anomaly defined by a 900m long multi-element soil geochemical anomaly and associated with mapped outcrops of variable-texture gabbro and mafic to ultramafic rock. Area B consists of Gochager East extension anomalies, which covers a 500m distance along strike east-northeast of the Gochager Lake deposit to the shore of Scurry Lake.
Meanwhile, Area C defines the highest nickel in-soil geochemical anomaly observed to date. Soil samples collected at this anomaly returned 1,650 parts per million (ppm) nickel, 116.5ppm copper, and 373ppm cobalt.
Drilling at this area is designed to better understand the geology and to ascertain a possible subsurface, mineralised mafic-ultramafic body as the source of the mutli-element soil geochemical anomaly.
Area D comprises the Wolf Lake anomaly which is a standalone multi-element soil anomaly measuring 1,500m by 400m. Drilling in this area is designed to gain an understanding of the underlying geology.
CEO Ian Fraser says initial drillholes will test Camp, located 1.5km along strike of the historical deposit.
“The expanded ‘footprint’ and potential scale at the project is supported by the mapped Gochager-like geology/mineralisation now recognised 3.5km along strike east-northeast of the deposit,” Fraser says.
“Drillholes will also test the strike extension of the historic deposit to the immediate east-northeast, in an area of favourable geology and geochemistry that extends more than 500 meters towards Scurry Lake.”
Fathom Nickel is fully funded to complete the proposed drill program. This news comes after the company upsized a previously reported placement to C$3.75 million ($3.95 million).
As part of the upsized non-brokered private placement, charity flow-through units will be issued at C$0.048 per unit, and hard dollar units will be issued at C$0.031 per unit, as reported.
Crescat Capital agreed to make a strategic investment for at least 10% of the upsized offering.
The Gochager Lake Project, covering 33,629 hectares, is located 75km north-northeast of La Ronge and 22km west-northwest of Missinipe, Canada.
Fathom Nickel is a mineral explorer focused on targeting magmatic nickel sulphide discoveries to secure the supply of North American critical minerals.
Write to Aaliyah Rogan at Mining.com.au
Images: Fathom Nickel
