Fathom Nickel Inc (CSE:FNI, OTCQB:FNICF) has announced a further increase in its land position at the Gochager Lake Project in Saskatchewan, having recently acquired, through direct staking, the 3,060-hectare disposition MC00017403.
The exploration company said the acquisition brings its total contiguous land package at Gochager Lake to 22,620 hectares.
Shares of Fathom Nickel rose 6% to close at $0.26 on Monday.
“The acquisition of the New Disposition is important for a couple of reasons. First, it ensures that Fathom's land package now fully encompasses 13 of the 15 high-priority targets recently identified by our structural interpretation of the historic 2008 VTEM (Versatile Time Domain Electromagnetic) survey,” Fathom Nickel CEO Ian Fraser said in a statement.
“Secondly, it provides an additional ‘buffer’ in the area of the Mal Lake nickel occurrence where a 1967 drill hole intersected 1.12% nickel, 0.24% copper over 7.9 metres,” he added.
Fraser noted the Mal Lake nickel occurrence exhibits similar characteristics to the Gochager Lake deposit, located 10 kilometers (km) to the northwest.
The company added that the New Disposition is located about 3 km due south of the site of Fathom's recent Gochager Lake exploration program, and falls within the Area of Interest clause of the Gochager Lake Option Agreement, and thus the land position covered under the Option Agreement has now increased by 3,060 hectares.
As well, Fathom reported that the surface time domain electromagnetic (TDEM) program was recently completed at the Tremblay-Olson Claims Area at its Albert Lake Project, also in Saskatchewan.
Furthermore, the company stated that surface TDEM and borehole electromagnetic (BHEM) surveys at the Gochager Lake project are expected to be completed by July 14, 2023, with results from the geophysics programs generating follow-up drill targets at both the Albert Lake and Gochager Lake Projects.
Fathom Nickel is an exploration company that is targeting magmatic nickel sulphide discoveries to support the rapidly growing global electric vehicle market.
The company owns a portfolio of two high-quality exploration projects located in the prolific Trans Hudson Corridor of Saskatchewan.
Contact Sean at sean@proactiveinvestors.com
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