Fathom Nickel Inc (CSE:FNI, OTCQB:FNICF) has successfully wrapped up its Fall 2023 drill program at the historic Gochager Lake deposit.
Drilling on the deposit, situated within the extensive 22,620-hectare Gochager Lake project, encompassed seven drillholes totaling 2,168 meters.
Highlights from the results included the identification of semi-massive and massive sulphides in two drillholes, extending the previously discovered nickel-copper-cobalt mineralization.
Additionally, disseminated sulphide mineralization was found at significant depths in another drill hole, suggesting a substantial extension of the historic Gochager Lake deposit. Notably, massive sulphide veins were observed intersecting the gabbro host rock throughout the drilled area, further affirming the mineral potential.
The firm also said that borehole electromagnetic (BHEM) surveys indicated substantial conductivity build-up at depth and detected strong off-hole anomalies associated with favorable host rocks.
Ian Fraser, CEO and vice president, exploration at Fathom, was enthusiastic about the findings.
“The recently completed drill program has accomplished exactly what we set out to do,” Fraser told shareholders.
“We look forward to continuing to demonstrate that there are chutes of high-grade nickel-copper-cobalt mineralization within the historic Gochager Lake deposit. We also look forward to defining the source, or the ‘feeder’, of the magmatic sulphide textures we continue to consistently encounter at the Gochager Lake deposit."
In parallel, Fathom successfully fulfilled the first anniversary payment requirements under the Gochager Lake earn-in agreement, solidifying a 10% interest in the Gochager Lake property. Originally, a $15,000 cash payment and the issuance of 170,000 shares were stipulated. Following the vendor's request, the terms were adjusted, reducing the cash payment to $5,000 and increasing the share issuance to 210,000.
Doug Porter, Fathom’s president and CFO, told shareholders that the team was pleased when the Gochager Lake vendor requested an amendment to the agreement to weigh more heavily towards the share issuance.
“This clearly demonstrates the vendor's continued belief in the potential of the Gochager Lake property,” Porter said.
Looking ahead, Fathom aims to meet the remaining agreement requirements - comprising an extra cash payment of $70,000 and an additional issuance of 600,000 shares - by year-end, which will grant Fathom full ownership of the Gochager Lake project.