Fathom Nickel Inc (CSE:FNI, OTCQB:FNICF) said it has confirmed extensive high-grade nickel, copper, and cobalt mineralization at its Gochager Lake Project.
The seven-hole, 2,656-meter drill program yielded promising results, including 7.39 meters at 1.80% nickel equivalent (NiEq) from 182.05 meters downhole, including 2.94 meters at 3% NiEq from 186.50 meters downhole.
Other notable intercepts included 2.82% NiEq from 354.77 meters downhole and 4.32 meters at 1.38% NiEq from 417.91 meters downhole.
The findings highlight the potential for further expansion of the historic deposit in all directions and to greater depths, according to Fathom.
The company said that borehole electromagnetic (BHEM) conductors have consistently coincided with high-grade nickel zones.
Since drilling began at Gochager Lake in February 2023, Fathom has completed 16 drill holes totaling 5,543 meters. The company has delineated a mineralized gabbro unit with a strike length of approximately 300 meters and a vertical extent exceeding 400 meters. This unit, featuring semi-massive to massive sulphide veins and stringers, remains open in all directions.
Ian Fraser, CEO at Fathom, told shareholders that the company has advanced its understanding of the Gochager Lake deposit, recognizing it as a complex and multi-phased magmatic system with substantial potential for expansion.
Large areas of consistent disseminated interstitial mineralization may contain high-grade intercepts, indicating good prospects for further discoveries and expansion in all directions and highlighting the deposit's potential and the effectiveness of Fathom Nickel's exploration approach.
“The Gochager Lake deposit is complex, and complexity is good,” Fraser said in a statement.
“It is also now apparent that the semi-massive to massive vein-like, nickel sulphide mineralization is coming from yet another phase of this complex intrusive. This later phase, the source of the high-grade mineralization, is out there to be discovered.”