Fathom Nickel Inc (CSE:FNI, OTCQB:FNICF) has announced “very encouraging” results from a brief summer prospecting program at its Albert Lake property in Saskatchewan, notably an outcrop gold sample returning 2.68 grams per ton of gold.
The outcrop sample was taken from approximately 14 kilometers along strike of Ramp Metals’ Ranger gold discovery.
Additionally, 13 outcrop grab samples were classified as anomalous in magnesium-chromium-nickel-cobalt, which suggests mafic-ultramafic intrusive and possible magmatic nickel sulphide mineralization in the area.
A total of 144 rock grab samples were submitted for analysis, with assays returning up to 9.34% magnesium, up to 622 parts per million (ppm) chromium, up to 298 ppm nickel and up to 59 ppm cobalt.
“Upon the announcement of the Ranger gold discovery by our neighbour Ramp, we were immediately intrigued by the possibility of gold mineralization continuing along strike onto our property,” Fathom Nickel VP exploration Ian Fraser commented.
“Our 2022 heliborne MAG survey highlighted very good structural complexity at the southern end of the Albert Lake property and it certainly now appears there is gold plus mafic-ultramafic intrusives associated with this structural complexity.”
Fraser said the results, while preliminary, were “very encouraging.”
“It makes us think, what else is going on within the very expansive 90,000+ hectare Albert Lake property? With our exploration permit and camp in place, we are in a very good position to explore these possibilities,” he said.
The company is planning follow-up field exploration and ultimately drilling.
“We look forward to performing follow-up exploratory work in 2025,” Fraser said. “While this exciting news does provide Fathom with a new opportunity, we very much intend to continue our focus around our emerging high-grade nickel camps at both our Albert Lake and Gochager Lake properties."
The news was welcomed by investors, sending Fathom Nickel's shares 15% higher in early trade on Tuesday.