First Atlantic Nickel: Drilling Begins After Major Awaruite Discoveries

First Atlantic Nickel Corp. (TSXV: FAN) has kicked off its drilling campaign at the Atlantic Nickel Project in central Newfoundland, following the recent discovery and expansion of multiple new zones of visible awaruite, a naturally occurring nickel-alloy, across the project's 30 km nickel trend. This significant development positions the Company to tap into the growing demand for nickel, a critical mineral for electric vehicle (EV) batteries and other clean technologies.

The Company's summer sampling program successfully identified both new and expanded awaruite nickel-alloy targets across several zones throughout the Project. By sampling over 200 rock outcrop locations along the 30 km trend, the Company efficiently confirmed and prioritized targets for immediate drilling. The discovery of the RPM and Super Gulp zones, which extend surficial occurrences approximately 25 km south from historic drilling at Atlantic Lake to the RPM zone, further bolsters the Project's district-scale potential.

The drill program is focused on testing multiple large-scale, widely spaced, new high-priority nickel targets that have never been drilled before. These high-priority areas show significant concentrations of visible awaruite observed at surface, with initial drilling planned at wide spacings to evaluate the potential for bulk tonnage nickel mineralization. Target volumes potentially range from hundreds of millions to billions of tonnes.

First Atlantic's CEO, Adrian Smith, commented on the progress, stating, "We are thrilled by the rapid progress our team has made at our district-scale Atlantic Nickel Project. With guidance from Dr. Ron Britten, a world-renowned nickel awaruite expert, we have advanced the project from acquisition to the discovery drilling phase in just half a year."

The new awaruite discoveries have the potential to significantly enhance the estimated mineral reserves and resources at the Atlantic Nickel Project. As the Company continues to validate and expand these discoveries through drilling, the project's value and future production prospects are expected to grow, aligning with the increasing demand for nickel in the EV and clean technology sectors.

The commencement of drilling at the Atlantic Nickel Project also aligns with the US Inflation Reduction Act's requirements for domestic processing of critical minerals. Awaruite's unique properties enable a simple magnetic separation process, eliminating the need for smelting and reducing North America's reliance on foreign nickel smelting and processing. This approach positions the project as a potential major source of nickel that could be processed domestically, contributing to a more secure, independent, and resilient nickel supply chain for North America.

In conclusion, First Atlantic Nickel's recent awaruite discoveries and the commencement of drilling at the Atlantic Nickel Project signal a significant step forward in the Company's quest to tap into the growing demand for nickel. As the Company continues to validate and expand these discoveries, the project's value and future production prospects are expected to grow, aligning with the increasing demand for nickel in the EV and clean technology sectors.