Fathom Nickel (CSE:FNI) Commences Q12023 Drill Programs at Gochager Lake Project

Fathom Nickel (CSE:FNI) has announced that the Gochager Lake Exploration Permit has been received, and field crews are mobilizing to begin the Q12023 exploration program at the project. The company will begin drilling on or around February 10 at the Gochager Lake Project, which is host to disseminated – massive sulphide nickel-copper-cobalt mineralization. 

Fathom Nickel will employ borehole electromagnetic surveys to delineate the semi-massive to massive zones of nickel-copper-cobalt mineralization, which was first recognized at the property in the late 1960s.

Commenting on the Gochager Lake Project, Ian Fraser, CEO and VP of Exploration, commented in a press release: “The Gochager Lake Project is an important addition to the Company’s portfolio of “battery metal” projects. We look forward to applying BHEM in our effort to delineate zones of semi-massive to massive nickel-copper-cobalt mineralization within broader disseminated mineralization that defines the historic Gochager Lake deposit.”

The summary and highlights of the program are as follows:

  • Receipt of exploration permit for the recently acquired Gochager Lake Project.
  • Commencement of Q1 2023 exploration program at Gochager Lake and Albert Lake Projects.
  • Drilling to start around February 10, 2023 at Gochager Lake; results expected by mid April.
  • Historic Drillhole at Gochager had a 294-meter intercept that returned 0.58% Ni, 0.11% Cu starting immediately below surface; within this interval was a 9.70-meter section that assayed 2.37% Ni, 0.35% Cu and 0.14% Co.
  • Gravity survey initiated at the Tremblay Olson Claims area (Albert Lake) with drilling to start around 4th week of February.

The Gochager Lake Property and Q1-2023 Drill, BHEM Program

The Gochager Lake Property comprises nine mineral dispositions totalling 4,696 hectares located in north-central Saskatchewan, approximately 75 km north of the town of La Ronge and in close proximity to the Company’s flagship Albert Lake Project (Figure 2). Within the historic Gochager Lake deposit1, diamond drillhole I-12 drilled in 1967 had a 290.4-meter intercept that returned 0.58% Ni, 0.11% Cu starting immediately below surface. Within this interval, and at the base of this interval, a 9.70-meter section assayed 2.37% Ni, 0.35% Cu and 0.14% Co. In 2018, drillhole GL18-001 intersected semi-massive to massive, magmatic nickel sulphide mineralization (Figure 1) within the vicinity of historic drillhole I-12 demonstrating this style of mineralization exists within the historic deposit and that it does contain significant nickel-copper-cobalt mineralization.

Figure 1 – Drillhole GL18-001; 1.95% Ni, 0.22% Cu, 0.13% Co / 2.7m at 126.7-129.4 meters2. Source: Fathom Nickel

The Company intends to drill a hole in close proximity to historic drillhole I-12 primarily for the purpose of providing a BHEM platform to test for continuation and orientation of semi-massive to massive nickel-copper-cobalt lenses. These lenses are expected to be contained within the broader disseminated mineralization that defines the historic Gochager Lake deposit. In addition, and for the first time in the property’s history, the drillhole will be systematically sampled for cobalt. Previous operators only sporadically sampled for cobalt. As a result, the amount of cobalt associated with the known nickel-copper mineralization is not well understood. A second drillhole will be drilled for the purpose of better defining lithology and mineralization controls. This drillhole will be drilled approximately 25 meters along strike of the I-12 location and the dip and azimuth will be designed to be perpendicular to the interpreted trend of the Gochager Lake deposit. This drillhole will also be probed by the BHEM tool. The Company is also optimistic that the two drillholes drilled in 2018 will also provide platforms for additional BHEM surveys. Drillhole results from the program will be released once received and interpreted by the Company. Pending actual timing for the receipt of assays from our lab, we anticipate releasing the results in late March – early April.

Figure 2 – Gochager Lake Property Location. Source: Fathom Nickel

The Albert Lake Property and Q1-2023 Exploration Program

Exploration at Albert Lake has also commenced. A crew was mobilized to site over the weekend of February 3-5 to initiate gravity survey coverage over the Tremblay-Olson Claims area. Fathom conducted a gravity survey in 2021 in the historic Rottenstone Mine area and this survey proved instrumental in defining the structural corridor that is host to The Bay Island Trend.

The gravity survey will tie into the existing gravity stations and is expected to take up to 10 days to complete. Results of this survey will be utilized, along with other geophysical models the Company has been developing, to target drill locations within the Tremblay-Olson Claims area. The Company anticipates issuing details on the planned Albert Lake program prior to commencement of drilling which is expected to begin in the 4th week of February.

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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