Fathom Nickel (CSE:FNI) has completed its Fall 2023 drilling program at the Gochager Lake deposit, part of the company’s 22,620-hectare Gochager Lake Project. The company expects to receive assay results for the drilling program within the next four to five weeks. Alongside the drilling efforts, the company is also working on modelling BHEM and surface geophysics results, with the outcomes set to be released in the coming weeks.
As a part of the same project, Fathom Nickel has also undertaken soil geochemistry profiling near the 2008 VTEM anomaly, as well as other prominent VTEM/TDEM anomalies. Ground prospecting activities have also been initiated in areas around the Mal Lake nickel occurrence and the Borys Lake Zn-Pb-Ag deposit. The company plans to disclose the findings of these additional studies in the near future.
In financial news related to the project, Fathom Nickel has completed the first-year anniversary payment obligations for the Gochager Lake Earn-In Agreement. Originally, the company was supposed to make a cash payment of $15,000 and issue 170,000 shares to earn a 10% interest in the Gochager Lake property. However, upon request from the vendor, the cash requirement was reduced to $5,000, while the share issuance was increased to 210,000 shares. These additional shares are valued at $0.25 per share. This completes the company’s requirements for the first anniversary of the agreement.
Ian Fraser, CEO and VP Exploration commented in a press release: “The recently completed drill program has accomplished exactly what we set out to do. We now have a much better understanding of geological controls on the impressive nickel-cobalt values intersected in GL23003 and we have been able to extend this mineralization both up and down plunge. We are dealing with a very dynamic intrusive at Gochager Lake and we are very encouraged to be intersecting a wide range of sulphide textures typical of magmatic nickel sulphide deposits. We confirmed that the deep off-hole conductor detected in historic drillhole GL18002 is associated with a build up of semi-massive to massive sulphide mineralization at depth. Furthermore, BHEM continues to indicate conductivity build-up beyond the bottom of several drillholes, suggesting the possible continuation of mineralization at depth. We look forward to continuing to demonstrate that there are chutes of high-grade nickel-copper-cobalt mineralization within the historic Gochager Lake deposit2. 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. We are also very encouraged and intrigued with the presence of massive sulphide veinlets occurring in GL23011 – some 400 meters from the known Gochager Lake deposit. Additionally, BHEM identified two prominent off-hole anomalies occurring within favourable host rock proximate to the off-hole anomalies. GL23011 was a follow-up to a VTEM anomaly first detected in 2008 but never drilled until now.”
Highlights from the program are as follows:
- Seven drillholes completed totaling 2,168 meters.
- Semi-massive, massive sulphides intersected in GL23005 and GL23010; extending the nickel-copper-cobalt mineralization intersected in GL23003 (see Press Release April 12, 2023) both up and down plunge (Photos 1 & 2)1.
- Disseminated, interstitial, net-textured, semi-massive, sulphide mineralization occurring at 304 – 384.5m1 in GL23009 (Photo 3)1 significantly extends the historic Gochager Lake deposit at depth.
- Massive sulphide veins (Photo 4)1 observed cross cutting the gabbro host rock throughout the drilled area.
- Multiple off-hole borehole electromagnetic (BHEM) responses detected in all drillholes and BHEM surveys suggest significant conductivity build up at depth.
- Two strong off-hole BHEM anomalies associated with favourable host rocks encountered in drillhole GL23011 located approximately 400 meters northeast of the Gochager Lake deposit.
Drillhole Location Details:
|Drillhole ID||UTM Easting||UTM Northing||Azimuth||Dip||Total Depth
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.
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