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:

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.

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.

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.