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Historic Nickel Project Shows New Promise: Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) Discovers High-Grade Mineralization
June 21, 2024

Historic Nickel Project Shows New Promise: Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) Discovers High-Grade Mineralization

  • The International Energy Agency forecasts nickel demand to nearly double by 2050 due EV deployment
  • Fathom Nickel is developing two high-grade nickel projects in Canada’s prolific Trans Hudson Corridor, with recent results from Gochager Lake providing evidence of widespread mineralization
  • Fathom has yet to find the source of the semi-massive to massive sulphide veins at Gochager Lake, a project that Quinton Hennigh of Crescat Capital has the potential to be an economical underground mine

Geologists have a fascinating way of speaking. They use terms like “gabbro” and “interstitial disseminated magmatic pyrrhotite” to describe rocks, and their discussions can delve into great details about ore deposits. But when a geologist gets truly excited about a discovery, like Ian Fraser, P.Geo., CEO and VP Exploration at Fathom Nickel (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF), the enthusiasm can be contagious.

Fathom is an emerging exploration company targeting magmatic nickel sulphide discoveries to support the rapidly growing global electric vehicle market as the world transitions to full electrification. Nickel prices have been volatile in recent years but are maintaining a long-term uptrend over the last decade. After slipping to about $15,600 per tonne in February, nickel prices have climbed back over $18,000 a tonne, as the conversation about Net Zero Emissions by 2050 is growing louder.

The International Energy Agency sees nickel demand nearly doubling by 2050, driven by rapid deployment of EV batteries.

Fathom’s portfolio includes two high-quality exploration projects located in the prolific Trans Hudson Corridor in Saskatchewan:

  • Albert Lake Project, a 90,000+ hectare project that was host to the historic and past producing Rottenstone deposit (produced high-grade Ni-Cu+PGE, 1965-1969)
  • Gochager Lake Project, a 22,000+ hectare project that is host to a historic, NI43-101 non-compliant open pit resource consisting of 4.3M tons at 0.295% Ni and 0.081% Cu

Fathom began its exploration efforts at Gochager Lake last year. The company recently released results of the Q1/Q2-24 seven drillhole, 2,656 meter drill program at the project that, in Fraser’s words, is showing that historic drilling, while pointing to significant resource potential, “missed some of the very, very good mineralization we are encountering.”

Some of the latest intercepts reached grades upwards of 2.0% nickel and 3.0% nickel equivalent. To put that in perspective, consider that all nickel ore has relatively low nickel content. As such, the industry ranks high-grade nickel ore as that with nickel content above 1.8%. Nickel sulphides, which are facing a supply deficit due to declining discoveries, are preferred for EVs as they are less expensive to process into battery material.

That bolsters the value of each meter of high-grade sulphide drilled by Fathom. And the company is only now beginning to realize the breadth of the nickel mineralization at Gochager Lake. “We are starting to recognize some of the scripters that are pretty consistent with other known magmatic nickel sulphide deposits around the world,” said Fraser.

Respected industry analyst geo Quinton Hennigh of Crescat Capital echoes Fraser’s sentiment. In a recent podcast, Hennigh opined on the strong results and how Fathom continues to hit high grades in every anomaly they locate through electromagnetic borehole surveys.

Within the broad gabbro (rock that forms when magma cools slowly deep underground and generates magnetic nickel deposits), Fathom is seeing semi-massive to massive sulphides that are vein-like in structure, a hallmark of a high-grade nickel deposit. The veins are effectively the final part of the event that formed the deposit, meaning that following them should be the roadmap to the source that Fathom has not yet discovered.

To date, Fathom has completed 16 drillholes totaling 5,543 meters. The exploration has defined a mineralized gabbro unit over a northeast-southwest strike of approximately 300 meters and a vertical extent exceeding 400 meters and remains open in all directions. Looking ahead at the next phase of drilling, the evidence is pointing to a larger intrusive that Fraser suspects to contain 2%-3% nickel. The key is continuing to expand the size of the deposit. If Hennigh is right, Fathom could be sitting on the makings of what could be an economical underground nickel mine.

For more information, visit the company’s website at

NOTE TO INVESTORS: The latest news and updates relating to FNICF are available in the company’s newsroom at

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