Junior Miner CEO Sees Blue Sky Potential for Major Discovery in Saskatchewan
Yolowire 19-Jul-2024 9:04 AM
Imagine you're looking for treasure. You already found a pretty good-sized chest of %Gold in your backyard and some clues have you suspecting that there is more nearby in an empty property a few lots away. When you dig there, the line of gold leads towards your initial discovery.
In the case of %FathomNickel (CSE:FNI) (OTC:FNICF), the backyard is 22,000+ hectares in a hotbed of metal activity in Saskatchewan called the %GochagerLake nickel-copper-cobalt project that is host to the Gochager Lake deposit and its historic, NI 43-101 non-compliant open pit resource consisting of 4.3 million tons at 0.295% Ni and 0.081% Cu.
The other property is the Mal Lake nickel occurrence roughly 10 kilometers away from the Gochager Lake deposit. The latest data suggests that the geology of the two projects is very similar, an extremely positive sign for a potentially large trend discovery.
Fathom has completed a review of historic drill core from the Mal Lake nickel occurrence. The core, obtained from the Saskatchewan Ministry of Energy and Resources, has provided valuable insights into the potential mineralization at Mal Lake, land that hasn’t been drilled in 57 years.
Analysis of the core using portable X-ray fluorescence (pXRF)* spectrometry revealed significant %Nickel, %Copper, and %Cobalt mineralization. Notably, cobalt values of up to 0.29% were detected, cobalt was not previously analyzed in the original 1967 drilling program.
Cobalt is a hot commodity, particularly with respect to sources outside of Asia and Africa’s DRC. Companies like Fathom, %JervoisGlobal Limited (TSXV:JRV) (OTCQB:JRVMF), and %CobaltBlueHoldings Limited (OTC:CBBHF) are aiming to build new supply chains to benefit EV manufacturers like Tesla (NASDAQ:TSLA) and %WorkhorseGroup Inc. (NASDAQ:WKHS) that need critical metals for their vehicle’s rechargeable batteries.
Comparisons between the pXRF data from Mal Lake and existing assay data from the Gochager Lake deposit indicate striking similarities in nickel tenor, nickel to copper ratio, and nickel to cobalt ratio. These similarities suggest that the nickel mineralization at both locations shares a common origin, potentially stemming from the same magma source.
Fathom made its point clear with the data from Mal Lake and Gochager Lake in one table, illustrating the similarities.
Given that nickel deposits often occur as clusters of intrusions along geological structures, and that Mal Lake is situated just 10 kilometers southeast of Gochager Lake, the company believes there is a strong possibility of additional nickel-copper-cobalt mineralized intrusions within its Gochager Lake property.
Speaking to the diligent exploration process it employs, Fathom Ian Fraser, CEO and VP Exploration commented, “We knew there was nickel 10km southeast of the Gochager Lake deposit, but was it similar to, and of the same origin as the Gochager Lake nickel mineralization? We now have data suggesting the answer is Yes.”
Fraser opined for a moment on the excitement underscoring this type of data. For starters, it lends a great deal of credence to the chance of finding more nickel, copper, and cobalt at Mal Lake. Drilling is being prepared for the upcoming winter program.
Second, and even more importantly, Mal Lake and the already known Gochager Lake deposit seem to be connected. They're similar in makeup and likely formed from the same underground source of molten rock. This suggests there could be more deposits like these spread out across the wider area between and around the two deposits.
“This Mal Lake exercise has really opened our eyes to the regional blue-sky potential of this vastly under explored property,” said Fraser in a press release.
The results of this core review have expanded Fathom Nickel’s understanding of the property’s potential and will inform future exploration efforts. In layman’s terms, it is like finding two gold coins and realizing they may be part of a larger treasure trove.
* The reader is cautioned that pXRF data should be treated only as an indication of elements, as the accuracy of the beam position on a particular element is variable. All pXRF data is point data and the data collected at that point may not be representative of all the pXRF detectable elements occurring over an extended interval.
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Fathom Nickel Inc. (CSE:FNI) (OTCQB:FNICF) Full Corporate Write-Up: Click Here.
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