Announcement • Jun 10

Fathom Nickel Inc. Reports Assays from Metasedimentary Hosted Nickel-Copper-Cobalt Mineralization At Gochager Lake Project

Fathom Nickel Inc. announced that nickel-copper-cobalt assays from metasedimentary-hosted mineralization suggest a new geologic model for the historic Gochager Lake deposit and a greatly expanded geological footprint. Phase-2 drilling currently underway is further testing this new discovery and new geologic model. The mineralized metasediments in GL26025 are in sharp contact with barren (<1000 ppm Ni) intrusive rock (gabbro) and form a metasedimentary package within gabbro measuring 79.10 meters (drillhole thickness). A strong borehole electromagnetic (BHEM) anomaly occurring at ~ 180 meters down the drillhole and positioned below and northeast of the drillhole is a high-priority Phase-2 drill target. The metasediments in the drillhole contain more nickel-copper-cobalt mineralization than the gabbroic rocks. This suggests the gabbro intrusive has been stripped of nickel-copper-cobalt and this mineralization now resides in the metasediments. Drillholes GL26019 and GL26020 were designed to test the source of the high nickel-in-soil anomaly at Target A. Current interpretation indicates that the nickel-copper-cobalt mineralization, along with elevated magnesium and chrome in these mafic metasediments-the likely source of Anomaly A, is more extensive across the property than previously recognized. Their spatial association with nearby mineralized ultramafic and gabbroic intrusions is significant, and their geochemistry is comparable to the Ospwagan host rocks of the Thompson Nickel Belt deposits. Phase-1 drilling has expanded the Gochager mafic (gabbro)-ultramafic intrusive system to at least 1,500 metres of strike and further highlights its geological complexity. It also provided the first evidence that parts of the system were locally sulphur-saturated, and that post-saturation processes the nickel-copper- cobalt mineralization was stripped from the mafic-ultramafic intrusions and remobilized into the surrounding metasedimentary host rocks. This significantly increases the potential to discover mineralization along strike from the Gochager Lake deposit, with strong upside remaining at both the southwest and northeast ends of the intrusion. These results also improve our understanding of the mineralizing process and will help guide the search for major nickel-copper-cobalt concentrations within this expanding magmatic nickel sulphide system.

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Fathom Nickel Inc. Reports Assays from Metasedimentary Hosted Nickel-Copper-Cobalt Mineralization At Gochager Lake Project

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