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Fathom Nickel completes acquisition of Watts Lake mineral claims at Gochager Lake Property

Published: 08:37 01 Jun 2023 EDT

Fathom Nickel Inc - Fathom Nickel says acquisition of Watts Lake at Gochager Lake Property is complete 

Fathom Nickel Inc (CSE:FNI, OTCQB:FNICF) told investors it has completed the acquisition of the Watts Lake mineral claims from SKRR Exploration after making the final cash payment of $75,000.

The company noted that it now holds 100% of Watts Lake, which consists of 24 mineral claims totalling 13,708 hectares. Together with the property covered by the original Gochager Lake Option Agreement and subsequent staking of 10 mineral claims totalling 5,851 hectares, it said the Gochager Lake Property now encompasses a contiguous land package of 19,559 hectares.

"With the acquisition of Watts Lake now complete, we have begun the process of incorporating the historic exploration data obtained as part of the Acquisition Agreement with our modeling and data information system covering the original Gochager Lake dispositions,” Fathom Nickel CEO and vice president of exploration Ian Fraser said in a statement. 

“We are particularly excited to assess the Watts Lake ground that is covered by the historic 2008 VTEM survey. Based on initial analysis of the VTEM survey area, our geophysical consultants have now identified 11 prospective nickel targets away from the historic Gochager Lake deposit.”

The company said the nickel targets have not been previously explored and have become high-priority areas for additional geophysics/geological mapping, prospecting, soil geochemistry and, ultimately, drilling as it continues exploration work at Gochager Lake. 

“We will also begin analysing the Borys Lake VMS-style Pb-Zn deposit occurring within the Watts Lake ground,” Fraser added. 

“The VMS mineralization, coincident with the known magmatic Ni (nickel) sulphide mineralization at the Gochager Lake deposit and Mal Lake occurrence within this contiguous property, speaks to the potential of a significant metal endowment and the tremendous exploration potential of this combined land package”.

Summer exploration update

The company also announced it is finalising plans for the initial phases of exploration at its Gochager Lake and Albert Lake properties. 

At Gochager Lake, geophysical crews are expected to mobilize on June 6 and initiate a geophysical program expected to last two to three weeks. 

The program will consist of additional borehole electromagnetic surveys on all drill holes probed in the first-quarter 2023 drilling program utilizing a multiple-loop configuration and Induction and Fluxgate Probes.

A separate geophysical crew is expected to mobilize to Albert Lake later in June, with the program consisting of surface, time domain electromagnetic surveys utilizing multiple fixed loop configurations within the area of the very robust soil geochemistry anomaly occurring within the Tremblay-Olson Claims area.

Contact the author at stephen.gunnion@proactiveinvestors.com

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on 02/08/2024