The share price of First Atlantic Nickel surged 30% to C$0.32 on Wednesday following the announcement of a significant nickel discovery at its Super Gulp zone in Newfoundland.
The company’s first drill hole at the site returned strong assay results, confirming extensive nickel mineralization over nearly 300 meters.
TSX-V-listed First Atlantic Nickel reported that drill hole AN-24-01 intersected:
- 0.25% nickel and 0.28% chromium over 293.8 meters,
- Peak values of 0.32% nickel and 0.8% chromium.
The Super Gulp discovery, part of the company’s 100%-owned Atlantic Nickel project, significantly advances exploration along its 30-km nickel trend.
The new discovery extends mineralization well beyond the historical Atlantic Lake zone, 16 km north. A previous drill hole (DDH78-AL-1) had intersected 0.22% nickel over 87.15 m but remained open in all directions.
In contrast, AN-24-01 confirms nickel mineralization extends significantly deeper, with large-grain awaruite (a natural nickel-iron alloy) disseminated throughout the drill core.
First Atlantic Nickel has launched its fully funded Phase 2 drilling program, supported by a recent $3-million strategic raise.
Additional Phase 1 assay results are expected soon, with further drilling planned to expand the discovery.
