Initial BHEM Surveys Identify New And Developing Drill Targets Gochager Lake Project

CALGARY - Fathom Nickel Inc. reported on current exploration campaign at the Gochager Lake Project. The inaugural exploration campaign, completed in February 2023, consisted of two drillholes (GL23-003 and GL23-004 designed to confirm the continuity of mineralization outlined from historical drilling on the property. This campaign also marked the very first time that time domain borehole (BHEM) electromagnetics had been trialed on the property and the results were very successful in defining the high conductance nature of the Ni-bearing sulphides associated with this deposit.

The historic Gochager Lake deposit geometry, which is largely based on vertical drillholes, appears to be steeply dipping and the original BHEM surveys were designed with this geometry in mind. However, the complexity of response patterns observed suggested other possible geometries were evident and efforts to further resolve these is now the focus of this summer's exploration campaign. To date, BHEM data has been collected utilizing one of three designed loops; field work on the other two loops continues. Geophysical analysis and interpretation will be ongoing throughout the program. An exciting example of preliminary results/interpretation is evidenced by observations from drillhole GL18001. Strong off-hole conductors in GL18001 occur directly below and above known mineralization (1.96% Ni / 2.7m; 126.7 - 129.4m1) occurring in the drillhole. High conductance off-hole response at ~ 160m and ~190m in GL18001 - Off-hole conductors in GL18001 occur in areas not previously tested by drilling.

Ian Fraser, CEO and VP Exploration, said, "With this new round of BHEM surveys, our goal was to design a program which would help illuminate targets of multiple orientations and we are very encouraged with the initial results. In particular, drillhole GL18001, which intersected 1.96% Ni over 2.7m, is associated with a strong in-hole anomaly. Unexpected, and not evident from the first surveys we did here with a different loop are strong off-hole anomalies directly below and above this intersection. These appear to lie in areas of no historical drilling. To date, all high conductance responses we have seen at Gochager are due to Ni-bearing sulphides, and seeing untested target areas so early in our exploration campaign highlights the crucial role BHEM surveys will play in our exploration process. More importantly, untested BHEM anomalies show the enormous potential for expansion of high-grade Ni-Co sections within the historic deposit. We look forward to defining additional target areas ahead of our next drilling campaign."