TDEM And BHEM Programs At The Gochager Lake Project

CALGARY - Fathom Nickel Inc. reported on recently completed surface time domain electromagnetic (TDEM) and borehole electromagnetic (BHEM) geophysical programs at its Gochager Lake Project. Geophysical surveys completed include a second phase of borehole electromagnetic (BHEM) surveys and a surface time domain electromagnetic (TDEM) survey over the area of, and along strike of the historic Gochager Lake deposit.

TDEM and BHEM highlights include: 1) The TDEM survey covered approximately 1km2 and defined a moderate-strength zone of conductivity directly over top of the historic Gochager Lake deposit.1 This conductive trend extends both to the SW and to the NE of the deposit area. 2) In addition, newly identified zones of conductivity occur to the north, north-northeast, and east-southeast of the Gochager Lake deposit area. 3) Internal lithostructural interpretation of the 2008 VTEM survey recognizes the Gochager Lake deposit occurs on the axis of a major fold. The hinge zone of the fold occurs immediately to the southwest of the Gochager Lake deposit. 4) Directly along strike of the Gochager Lake deposit and on the interpreted fold axis, a moderate strength, untested VTEM anomaly occurs, and the TDEM survey confirms the untested VTEM anomaly is very "Gochager-like”. 5) The second phase of BHEM surveys utilized multiple loop configurations to change coupling angles for each hole surveyed and to ultimately better image the conductivity zones recognized in the first phase of BHEM. Both BHEM programs have identified at least 4 separate conductive zones in the area of Fathom's Q1-2023 drilling, with several lying outside the historical Gochager Lake deposit.

Ian Fraser, CEO and VP Exploration stated, "We are extremely pleased with the results of the surface TDEM survey. It was a very important exercise for us to recognize, define and understand the EM signature associated with the historic Gochager Lake deposit. We now have a very good understanding of the surface signal and the geophysical setting of the deposit. We are very encouraged to see that this signal extends along strike and to see similar occurrences elsewhere in proximity to the deposit. Recognizing the structural setting and a similar VTEM / TDEM anomaly further along strike and aligning with an interpreted fold axis makes the area northeast of the Gochager deposit very prospective and a high priority target area for future exploration efforts. Now knowing that high-grade nickel defined in our drillhole GL23003 occurs in association with very strong in-hole and off-hole BHEM conductivity signals, yet below a moderate strength TDEM surface expression, has us very intrigued and excited about numerous other similar features that we see in the historic 2008 VTEM data set."