Fathom Nickel Announces Upsizing of Previously Announced Private Placement to $1.5 Million, Including Strategic Participation by Crescat Capital LLC
Summary
The additional proceeds from the Upsized Offering will allow us to expand the extent of the planned field exploration program at Gochager Lake", stated Doug Porter, President & CFO. "Planning is currently underway to commence field mapping, soil geochemistry and geophysical work in early June, leading to a drill program in the fall. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to support the rapidly growing global electric vehicle market and to secure supply of North American Critical Minerals.The Company now has a portfolio of three high-quality exploration projects located in the prolific Trans Hudson Corridor in Saskatchewan: 1) the 22,000+ hectare Gochager Lake Project that is host to a historic, NI43-101 non-compliant open pit resource consisting of 4.3M tons at 0.295% Ni and 0.081% Cu1, and 2) the Albert Lake Project, a 90,000+ hectare project that was host to the historic and past producing Rottenstone Mine2 (produced 28,724 tons @ 3.3% Ni, 1.8% Cu, 9.63 g/t 3E (Pd-Pt+Au) 1965-1969), and 3) the 10,000+ hectare Friesen Lake Project located 40km southwest of the historic Rottenstone Mine and 30km northwest of the historic Gochager Lake deposit.1 - The Saskatchewan Mineral Deposit Index (SMDI #0880) reports drill indicated reserves at the historic Gochager Lake Deposit of 4,262,400 tons grading 0.295% Ni and 0.081% Cu mineable by open pit. The estimate is not considered NI43-101 compliant and further work is required to verify this historical drill indicated reserve.2 - The Saskatchewan Mineral Deposit Index (SMDI #0958) reports the production grades noted above from a small open pit. These forward- looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except in accordance with applicable securities laws.