Three Lakes and One Company that Every Mining Investor Should Know About

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Wednesday, August 7, 2024

Canadian lakes are synonymous with mining. Rabbit Lake, Cigar Lake and Key Lake are famous for uranium ores in northern Saskatchewan. You can’t discuss Ontario gold mining without mentioning Red Lake or forget about Kirkland Lake and its seven major mines that formed the “Mile of Gold,” or Agnico Eagle (TSX: AEM) (NYSE: AEM) paying $11 billion to buy Kirkland Lake Gold.

These areas remain some of the most sought-after prospective spots in the world. Cameco’s (TSX: CCO) (NYSE: CCJ) McArthur River/Key Lake operations produce the highest-grade uranium in the world. West Red Lake Gold Mines Ltd. (TSX-Venture: WRLG) (OTCQB: WRLGF) recently had a high grade intersect at its Madsen Mine and little Kirkland Lake Discoveries (TSX-Venture: KLDC) (OTCPK: KLKLF) aims to replicate the success story of its namesake, the former major mining company acquired by Agnico Eagle.

There is more to come. With surging demand for renewable energy and electric vehicles, Saskatchewan’s Trans-Hudson Corridor could become a hotbed of activity.

In this area, the dominant player is Fathom Nickel Inc. (CSE: FNI) (OTCQB: FNICF), with its Albert Lake, Gochager Lake, and Friesen Lake properties. All are in close proximity to each other, giving Fathom a dominant land position covering more than 122,000 hectares in the region. 

Albert Lake has exploded in popularity because it is part of the Rottenstone Domain and home to the past-producing Rottenstone Mine that produced 28,724 tons @3.3% Ni, 1.8% Cu, 9.63 g/t 3E (Pd-Pt+Au) from 1965-1969.

Friesen Lake is a project recently acquired by Fathom. The property is located 40 kilometers southwest of the historic Rottenstone Mine and 30 kilometers northwest of the historic Gochager Lake deposit.

Gochager Lake is host to a National Instrument 43-101 non-compliant open pit resource consisting of 4.3 million tons at 0.295% Ni and 0.081% Cu.

These properties present an exceptional opportunity for mineral exploration. Situated within a geologically prospective region, the area has demonstrated significant potential for hosting substantial mineral deposits. The presence of magmatic sulfide mineralization, characterized by elevated nickel, copper, cobalt and PGE values, is a strong indicator of  potentially large-scale deposits.

Furthermore, the identification of unique geochemical signatures at these properties, and mineral assemblages associated with surface outcrops suggests a wider mineralized system. The combination of accessible infrastructure, favorable geological conditions, and encouraging preliminary results make these “lake” projects one of the most compelling targets for further exploration and development in central Canada.

The Latest Data

Fathom Nickel has released promising results from a recent field exploration program at their Gochager Lake Project. The program focused on collecting data to further define the presence of a significant nickel-copper-cobalt (Ni-Cu-Co) deposit.

Key Findings:

• Expanded Mineralization: Field crews identified zones of magmatic sulfide nickel with elevated chrome (Cr) occurring north, southwest, and east of the previously known Gochager Lake deposit. This suggests the potential for a much larger mineralized system than previously understood.

• Surface Confirmation: Geochemical signatures associated with the deposit were identified in surface outcrops, supporting the theory of an “open magmatic system.” This strengthens the evidence for potential additional nickel occurrences beyond the historical deposit area.

• High-Grade Potential: pXRF (portable x-ray fluorescence) scans of outcrop material revealed nickel mineralization reaching up to 2.06%, along with significant copper and cobalt values.

• Next Steps: The company awaits assay results from soil and rock samples collected during the program. Based on these findings, Fathom plans a fall drilling program to further explore the expanded area of interest.

Overall, the exploration program has yielded significant data that suggests the Gochager Lake property holds strong potential for a much larger nickel deposit than previously known.

“[The latest data] suggests that the ultramafic rocks occurring within and proximal to the Gochager Lake deposit, if sufficiently saturated with sulphide, have the potential to host separate Ni-Cu-Co deposits,” said Ian Fraser, Fathom’s CEO and VP Exploration.

Fraser has revealed over different press releases covering ongoing exploration efforts that the data continues to coincide with historical data, with each piece further expanding the potential size of the deposit.

Now he is looking for soil geochemistry results to further validate additional preliminary findings. Fathom has methodically employed a systematic approach with the long game in mind with field programs, surveys, and drilling used to strategically validate mineralization and identify new targets, not only at Gochager Lake, but also at Albert Lake.

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Fathom Nickel Inc. (CSE: FNI) (OTCQB: FNICF) Full Corporate Write-Up: Click Here. 

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