First Atlantic acquires Atlantis Nickel Project in Newfoundland
- First Atlantic Nickel Corp. has received approval from the TSX Venture Exchange for an option agreement to acquire a 100% interest in the Atlantis Nickel Project.
- The project encompasses thirteen mining licenses covering 13,675 hectares in northern Newfoundland, featuring significant infrastructure.
- This acquisition positions First Atlantic to enhance North America's critical minerals supply chain, particularly in nickel production.
On October 1, 2024, First Atlantic Nickel Corp. announced a significant milestone in its exploration efforts by securing approval from the TSX Venture Exchange for an option agreement related to the Atlantis Nickel Project. This project is located in northern Newfoundland and consists of thirteen mining licenses that cover a total of 13,675 hectares. The area is characterized by a large ultramafic complex, which is considered a potential source for nickel extraction. The Atlantis Project benefits from excellent infrastructure, including nearby highways and power lines, which are crucial for facilitating exploration activities. Additionally, the proximity of an airport approximately 15 km away enhances accessibility for operational needs. The company has expressed gratitude to the government of Newfoundland & Labrador for its financial support through the Junior Exploration Assistance program, which aids in exploration activities. As part of the agreement, First Atlantic has compensated the optionors with cash and shares, allowing the company to earn a 100% interest in the project. This strategic acquisition is expected to strengthen North America's critical minerals supply chain, particularly in nickel, which has been recognized as essential for economic and national security. First Atlantic Nickel is committed to responsible mining practices and aims to contribute significantly to the nickel industry, especially in light of the growing demand for critical minerals in the transition to cleaner energy solutions.