In short: Management view (CEO): the maiden MRE shows continuity at the historic Gochager Lake deposit, and phase-2 holes, though "somewhat disappointing," hit the same sulfide veins and breccias 150 m west, 150 m northeast and at depth, so the system is "still very much open in all directions." The host gabbro now runs >800 m of strike; nickel in the metasediments reopens old conductors. Next: channel-sample stripped outcrops to orient the high-grade shoots, then drill them.
Fathom Nickel is a small exploration company. It does not mine anything; it drills holes to find and measure a nickel-copper-cobalt deposit in northern Saskatchewan (Gochager Lake), with the aim of selling it to, or partnering with, a bigger miner. This interview is with its own CEO, so it is the company's pitch, not an independent opinion.
Its first official "mineral resource estimate" (an audited count of the metal in the ground) is mainly proof that the rich zones connect from hole to hole. This summer's new holes were, in the CEO's word, "somewhat disappointing" on grade, but they kept hitting the same kind of nickel-bearing rock further out and deeper, so the deposit is not yet boxed in. The company also found nickel in a second kind of rock around the deposit. That matters because a lot of electrically conductive ground nearby, earlier dismissed as worthless, might now hold nickel.
The practical plan is to strip soil off the rock above the known deposit, saw sample channels across the richest veins to learn which way they run, then drill along them. The CEO admits the market rewards eye-catching high-grade hits more than a bigger but lower-grade footprint, and that proving up the rich core first is probably the better next step. As with any early-stage explorer, the shares can move sharply on each set of drill results and the company will likely need to raise money to keep drilling.
2:59It's sort of changed our thinking in terms of the model that we were pursuing, the geological model that we're using in exploration. And phase two, the fact that we had very very anomalous nickel intercepts 150 m west of the historic deposit, 150 m northeast and to depth tells us that this deposit, this mineralized system is still very much open in all directions, along strike and to depth.
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