Albert Lake Project

Our ProjectsProject Overview

Combined, Fathom Nickel Inc.’s two properties in Saskatchewan consist of 66 individual mineral claims totaling 113,080 Ha. Saskatchewan is consistently ranked within the top 5 jurisdictions in the world to conduct mineral exploration by the Fraser Institute. Both properties; the Albert Lake and Gochager Lake properties fall within the highly prospective Trans Hudson Corridor. The Trans Hudson Corridor defines a Proterozoic suite of geology (1.8 Ma), that trends north from North Dakota (US), through Saskatchewan where it veers east to include Northern Manitoba, and across Hudson’s Bay to include the Ungava Peninsula, PQ, from where it continues into Greenland. Coincident with the Trans Hudson Corridor are the world-class Thompson Nickel Belt, MN (in production), the Lynn Lake Nickel Belt (past producer), and the Raglan Nickel Belt, PQ (in production). Ironically, the province of Saskatchewan is vastly underexplored for nickel and Fathom with two highly prospective nickel projects is in position to take advantage of this opportunity and demonstrate that the province of Saskatchewan can host “world-class” nickel camps similar to Manitoba and Quebec.

Albert Lake Project

The Albert Lake property consists of thirty-one, contiguous, 100% owned mineral claims covering a combined 90,459 hectares.

The Albert Lake property is located within the Rottenstone Domain which defines the western margin of the Trans Hudson Corridor. With the acquisition of the Tremblay-Olson Claims in Summer of 2022; the Albert Lake property consists of thirty-one, contiguous, 100% owned mineral claims covering a combined 90,460 hectares. The property is host to the historic Rottenstone Mine, a past producer of high-grade magmatic nickel sulphide mineralization. The Saskatchewan Mineral Deposit Index (report #0958) reports that mining produced 26,057 tonnes with an average grade of 3.28% Ni, 1.83% Cu and 9.63 g/t 3PE (Pd-Pt+Au) from estimated resources that range from 45,000 tons to 60,000 tons*. Mining occurred from an open pit operation 1965 – 1969 on the eastern shore of Rottenstone Lake.

Photograph: Circa 1964; Mill under construction (far right) historic Rottenstone outcrop “the hill of Rotten Stone”, pre-mining in the foreground
Typical Rottenstone Net-texture (Matrix) style mineralization. A 23kg bulk sample collected for a metallurgical study (2017) had an average grade of: 4.08% Ni, 1.38% Cu, 0.097% Co, 10.50 g/t PGE+Au. Note PGE is inclusive of all 6 Platinum Group Elements (PGE).
Such high-grade magmatic nickel sulphide mineralization confined to a small volume of mineralized ultramafic rock; the Rottenstone deposit, is unusual. Typically grade of this nature results from a significant magmatic source suggesting that the Rottenstone deposit should not occur in isolation and is an indication of a much larger magmatic nickel sulphide system. Fathom inherited a high-quality database when the original property was acquired (2015) and the company has embarked on very comprehensive exploration programs resulting in new discoveries and a multitude of exploration targets.

Primary Exploration Targets

The Albert Lake property consists of thirty-one, contiguous, 100% owned mineral claims covering a combined 90,459 hectares.

Tremblay-Olson Claim Area

Two known ultramafic occurrences have been defined by historic drilling and trenching within the Tremblay-Olson Claim area approximately 2 km southwest of the Rottenstone deposit. Surface geochemistry has defined a very robust, 4KM2 multi-element soil geochemistry anomaly in this area that is coincident with, airborne geophysical survey anomalies (historic VTEM, Fathom gradient MAG, AirTEM), and surface gravity anomalies. Individual soil samples have recorded >1.0 g/t 3PE and up to 743 ppm Ni. A summer 2023 surface transient time domain electromagnetic survey (TDEM) has defined a very strong conductive feature measuring 450m x 150m and modeled to be at a depth of approximately 300m below surface. This feature is coincident with gravity inversion models suggesting higher-density rock at depth, occurs along the eastern margin of the defined soil geochem anomaly, and is coincident with an interpreted unconformity contact where we recognize the necessary structural traps occur; like at the Rottenstone deposit, and at the Bay-Island Trend. The TDEM conductor is a high-priority drill target to be tested in 2024.

South – North extension of the Rottenstone deposit

This extension of the Rottenstone deposit was first recognized in 1999 in an area not previously drilled. Drilling by Fathom in 2021 confirms the south extension as evidenced by drillhole AL21024: 1.06% Ni, 0.88% Cu, 4.09 g/t 3PE / 7.47 m (including 1.71% Ni, 1.21% Cu, 20.06 g/t 3PE / 1.01 m). Mineralization remains open south of the historic workings. It is apparent the mineralization occurs in the hanging wall of a northeast plunging shallow fault. Geophysical evidence suggests a possible footwall offset to depth. Multiple drill intersections of ultramafic rock up to 250 m north of the deposit exhibit very good nickel tenor suggestive of a potential, separate mineralized ultramafic body occurring north of the historic deposit.

The Bay-Island Trend

Discovered initially by drilling in 2021 as a follow-up drillhole to historic drillhole RL03039; the Bay-Island Trend is a “keel-like” mineralized ultramafic body now defined by drilling over a strike of 300+ m occurring 500 m west, north-northwest of the Rottenstone deposit. The Bay-Island Trend remains open for expansion along strike north and south. The mineralization, rock association, geologic setting and magmatic textures are analogous to the Rottenstone deposit although the Bay-Island Trend has lower nickel (metal) tenor. Drillhole AL21052 demonstrates this: 0.62% Ni, 0.29% Cu, 0.63 g/t 3PE / 13.27 m; including, 1.09% Ni, 0.42% Cu, 0.75 g/t 3PE / 3.54m. Of note, borehole electromagnetic surveys (BHEM) responded very favorably to this style of mineralization and BHEM was very instrumental in the discovery and drill definition of the Bay-Island Trend.

Interstitial - Net Texture Mineralization Drillhole AL21052

The Dime

An ultramafic, weakly mineralized zone defined by drillhole AL21029 returned 0.24% Ni, 0.054% Cu, 0.69 g/t 3PE / 2.51 m: importantly, including 0.49% Ni, 010% Cu, 1.46 g/t 3PE / 1.17 m. Of note this intercept: part of a 12.19 m intercept of favorable stratigraphy, has a very good nickel tenor. Furthermore, the Dime area is located >5 km southwest of the Rottenstone deposit in an area of favorable soil geochemistry and airborne defined geophysics. Surface geophysical surveys will be performed ahead of additional drilling.

Other Targets

Fathom has developed a multi-discipline exploration model.

Fathom has developed a multi-discipline exploration model. It has been recognized from historical databases that the Rottenstone deposit is defined by MAG and Gravity highs. The discovery of the Bay-Island Trend resulted from drill testing and follow-up BHEM, a strong soil geochemistry anomaly, a moderate, historic VTEM anomaly, strong surface EM conductors, moderate to strong MAG in an area of structural complexity defined by surface mapping and Gravity surveys. A zone of prospective stratigraphy measuring up to 10 kilometers in strike encompasses all known zones of mineralized ultramafic rock hosted predominantly in metapelite. All these exploration tools have resulted in the very robust Tremblay-Olson target area. Furthermore, a multitude of other exploration target areas have resulted from exploration conducted thus far at Albert Lake. To date Fathom has worked approximately <10% of the entire Albert Lake land package.
The reliability of the historical data and resource estimate presented here cannot be confirmed by the authors, nor can the assumptions, parameters and methods used to prepare the estimates. The estimate is not considered NI 43-101 Compliant by the definition of a “mineral resource” and further work is required to verify the historical estimate as a current mineral resource. Furthermore, records suggest (Saskatchewan Mineral Deposit Index #0958) that some of this historical resource has been exploited making a delineation of this mineral resource impossible. Fathom Nickel is not treating the historical estimate as a current mineral resource.

View In-Depth Geological Data About The Albert Lake Project2024 Investor Presentation

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