First Atlantic Nickel share price soars on new discovery at Super Gulp
The share price of First Atlantic Nickel surged 30% to C$0.32 a share on Wednesday following the announcement of a significant nickel discovery at its Super Gulp zone in Newfoundland. The company’s first drill hole at the site returned strong assay results, confirming extensive nickel mineralisation over a nearly 300-m interval.
First Atlantic Nickel, which is listed on the TSX-V, reported that drill hole AN-24-01 intersected 0.25% nickel and 0.28% chromium over 293.8 m, with peak values reaching 0.32% nickel and 0.8% chromium. The discovery at Super Gulp, part of the company’s 100%-owned Atlantic Nickel project, marks a significant step forward in defining the mineral potential of its 30-km nickel trend.
The new discovery extends mineralisation well beyond the historical drilling at the Atlantic Lake zone, located 16 km to the north. A previous hole, DDH78-AL-1, had intersected 0.22% nickel over 87.15 m but remained open in all directions. In contrast, AN-24-01 confirms that nickel mineralisation extends significantly deeper, with large-grain awaruite (a natural nickel-iron alloy) disseminated throughout the drill core.
First Atlantic Nickel has already launched its Phase 2 drilling programme, which is fully funded through a recently closed $3-million strategic raise. Additional assay results from Phase 1 drilling are expected soon.
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