Fathom Nickel Inc. (CSE: FNI) has released its maiden Mineral Resource Estimate (MRE) for the Gochager Lake nickel-copper-cobalt deposit in northern Saskatchewan, marking a significant milestone for the exploration company. The estimate, effective 9 June 2026, outlines total Indicated Resources of 858,701 tonnes and Inferred Resources of 3,103,916 tonnes across pit-constrained and out-of-pit categories. The disclosure provides the first formal quantification of scale at Gochager Lake, a project the company describes as part of an 8-kilometre mineralised corridor, and investors may be watching for what expanded drilling could yield.

Key Points

  • Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) announced a maiden MRE for its 100%-owned Gochager Lake Project
  • Total Indicated Resources grade 0.41% Ni, 0.12% Cu, and 0.03% Co (0.57% NiEq), containing 7.7 million pounds of nickel
  • Total Inferred Resources grade 0.32% Ni, 0.09% Cu, and 0.03% Co (0.45% NiEq), containing 22.1 million pounds of nickel
  • The deposit remains open along strike and at depth, with soil geochemical anomalies extending beyond the drilled area

Gochager Lake MRE Grade Profile and Resource Categories

The MRE was prepared by independent firm Caracle Creek International Consulting Inc. in compliance with NI 43-101 and CIM Definition Standards. Pit-constrained Indicated Resources total 631,241 tonnes at 0.40% Ni, while out-of-pit Indicated Resources add 227,460 tonnes at 0.43% Ni. Within the Indicated category, a higher-grade subset of 192,144 tonnes grades 0.78% Ni and 0.21% Cu above a 0.75% NiEq cut-off. The estimate was derived from 17 diamond drill holes totalling 5,990.8 metres, drilled across 2018, 2023, and 2024, of which 14 holes informed the block model across 1,536 metres of drill core.

Deposit Geometry and Structural Controls at Gochager Lake

The mineralised body at Gochager Lake extends approximately 300 metres along strike, ranges from roughly 40 to 75 metres in thickness, and reaches approximately 450 metres below surface. Two estimation domains, FB1 and FB2, are separated by a fault and were treated as hard boundaries in the block modelling process. The open pit shell was defined using a Lersch-Grossmann algorithm with an average strip ratio of 4.22:1. The pit-constrained resources apply a net smelter return cut-off of US$20.48 per tonne, while out-of-pit resources use a cut-off of US$56.50 per tonne.

Exploration Upside Along the Broader Mineralised Corridor

The announcement states the deposit remains open along strike and at depth, with coincident soil geochemical and geophysical anomalies extending beyond drilled areas. A nickel-in-soil anomaly, reaching up to 1,650 ppm Ni across 4,811 samples collected between 2023 and 2025, traces a northeast-southwest corridor sub-parallel to the host intrusion. Geological mapping has delineated prospective gabbroic lithologies for more than 3.5 kilometres along strike. The company noted that the current MRE captures only a portion of the broader corridor. Exploration potential described in the release is conceptual, and it is uncertain whether further exploration will result in additional mineral resource delineation.