The Atlantic nickel project is located 40 km from Grand Falls-Windsor, Newfoundland. Credit: First Atlantic Nickel
First Atlantic Nickel (TSXV: FAN) soared to its highest in over two years after a new high-grade discovery was made at the company’s district-scale project in central Newfoundland.
The drilling occurred at the Super Gulp zone of the Atlantic nickel project, with a total of five holes completed during the initial phase. The first hole returned assays as high as 0.32% nickel and 0.8% chromium, averaging 0.25% nickel and 0.28% chromium over the entire 293.8-metre length.
Shares of the Canadian junior surged 20% at Wednesday’s market close following the results, giving it a market capitalization of C$26.8 million. During the session, the stock hit a new 52-week high of C$0.34, compared to a low of C$0.075.
The discovery hole — located 16 km south of the Atlantic Lake zone and 10 km…
