First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) has announced that drill hole XL-26-16 at its wholly owned Pipestone XL Nickel-Cobalt Alloy Project in central Newfoundland intersected large-grain, visibly disseminated awaruite over its entire 525-meter drilled length and ended in mineralization. This hole, the deepest drilled to date at Pipestone XL, was completed approximately 445 meters south of the Alloy Max discovery hole XL-26-15 and showed higher visual awaruite abundance and more frequent coarser grains. Together, the two holes confirm approximately 445 meters of strike within the roughly 4-kilometer Alloy Max target, leaving the majority of the zone untested along strike and at depth.
The company reported that observations from XL-26-16 also showed awaruite abundance, consistency, and grain size increasing as magnetite decreased, prompting a reinterpretation of regional magnetic surveys for potential expansion of the Alloy Max and RPM zones. Drilling is continuing at Alloy Max, the second large-scale awaruite zone identified at Pipestone XL, which spans the 30-kilometer Pipestone Ophiolite Complex. The company is developing its ONSHORE MAX™ process to concentrate Pipestone XL awaruite without smelting, roasting, or high-pressure acid leaching, and is also evaluating secondary chromium mineralization and low-carbon Engineered Mineral Hydrogen in partnership with VEMA Hydrogen.
This development is significant because it reinforces the project's potential to provide a secure North American source of nickel and cobalt, critical minerals essential for industries such as stainless steel, electric vehicles, aerospace, and defense. The U.S. Geological Survey has recognized awaruite's strategic importance, noting that these deposits may help alleviate prolonged nickel concentrate shortages since the natural alloy is much easier to concentrate than typical nickel sulphide. In 2026, initial metallurgical test work using the company's ONSHORE MAX process upgraded RPM Zone material into a high-grade alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt, demonstrating a smelter-free, mine-to-refinery pathway.
First Atlantic is a member of the U.S. Defense Industrial Base Consortium, underscoring its role in strengthening supply chain resilience. The Pipestone XL project is located near existing infrastructure with year-round road access and proximity to hydroelectric power, providing favorable logistics for exploration and future development. The company is also advancing a parallel geologic hydrogen initiative at Pipestone XL, where the same serpentinization process that formed awaruite also generates natural hydrogen, and has signed a letter of intent with VEMA Hydrogen to jointly develop low-carbon Engineered Mineral Hydrogen through a proposed 50/50 joint venture.
For more information, visit fanickel.com. To view the full press release, visit https://ibn.fm/kd4EI.
