Fathom Nickel Inc. has announced the strategic acquisition of the Watts Lake Mineral Claims pursuant to an agreement with SKRR Exploration Inc., dated March 21, 2023 (the “Acquisition Agreement“). Watts Lake consists of twenty-four mineral claims totalling 13,708 hectares that are entirely contiguous with Fathom’s Gochager Lake Property. The addition of Watts Lake brings Fathom’s total land package at the Gochager Lake nickel project to 18,569 hectares.
Ian Fraser, CEO and VP Exploration stated, “Fathom is delighted to welcome Watts Lake into the Company’s exploration portfolio. In doing so we have created a solid, contiguous land package that connects the historic Gochager Lake nickel deposit with the Mal Lake nickel occurrence. Based on the results thus far at Gochager, we feel Mal Lake is an analogous nickel occurrence. The new land package encompasses a much greater area of the 2008 VTEM survey. The Company’s geophysical consultants have now recognized a “plethora” of Gochager Lake-like geophysical signatures within both the Gochager claim area and the newly acquired Watts Lake claims. While Fathom’s focus is nickel, Watts Lake also includes Borys Lake, a VMS-style Pb-Zn deposit. VMS mineralization within this overall contiguous mineral package speaks to the potential of a significant metal endowment in the land package and the tremendous exploration potential of this combined land package.”
Acquisition Thesis
- Fathom’s geophysical team has identified numerous strong mag/conductive features from a historic 2008 VTEM survey that covered an area of 325 km2 encompassing the historic Gochager Lake nickel deposit. There has been no follow-up exploration on any of these recognized targets. Numerous targets extend beyond the border of our existing Gochager Lake claims and lie within the Watts Lake dispositions. Fathom now controls approximately 60% of the area covered by the 2008 VTEM survey. Importantly, this new land package encompasses all of the most prospective areas identified by our consulting geophysicists. (See Figure 1)
- The Mal Lake nickel occurrence, which is 10km southeast of Gochager Lake (Fathom recently acquired additional ground in this area, announced on March 14, 2023) exhibits many features and similarities comparable to what we are recognizing at Gochager Lake. With Watts Lake, Fathom now controls all the ground between these two high priority areas.
- Watts Lake was originally staked by legendary Saskatchewan explorer, Ross McElroy based on the historic Borys Lake zinc deposit and its prospectivity for additional Zn-Pb-Au discoveries. Mr. McElroy is the Chairman of SKRR.
Sherman Dahl, President & CEO of SKRR, added, “SKRR is an asset-rich project generator, having acquired numerous high potential precious metal, and strategic base and battery metal projects, primarily focused in the province of Saskatchewan. Working with strong groups like Fathom Nickel Inc. allows SKRR to unlock hidden value within our company. Multiple occurrences of near-surface mineralization, including the historic Borys Lake lead-zinc deposit, along an extensive >14km conductive trend, make Watts Lake a very exciting property. There is not only potential for further deposit growth but, as VMS deposits often occur in clusters, and numerous mineralized showings associated with structural conductive features on the property, there is good blue-sky potential for further significant discoveries. Located in one of the World’s top mining jurisdictions, the shallow depth, favorable geology and proximity to major infrastructure, means there is the potential to fast-track exploration and development activity.“