Fathom Announces Final Results and Initial Interpretation of the 2021 Soil Geochemistry Program at the Albert Lake Property

Gearing Up for the Winter Drill Program - Commencing mid-January 2022

- B-horizon soil geochemistry now covers an area of 7,910 ha (79.1 sq km), just under 9% of the Albert Lake Property.

- During the 2021 program, Fathom collected 3,723 soil samples and is incorporating the 2021 results with historic B-horizon soils collected in 2018 by Fathom and in 2002 collected by a previous operator.

- The broader favourable soil geochemistry areas; highlighted in the enclosed Figure 1, are interpreted by the Company to be areas where "Rottenstone-like stratigraphy" is most likely to occur.

- Significant clusters of anomalous to highly anomalous Ni values with associated base metals Cu, Co, plus locally Pd-Pt have been defined. Values up to 393 ppm Ni, 383 ppm Cu and 160 ppm Co were identified.

- In an area south-southeast of Kenyon Lake, and approximately 8 km south of the historic Rottenstone Mine, 2021 soil geochemistry results have identified two parallel to sub-parallel east-west trending zones of favourable soil geochemistry. The southernmost zone remains open for expansion to the south-southeast.

- These zones occur coincident with areas of structural complexity interpreted from the April 2021 gradient MAG survey and coincident with occurrences of mafic-ultramafic rock defined in the 2021 surface mapping.

- Soil sampling identified multiple zones of anomalous Ni-Cu-Co, Pd-Pt occurring north-northeast of the historic Rottenstone Mine; highlighting areas for further investigation. Many of the occurrences remain open for expansion to the south-southeast.

- The Company is currently planning and is fully funded to complete its winter 2022 exploration program.


Calgary, Dec 9, 2021 - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) (the "Company" or "Fathom") is pleased to announce an updated initial interpretation of 2021 soil geochemistry results which indicate multiple favourable and highly anomalous zones of Ni-Cu-Co and Pd-Pt mineralization within soils at its wholly owned Albert Lake Property, host to the historic Rottenstone mine. The Rottenstone mine is a past producer of high-grade nickel, copper and platinum group metals.


Soil Geochemistry

B-horizon soil geochemistry (historic and current) is an important component of Fathom's exploration approach and strategy at the Albert Lake Property. The soil data set, combined with the gradient MAG data, geological mapping and prospecting, historic and ongoing geophysical surveys, and continuous structural interpretation from all available data sets are all integral components of the Company's drill targeting process.

Ultimately the Company is searching to identify additional areas of Rottenstone-like stratigraphy. The historic, high-grade Rottenstone Mine (28,724 tons @ 3.28% Ni, 1.83% Cu, 9.63 g/t Pd-Pt+Au; SMDI #0958) is comprised of ultramafic rock ± pegmatitic inclusions, hosted within supracrustal rocks defined predominantly as metapelite.

Key highlights of the preliminary interpretation of the Albert Lake B-horizon soil geochemistry database (2002, 2018 and 2021; totaling 5,719 samples) includes:
- Highest Ni value 393 ppm,
- Highest Cu value 383 ppm,
- Highest Co value 160 ppm,
- Highest Pd value 187 ppb
- Highest Pt value 411 ppb.

Further refinement of the anomalous Ni values and specifically the Ni ≥98th percentile (≥27.56 ppm Ni, 114 samples) demonstrates good correlation with 98th percentile values for Cr and Mg, suggesting these anomalies are potentially derived from an ultramafic source. Furthermore; the associated Cu, Co values (98th percentile) and, where available, assays for Pd-Pt and Au (>90th percentile) also illustrate very good correlation. This geochemical signature (Ni-Cu-Co + PGE-Au) matches the geochemical signature of the historic Rottenstone Mine, and is a typical signature of a magmatic nickel deposit.

Ian Fraser, Fathom's VP Exploration stated, "The distribution of highly anomalous Ni values and the associated elements over such a large area and the confinement of these highly anomalous zones within what appear to be well-defined lineaments and zones of structural complexity is very encouraging and suggestive of additional magmatic nickel sources occurring at the Albert Lake Project. Soil geochemistry is proving to be a valuable mapping tool and guides our exploration and drill targeting process to areas where there appears to be favourable stratigraphy. It is also very exciting to see significant multi-element anomalies developing that are well removed from the historic Rottenstone deposit. Further evidence of management's belief that the historic Rottenstone deposit is not an isolated occurrence, but a hint of several more Rottenstone-like deposits to be discovered at Albert Lake. Also of note, the current soil geochemistry data base has only covered a small portion of the property area - less than 9% of the total land package".


Fall and Winter Drill Program

The Fall Drill Program is now complete and we await assay results. However, we can report that a hole that was drilled based on a 2021 soil geochemistry anomaly, located 4.3 km south-southwest of the historic Rottenstone deposit, did intersect Rottenstone-like stratigraphy over a significant width. Additional drillholes are being planned to follow-up this intersection as part of the 2022 Q1 drilling program. Assay results will be reported once received and interpreted.

Planning for the winter drill program is well underway and is expected to commence in mid-January 2022. Drilling from ice on Rottenstone Lake will target and follow up results of drillhole AL21021 (Press Release June 7, 2021), where Rottenstone-type stratigraphy and mineralization was intersected over 9.1m. Associated with this intercept is a strong borehole electromagnetic (BHEM) conductor located off-hole and south of the drill intersection. Several drillholes are being planned to test this zone which is located 550m north-northeast of the historic Rottenstone deposit. Details of the winter drill program will be forthcoming.


Quality Assurance / Quality Control

The Company contracted the services of TerraLogic Exploration Inc. ("TerraLogic") to conduct its soil geochemistry programs on the Albert Lake Property. Soil samples were collected at pre-determined sites utilizing a 100m x 100m sample spacing configuration and locally 200m x 200m. Certain areas were covered with a 50m x 50m configuration. Soils were placed in kraft soil sample bags and all metadata associated with each sample location was recorded. Once sorted and logged, samples were shipped to ALS Canada in North Vancouver, British Columbia. At ALS, individual samples were dried and sieved to -180 micron (80 mesh). Both fractions were retained. A 0.5g split of the sieved portion was partially digested (Aqua Regia) and analysis of 53 elements, inclusive of Au, Pd and Pt was performed by ICP-MS. This Super Trace Analysis technique provides extremely low detection limits. An additional very low detection Au analyses was performed by AR digestion ICP-MS on a 25g split. ALS is an ISO / IEC 17025 certified laboratory and independent of Fathom Nickel Inc. During the 2021 soil geochemistry program TerraLogic crews provided a field duplicate from every 25th sample and these field duplicates were inserted into the sample stream to monitor the quality of analyses for the soil sampling program. TerraLogic also used a similar approach during the 2018 program. QC samples were inserted at regular intervals during the 2002 soil geochemistry program. Note: three separate, certified laboratories have been used to assay the all-inclusive soil data base discussed in this press release.


Qualified Person and Data Verification

Ian Fraser, PGeo., VP Exploration and a Director of the Company and the "qualified person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of the Company.


About Fathom Nickel Inc.

Fathom Nickel is a resource exploration and development company that is targeting high-grade nickel sulphide discoveries for use in the rapidly growing global electric vehicle market.

The Company is accelerating exploration on its flagship Albert Lake Project, host to the historic Rottenstone mine, which is recognized as one of the highest‐grade (Nickel, Copper, Platinum group metals) deposits of its type ever mined in Canada. The Albert Lake Project consists of over 90,000 ha of mineral claims located in the Trans-Hudson Corridor of Saskatchewan, which is home to numerous world-class mining camps.


ON BEHALF OF THE BOARD

"Brad Van Den Bussche"
President and CEO, Director



For Further Information Please Contact:

Fathom Nickel Inc.
Brad Van Den Bussche, President and CEO or
Manish Grigo, Director of Corporate Development
+1-416-569-3292
Email: ir@fathomnickel.com



Forward Looking Statements:

This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the enhancement of the Company's geologic model and extending the areas of known mineralization and the Company's work towards defining a resource base. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; timing and availability of external financing on acceptable terms. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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Figure 1: Albert Lake - Preliminary Soil Geochemistry - Ni in Soils
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