Confirmation Of A Significant Magmatic Nickel Sulphide System

CALGARY - Fathom Nickel Inc. reported the intersection of significant, near surface magmatic nickel mineralization within a conductive corridor exceeding 300m in strike at its Albert Lake Property. The Bay Area Conductive Corridor and it's associated magmatic nickel mineralization provides evidence that the previously exploited, high-grade Ni-Cu-Co+PGE Rottenstone deposit was a function of a very large magmatic nickel sulphide system. The Company is confident that the historic Rottenstone deposit, in combination with the now defined Bay Area Conductive Corridor demonstrates Fathom's exploration activities are occurring in a new and developing magmatic nickel camp located in a world class jurisdiction - Saskatchewan, Canada.

Highlights of Q1/2022 Drill Program: Magmatic nickel mineralization occurs within the Bay Area Conductive Corridor, located 450m west/northwest of the high-grade, historic Rottenstone deposit. The significance of this new discovery is proof that the high-grade Rottenstone deposit originated from a larger source; The Bay Area Conductive Corridor exceeds 300m in strike and remains open in both direction; 13 drill holes were drilled within the corridor and each drill hole intersected nickel and up to 3.07% NiEq; Eight of the drillholes from the current program intersected significant nickel and nickel equivalent values over drilled intervals up to 13.27m; Drill hole AL22052 displays the best results to date with 3.54m at 1.68% NiEq (1.09% Ni, 0.42% Cu, 0.068% Co and 0.75g/t Pt, Pd & Au) within a 13.27m zone at 1.00% Ni Eq (0.62% Ni, 0.29% Cu, 0.039% Co and 0.62g/t Pt, Pd & Au); Three drill holes visually match the net-texture mineralization of the "Rottenstone style" mineralogy. These results, plus other magmatic nickel textures recognized within the corridor could potentially define the outer edges of Rottenstone-like deposits. (The original Rottenstone mine was contained in a mineralized body measuring only 50mx40mx10m, yet yielded some of the highest grades of Ni-Cu + PGE ever mined in Canada); Drillholes AL22057 through AL22054A defines a zone of nickel mineralization approximately 185 meters in strike. This mineralization occurs at downhole depths of 97.55 meters and 144.48 meters, respectively; and Additionally, both near surface and deeper high-priority borehole electromagnetic ("BHEM") targets within and outside the corridor need to be drill tested.

The Q1/2022 drill program, totaling 3,900m in 21 drillholes was completed on March 28, 2022. The Company is now in receipt of all assay values.

Brad Van Den Bussche, CEO stated, "We are extremely pleased with the accomplishments of the Fathom geological team resulting from the Q1/2022 exploration program. The definition of the 300m Bay Area Conductive Corridor, along with the positive drill results demonstrate proof of concept that the historic Rottenstone deposit did not occur in isolation. The systematic and disciplined exploration approach the team has taken at Albert Lake has resulted in a new magmatic nickel discovery associated with a near surface mineralized structure that is open along strike at both ends. We expect to expand and test the corridor to the southwest during the summer exploration program."