# First Atlantic Nickel & Cobalt Drills First Discovery Hole at Alloy Max South Zone with Drill Hole XL-26-18: Best Near-Surface Visible Awaruite to Date at Alloy Max, Ending in Open Mineralization; XL-26-17 Extends Alloy Max North; Drilling Now Spans 2.4 km of Strike and 1 km of Width at Alloy Max Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/first-atlantic-nickel-cobalt-drills-first-discovery-hole-at-alloy-max-south-zone--b47816ba-a8b0-437c-aef9-491f37d1af3f Original source: https://www.globenewswire.com/news-release/2026/10/13/3379510/0/en/first-atlantic-nickel-cobalt-drills-first-discovery-hole-at-alloy-max-south-zone-with-drill-hole-xl-26-18-best-near-surface-visible-awaruite-to-date-at-alloy-max-ending-in-open-min.html Publisher: globenewswire Original announcement: 2026-10-13T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-13T14:10:34.567Z Atlas analysis updated: 2026-10-13T14:10:34.567Z - Company: First Atlantic Nickel & Cobalt Corp. - Ticker: FAN - Exchange: Unavailable - Region: Newfoundland and Labrador - Primary commodity: Nickel - Secondary commodities: Cobalt, Iron ore - Document categories: Drill results, Capital raise - Extracted: 2026-10-13 14:10:35 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary First Atlantic Nickel & Cobalt has announced the discovery of the Alloy Max South Zone at its Pipestone XL Project, highlighted by drill hole XL-26-18 which intersected abundant near-surface awaruite. The drilling program has now expanded the known strike length of the Alloy Max zone to 2.4 km and width to over 1 km. The company also noted a recent $13.4 million in financing to support expanded exploration and infrastructure upgrades. Reasoning: The announcement reports a significant new discovery zone \(Alloy Max South\) with high-quality visual mineralization \(awaruite\) and substantial strike/width expansion, supported by a strong recent capital raise. - Positive factor: Discovery of new Alloy Max South Zone - Positive factor: High-quality near-surface awaruite mineralization - Positive factor: Significant strike and width expansion - Positive factor: Strong capital position from recent $13.4M raise - Negative factor: Drilling limited by faulted/broken ground - Negative factor: Lack of assay grades for the new discovery hole \(visual only\) Facts used in scoring: 2 ## Classification and evidence **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: XL-26-17 is described as a significant step-out to the north and east. Evidence · text > XL-26-17, a significant step-out to the north and east **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The company positions the new discovery in relation to the existing Alloy Max and RPM zones. Evidence · text > collared approximately 2.4 kilometres southwest along strike from drill hole XL-26-17 ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### XL-26-18 [Link to this fact](https://atlas-staging.minestarters.com/news/first-atlantic-nickel-cobalt-drills-first-discovery-hole-at-alloy-max-south-zone--b47816ba-a8b0-437c-aef9-491f37d1af3f#fact-drill-facts-0) Pipestone XL · nickel #### Identity - Hole ID: XL-26-18 - Project: Pipestone XL - Commodity: nickel - Region: canada\_nl - Reported Region: canada\_nl - Ticker: FAN #### Geometry - Intercept: 40 m - From: 0 m - To: 40 m - Intercept Depth: 0 m #### Classification - Program: exploration - Sample Type: drill - Group ID: XL-26-18:0-40 #### Location - Location: Alloy Max South Zone - Dip: -60 ° - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Discovery hole intersecting abundant near-surface awaruite, though limited by ground conditions and lack of assays. - Positive factor: Discovery hole for new zone - Positive factor: Abundant near-surface awaruite - Negative factor: No assay grades reported - Negative factor: Drilling stopped due to faulted ground Evidence · text > Discovery hole XL-26-18, the first hole drilled in the Alloy Max South Zone... intersected abundant, large-grain, visibly disseminated awaruite within approximately 35 metres of surface #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "First Atlantic Nickel & Cobalt Drills First Discovery Hole Accessibility: Skip TopNav Consumer Products and Services New" ### XL-26-17 [Link to this fact](https://atlas-staging.minestarters.com/news/first-atlantic-nickel-cobalt-drills-first-discovery-hole-at-alloy-max-south-zone--b47816ba-a8b0-437c-aef9-491f37d1af3f#fact-drill-facts-1) Pipestone XL · nickel #### Identity - Hole ID: XL-26-17 - Project: Pipestone XL - Commodity: nickel - Region: canada\_nl - Reported Region: canada\_nl - Ticker: FAN #### Geometry - Intercept: 351 m - From: 186 m - To: 351 m - Intercept Depth: 186 m #### Classification - Program: exploration - Sample Type: drill - Group ID: XL-26-17:186-351 #### Location - Location: Alloy Max North Zone - Dip: -60 ° - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Significant step-out hole expanding the known area and reporting record grain sizes. - Positive factor: Significant step-out - Positive factor: Largest awaruite grain measured to date Evidence · text > XL-26-17... intersected visibly disseminated awaruite with grain size increasing downhole, from grains measuring up to 129 microns at 186 metres to grains measuring up to 549 microns at 351 metres. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "First Atlantic Nickel & Cobalt Drills First Discovery Hole Accessibility: Skip TopNav Consumer Products and Services New" ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.