SPC Nickel drills 24 m of 0.97% NiEq at Lockerby

Jun 14, 2022

2022-06-13 12:52 ET – News Release

Mr. Grant Mourre reports

SPC NICKEL INTERSECTS 24 METRES OF 0.97% NICKEL EQUIVALENT AT THE LOCKERBY EAST NICKEL-COPPER PROJECT, SUDBURY, ONTARIO

SPC Nickel Corp. has released the first assay results from the continuing drill program at its 100-per-cent-owned Lockerby East project located in Sudbury, Ont.

The Lockerby East project hosts both the past-producing Lockerby East mine and the historic West Graham deposit. Previously, the company announced the commencement of a 14-hole, 4,200-metre drill program designed to further evaluate and expand the extents of the high-grade nickel-copper zone hosted within the larger West Graham deposit (see April 27, 2022, press release). Assay results from the first hole have been completed and are reported in the attached table.

Highlights:

Hole WG-22-001 intersected a broad zone of Ni-Cu mineralization over 38 metres grading 0.75 per cent nickel equivalent (NiEq) (0.63 per cent Ni, 0.33 per cent Cu, 0.02 per cent cobalt) from 38 to 76 metres.
Included within the broad zone of mineralization was a high-grade zone returning values of 0.97 per cent NiEq (0.83 per cent Ni, 0.40 per cent Cu, 0.03 per cent Co) over 24 metres.
The values returned from WG-22-001 are consistent or better than those used to generate the 2009 West Graham resource.
The drilling campaign continues at the Lockerby East project with one drill currently turning. Since the start of the program a total of 2,600 metres in 10 holes have been completed.
Drilling has been focused on defining and expanding the high-grade zone of the historic West Graham deposit, where values of approximately 1 per cent NiEq occur.

Grant Mourre, chief executive officer and president of SPC Nickel, commented: “We are delighted to have received results for the first hole from the West Graham drill program located on our Lockerby East property. As expected, drilling so far has intersected broad zones of sulphide mineralization with grades and thicknesses comparable to the historic resource. With the intersection of a thick zone of approximately 1 per cent nickel equivalent grade, we have confidence that our drill program will continue to expand the extents of the high-grade mineralized zone. Additional results from other holes will be published as they become available.”

Lockerby East project

The Lockerby East project hosts both the historic West Graham and Lockerby East deposits. In 2009, First Nickel Inc. disclosed a historical resource estimate1 of 8.55 million tonnes at 0.45 per cent Ni and 0.31 per cent Cu (indicated) and two million tonnes at 0.38 per cent Ni and 0.30 per cent Cu (inferred) for the West Graham deposit. These grades have economic potential in the context of the Sudbury mining camp, as the deposit is located very near to surface and may be amenable to low-cost open-pit mining. The deposit is characterized by a broad zone of disseminated to semi-massive sulphide that ranges from 1.7 to 66 metres thick and strikes for 375 metres with a dip extent of up to 533 metres. Within the larger resource, a distinct zone of higher-grade mineralization grading approximately 1 per cent NiEq is present. As an example, drill hole WG-26 intersected a broad zone of mineralization grading 0.73 per cent Ni, 0.28 per cent Cu over 71.33 metres (from 56.69 metres), including a higher-grade section that returned 1.09 per cent Ni, 0.41 per cent Cu over 39.47 metres. At depth, the West Graham deposit is interpreted to be contiguous with the high-grade Lockerby East deposit where historic resources of 220,000 tonnes at 2.43 per cent Ni and 0.78 per cent Cu (indicated and inferred) are hosted.

Note: The company considers the West Graham and Lockerby East resource estimates to be historic mineral resources for purposes of National Instrument 43-101. Neither the company nor a qualified person on behalf of the company has done sufficient work to classify the historical estimates as current mineral resources and the company is not treating such historical estimates as current mineral resources. The company considers the historic mineral resource estimates to be relevant to an understanding of the West Graham project but has not done any work to validate the estimates.

About the Sudbury mining camp

The Sudbury mining camp is the second-largest Ni camp in the world, with over 130 years of continuous production. Since the discovery of the original ore deposits, over 11.1 million metric tons of Ni and 10.8 million metric tons of Cu, together with byproducts of cobalt, silver, gold and platinum group elements, have been mined from the deposits. Production continues to be generated from eight major mine complex and 21 smaller ore deposits around the outer margin of the Sudbury basin; the principal mines are owned and operated by international mining companies (Vale, Glencore and KGHM International). The economic wealth generated at Sudbury in terms of nickel and copper value alone is close to $500-billion (U.S.).

Quality assurance, quality control and qualified persons

The technical elements of this news release have been approved by Mr. Mourre, PGeo (PGO), CEO and president of SPC Nickel, and a qualified person under National Instrument 43-101.

SPC Nickel follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Sudbury, Ont., Canada. Sample batches include certified reference materials, blank and duplicate samples that are then processed under the control of ALS. All samples were analyzed in Vancouver by ALS Chemex. Platinum, palladium and gold values were determined together using standard lead oxide collection fire assay and inductively coupled plasma atomic emission spectroscopy finish. Base metal values were determined using sodium peroxide fusion and ICP-AES finish. Silver values were determined using an aqua regia digestion and an atomic absorption spectroscopy finish. A certified reference material (CRM) standard, blank or duplicate is inserted on every 10th sample in the following order: CRM, blank, CRM, duplicate. The cycle repeats every 40 samples, thus ensuring that 10 per cent of samples submitted are control samples.

Lengths are drill intersections and not necessarily true widths. True thicknesses cannot be accurately estimated due to the irregular nature of the mineralized zone. The geological interpretations in this news release are solely those of the company.

About SPC Nickel Corp.

SPC Nickel is a new Canadian public corporation focused on exploring for Ni-Cu-PGMs within the world-class Sudbury mining camp. The company is currently exploring its key 100-per-cent-owned exploration projects Lockerby East and Aer-Kidd, both located in the heart of the historic Sudbury mining camp, and holds an option to acquire 100-per-cent interest in the Janes project located approximately 50 km northeast of Sudbury. In addition, the company recently acquired over 45,000 hectares covering a considerable proportion of the highly prospective Muskox intrusion, located in Nunavut. Although the company’s focus is on Sudbury, it is an opportunistic company always looking for opportunities to use its skills to add shareholder value.

We seek Safe Harbor.

https://spcnickel.com/