SPC Nickel Begins Resource Infill Drilling Program on the West Graham Project, Sudbury, Ontario

Sudbury, Ontario – (March 1, 2023) – SPC Nickel Corp. (TSX-V:SPC) (“SPC Nickel”), is pleased to provide an update on its recently consolidated West Graham-Crean Hill 3 Project (collectively, the “Project”) and to announce the commencement of the Phase 1 drill program.

On January 23, 2023, SPC Nickel announced the signing of an Agreement with Vale Canada (“Vale”) granting SPC Nickel the right to earn 100% interest in the Crean Hill 3 Property which is adjacent to SPC Nickel’s West Graham Property (see Figure 1 for property location and SPC Nickel’s January 23, 2023, press release for full details of the Agreement).

Highlights

• As an advanced project, the combination of the West Graham and Crean Hill 3 assets is a transformational opportunity for SPC Nickel. The historical mineral resources on these properties form one contiguous near-surface deposit and consist of the following:

  The Crean Hill 3 Property hosts a historic mineral estimate of 16.78Mt @ 0.43% Ni and 0.30% Cu (0.53% Nickel Equivalent);

  The West Graham Property hosts a historic indicated mineral resource of 8.55Mt @ 0.45% Ni, 0.31% Cu (0.55% Nickel Equivalent) along with an inferred mineral resource of 2.0Mt @ 0.38% Ni, 0.30% Cu (0.48% Nickel Equivalent).

• Previous drilling indicates that the highest-grade mineralization occurs along the property boundary between West Graham and Crean Hill 3 and is interpreted to extend up-dip (southwest) onto the Crean Hill 3 Property.
• The 5,000 metre Phase 1 drill program of a total 25,000 metre resource definition drill program is schedule to began on March 3rd, 2023.
• The contract for the global mineral resource estimation has been awarded to SGS Geological Services.

Grant Mourre, President and CEO of SPC Nickel, commented: “We are very excited to embark on the 2023 Crean Hill 3 drill program, which will be our most ambitious drilling campaign to date. The Phase 1 program will focus on an area adjacent to the West Graham Deposit where historic drilling returned assay values 30 to 80% higher than the average grade of the resource. The program will then transition into Phase 2, where the remainder of the property will be tested with wide spaced drilling. We expect that this approach will allow SPC Nickel to complete a mineral resource estimate for the combined property by the end of 2023.”

Resource Update

SPC Nickel is pleased to announce that it has awarded the contract to complete an initial Mineral Resource Estimate to SGS Geological Services. The Mineral Resource Estimate will encompass both the West Graham and Crean 3 properties and provide SPC Nickel with an updated estimate of the full potential of the Project. The study is anticipated in Q3 or Q4 2023, following the completion of the 25,000 metre drill program.

Read full press release here.

Figure 1: Aerial plan map of the Lockerby East area. The surface projection of the West Graham Resouce is shown in red and the interpreted contiguous mineralized zone of the Crean Hill 3 Property is shown in orange. Additional current and historic mineralized zones including the Crean Hill Mine (current and historic), Lockerby Mine (historic) and the Ellen Pit (historic) are also shown.

Figure 2: Aerial plan map of the West Graham – Crean Hill 3 area showing historic drill hole locations3 as well as the location of the Phase 1 and 2 holes and selected assay results. Reported drill hole intersections refer to down-hole intersection length. True widths cannot be estimated with available information