SPC Nickel Reports High Grades Assay Results From Samples Collected on the Muskox Property, Nunavut

Sudbury, Ontario – (October 5, 2022) – SPC Nickel Corp. (TSX-V:SPC) (“SPC Nickel” or the “Company”) is pleased to announce assay results from prospecting targeting nickel-copper-platinum group metals (PGM) at the highly prospective Muskox Property (the ‘Property’) during June-July 2022. The Company’s 100% owned property consists of 14 mineral claims and 2 prospector permits covering 45,900 hectares of the Muskox Intrusion. The Property is located approximately 100 km south of the Hamlet of Kugluktuk within the Kitikmeot Region of western Nunavut.

Highlights:

• High-grade grab samples with values up to 1.55% Ni, 6.38% Cu and 6.18 g/t Pt+Pd+Au (PGM) were collected intermittently over a strike length of 1.0 km at the SKOX showing (refer to Figure 2 below).

• High-grade grab samples with values up to 1.48% Ni, 1.57% Cu and 2.66 g/t PGM were collected intermittently over a strike length 1.1 km at the Spider Lake Area (refer to Figure 3).

• The highest-grade sample was collected along the West Margin of the main Muskox Intrusion and returned values of 1.65% Ni and 8.64% Cu (refer to Figure 4).

Grab samples are preferentially selected and are not representative of the entire property.

Grant Mourre, CEO and President of SPC Nickel Corp. commented, “We are very encouraged by the results from our maiden Muskox field trip. The results further confirm our belief, that the Muskox Intrusion has the potential to become a world class Ni-Cu-PGM camp. We are excited to continue to evaluate and develop targets on the property and look forward to our return to the field.”

Description of the 2022 Prospecting Program

The Company completed a five-day prospecting program on the Muskox Property in late June. The Company’s field crews accessed the Property via daily helicopter flights based out of the Hamlet of Kugluktuk located approximately 100 km to the north of the Property.

The objectives of the program were two-fold: 1) to visit and resample many of the historic Ni-Cu-PGM showings on the property to gain a better understanding on the style and controls of sulphide mineralization; and 2) to collect high-quality geochemical data that will be used to better understand the overall prospectivity of the Muskox Intrusion. During the five-day program, a total of 140 grab samples were collected across a wide range of geological environments, this included 62 samples for assay analysis and 78 samples for complete geochemical analysis. Non-mineralized to weakly mineralized samples were intentionally collected for all sites for complete geochemical characterization.

Read full press release here.

Figure 2: Geological plan map of the SKOX/Marceau Lake Area showing the location of samples collected in 2022. Samples are scaled and colored based on Ni+Cu% grade. PGM vales are presented as Pt+Pd+Au g/t.

Figure 3: Geological plan map of the Spider Lake Area showing the location of samples collected in 2022. Samples are scaled and colored based on Ni+Cu% grade. PGM vales are presented as Pt+Pd+Au g/t.

Figure 4: Geological plan map of the Western Margin of the Main Muskox Intrusion showing the location of samples collected in 2022. Samples are scaled and colored based on Ni+Cu% grade. PGM vales are presented as Pt+Pd+Au g/t.