SUDBURY,
ON, June 26, 2024 /CNW/ - SPC Nickel
Corp. (TSXV: SPC) ("SPC Nickel"), is pleased to announce
the commencement of its 2024 exploration program at SPC Nickel's
100%-owned 650 km2 Muskox Ni-Cu-PGM Project
("Muskox" or the "Project") located approximately 75 km south of
the Hamlet of Kugluktuk within the
Kitikmeot Region of western Nunavut (Figure 1).
Project Highlights
- Muskox Project provides an opportunity to make a world class
discovery.
- Similar geology setting to many of the world's largest
nickel-copper mining camps – Norilsk, Sudbury, Voisey's Bay mining districts.
- Well established geological settings and fertile system
confirmed by high-grade historic drill intersections
(7.50% Cu, 3.20% Ni, and 19.70 g/t Pd+Pt+Au over 5.48
metres) and surface grab samples (up to 11.4% Ni and 14.3%
Cu) - Page et al., 1988.
The 2024 surface exploration program at Muskox is scheduled to
start on July 3, 2024 and will be
based out of the Hamlet of Kugluktuk,
Nunavut. The planned program will include two weeks of
geological prospecting, rock sampling, geochemical sampling and
mapping. Results from the field work will be incorporated into SPC
Nickel's proprietary database and used to refine existing
exploration targets, generate new exploration targets and to
further advance SPC Nickel's understanding of the Muskox
Intrusion.
Grant Mourre, President and CEO
of SPC Nickel commented, "SPC Nickel's Muskox Project represents
one of the few remaining district-scale magmatic nickel-copper
sulphide exploration opportunities on the planet. The Project has
all the characteristics of a district-scale opportunity, including
size, (over 650 km2), the right geological setting,
association with the MacKenzie Magmatic Event and the presence of
high-grade massive sulphide occurrences, both at surface and in
subsurface drill intersections along its entire 125 km
length.
It has been over 20 years since the Project was last explored
and during that time a lot has changed with regards to the
understanding of magmatic Ni-Cu systems, advancements in
geophysical techniques and the incorporation of 3D modeling into
exploration targeting. As a result, SPC Nickel believes there is
enormous potential to make a world-class discovery at Muskox. Our
2024 program will focus on this opportunity and help us to advance
our understanding of the Muskox Project."
The primary objective of the surface program is to evaluate the
numerous high priority targets identified during a historical data
compilation and analysis of satellite imagery of the Project. SPC
Nickel has identified 19 Ni-Cu-PGM targets directly associated with
the Muskox Intrusion (Figure 2). More detailed information
regarding the Muskox Project can be found on SPC Nickel's
website.
Muskox Project Priority Targets:
- Pyrrhotite Lake Target (Ni-Cu-PGM)
- Keel Breccia (Ni-Cu-PGM)
- Equinox Trench (Cu-PGM-Ni)
Pyrrhotite (Po) Lake Target (Ni-Cu-PGM): The 1.50 km
long Po Lake target area occurs along the eastern margin of the
intrusion approximately 200 metres north of a major regional fault
zone, the Sinister Fault. The area is marked by several gossans
containing massive sulphides. Mineralization at the Po Lake area
was first reported by Inco, which included intersections of 5.48
metres of 7.50% Cu, 3.20% Ni, and 19.70 g/t Pd+Pt+Au at 151.49
metres in drill hole 15808 (Page et al., 1988). Inco drilled
another 11 holes within 150 metres of 15808 and reported a resource
of 155,000 tonnes of 2.60% Cu and 1.20% Ni (Vori, 1987; Page et
al., 1988). In 1987, Equinox Resources Ltd. completed an additional
10 drill holes in the area including hole EQN87-05, which
intersected 13.74 m of 4.83% Cu,
2.00% Ni, and 5.69 g/t Pd+Pt+Au starting at a depth of 98.12 metres
(Page et al., 1988).
Keel Breccia (Ni-Cu-PGM): The Keel Breccia target is
interpreted as a magmatic breccia occurring at the interface
between the 60 km long feeder dyke to the south and the main body
of the Muskox Intrusion to the north. This target is of particular
economic interest given that this position in the intrusion
represents a dynamic environment where multiple magma pulses
entered the chamber, as evidenced by the occurrence of magmatic
breccia horizons (Francis, 1994). Dynamic environments and the
presence of magmatic breccias have long been recognized in other
major nickel deposits (Ovoid deposit – Voisey's Bay) as key
criteria in ore forming environments.
Equinox Trench (Cu-PGM-Ni): The Equinox Trench area
covers an approximately 2.3 km long section of the Muskox Intrusion
contact and adjacent country rock. The country rocks in this area
are strongly metamorphosed sulphide-bearing metasedimentary. A
stockwork breccia is developed within a hornfels zone within
several metres of the contact and is comprised of a matrix of
massive sulphides dominated by pyrrhotite and chalcopyrite with
minor bornite and chalcocite. Trenching sampling completed by
Equinox Resources Ltd. in 1988 returned values as high as 2.99 g/t
Pt, 51.57 g/t Pd, 2.49 g/t Au over 0.54 metres (Page et al., 1988).
The mineralization is associated with massive chalcopyrite veins in
the footwall that include individual grab samples as high as 9.30%
Cu, 0.37% Ni, 8.90 g/t Pt, 76.20 g/t Pd and 2.00 g/t Au (Page et
al., 1988).
SPC Nickel considers the Pyrrhotite Lake resource estimate to be
historic mineral resources for purposes of NI 43-101.
Neither SPC Nickel nor a qualified person on behalf of SPC
Nickel have done sufficient work to classify the historical
estimates as current mineral resources and SPC Nickel is not
treating such historical estimates as current mineral resources.
SPC Nickel considers the historic mineral estimates to be relevant
to an understanding of the Muskox Project but has not done any work
to validate the estimates.
Reported drill hole intersections refer to down-hole
intersection length. Insufficient information is available to
estimate true thickness. Grab samples are selective by nature
and values reported may not be representative of the entire project
area.
About the Muskox Intrusion
The Muskox Intrusion is one of the last undeveloped
district-scale Ni-Cu-PGM prospects in the world. Originally
discovered by Inco in the late 1950s during an aerial survey that
discovered visible surface mineralization (gossans) extending over
tens of kilometres across the tundra. Inco drilled and sampled 117
shallow holes to test the gossans between 1957 and 1959. Results
included intersections of up to 7.50% Cu, 3.20% Ni and 19.70 g/t
Pt+Pd+Au over 5.48 metres (Page et al., 1988). Over the next
60 years, companies including Equinox Resources Ltd (1980s), Muskox
Minerals Corp. (1995), Anglo American Exploration (2003) and
Silvermet Inc. (2007) completed limited exploration programs on the
Muskox Intrusion.
The Muskox Intrusion is one of the largest and least deformed
layered mafic to ultramafic bodies in the world. It was emplaced
during a large magmatic event (Mackenzie Magmatic Event) in the
Proterozoic by mantle plume volcanism related to the widespread
Coppermine River Group flood basalts. The intrusion is broadly
composed of two distinct, but related, components called the Main
Intrusive Body and the Feeder Dyke, which combined are exposed over
a length of 125 km, and range in width from 200-600 metres in the
Feeder Dyke to 11 km in the Main Body of the intrusion.
The Main Intrusive is a 60 km long by up to 11 km wide
elongate-shaped body that is well differentiated and consists of
gently inwardly dipping layers of dunite, peridotites, pyroxenites
and gabbroic rocks. The total thickness of the exposed portion of
the Main Intrusion is up to 1,895 metres based on drilling
completed by the Geological Survey of Canada in 1963. Within the Main Intrusion,
high-grade massive Ni-Cu-PGM sulphide mineralization occurs along
the basal contact of the intrusion or in the adjacent footwall,
similar to the Sudbury and
Noril'sk camps.
The Feeder Dyke is exposed as a 60 km long, 200-600 metre wide
dyke composed of picrite and bronzite-bearing gabbro in zones
parallel to the dipping walls. Zones of disseminated to massive
sulphide mineralization have been identified intermittently over
the length of the dyke and are commonly associated with breccia
zones or flexures within the dyke similar to what is observed at
Voisey's Bay and the Sudbury
Basin.
Stock Options
SPC Nickel further announces that it has issued 2,900,000 stock
options to certain employees, officers, and directors of SPC
Nickel, 1,200,000 restricted share units ("RSUs") to certain
officers and directors of SPC Nickel, and 550,000 deferred share
units ("DSUs") to directors of SPC Nickel. Each stock option
entitles the holder to acquire one common share of SPC Nickel at an
exercise price of 5 cents per share
until June 26, 2030. All stock
options granted vest immediately. The RSUs in three equal annual
instalments commencing on the first anniversary of the RSU grant
date. The DSUs will not vest until such time as the recipient
Director ceases to be a Director of SPC Nickel, provided that such
date is not within 12 months of the DSU grant date.
Reference
- Vori, H.F. (1987). Analytical Results and Locations of
Several Inco Drill holes. Unpublished, 3p.
- Page, J.W., Culbert, R.R. and Martin, L.S. (1988).
Geochemical, geophysical and diamond drill reports on the Muskox
property, NWT. Equinox Resources Ltd. DIAND Assessment report
082562. 56 p., 8 data Appendices.
- Francis, D. (1994). Chemical interaction between picritic
magmas and upper crust along the margins of the Muskox Intrusion,
Northwest Territories. Geological
Survey of Canada Paper 92-12, 94 p.
Quality Assurance, Quality Control and Qualified
Persons
The technical elements of this news release have been approved
by Mr. Grant Mourre, P.Geo. (PGO),
CEO and President of SPC Nickel Corp. and a Qualified Person under
National Instrument 43-101. The historical information shown in
this news release was obtained from historical work reports filed
by Equinox Resources Ltd. and have not been independently verified
by a Qualified Person as defined by NI 43 101.
About SPC Nickel Corp.
SPC Nickel Corp. is a Canadian public corporation focused on
exploring for Ni-Cu-PGMs within the world class Sudbury Mining Camp
and in Nunavut. SPC Nickel is
currently exploring its key 100% owned exploration project Lockerby
East located in the heart of the historic Sudbury Mining Camp that
includes the West Graham Resource and the LKE Resource. SPC Nickel
also holds three additional projects across Canada including the large camp-scale Muskox
Project (located in Nunavut), the
past producing Aer-Kidd Project (located in the Sudbury Mining
Camp) and the Janes Project (located 50 km northwest of
Sudbury). The corporate focus is
on Sudbury, and SPC Nickel
continues to look for new opportunities to add shareholder
value.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the
information in this news release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
estimated capital and operating costs, expected production
timeline, benefits of updated development plans, foreign exchange
assumptions and regulatory approvals. There can be no assurance
that such statements will prove to be accurate; actual results and
future events could differ materially from such statements. Factors
that could cause actual results to differ materially include, among
others, metal prices, competition, risks inherent in the mining
industry, and regulatory risks. Most of these factors are outside
the control of SPC Nickel. Investors are cautioned not to put undue
reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, SPC
Nickel expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE SPC Nickel Corp.