SUDBURY,
ON, Sept. 9, 2024 /CNW/ - SPC Nickel
Corp. (TSXV: SPC) ("SPC Nickel" or the "Company"), is
pleased to report assay results from its 2024 exploration program
at the Company's 100%-owned 650 km2 Muskox Ni-Cu-PGM
Project ("Muskox" or the "Project") located approximately 75 km
south of the coastal Hamlet of Kugluktuk within the Kitikmeot Region of
Nunavut (Figure 1). Results
confirm widespread high-grade base and precious metal
mineralization associated with multiple geological environments
within the Muskox Intrusion.
The Muskox Intrusion is one of the last undeveloped
district-scale Ni-Cu-PGM prospects in the world. The Project shares
a similar geological environment to many of the world's largest
nickel-copper mining camps such as Norilsk, Voisey's Bay and
Sudbury and represents an
excellent opportunity to make a world class discovery.
Assay Highlights
- Equinox Target
- 19.50% Cu, 0.06% Ni, 6.40 g/t Pd, 0.87 g/t Pt, 0.41 g/t Au
- 9.21% Cu, 9.42% Ni, 11.10 g/t Pd, 0.54 g/t Pt, 0.32 g/t Au
- 7.89% Cu, 0.26% Ni, 93.10 g/t Pd, 6.69 g/t Pt, 7.57 g/t Au
- Pyrrhotite Lake Target
- 9.02% Cu, 0.11% Ni, 1.88 g/t Pd, 0.03 g/t Pt, 0.29 g/t Au
- 2.09% Cu, 2.71% Ni, 0.63 g/t Pd, 0.03 g/t Pt, 0.06 g/t
Au
- 2.55% Cu, 0.05% Ni, 27.9 g/t Pd, 11.4 g/t Pt, 5.28 g/t Au
- Speers Lake Target
- 12.40% Cu, 0.04% Ni, 3.85 g/t Pd, 0.96 g/t Pt, 0.58 g/t Au
- 6.79% Cu, 1.19% Ni, 4.82 g/t Pd, 0.54 g/t Pt, 0.99 g/t Au
- 1.06% Cu, 1.94% Ni, 0.84 g/t Pd, 0.04 g/t Pt, 0.05 g/t Au
- 33 rock grab samples assayed >2% Ni+Cu with 14
assaying >5% Ni+Cu
- Significant PGM-enrichment is indicated by 7 samples assaying
>10.0 g/t PGM
Note that grab samples are selective by nature and values
reported may not be representative of mineralized zones. More
detailed results are presented in Tables 1,2,3 below while a
comprehensive compilation of grab samples may be found on SPC
Nickel's web site here.
Grant Mourre, President and CEO
of SPC Nickel commented, "Having spent more than 25 years
exploring for magmatic Ni-Cu-PGM sulphides, I can say without a
doubt that the Muskox Project represents one of the best
undeveloped district-scale opportunities that I have ever seen. The
presence of high-grade copper-PGM footwall veins with values up to
19.5% Cu and multiple ounces of PGM's is truly spectacular and
uncommon outside of the known Ni-Cu-PGM districts. Our field work
at Muskox, including this most recent program, has significantly
advanced our understanding of the opportunity and leads us to
conclude that previous exploration has only scratched the surface
of the true potential of the Muskox Intrusion. Muskox's scale and
mineral prospectivity demonstrate the kind of project profile that
is normally associated with major mine developers. It is truly a
potentially transformative project in the heart of an emerging Tier
1 jurisdiction."
2024 Program Summary
SPC Nickel completed a seven-day prospecting program on the
~65,000 ha Muskox Project in early July. SPC Nickel's field crews
accessed the Project via daily helicopter flights based out of the
coastal Hamlet of Kugluktuk
located approximately 75 km to the north of the Project. A total of
112 grab samples were collected across multiple target areas
including the Equinox, Pyrrhotite Lake and Speers Lake targets as
well as additional target areas across the Project. The breakdown
of samples included 97 samples for assay analysis and 15 samples
for complete geochemical analysis. Refer to Figure 2.
2024 Highlights:
- Four distinct types of sulphide mineralization were encountered
along the margins of the Muskox Intrusion.
- Massive to semi-massive Ni-Cu-PGM mineralization hosted
within the hornfels zone along/near the contact of the intrusion.
The massive sulphide zones appear to have formed during the early
stages of the intrusion and are localized on contact embayments or
fault grabens.
- Stockwork Cu-Ni-PGM massive sulphide breccias hosted within the
hornfels zone near the contact of the intrusion. During a late
cooling stage of the intrusion, brecciated country rock and fault
structures allowed the migration of sulphides into the
footwall.
- Sharp-walled massive Cu-PGM veins up 20 cm thick,
associated in fractures within the strongly metamorphosed footwall
to the Muskox Intrusion. These veins are interpreted to represent
either a fractionated sulphide melting emplaced into the footwall
or potentially hydrothermally remobilized sulphides.
- High-grade Ag-Zn veins hosted with fractures in the thermally
metamorphosed metasedimentary gneisses proximal to the
marginal rocks of the Muskox Intrusion. Pyrrhotite Lake Target area
sample M017847 assayed 2,940 g/t Ag and 9.45%
Zn.
- Both the stockwork breccia mineralization and the footwall
massive sulphide veins show enrichment in precious metals,
especially Pd at a 10:1 ratio relative to Pt.
- Footwall-hosted Cu-PGM massive sulphide veins show enrichment
in Au relative to the massive and stockwork hosted mineralization
with values as high as 7.57 g/t Au reported (Sample
M017823).
- Striking similarities were recognized between the Cu-PGM
massive sulphide veins with the footwall of the Muskox Intrusion
and the footwall deposits of the world-class Sudbury Mining Camp in
terms of style and grade.
Table 1: 2024 Equinox Target selected Grab Sample Assay
Results.
|
Sample
|
Cu
%
|
Ni
%
|
Co
%
|
Pd
g/t
|
Pt
g/t
|
Au
g/t
|
Ag
g/t
|
Cu + Ni
%
|
Pd+Pt+Au
g/t
|
|
M017824
|
19.50
|
0.06
|
<0.01
|
6.40
|
0.87
|
0.41
|
27.5
|
19.56
|
7.68
|
|
M017766
|
9.21
|
9.42
|
0.21
|
11.10
|
0.54
|
0.32
|
34.9
|
18.63
|
11.96
|
|
M017821
|
17.35
|
0.32
|
0.02
|
65.00
|
7.79
|
3.62
|
13.8
|
17.67
|
76.41
|
|
M017818
|
13.00
|
0.06
|
0.00
|
16.00
|
1.83
|
0.49
|
46.0
|
13.06
|
18.32
|
|
M017820
|
8.43
|
0.13
|
0.01
|
42.40
|
4.47
|
3.30
|
25.8
|
8.56
|
50.17
|
|
M017823
|
7.89
|
0.26
|
0.01
|
93.10
|
6.69
|
7.57
|
10.7
|
8.15
|
107.36
|
|
M017819
|
6.43
|
1.06
|
0.06
|
4.76
|
0.64
|
0.26
|
18.0
|
7.49
|
5.66
|
|
M017822
|
6.23
|
0.11
|
0.01
|
29.70
|
1.97
|
2.02
|
17.3
|
6.34
|
33.69
|
|
M017835
|
5.27
|
0.47
|
0.02
|
8.20
|
0.81
|
0.75
|
26.7
|
5.74
|
9.76
|
|
M017833
|
4.72
|
0.03
|
<0.01
|
8.64
|
0.66
|
0.78
|
12.4
|
4.75
|
10.08
|
|
M017768
|
2.80
|
1.73
|
0.04
|
9.89
|
1.08
|
0.76
|
7.3
|
4.53
|
11.73
|
|
M017769
|
2.81
|
0.43
|
0.03
|
0.46
|
0.06
|
0.05
|
2.9
|
3.24
|
0.57
|
|
M017765
|
1.53
|
1.42
|
0.14
|
0.19
|
0.00
|
0.01
|
2.3
|
2.95
|
0.20
|
|
M017825
|
1.67
|
0.19
|
0.01
|
1.59
|
0.07
|
0.16
|
5.8
|
1.86
|
1.81
|
|
M017827
|
1.61
|
0.12
|
0.00
|
1.98
|
0.10
|
0.13
|
11.4
|
1.73
|
2.21
|
|
M017836
|
0.91
|
0.81
|
0.06
|
0.52
|
0.03
|
0.04
|
1.7
|
1.72
|
0.59
|
|
M017764
|
1.50
|
0.13
|
0.01
|
2.33
|
0.04
|
0.18
|
2.9
|
1.63
|
2.55
|
|
M017767
|
1.01
|
0.14
|
0.01
|
2.37
|
0.12
|
0.19
|
3.0
|
1.14
|
2.68
|
|
M017817
|
0.57
|
0.55
|
0.09
|
0.07
|
0.00
|
0.01
|
0.9
|
1.12
|
0.08
|
Grab samples are preferentially selected and are not
representative of the entire property.
Table 2: 2024 Pyrrhotite Lake selected Grab Sample Assay
Results.
|
Sample
|
Cu
%
|
Ni
%
|
Co
%
|
Pd
g/t
|
Pt
g/t
|
Au
g/t
|
Ag
g/t
|
Cu + Ni
%
|
Pd+Pt+Au
g/t
|
|
M017839
|
9.02
|
0.11
|
0.01
|
0.03
|
1.88
|
0.29
|
5.7
|
9.13
|
2.20
|
|
M017840
|
6.45
|
0.05
|
0.00
|
0.07
|
1.02
|
0.19
|
2.9
|
6.50
|
1.28
|
|
M017774
|
2.09
|
2.71
|
0.22
|
0.03
|
0.63
|
0.06
|
4.4
|
4.80
|
0.71
|
|
M017772
|
2.00
|
2.30
|
0.19
|
0.07
|
0.58
|
0.05
|
3.1
|
4.30
|
0.70
|
|
M017773
|
1.37
|
2.25
|
0.18
|
0.05
|
0.63
|
0.06
|
2.5
|
3.62
|
0.73
|
|
M017842
|
2.73
|
0.03
|
<0.002
|
0.06
|
1.06
|
0.11
|
3.6
|
2.76
|
1.23
|
|
M017845
|
2.55
|
0.05
|
<0.002
|
11.35
|
27.90
|
5.28
|
16.1
|
2.60
|
44.53
|
|
M017779
|
1.72
|
0.73
|
0.07
|
0.04
|
0.51
|
0.02
|
1.2
|
2.45
|
0.57
|
|
M017846
|
2.11
|
0.13
|
0.00
|
0.61
|
3.61
|
0.25
|
5.4
|
2.24
|
4.46
|
|
M017843
|
1.09
|
0.06
|
<0.002
|
2.64
|
12.20
|
2.02
|
16.8
|
1.15
|
16.86
|
|
M017841
|
1.06
|
0.06
|
<0.002
|
0.10
|
0.74
|
0.37
|
1.4
|
1.12
|
1.21
|
|
M017775
|
0.60
|
0.41
|
0.06
|
0.00
|
0.20
|
0.01
|
1.8
|
1.01
|
0.22
|
|
M017844
|
0.38
|
0.08
|
0.00
|
1.05
|
3.78
|
0.64
|
6.3
|
0.46
|
5.47
|
|
M017847
|
0.01
|
0.01
|
0.01
|
0.01
|
0.02
|
0.00
|
2940
|
0.02
|
0.03
|
Grab samples are preferentially selected and are not
representative of the entire property.
Table 3: 2024 Speers Lake selected Grab Sample Assay
Results.
|
Sample
|
Cu
%
|
Ni
%
|
Co
%
|
Pd
g/t
|
Pt
g/t
|
Au
g/t
|
Ag
g/t
|
Cu +
Ni
%
|
Pd+Pt+Au
g/t
|
|
M017788
|
12.40
|
0.04
|
0.00
|
0.96
|
3.85
|
0.58
|
4.4
|
12.44
|
5.39
|
|
M017792
|
6.79
|
1.19
|
0.03
|
0.54
|
4.82
|
0.99
|
5.3
|
7.98
|
6.35
|
|
M017790
|
7.20
|
0.10
|
0.01
|
0.50
|
2.02
|
0.28
|
3.2
|
7.30
|
2.80
|
|
M017793
|
4.18
|
0.07
|
0.00
|
0.42
|
2.61
|
0.74
|
3.1
|
4.25
|
3.77
|
|
M017791
|
3.97
|
0.27
|
0.01
|
0.49
|
2.47
|
0.27
|
1.2
|
4.24
|
3.23
|
|
M017785
|
2.82
|
0.47
|
0.02
|
1.75
|
4.71
|
0.55
|
13.5
|
3.29
|
7.01
|
|
M017786
|
1.06
|
1.94
|
0.15
|
0.04
|
0.84
|
0.05
|
1.1
|
3.00
|
0.93
|
|
M017787
|
1.54
|
0.62
|
0.06
|
0.66
|
1.05
|
0.15
|
1.9
|
2.16
|
1.86
|
|
M017862
|
1.22
|
0.42
|
0.03
|
0.14
|
1.11
|
0.06
|
3.5
|
1.64
|
1.30
|
|
M017856
|
0.76
|
0.68
|
0.14
|
0.01
|
0.24
|
0.01
|
1.0
|
1.44
|
0.26
|
|
M017789
|
1.38
|
0.05
|
0.01
|
0.11
|
1.12
|
0.26
|
2.1
|
1.43
|
1.49
|
|
M017857
|
0.89
|
0.47
|
0.10
|
0.14
|
0.16
|
0.01
|
1.0
|
1.36
|
0.30
|
|
M017858
|
0.93
|
0.40
|
0.07
|
0.15
|
0.49
|
0.08
|
2.5
|
1.33
|
0.71
|
|
M017855
|
0.71
|
0.44
|
0.09
|
0.00
|
0.14
|
0.01
|
0.9
|
1.15
|
0.15
|
|
M017859
|
0.80
|
0.32
|
0.06
|
0.02
|
0.19
|
0.03
|
0.6
|
1.11
|
0.24
|
Grab samples are preferentially selected and are not
representative of the entire property.
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, making
numerous discoveries. 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 Norilsk
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.
Quality Assurance, Quality Control and Qualified
Persons
SPC Nickel follows rigorous sampling and analytical protocols
that meet or exceed industry standards. All rock samples collected
were placed in plastic sample bags and were transported back to the
field camp and later to the ALS facility in Yellowknife, NWT, Canada. Sample batches include certified
reference materials that are then processed under the control of
ALS. All assay samples were analyzed in Vancouver by ALS. Platinum, palladium, and
gold values were determined together using standard lead oxide
collection fire assay and ICP-AES 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 AAS
finish. All geochemistry samples were analyzed in Vancouver by ALS. Platinum, palladium, and
gold values were determined together using standard lead oxide
collection fire assay and ICP-AES finish. Trace elements were
determined by a lithium borate fusion prior to acid dissolution and
an ICP-MS analysis. Major elements and base metals were determined
by a four-acid digestion and an ICP-AES finish.
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.
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.