SUDBURY,
ON, Dec. 2, 2024 /CNW/ - SPC Nickel
Corp. (TSXV: SPC) ("SPC Nickel" or the "Company"), is
pleased to announce it has received the final assay results from
its 2,596 metre, 36-hole drill campaign completed between June and
September 2024 at the Company's West
Graham Project ("West Graham" or the "Project"), part of the
Company's large-scale Ni-Cu property in the southwest corner of the
Sudbury Basin, referred to as the
Lockerby East Property.
SPC Nickel's 2024 drill program, designed to further delineate
and upgrade the near-surface mineralization, delivered consistently
positive results with 30 of 36 holes (80%) returning
length-weighted mineralized intersections that averaged 15% higher
than the average grade of the larger in-pit indicated resource as
stated in the January 17, 2024,
maiden Mineral Resource Estimate (MRE) (See news release here).
Given these higher-than-average grades, the Company intends to use
the data from these results to continue advancing the Project with
a focus on updating the MRE and the development plan.
Assay results from the final 12 holes (Figure 2, 3) are reported
in Table 1. A complete list of previously released results may be
found on the Company's website site (see results here).
Highlights:
- Hole WG-24-116, intersected 0.81% Ni and 0.77% Cu over
12.0 metres from 10.5 to 22.5 metres. This interval is part of
a wider interval that returned 0.58% Ni and 0.45% Cu over 34.5
metres from 1.5 to 36.0 metres (Figure 1).
- Hole WG-24-112, intersected 0.93% Ni and 0.37% Cu over 7.5
metres from 84.0 to 91.5 metres.
- Hole WG-24-113, intersected 0.87% Ni and 0.32% Cu over 7.5
metres from 3.0 to 10.5 metres.
Grant Mourre, CEO and President
of SPC Nickel commented, "Today's assays represent the
culmination of SPC Nickel's successful 2024 West Graham drill
program. After starting our year with the publication of a maiden
Mineral Resource Estimate that quantified the promise and potential
of the Project, I am pleased to finish 2024 having delivered a
drill program that not only met all its objectives but also
consistently returned grades exceeding the average in-pit resource
of the MRE. The near-term production pathway founded on a low-cost
starter pit remains well-supported by the assays we have released
throughout the year. Beyond this, the exploration upside at depth,
via the LKE Project, further enhances the Project's long-term
potential. These results not only validate our 2024 efforts but
also lay a strong foundation for the next phase of West Graham's
development."
Assay Results
Table 1: New assay results from the 2024 drill
program on the West Graham Project.
|
HOLE
ID
|
From
(m)
|
To
(m)
|
Length
(m)1
|
Ni
(%)
|
Cu
(%)
|
Co
(%)
|
Pt
(g/t)
|
Pd
(g/t)
|
Au
(g/t)
|
Ag
(g/t)
|
True
Width %
|
|
WG-24-110
|
37.50
|
66.00
|
28.50
|
0.46
|
0.26
|
0.02
|
0.04
|
0.02
|
0.02
|
1.48
|
100
|
|
WG-24-111
|
31.50
|
58.50
|
27.00
|
0.41
|
0.24
|
0.01
|
0.04
|
0.02
|
0.02
|
1.46
|
80
|
|
including
|
54.00
|
58.50
|
4.50
|
0.75
|
0.48
|
0.02
|
0.08
|
0.04
|
0.05
|
2.70
|
80
|
|
WG-24-112
|
18.00
|
67.50
|
49.50
|
0.35
|
0.22
|
0.01
|
0.04
|
0.02
|
0.01
|
1.43
|
80
|
|
and
|
84.00
|
91.50
|
7.50
|
0.93
|
0.37
|
0.03
|
0.12
|
0.04
|
0.03
|
2.36
|
80
|
|
WG-24-113
|
3.00
|
10.50
|
7.50
|
0.87
|
0.32
|
0.03
|
0.09
|
0.02
|
0.03
|
1.98
|
100
|
|
WG-24-114
|
1.35
|
4.50
|
3.15
|
0.58
|
0.44
|
0.04
|
0.07
|
0.27
|
0.03
|
2.87
|
50
|
|
WG-24-115
|
No significant
mineralization
|
|
WG-24-116
|
1.50
|
36.00
|
34.50
|
0.58
|
0.45
|
0.02
|
0.06
|
0.03
|
0.02
|
2.60
|
80
|
|
including
|
10.50
|
22.50
|
12.00
|
0.81
|
0.77
|
0.03
|
0.07
|
0.05
|
0.03
|
3.74
|
80
|
|
and
|
43.50
|
52.50
|
9.00
|
0.51
|
0.37
|
0.02
|
0.07
|
0.02
|
0.03
|
2.22
|
80
|
|
WG-24-117
|
18.00
|
33.00
|
15.00
|
0.48
|
0.31
|
0.02
|
0.05
|
0.02
|
0.02
|
1.69
|
85
|
|
WG-24-118
|
9.00
|
22.50
|
13.50
|
0.66
|
0.28
|
0.02
|
0.06
|
0.02
|
0.02
|
1.80
|
100
|
|
including
|
19.5
|
22.5
|
3.00
|
1.67
|
0.19
|
0.05
|
0.06
|
0.04
|
0.02
|
1.60
|
100
|
|
WG-24-119
|
51.00
|
66.00
|
15.00
|
0.53
|
0.42
|
0.02
|
0.07
|
0.03
|
0.03
|
2.57
|
85
|
|
WG-24-120
|
51.00
|
57.00
|
6.00
|
0.63
|
0.43
|
0.02
|
0.09
|
0.10
|
0.03
|
2.38
|
100
|
|
WG-24-121
|
91.50
|
103.50
|
12.00
|
0.52
|
0.36
|
0.02
|
0.10
|
0.03
|
0.03
|
2.26
|
75
|
|
Notes: 1. Length refers
to downhole length. Estimated True Width is expressed as a
percentage of downhole length.
|
2024 Exploration Achievements
- Released the maiden MRE for the West Graham Project (see
news release dated January 17,
2024)
- Drilled a total of 36 holes for 2,596 metres of drill core at
the West Graham Project – highlights announced from the 2024 drill
program include:
- WG-24-087: 1.05% Ni, 0.30% Cu over 16.0 metres from 32.0
metres (news release here)
- WG-24-088: 1.41% Ni, 0.33% Cu over 20.0 metres from 20.0
metres (news release here)
- WG-24-092: 1.15% Ni, 0.29% Cu over 12.0 metres from 15.0
metres (news release here)
- WG-24-109: 1.46% Ni, 0.32% Cu over 10.5 metres from 85.5
metres (news release here)
- Further defined the high-grade eastern ore shoot at West Graham
(see Figure 3) from surface down to 120 metres depth – remains open
for expansion below this depth.
- Completed geotechnical survey on 15 drill holes to be used
in future engineering studies.
- Completed baseline environmental studies including
surface-water quality monitoring and ground water modeling to begin
advancing the West Graham Project towards a permitting stage.
About the Lockerby East Property
The Lockerby East Property is located in the heart of the
Sudbury Mining District where nine mines are currently in operation
and two more are in the development phase. The region benefits from
its proximity to well-developed transportation infrastructure
including roads, railways, and electrical grid. In addition, the
Lockerby East Property is situated close to processing, smelting
and refining assets which include two mills, two smelters and one
nickel refinery. Local operators include global mining corporations
Vale, Glencore and KGHM.
The Lockerby East Property hosts two separate NI 43-101 mineral
resources known as the West Graham and LKE projects. In
January 2024, SPC Nickel announced
the maiden MRE for the West Graham Project (see news release dated
January 17, 2024). The MRE showed an
In-Pit Resource (0.3% NiEq Cutoff Grade) of 19.3 Mt at 0.42% Ni,
0.28% Cu in the indicated category and 3.3 Mt at 0.37% Ni, 0.28% Cu
in the inferred category. The Out-of-Pit Resource (0.7% NiEq Cutoff
Grade) contained a further 3.2 Mt at 0.63% Ni, 0.47% Cu (0.92%
NiEq) in the indicated category and 3.9 Mt at 0.69% Ni, 0.43% Cu
(0.97% NiEq) in the inferred category.
In March 2024, SPC Nickel
announced the update MRE for the LKE Project (see news release date
March 4, 2024). The MRE showed a
resource of 0.67 Mt at 1.17% Ni, 0.54% Cu in the indicated category
(0.9% NiEq Cutoff Grade) and 0.12 Mt at 0.99% Ni, 0.42% Cu in the
inferred category.
The technical report, titled "Mineral Resource Estimates for the
West Graham and LKE Deposits, Lockerby East Ni-Cu-PGM Sulphide
Property, Sudbury, Ontario Canada"
can be found on the Company's website at www.spcnickel.com and
under the Company's issuer profile at www.sedarplus.ca. The MRE, in
accordance with National Instrument 43-101, is effective as of
December 4, 2023.
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.
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, Ontario, 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
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. 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% of samples submitted are control samples.
NiEq grade used in figures 2,3,4 and 5 are calculated using the
following formula: Ni (%) + [Cu (%) * 0.369] + [Co (%) *
2.318] + [Pt / 31.1 * 4.779] + [Pd /
31.1 * 8.602] + [Au / 31.1 * 8.124].
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.
Further information is available at www.spcnickel.com and/or
by contacting:
Grant Mourre, P.Geo.
Chief Executive Officer
SPC Nickel Corp.
Tel: (705) 669-1777
Email: info@spcnickel.com
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.