2024 Exploration Program Yields up to 19.5% Cu, 9.42% Ni and 107.3 g/t PGMs from Surface Sampling at SPC Nickel's Muskox Project, Nunavut
2024 Exploration Program Yields up to 19.5%
Cu, 9.42% Ni and 107.3 g/t PGMs from Surface
Sampling at SPC Nickel's Muskox Project,
Nunavut
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 km
2
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.
Figure 1: Regional satellite view of the Muskox Project area showing the location of Kugluktuk as
well as the 2024 field work targets. (CNW Group/SPC Nickel Corp.)
Figure 2: Local satellite view of the Muskox Project area showing the location of the Muskox
Intrusion, SPC Nickel’s property position, 2024 grab samples color coded based on Ni+Cu wt.%
grade and Pt+Pd+Au ppm grade. (CNW Group/SPC Nickel Corp.)
SOURCE
SPC Nickel Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/September2024/09/c7853.html
%SEDAR: 00050374E
For further information:
Further information is available at www.spcnickel.com or by contacting:
Grant Mourre P.Geo., Chief Executive Officer, SPC Nickel Corp., Tel: (705) 669-1777, Email:
CO: SPC Nickel Corp.
CNW 07:00e 09-SEP-24