Final Results from West Graham Nickel- Copper Deposit Drilling Program Confirm and Expand Historical Resource Mineralization at SPC Nickel's Lockerby East Project, Sudbury, Ontario
Final Results from West Graham Nickel-
Copper Deposit Drilling Program Confirm and
Expand Historical Resource Mineralization at
SPC Nickel's Lockerby East Project, Sudbury,
Ontario
SUDBURY, ON
,
Dec. 6, 2022
/CNW/ -
SPC Nickel Corp.
(TSXV: SPC) (
"SPC Nickel"
or the
"Company"
), is pleased to announce the final batch of assay results from the 2022 drill program at
the Company's 100% owned Lockerby East Project (the "Project") located in
Sudbury, Ontario
.
These results expand the high-grade mineralized zone while also adding confidence in the continuity
of the historic resource, which further advances the Company towards its goal of defining a near
surface resource at West Graham.
Highlights:
1
.
New assay results include hole WG-22-013 that intersected a broad zone of Ni-Cu
mineralization over
40.83 metres grading 0.62% Nickel Equivalent (NiEq.)
from 204.17 to
245.00 metres including a higher-grade zone of
0.82% NiEq. over 8.0 metres
.
2
.
All drill holes returned Ni-Cu intersections consistent or better than the historic West Graham
resource. Highlights include
82.6 metres grading 0.68% NiEq.
(WG-22-008, previously
reported).
3
.
Step-out drilling further defined and expanded the high-grade core of the West Graham
resource. Highlights include
24.0 metres grading 0.97% NiEq.
(WG-22-001, previously
reported).
Grant Mourre
, CEO and President of SPC Nickel commented, "The drill program at West Graham is
now complete and has been a resounding success. Not only have we achieved much improved
geological confidence in the historic resource, but we also significantly expanded the high-grade
envelopes, discovered new zones of high-grade massive sulphide mineralization and interpreted a
number of new high-grade shoots. We believe that an updated Resource Estimate at West Graham,
scheduled for some time in 2023, will provide the market with a better understanding of this strategic
asset's value potential. We feel the West Graham deposit is developing into a key asset of the
Company in what is arguably the top Nickel camp in the world."
The unmined near-surface West Graham Nickel-Copper sulphide deposit contains over 47,000
tonnes of nickel and 34,000 tonnes of copper in indicated and inferred historical resources occurs on
SPC's 100% owned Lockerby East Property which also hosts the past producing Lockerby East
Mine. The Company recently completed a 18 hole, 5,200 metres drill program designed to further
evaluate and expand the higher-grade Ni-Cu zone hosted within the larger West Graham deposit
(see
April 27, 2022
press release
). Results from the first 11 holes were previously announced (see
June 13, 2022
,
July 13, 2022
,
September 6, 2022
and
October 11, 2022
press releases).
New assay results are reported in Table 1, while all previously reported results are reproduced in
Table 2.
The Company considers the West Graham and Lockerby East resource estimates to be historic
mineral resources for purposes of NI 43-101. Neither the Company nor a qualified person on behalf
of the Company has done sufficient work to classify the historical estimates as current mineral
resources and the Company is not treating such historical estimates as current mineral resources.
The Company considers the historic mineral resource estimates to be relevant to an understanding
of the West Graham Project but has not done any work to validate the estimates.
Assay Results
Table 1: New Assay results from the West Graham drilling on the Lockerby East Project.
Table 1: New Assay results from the West Graham drilling on the Lockerby East Project. (CNW
Group/SPC Nickel Corp.)
1. Width refers to downhole length. True widths for WG-22-011 are estimated at 75%, WG-22-013 are 60%, WG-22-014 are 75%, WG-22-015 are 80%, WG-22-016 are 90%, WG-
22-017 are 90% and WG-22-018 are 70% of the downhole lengths.
2. 3E PGM represents Pd g/t + Pt g/t + Au g/t.
3. NiEq. % = Ni%+ Cu% x 0.32 + Co% x 0.53 and does not factor in Pt, Pd, Au or Ag values. No allowances have been made of recovery losses that may occur should mining
eventually result. The NiEq.% calculation used in this release is consistent with the relative metal prices used in the West Graham resource report published by First Nickel Inc. in
2009.
Figure 1: Plan map of the West Graham deposit showing pierce points of all reported holes and
historic holes used in the 2009 resource estimate1. Red dashed line is the outline of the West
Graham resource projected to surface. Shaded red area are the high-grade zones with NiEq. values
of ~1.0%. (CNW Group/SPC Nickel Corp.)
Figure 1
: Plan map of the West Graham deposit showing pierce points of all reported holes and
historic holes used in the 2009 resource estimate
1
. Red dashed line is the outline of the West
Graham resource projected to surface. Shaded red area are the high-grade zones with NiEq. values
of ~1.0%.
Table 2: Previously released 2022 assay results from the West Graham drilling on the Lockerby
East Project.
Table 2: Previously released 2022 assay results from the West Graham drilling on the Lockerby
East Project. (CNW Group/SPC Nickel Corp.)
1. Width refers to downhole length. True widths for WG-22-001 are estimated at 90%, WG-22-002 are 90%, WG-22-003 are 80%, WG-22-004 are 85%, WG-22-005 are 60%, WG-
22-006 are 60%, WG-22-007 are 50%, WG-22-008 are 60%, WG-22-009 are 65%, WG-22-010 are 60% and WG-22-012 are 60% of the downhole lengths.
2. 3E PGM represents Pd g/t + Pt g/t + Au g/t.
3. NiEq.% = Ni%+ Cu% x 0.32 + Co% x 0.53 and does not factor in Pt, Pd, Au or Ag values. No allowances have been made of recovery losses that may occur should mining
eventually result. The NiEq.% calculation used in this release is consistent with the relative metal prices used in the West Graham resource report published by First Nickel Inc. in
2009.
Lockerby East Project
The Lockerby East Project hosts both the historic West Graham and Lockerby East deposits. In
2009, First Nickel Inc. disclosed a historical resource estimate
1
of 8.55Mt @ 0.45% Ni and 0.31%
Cu (indicated) and 2.0Mt @ 0.38% Ni and 0.30% Cu (inferred) for the West Graham deposit. These
grades have economic potential in the context of the Sudbury Mining Camp, as the deposit is located
very near to surface and may be amenable to low-cost open pit mining. The deposit is
characterized by a broad zone of disseminated to semi-massive sulphide that ranges from 1.7 to 66
metres thick and strikes for 375 metres with a dip extent of up to 533 metres. Within the larger
resource, a distinct zone of higher-grade mineralization grading ~1% NiEq. is present. As an
example, drill hole WG-26 intersected a broad zone of mineralization grading 0.73% Ni, 0.28% Cu
over 71.33 metres
1
(from 56.69 metres) including a higher-grade section that returned 1.09% Ni,
0.41% Cu over 39.47 metres
1
. At depth, the West Graham deposit is interpreted to be contiguous
with the high-grade Lockerby East deposit where, historic resources of 0.22 Mt @ 2.43% Ni and
0.78% Cu
2
(indicated + inferred) are hosted.
The Company considers the West Graham and Lockerby East resource estimates to be historic
mineral resources for purposes of NI 43-101. Neither the Company nor a qualified person on behalf
of the Company have done sufficient work to classify the historical estimates as current mineral
resources and the Company is not treating such historical estimates as current mineral resources.
The Company considers the historic mineral resource estimates to be relevant to an understanding
of the West Graham Project but has not done any work to validate the estimates.
About the Sudbury Mining Camp
3
The Sudbury Mining Camp is the 2
nd
largest Ni camp in the world, with over 130 years of continuous
production. Since the discovery of the original ore deposits, over 11.1 million metric tons of Ni and
10.8 million metric tons of Cu, together with by-products of cobalt, silver, gold and platinum group
elements have been mined from the deposits. Production continues to be generated from eight major
mine complex and 21 smaller ore deposits around the outer margin of the
Sudbury
Basin; the
principal mines are owned and operated by international mining companies (Vale, Glencore, and
KGHM International). The economic wealth generated at
Sudbury
in terms of nickel and copper
value alone is close to
US$500 billion
.
Reference
1.
NI 43-101 Report, Scott Wilson Mining, January 15, 2009, First Nickel Inc.; Technical Report on the West Graham Property Conwest Zone Resource Estimate, Graham
Township, Ontario, Canada by Richard Routledge and Bruce Churchill.
2.
Technical Report on the 2009 Resource Estimate for the Depth, East and Upper West Zones, Lockerby Mine, Sudbury, Ontario, prepared by First Nickel Inc., February 23,
2009.
3.
Nickel Sulfide Ores and Impact Melts, Lightfoot, 2017, Elsevier Inc.
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
digestions 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.
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. The Company is currently exploring its key 100% owned
exploration projects Lockerby East and Aer-Kidd both located in the heart of the historic Sudbury
Mining Camp and holds an option to acquire 100% interest in the Janes Project located
approximately 50 km northeast of
Sudbury
. In addition, the Company recently acquired over 45,000
hectares covering a considerable proportion of the high prospective Muskox Intrusion, located in
Nunavut
. Although our focus is on
Sudbury
, we are an opportunistic company always looking for
opportunities to use our skills to add shareholder value. Additional information regarding the
Company and its projects can be found at
www.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 the Company. Investors are cautioned not to
put undue reliance on forward-looking information. Except as otherwise required by applicable
securities statutes or regulation, the Company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new information, future events or
otherwise.
SOURCE
SPC Nickel Corp.
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For further information:
Further information is available at www.spcnickel.com by contacting:
Grant Mourre, Chief Executive Officer, SPC Nickel Corp., Tel: (705) 669-1777, Email:
CO: SPC Nickel Corp.
CNW 08:00e 06-DEC-22