SPC.V · 2023-03-01 12:00:00

SPC Nickel Begins Resource Infill Drilling Program on the West Graham Project,

Exploration Programs

SPC Nickel Begins Resource Infill Drilling

Program on the West Graham Project,

Sudbury, Ontario

SUDBURY, ON

March 1, 2023

/CNW/ -

SPC Nickel Corp.

(TSXV: SPC) (

"SPC Nickel"

), is

pleased to provide an update on its recently consolidated West Graham-Crean Hill 3 Project

(collectively, the "Project") and to announce the commencement of the Phase 1 drill program.

January 23, 2023

, SPC Nickel announced the signing of an Agreement with Vale Canada ("Vale")

granting SPC Nickel the right to earn 100% interest in the Crean Hill 3 Property which is adjacent to

SPC Nickel's West Graham Property (see Figure 1 for property location and SPC Nickel's

January

23, 2023

, press release for full details of the Agreement).

Highlights

As an advanced project, the combination of the West Graham and Crean Hill 3 assets is a

transformational opportunity for SPC Nickel. The historical mineral resources on these

properties form one contiguous near-surface deposit and consist of the following:

The

Crean Hill 3

Property hosts a historic mineral estimate

of 16.78Mt @ 0.43% Ni and

0.30% Cu (0.53% Nickel Equivalent)

;

The West Graham Property hosts a historic indicated mineral resource of

8.55Mt @ 0.45%

Ni, 0.31% Cu (0.55% Nickel Equivalent)

along with an inferred mineral resource of

2.0Mt

@ 0.38% Ni, 0.30% Cu (0.48% Nickel Equivalent

)

Previous drilling indicates that the highest-grade mineralization occurs along the property

boundary between West Graham and Crean Hill 3 and is interpreted to extend up-dip

(southwest) onto the Crean Hill 3 Property.

The 5,000 metre Phase 1 drill program of a total 25,000 metre resource definition drill program

is schedule to began on

March 3

, 2023.

The contract for the global mineral resource estimation has been awarded to SGS Geological

Services.

SPC Nickel considers the West Graham and Crean Hill 3 resource estimates to be historic mineral

estimates for purposes of NI 43-101. Neither the Company 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 Project but has not

done any work to validate the estimates. Nickel Equivalent value (NiEq) % equals 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 for

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

Grant Mourre

, President and CEO of SPC Nickel, commented: "We are very excited to embark on

the 2023 Crean Hill 3 drill program, which will be our most ambitious drilling campaign to date. The

Phase 1 program will focus on an area adjacent to the West Graham Deposit where historic drilling

returned assay values 30 to 80% higher than the average grade of the resource. The program will

then transition into Phase 2, where the remainder of the property will be tested with wide spaced

drilling. We expect that this approach will allow SPC Nickel to complete a mineral resource estimate

for the combined property by the end of 2023."

Commencement of Drilling:

SPC Nickel is pleased to announce the commencement of the first phase of the 25,000 metre Crean

Hill 3 Property drill program. This 5,000 metre Phase 1 program will represent the first drilling to be

completed on the Crean Hill 3 Property since 1960 and the first by SPC Nickel since the signing of

the Agreement with Vale. The goal of the drill program is to test the continuity and grade of the

mineralized zone across the property allowing SPC Nickel to complete a new updated mineral

resource estimate across the combined property (West Graham – Crean Hill 3) by the end of 2023.

The program will be completed in stages with Phase 1 drill program starting this week and is

expected to take between 2 and 3 months to complete.

Phase 1 will comprise of 5,000 metres of drilling (at 50 metre spacings) focused on an area along

the property boundary where previous drilling returned numerous high-grade intersections over

comparable width to the adjacent West Graham Deposit but with grades between 30-80% higher

than the reported grade of the resource. See Figure 2.

Phase 2 will consist of 20,000 metres of drilling (at 100 metre spacings) designed to test the extent

and continuity of the mineralized zone across the property. See Figure 2.

Resource Update:

SPC Nickel is pleased to announce that it has awarded the contract to complete an initial Mineral

Resource Estimate to SGS Geological Services. The Mineral Resource Estimate will encompass

both the West Graham and Crean 3 properties and provide SPC Nickel with an updated estimate of

the full potential of the Project. The study is anticipated in Q3 or Q4 2023, following the completion

of the 25,000 metre drill program.

Reference

Van Wiechen

, A.G (1990):

December 31, 1989

Mineral Resource Inventory table in: The

Exploration Potential for Sulphide Mineralization in the Crean Hill – Ellen – Crean Hill No.3

Environment, Internal Inco Report,

December 13, 1990

Routledge, Richard and

Churchill

, Bruce (2009): Technical Report on the West Graham

Property Conwest Zone Resource Estimate, Graham Township,

Ontario, Canada

prepared for

First Nickel Inc.,

January 15, 2009

. Scott Wilson Roscoe Postle Associates Inc.

Historic Vale drill hole assay results were sourced from the Vale drill hole database.

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 technical information presented in this release was obtained from historical work

reports produced by Vale Canada Limited

1,3

or by First Nickel Inc

and has not been independently

verified by a Qualified Person as defined by NI 43-101.

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.

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. 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

Graham West Resource and the Crean Hill 3 property under option from Vale. In addition to the

Lockerby East Project, SPC Nickel holds three additional projects across

Canada

including the past

producing Aer-Kidd Project (located in the Sudbury Mining Camp), the Janes Project (located 50 km

northwest of

Sudbury

) and the large camp-scale Muskox Project (located in

Nunavut

). Although the

corporate focus is on

Sudbury

, the Company continues to look for new opportunities to add

shareholder value. Additional information regarding SPC Nickel and its projects can be found at

www.spcnickel.com

Figure 1: Aerial plan map of the Lockerby East area. The surface projection of the West Graham

Resouce is shown in red and the interpreted contiguous mineralized zone of the Crean Hill 3

Property is shown in orange. Additional current and historic mineralized zones including the Crean Hill

Mine (current and historic), Lockerby Mine (historic) and the Ellen Pit (historic) are also shown.

(CNW Group/SPC Nickel Corp.)

Figure 2: Aerial plan map of the West Graham – Crean Hill 3 area showing historic drill hole

locations3 as well as the location of the Phase 1 and 2 holes and selected assay results. Reported

drill hole intersections refer to down-hole intersection length. True widths cannot be estimated with

available information (CNW Group/SPC Nickel Corp.)

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.

Further information is available at

www.spcnickel.com

SOURCE

SPC Nickel Corp.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/March2023/01/c0900.html

%SEDAR: 00050374E

For further information:

Grant Mourre, Chief Executive Officer, SPC Nickel Corp., Tel: (705) 669-

1777, Email: [email protected]

CO: SPC Nickel Corp.

CNW 08:05e 01-MAR-23

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