SPC Nickel Initiates 2024 Exploration Program at Muskox Nickel-Copper Project, Nunavut
SPC Nickel Initiates 2024 Exploration Program
at Muskox Nickel-Copper Project, Nunavut
SUDBURY, ON
,
June 26, 2024
/CNW/ -
SPC Nickel Corp.
(TSXV: SPC)
("SPC Nickel")
, is
pleased to announce the commencement of its 2024 exploration program at SPC Nickel's 100%-
owned 650 km
2
Muskox Ni-Cu-PGM Project ("Muskox" or the "Project") located approximately 75
km south of the Hamlet of
Kugluktuk
within the Kitikmeot Region of western
Nunavut
(Figure 1).
Project Highlights
Muskox Project provides an opportunity to make a world class discovery.
Similar geology setting to many of the world's largest nickel-copper mining camps – Norilsk,
Sudbury
, Voisey's Bay mining districts.
Well established geological settings and fertile system confirmed by high-grade historic drill
intersections
(
7.50% Cu, 3.20% Ni, and 19.70 g/t Pd+Pt+Au over 5.48 metres)
and surface
grab samples
(up to 11.4% Ni and 14.3% Cu
)
-
Page et al., 1988.
The 2024 surface exploration program at Muskox is scheduled to start on
July 3, 2024
and will be
based out of the Hamlet of
Kugluktuk, Nunavut
. The planned program will include two weeks of
geological prospecting, rock sampling, geochemical sampling and mapping. Results from the field
work will be incorporated into SPC Nickel's proprietary database and used to refine existing
exploration targets, generate new exploration targets and to further advance SPC Nickel's
understanding of the Muskox Intrusion.
Grant Mourre
, President and CEO of SPC Nickel commented,
"SPC Nickel's Muskox Project
represents one of the few remaining district-scale magmatic nickel-copper sulphide exploration
opportunities on the planet. The Project has all the characteristics of a district-scale opportunity,
including size, (over 650 km
2
), the right geological setting, association with the MacKenzie
Magmatic Event and the presence of high-grade massive sulphide occurrences, both at surface
and in subsurface drill intersections along its entire 125 km length.
It has been over 20 years since the Project was last explored and during that time a lot has
changed with regards to the understanding of magmatic Ni-Cu systems, advancements in
geophysical techniques and the incorporation of 3D modeling into exploration targeting. As a
result, SPC Nickel believes there is enormous potential to make a world-class discovery at
Muskox. Our 2024 program will focus on this opportunity and help us to advance our
understanding of the Muskox Project."
The primary objective of the surface program is to evaluate the numerous high priority targets
identified during a historical data compilation and analysis of satellite imagery of the Project. SPC
Nickel has identified 19 Ni-Cu-PGM targets directly associated with the Muskox Intrusion (Figure 2).
More detailed information regarding the Muskox Project can be found on SPC Nickel's
website
.
Muskox Project Priority Targets:
Pyrrhotite Lake Target (Ni-Cu-PGM)
Keel Breccia (Ni-Cu-PGM)
Equinox Trench (Cu-PGM-Ni)
Pyrrhotite (Po) Lake Target (Ni-Cu-PGM
): The 1.50 km long Po Lake target area occurs along the
eastern margin of the intrusion approximately 200 metres north of a major regional fault zone, the
Sinister Fault. The area is marked by several gossans containing massive sulphides. Mineralization
at the Po Lake area was first reported by Inco, which included intersections of 5.48 metres of
7.50% Cu, 3.20% Ni, and 19.70 g/t Pd+Pt+Au at 151.49 metres in drill hole 15808 (Page et al.,
1988). Inco drilled another 11 holes within 150 metres of 15808 and reported a resource of 155,000
tonnes of 2.60% Cu and 1.20% Ni (Vori, 1987; Page et al., 1988). In 1987, Equinox Resources Ltd.
completed an additional 10 drill holes in the area including hole EQN87-05, which intersected
13.74
m
of 4.83% Cu, 2.00% Ni, and 5.69 g/t Pd+Pt+Au starting at a depth of 98.12 metres (Page et al.,
1988).
Keel Breccia (Ni-Cu-PGM):
The Keel Breccia target is interpreted as a magmatic breccia occurring
at the interface between the 60 km long feeder dyke to the south and the main body of the Muskox
Intrusion to the north. This target is of particular economic interest given that this position in the
intrusion represents a dynamic environment where multiple magma pulses entered the chamber, as
evidenced by the occurrence of magmatic breccia horizons (Francis, 1994). Dynamic environments
and the presence of magmatic breccias have long been recognized in other major nickel deposits
(Ovoid deposit – Voisey's Bay) as key criteria in ore forming environments.
Equinox Trench (Cu-PGM-Ni):
The Equinox Trench area covers an approximately 2.3 km long
section of the Muskox Intrusion contact and adjacent country rock. The country rocks in this area are
strongly metamorphosed sulphide-bearing metasedimentary. A stockwork breccia is developed
within a hornfels zone within several metres of the contact and is comprised of a matrix of massive
sulphides dominated by pyrrhotite and chalcopyrite with minor bornite and chalcocite. Trenching
sampling completed by Equinox Resources Ltd. in 1988 returned values as high as 2.99 g/t Pt,
51.57 g/t Pd, 2.49 g/t Au over 0.54 metres (Page et al., 1988). The mineralization is associated with
massive chalcopyrite veins in the footwall that include individual grab samples as high as 9.30% Cu,
0.37% Ni, 8.90 g/t Pt, 76.20 g/t Pd and 2.00 g/t Au (Page et al., 1988).
SPC Nickel considers the Pyrrhotite Lake resource estimate to be historic mineral resources for
purposes of NI 43-101. Neither SPC Nickel 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 Muskox Project but has not done any
work to validate the estimates.
Reported drill hole intersections refer to down-hole intersection length. Insufficient information is
available to estimate true thickness. Grab samples are selective by nature and values reported may
not be representative of the entire project area.
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. Results included
intersections of up to 7.50% Cu, 3.20% Ni and 19.70 g/t Pt+Pd+Au over 5.48 metres (Page et al.,
1988). 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 Noril'sk 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.
Stock Options
SPC Nickel further announces that it has issued 2,900,000 stock options to certain employees,
officers, and directors of SPC Nickel, 1,200,000 restricted share units ("RSUs") to certain officers
and directors of SPC Nickel, and 550,000 deferred share units ("DSUs") to directors of SPC Nickel.
Each stock option entitles the holder to acquire one common share of SPC Nickel at an exercise
price of
5 cents
per share until
June 26, 2030
. All stock options granted vest immediately. The RSUs
in three equal annual instalments commencing on the first anniversary of the RSU grant date. The
DSUs will not vest until such time as the recipient Director ceases to be a Director of SPC Nickel,
provided that such date is not within 12 months of the DSU grant date.
Reference
Vori, H.F. (1987). Analytical Results and Locations of Several Inco Drill holes. Unpublished,
3p.
Page, J.W., Culbert, R.R. and Martin, L.S. (1988). Geochemical, geophysical and diamond
drill reports on the Muskox property, NWT. Equinox Resources Ltd. DIAND Assessment report
082562. 56 p., 8 data Appendices.
Francis, D. (1994). Chemical interaction between picritic magmas and upper crust along the
margins of the Muskox Intrusion,
Northwest Territories
. Geological Survey of Canada Paper
92-12, 94 p.
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 information shown in this news release was obtained from historical work
reports filed by Equinox Resources Ltd. and have not been independently verified by a Qualified
Person as defined by NI 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 regional Ni-Cu-PGM occurances. (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, grab samples color coded based on Ni+Cu wt.% grade
and 2024 Ni-Cu targets. (CNW Group/SPC Nickel Corp.)
SOURCE
SPC Nickel Corp.
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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 26-JUN-24