SPC Nickel Initiates Drill Program on the West Graham Nickel-Copper Project, Sudbury, Ontario
SPC Nickel Initiates Drill Program on the West
Graham Nickel-Copper Project, Sudbury,
Ontario
SUDBURY, ON
,
May 7, 2024
/CNW/ -
SPC Nickel Corp.
(TSXV: SPC)
("SPC Nickel" or the
"Company")
, is pleased to provide an update on progress at the Company's West Graham Project
and to announce the commencement of the 2024 drill program.
The drill program is expected to include 2,500 metres of drilling over 40 holes. The Company
anticipates 1-2 weeks of site preparation followed by two months of drilling with completion
scheduled for the end of July.
Objectives:
To fully define the nickel-copper resource within the limits of a conceptual starter open-pit (See
Figure 1).
Completion of preliminary geotechnical work on the sulphide mineralization and surrounding host
rocks for inclusion within the engineering design of the pit wall slopes.
Refine the West Graham economic viability and development plans.
Grant Mourre
, President and CEO of SPC Nickel commented,
"We are excited to initiate our 2024
diamond drill program. The program will provide information toward evaluating West Graham as a
low-strip ratio, higher-grade starter pit. Having released our maiden mineral resource estimate for
the project earlier this year, we are eager to move the West Graham Project forward aggressively.
As we build on the work that went into producing our resource estimate, we are focused on
providing the geological data required to more precisely define the economic potential we believe
exists across the entire Lockerby East Property. This drill program, supported by our recent
channel sampling work and the ongoing metallurgical assessment of West Graham will bring us an
important step closer to realizing this goal. We look forward to sharing our results with investors at
the earliest opportunity."
Channel Sampling at West Graham Deposit, April 2024
Click image to play video
Project Updates
Preliminary results from the on-going metallurgical testwork initiated in April (See
news release
dated
April 2, 2024
) are expected in the coming weeks. The study is focused on mineralization from
6 holes completed within the boundaries of the conceptual starter open-pit. The study will provide
valuable information regarding the grindability of the sulphide ore and the potential recoveries to be
expected.
The Company has also just completed an extensive channel sampling program on the up-dip surface
exposure of the West Graham Deposit. A total of 139 samples were collected from 8 continuous
channel samples totalling 138.5 metres in length. The inclusion of the channel sampling results into
the existing resource model will allow for the mineralized zones to be extended to surface. Highlights
from nearby drill holes include WG-23-063 that intersected
59.0 metres at 0.71% Ni, 0.38% Cu
from 2.0-61.0 metres
(See
news release
dated
November 20, 2023
). Assay results for the channel
samples will be released when available.
As part of the Company's on-going process to define the economics of the West Graham Deposit
more precisely, a series of 7 samples were selected from 2 drill holes (WG-23-026 and WG-23-
042) completed in 2023 that intersected significant intervals of semi-massive to massive sulphide
mineralization (See
news release
dated,
October 10, 2023
).
WG-23-026: 7.90 metres @ 2.48% Ni and 0.64% Cu from 170.0 to 177.9 metres
WG-23-042: 20.0 metres @ 1.71% Ni and 0.46% Cu from 286.0 to 306.0 metres
The samples were submitted to the Ontario Ministry of Mines Geoscience Laboratories in
Sudbury,
Ontario
and analysed by Nickel Fire Assay for full suite PGM's (Iridium, Osmium, Rhodium,
Ruthenium, Platinum, Palladium and Gold).
The results of the analysis returned high-grade values for many of the other more 'exotic' precious
metals including Iridium, Osmium, Rhodium and Ruthenium (see Table 1).
Table 1: Assay results for samples selected for full suite PGM analyses.
Hole ID
From
(m)
To
(m)
Length
(m)
1
Ni
(%)
2
Cu
(%)
2
Pt
(g/t)
Pd
(g/t)
Au
(g/t)
Os
(g/t)
Ir
(g/t)
Rh
(g/t)
Ru
(g/t)
Os+Ir+
Rh+Ru
(g/t)
WG-23-026
171.55
172.0
0.45
5.08
0.16
0.09
0.07
0.003
0.20
0.40
0.44
0.74
1.79
WG-23-026
173.50
174.0
0.50
3.01
0.72
0.09
0.06
0.020
0.16
0.34
0.31
0.73
1.54
WG-23-026
175.62
176.3
0.37
5.66
0.05
0.04
0.07
0.001
0.35
0.67
0.44
1.30
2.75
WG-23-026
177.33
177.9
0.57
5.88
0.06
0.58
0.04
0.002
0.12
0.26
0.42
0.47
1.28
WG-23-042
281.1
282.1
1.00
3.34
1.13
0.12
0.18
0.032
0.19
0.40
0.33
0.75
1.67
WG-23-042
288.0
288.5
0.50
4.19
0.08
0.13
0.12
0.007
0.05
0.11
0.15
0.15
0.45
WG-23-042
289.0
289.5
0.50
3.48
0.16
0.15
0.12
0.011
0.03
0.07
0.10
0.08
0.27
Notes:
1.
Length refers to downhole length.
2.
Both Nickel and Copper values were previously reported.
Figure 1: Geological Map of the West Graham Project area showing the location of existing drill
holes as well as the drill trace. Illustrated on the drill traces are the pierce point on the reported
mineralization. Mineralized intervals are reported as length of interval (m) with NiEq grade at the
intersected starting depth in metres. The conceptual starter open-pit that is being considered by the
Company is shown as a dashed black line. NiEq grades are calculated using this formula: Ni (%) +
[Cu (%) * 0.369] + [Co (%) * 2.318] + [Pt / 31.1 * 4.779] + [Pd / 31.1 * 8.602] + [Au / 31.1 * 8.124]
with price assumptions of $9.50/lb Ni, $3.50/lb Cu, $22.00/lb Co, $1000/oz Pt, $1,800/oz Pd and
$1,700/oz Au. (CNW Group/SPC Nickel Corp.)
Quality Assurance, Quality Control and Qualified Persons
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 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 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.
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
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. Additional information regarding SPC Nickel 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 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.
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For further information:
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: [email protected]
CO: SPC Nickel Corp.
CNW 07:00e 07-MAY-24