SPC Nickel Intersects 12.0 metres of 1.03% Nickel Equivalent within a larger zone grading 0.68% Nickel Equivalent over 54.0 metres at the Lockerby East Nickel-Copper Project,
SPC Nickel Intersects 12.0 metres of 1.03%
Nickel Equivalent within a larger zone grading
0.68% Nickel Equivalent over 54.0 metres at
the Lockerby East Nickel-Copper Project,
Sudbury, Ontario
SUDBURY, ON
,
Oct. 11, 2022
/CNW/ -
SPC Nickel Corp.
(TSXV: SPC) (
"SPC Nickel"
or the
"Company"
), is pleased to announce new 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 extents of 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
.
Hole WG-22-009, intersected a broad zone of Ni-Cu mineralization over
54.0 metres grading
0.68% Nickel Equivalent (NiEq.)
from 290.0 to 344.0 metres, including a higher-grade zone of
1.03% NiEq. over 12.0 metres
.
2
.
Assay results from the remaining 7 holes are expected to be released in due course as they
become available.
Grant Mourre
, CEO and President of SPC Nickel commented, "The grade and thickness of the
mineralization reported today, coupled with the previously released holes is further evidence to the
potential of the West Graham deposit. 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 Lockerby East Project hosts both the past producing Lockerby East Mine and the unmined,
near-surface West Graham Nickel-Copper sulphide deposit that contains over 47,000 tonnes of
nickel and 34,000 tonnes of copper in indicated and inferred historical resources. 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 8 holes were previously announced (see
June 13, 2022
,
July 13, 2022
and
September 6, 2022
press releases).
New assay results along with previously released results are reported in Table 1.
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.
Assay Results
Table 1: Assay results from the West Graham drilling on the Lockerby East Project. (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 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.)
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. Previously published in June 13
th
, 2022, July 12
th
, 2022 and September 6, 2022 Press Releases.
3. 3E PGM represents Pd g/t + Pt g/t + Au g/t.
4. 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 aham 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.
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 new 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:
is available at www.spcnickel.com by contacting: Grant Mourre, Chief
Executive Officer, SPC Nickel Corp., Tel: (705) 669-1777, Email: [email protected]
CO: SPC Nickel Corp.
CNW 08:00e 11-OCT-22