SPC.V · 2023-08-23 12:00:00

SPC Nickel Intersects 1.27% Nickel and 0.47% Copper over 18.0 metres at the West Graham Project, Sudbury, Ontario

Drill Results

SPC Nickel Intersects 1.27% Nickel and 0.47% Copper

over 18.0 metres at the West Graham Project, Sudbury, Ontario

Sudbury, Ontario – (August 23, 2023) – SPC Nickel Corp. (TSX-V:SPC) (“SPC Nickel”), is pleased to

announce assay results at the West Graham Project, located in the world-class Nickel-Copper mining district of

Sudbury, Ontario. SPC Nickel is reporting the first 13 holes of 30 from the ongoing Phase 2 drill program. The

Phase 2 program is well underway, with over 6,748 metres already completed, and continues to confirm and

extend historic mineralization at expected or better grades while discovering new high-grade mineralization. The

program is on track to provide the data required to complete an updated global resource estimate for the West

Graham Project by the end of 2023.

Highlights

• Hole WG-23-047, intersected a high-grade section that returned 1.27% Ni, 0.47% Cu over 18.00

metres from 245.00 to 263.00 metres within a thick zone of nickel and copper mineralization grading

0.70% Ni, 0.32% Cu over 50.00 metres from 221.00 to 271.00 metres. Length refers to downhole

length. Estimated true thickness ratios are given in Table 1.

• A total of 12,086 metres in 57 holes have so far been completed on the West Graham Project since

drilling commenced in early March. The Phase 1 program consisted of 5,338 metres in 27 holes and was

completed in late May while a total of 6,748 metres in 30 holes have been completed from the ongoing

Phase 2 program (Figure 1).

• Assay results from a total of 40 holes completed as part of the Phase 1 and 2 programs have been

received and significant results are presented in Tables 1 and 2 . Samples from the remaining 17

completed holes are being processed and will be reported when available.

Grant Mourre, CEO and President of SPC Nickel commented, “We are very pleased with the excellent results we

have so far received from our Phase 2 drill program. The drill program successfully demonstrates the robust

upside potential at West Graham, where we have not yet reached the limit of the strike and depth continuity of

the main mineralized zone. While the recently completed ground EM survey has the potential to identify new

targets within a sparsely tested footwall environment, we’re looking forward to announcing additional drilling

result and a maiden Mineral Resource estimate for the combined deposits in 2023.”

The Company is also pleased to announce the completion of a 6.5 line kilometre, ground electromagnetic (EM)

survey covering a large portion of the property. This survey represents the first ground EM survey to date

completed on the property. The objectives of the survey are to test the contact of Sudbury Igneous Complex

(SIC) west of the ongoing Phase 1 and 2 drilling as well as to evaluate the potential of the related footwall to host

economic sulphide mineralization similar to what is observed at other Sudbury mines.

Furthermore, we are pleased to announce that SPC Nickel has received an Ontario Junior Exploration Program

(OJEP) grant from the Ontario Government to support our ongoing exploration efforts.

Through the OJEP program, SPC Nickel has been selected to receive up to $200,000 to cover 50% of eligible

explorations costs on the project, aimed at facilitating the exploration of Critical Minerals within Ontario. The

receipt of grant funding represents a meaningful milestone, leveraging government support towards advancing

the exploration of this high-quality magmatic nickel project.

For detailed sections across the West Graham Property, please visit the website at

https://spcnickel.com/projects/lockerby-east/ or click on the following link West Graham Sections.

Assay Results

Table 1: Reported assay results from the Phase 2 drill program on the West Graham Project. Assays from all

holes not listed in Table 1 are pending.

HOLE ID From

(m)

Length

(m)1

(%)

(g/t)

Estimated

True

Width %

WG-23-046 381.55 402.35 20.80 0.46 0.58 0.01 0.32 0.04 0.14 4.03 65

including 381.55 387.30 5.75 0.51 0.59 0.01 0.76 0.08 0.07 3.79 65

Including 395.30 402.35 7.05 0.89 1.09 0.02 0.29 0.06 0.35 7.63 65

WG-23-047 221.00 271.00 50.00 0.70 0.32 0.02 0.14 0.03 0.04 1.57 80

including 245.00 263.00 18.00 1.27 0.47 0.04 0.20 0.05 0.04 2.16 80

WG-23-048 196.00 229.10 33.10 0.54 0.38 0.02 0.09 0.03 0.03 1.98 85

including 216.00 230.00 14.00 0.76 0.60 0.02 0.14 0.06 0.05 3.03 85

WG-23-049 271.00 302.00 31.00 0.46 0.38 0.01 0.12 0.03 0.04 1.78 70

including 289.00 299.00 10.00 0.69 0.47 0.02 0.16 0.04 0.05 2.10 70

WG-23-050 118.00 143.00 25.00 0.53 0.34 0.02 0.07 0.02 0.03 1.82 85

including 130.00 141.00 11.00 0.76 0.48 0.02 0.10 0.03 0.04 2.56 85

WG-23-051 86.00 111.05 25.05 0.28 0.23 0.01 0.04 0.02 0.02 1.11 100

WG-23-052 174.00 228.00 54.00 0.55 0.29 0.02 0.07 0.02 0.03 1.45 60

including 184.60 208.00 23.40 0.78 0.35 0.02 0.07 0.02 0.02 1.63 60

including 202.50 206.15 3.65 1.24 0.21 0.04 0.11 0.03 0.02 0.92 60

WG-23-053 256.00 259.85 3.85 0.41 0.35 0.01 0.04 0.02 0.02 2.09 90

and 276.75 281.00 4.25 0.49 0.29 0.02 0.08 0.02 0.03 1.62 90

and 294.00 299.00 5.00 0.52 0.35 0.01 0.30 0.06 0.05 2.10 90

WG-23-054 339.00 384.15 45.15 0.38 0.28 0.01 0.18 0.06 0.05 1.74 85

including 348.70 369.00 20.30 0.55 0.38 0.01 0.17 0.04 0.06 2.30 85

WG-23-055 335.00 354.30 19.30 0.36 0.22 0.01 0.09 0.02 0.03 1.00 75

and 382.5 394.00 11.50 0.35 0.25 0.01 0.19 0.03 0.05 0.92 75

WG-23-056 455.00 480.75 25.75 0.47 0.36 0.02 0.15 0.03 0.04 2.01 65

and 485.35 492.00 6.65 0.56 0.46 0.02 0.17 0.04 0.06 2.49 65

WG-23-057 409.00 428.00 19.00 0.41 0.33 0.01 0.09 0.03 0.03 1.67 95

and 447.00 462.00 15.00 0.39 0.28 0.01 0.34 0.07 0.06 0.63 95

and 467.00 468.05 1.05 1.47 0.17 0.04 0.46 0.58 0.09 0.70 95

WG-23-058 327.00 358.00 31.00 0.52 0.37 0.02 0.16 0.03 0.05 2.11 90

Notes:

1. Length refers to downhole length. Estimated True Width is expressed as a percentage of downhole length. Bold intervals

are based on a Ni wt.% grade thickness greater than 15.

Previously Reported Results

Table 2: Previously reported assay results from the Phase 1 drill program on the West Graham Project.

Hole ID From

(m)

Length

(m)1

(%)

(g/t)

Estimated

True

Width %

WG-23-019 64.00 93.00 29.00 0.39 0.25 0.01 0.04 0.02 0.02 1.36 70

WG-23-020 47.00 91.00 44.00 0.53 0.27 0.02 0.05 0.02 0.02 1.41 100

including 75.00 83.00 7.00 0.75 0.39 0.03 0.06 0.02 0.02 1.86 100

including 87.00 91.00 4.00 1.03 0.62 0.04 0.07 0.05 0.03 2.85 100

WG-23-021 41.00 72.00 31.00 0.46 0.29 0.02 0.06 0.02 0.02 1.50 90

including 42.00 46.00 4.00 0.63 0.46 0.02 0.10 0.03 0.04 2.40 90

including 58.00 63.00 5.00 0.66 0.30 0.02 0.04 0.02 0.01 1.50 90

WG-23-022 61.00 81.00 20.00 0.51 0.26 0.02 0.03 0.01 0.01 1.12 100

including 76.00 80.00 4.00 0.85 0.46 0.03 0.05 0.02 0.02 1.80 100

WG-23-023 45.00 83.00 38.00 0.47 0.28 0.02 0.04 0.02 0.02 1.45 90

including 71.00 82.00 11.00 0.71 0.41 0.02 0.07 0.02 0.04 2.09 90

WG-23-024 29.00 48.00 19.00 0.46 0.25 0.02 0.04 0.01 0.02 1.21 100

and 56.00 61.00 5.00 0.93 0.50 0.03 0.06 0.02 0.02 4.18 100

WG-23-025 20.00 67.00 47.00 0.56 0.30 0.02 0.05 0.02 0.02 1.85 90

including 42.00 65.00 23.00 0.72 0.42 0.02 0.08 0.03 0.03 2.73 90

WG-23-026 106.00 186.90 80.90 0.49 0.25 0.02 0.05 0.02 0.02 1.29 35

including 167.00 186.90 19.90 1.19 0.37 0.04 0.09 0.02 0.02 1.29 35

including 170.00 177.90 7.90 2.48 0.64 0.08 0.15 0.04 0.02 1.82 35

WG-23-027 68.00 120.50 52.50 0.43 0.27 0.01 0.05 0.02 0.02 1.49 85

including 96.65 120.50 23.85 0.57 0.33 0.02 0.06 0.02 0.03 1.79 85

including 111.00 120.50 9.50 0.83 0.37 0.02 0.09 0.03 0.03 2.16 85

WG-23-028 79.00 275.85 196.85 0.32 0.19 0.01 0.04 0.01 0.02 1.07 30

including 89.00 110.00 21.00 0.72 0.18 0.03 0.03 0.01 0.01 0.75 30

including 93.60 95.00 1.40 3.73 0.27 0.17 0.06 0.07 0.01 1.26 30

WG-23-029 84.00 107.00 23.00 0.37 0.25 0.01 0.03 0.02 0.02 1.39 50

WG-23-030 20.00 52.00 32.00 0.60 0.36 0.02 0.07 0.02 0.03 2.02 45

including 39.00 46.00 7.00 0.98 0.54 0.03 0.15 0.38 0.04 3.00 45

WG-23-031 3.00 9.65 6.65 0.37 0.22 0.01 0.04 0.01 0.01 1.08 95

WG-23-032 34.50 42.50 8.00 0.49 0.38 0.02 0.05 0.02 0.03 2.00 85

WG-23-033 38.00 52.00 14.00 0.35 0.24 0.01 0.04 0.02 0.02 1.29 80

WG-23-034 59.00 90.00 31.00 0.27 0.19 0.01 0.04 0.01 0.01 1.26 50

including 96.00 97.65 1.65 0.67 0.34 0.02 0.05 0.03 0.03 2.29 50

WG-23-035 43.00 51.00 8.00 0.26 0.21 0.01 0.04 0.02 0.02 1.25 80

WG-23-036 97.00 102.00 5.00 0.39 0.23 0.01 0.05 0.02 0.01 1.54 45

WG-23-037 147.00 188.65 41.65 0.50 0.34 0.02 0.08 0.02 0.03 1.64 50

including 174.00 188.65 14.65 0.81 0.51 0.02 0.14 0.04 0.05 2.61 50

including 174.00 179.00 5.00 1.21 0.69 0.04 0.14 0.04 0.05 3.32 50

Hole ID From

(m)

Length

(m)1

(%)

(g/t)

Estimated

True

Width %

WG-23-038 130.00 140.00 10.00 0.43 0.25 0.01 0.06 0.02 0.21 1.31 75

WG-23-039 191.50 241.00 49.50 0.36 0.28 0.01 0.05 0.02 0.02 1.49 40

including 224.00 241.00 17.00 0.43 0.49 0.01 0.08 0.03 0.04 2.58 40

WG-23-040 169.00 209.00 40.00 0.46 0.32 0.01 0.07 0.02 0.03 1.90 60

WG-23-041 237.00 276.00 39.00 0.43 0.36 0.01 0.17 0.03 0.06 2.04 55

including 243.00 250.00 7.00 0.60 0.49 0.02 0.10 0.03 0.04 2.13 55

including 262.82 275.00 12.20 0.60 0.54 0.02 0.36 0.05 0.11 3.46 55

WG-23-042 256.00 306.00 50.00 1.06 0.34 0.03 0.15 0.04 0.04 1.71 75

including 286.00 306.00 20.00 1.71 0.46 0.05 0.17 0.06 0.06 2.61 75

including 286.90 291.70 4.80 3.15 0.21 0.09 0.15 0.11 0.02 0.95 75

and 331.00 331.40 0.40 6.23 0.30 0.14 0.10 0.12 0.03 2.60 75

and 336.90 337.20 0.30 7.07 0.09 0.15 0.04 0.07 0.01 2.50 75

WG-23-043 212.00 280.00 68.00 0.46 0.36 0.01 0.09 0.02 0.03 1.90 60

including 246.00 280.00 34.00 0.64 0.50 0.02 0.12 0.03 0.04 2.64 60

including 266.00 275.00 9.00 0.94 0.68 0.02 0.19 0.05 0.06 3.83 60

including 277.50 280.00 2.50 0.96 1.02 0.02 0.05 0.04 0.04 4.58 60

and 304.10 304.60 0.50 6.09 0.07 0.12 0.81 0.30 0.03 2.50 60

WG-23-044 362.35 375.40 13.05 0.74 0.81 0.02 0.22 0.05 0.10 4.84 45

including 369.25 375.40 6.15 0.96 1.33 0.03 0.26 0.08 0.18 8.04 45

WG-23-045 286.00 296.00 10.00 0.33 0.24 0.01 0.12 0.02 0.03 1.33 60

and 302.05 304.00 1.95 0.54 0.75 0.02 0.21 0.05 0.11 4.93 60

and 307.55 308.55 1.00 0.81 1.12 0.02 0.31 0.09 0.37 8.50 60

Notes:

1. Length refers to downhole length. Estimated True Width is expressed as a percentage of downhole length. Bold intervals

are based on a Ni wt.% grade thickness greater than 15.

West Graham Project

On January 23, 2023, SPC Nickel announced the signing of an Agreement with Vale Canada (“Vale”) granting SPC

Nickel the right to earn an 100% interest in Vale’s Crean Hill 3 Property that is located adjacent to SPC Nickel’s

West Graham Property (see Figure 2 for property location and SPC Nickel’s January 23, 2023 press release for full

details of the Agreement).

• 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 consists of the following:

o Crean Hill 3 hosts a historic mineral estimate of 16.78Mt @ 0.43% Ni and 0.30% Cu1.

o West Graham hosts a historic indicated mineral resource of 8.55Mt @ 0.45% Ni, 0.31% Cu

along with an inferred mineral resource of 2.0Mt @ 0.38% Ni, 0.30% Cu2.

SPC Nickel considers the West Graham and Crean Hill 3 resource estimates to be historical 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.

Reference

1. Van Wiechen, A.G (1990): December 31, 1989 Mineral Res ource 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.

2. 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 .

Figure 1: Plan map of the current area of drilling on the West Graham Project showing the collar locations and drill traces of the completed holes as well as all pending holes. Interval lengths

reported above are downhole lengths. See Table 1 and 2 for true width estimations.

Figure 2: Aerial plan map of the West Graham area showing the relative locations of the historic West Graham and Crean Hill 3 Resource. Addition current and historic mineralized zones including

the Crean Hill Mine (current and historic) and Lockerby Mine (historic) are also shown.

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 p rocessed 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 digestion 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.

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 West Graham Resource and the Crean

Hill 3 property under option from Vale. 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, expe cted

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 by contacting:

Grant Mourre

Chief Executive Officer

SPC Nickel Corp.

Tel: (705) 669-1777

Email: [email protected]

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