SPC.V · 2023-09-13 12:00:00

SPC Nickel Intersects Shallow Mineralization Grading 1.07% Nickel and 0.44% Copper over 12.5 metres at West Graham Project

Drill Results

SPC Nickel Intersects Shallow Mineralization Grading 1.07% Nickel and

0.44% Copper over 12.5 metres at West Graham Project

Sudbury, Ontario – (September 13, 2023) – SPC Nickel Corp. (TSX-V:SPC) (“SPC Nickel”), is pleased to

release additional Phase 2 assay results from a series of short holes drilled immediately beneath the surface

exposure of the West Graham mineralized zone. Recent geological mapping by SPC and historical sampling by

Vale Canada have outlined the surface exposure of the mineralization over a 300 metre by 150 metre area north

of the norite-granite footwall contact and south of any drilling completed during the Phase 1 or 2 programs (see

Figure 2). Initial results from the short 16 hole program have confirmed the down-dip extension of the surface

mineralization with thick mineralized intervals at grades equal to or better than the historical West Graham

mineral resource. This work has further demonstrated the potential for any future development at West Graham

to be open-pit amenable.

A total of 13,254 metres in 62 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 7,916 metres in 35 holes, including the 16 short holes mentioned above, have been

completed from the ongoing Phase 2 program, (Figure 1, 3).

Highlights:

• WG-23-062: 0.87% Ni, 0.41% Cu over 20.00 metres (1.00-21.00 metres) including 1.07%

Ni, 0.44% Cu over 12.50 metres (6.50 to 19.00 metres).

• WG-23-061: 0.48% Ni, 0.24% Cu over 34.00 metres (14.00-48.00 metres) including 2.07%

Ni, 0.15% Cu over 1.15 metres (15.60 to 16.75 metres).

Length refers to downhole length. Estimated true thickness ratios are provided in Table 1.

Grant Mourre, CEO and President of SPC Nickel commented, “Today’s results continue to demonstrate the robust

fundamentals of the West Graham Project. We continue to intersect thick intervals of near surface mineralization,

which are equal to or better than the historical mineral resource. These recent results combined with our previous

reported drill intersections demonstrate that we are growing a significant nickel resource within the world class

Sudbury Mining Camp. The West Graham Project benefits from in place infrastructure, has year-round road

access, access to hydroelectric power, and several processing facilities within kilometres of the site. We’re looking

forward to announcing additional drilling results and a maiden Mineral Resource estimate for the Project by the

end of 2023.”

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

https://spcnickel.com/projects/lockerby-east/ under Current Program 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-23-059 23.00 37.00 14.00 0.53 0.37 0.02 0.04 0.02 0.03 1.95 100

WG-23-060 12.00 42.00 30.00 0.32 0.20 0.01 0.02 0.01 0.01 1.49 100

WG-23-061 14.00 48.00 34.00 0.48 0.24 0.02 0.03 0.01 0.02 1.57 90

including 14.00 26.00 12.50 0.66 0.26 0.02 0.03 0.02 0.01 1.58 90

including 15.60 16.75 1.15 2.07 0.15 0.07 0.03 0.03 0.01 2.17 90

WG-23-062 1.00 21.00 20.00 0.87 0.41 0.03 0.07 0.03 0.05 2.45 90

including 6.50 19.00 12.50 1.07 0.44 0.04 0.08 0.03 0.04 2.20 90

Notes:

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

denotes intervals with a Ni% grade multiplied by downhole length greater than 15.

Previously Reported Results

Table 2: Previously reported assay results from 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

Hole ID From

(m)

Length

(m)1

(%)

(g/t)

Estimated

True

Width %

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

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

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 text

denotes intervals with a Ni% grade multiplied by downhole length 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.

• 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 historical mineral estimate of 16.78Mt @ 0.43% Ni and 0.30% Cu1.

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. Location of Figure 2 is

also displayed on the map. See Tables 1 and 2 for assay results.

Outline of the location of Figure 2 below

Figure 2: Detailed 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. Surface samples

are shown as color coded triangles. Shaded red area represent the area over which nickel and copper mineralization has been observed at surface. Table 1 and 2 for results.

Figure 3: Cross section along Section 476250m E showing the geology, mineralization isoshells and drill hole locations. Section is oreintated sout th north looking to the west. Assay results of

selective drill holes are shown. Refer to Table 1 and 2 for addition results.

o West Graham hosts a historical 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 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.

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 .

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 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 i s 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.

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