Sudbury, Ontario, March 1, 2023 /CNW/- SPC Nickel Co., Ltd. (TSXV:SPC) (“SPC Nickel”) is pleased to provide an update on the recently consolidated West Graham-Crean Hill 3 Project (collectively, the “Project”) and announce the commencement of the Phase 1 drilling program.
upon January 23, 2023SPC Nickel announces that it has entered into an agreement with Vale Canada (“Vale”) granting SPC Nickel the right to acquire a 100% interest in the Crean Hill 3 property adjacent to SPC Nickel’s West Graham property (See Figure 1 for property location and locations). SPC Nickel January 23, 2023press release for details of the deal).
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- As a forward-thinking project, the combination of West Graham and Clean Hill 3 assets represents a transformative opportunity for SPC Nickel. The historical mineral resources of these properties form one continuous near-surface deposit and consist of:
- of clean hill 3 The property hosts historical mineral estimates 16.78Mt @ 0.43% Ni and 0.30% Cu (0.53% Nickel equivalent)1;
- West Graham Property Hosts Historically Designated Mineral Resources 8.55Mt @ 0.45% Ni, 0.31% Cu (0.55% Nickel equivalent) with estimated mineral resources 2.0Mt @ 0.38% Ni, 0.30% Cu (0.48% Nickel equivalent))2.
- Previous drilling has shown that the highest grade mineralization occurs along the property boundary between West Graham and Clean Hill 3, interpreted as rising (southwest) to the Clean Hill 3 property. increase.
- A 5,000-meter Phase 1 drill program of a resource-defined drill program totaling 25,000 meters is scheduled to begin in . March 3rdrd2023.
- The contract for global mineral resource estimation has been awarded to SGS Geological Services.
SPC Nickel considers the West Graham and Clean Hill 3 resource estimates to be historical mineral estimates for purposes of NI 43-101. Neither the Company nor qualified personnel representing SPC Nickel have done sufficient work to classify historical estimates as Current Mineral Resources, and SPC Nickel treats such historical estimates as Current Mineral Resources. Is not … SPC Nickel believes the historical mineral estimates are relevant to the understanding of the project, but has not undertaken work to verify the estimates. Nickel Equivalent (NiEq) % is equal to Ni% + Cu% x 0.32 + Co% x 0.53, not considering Pt, Pd, Au, or Ag values. It does not take into account any recovery losses that may occur if mining ends. The NiEq% calculation used in this release is consistent with the relative metal prices used in the 2009 West Graham Resource report published by First Nickel Inc.2.
Grant MooreSPC Nickel’s President and CEO commented: The Graham deposit where historic drilling returned analytical values 30-80% higher than the average grade of the resource. The program will then transition to Phase 2 where the remaining properties will be tested with widely spaced drilling. This approach Please allow SPC Nickel to complete a mineral resource estimate for the combined assets by the end of 2023. “
start drilling
SPC Nickel is pleased to announce the commencement of Phase 1 of the 25,000 meter Crean Hill 3 Property drilling program. This 5,000m Phase 1 program will be the first drilling completed at the Cean Hill 3 property since 1960 and the first drilling by SPC Nickel since signing the contract with Vale. The drilling program goal is to complete the mineralization of the entire asset so that SPC Nickel can complete a new and updated Mineral Resource estimate across the combined asset (West Graham – Clean Hill 3) by the end of 2023. It is a test of continuity and grade. The program will be completed in phases with the Phase 1 drill program beginning this week and is expected to take two to three months to complete.
Phase 1 will focus on areas along the property’s perimeter where previous drilling has returned numerous high-grade intersections that exceed a width comparable to the adjacent West Graham deposit but are 30-80% higher grade. It consists of 5,000 meters of excavation (50 meter intervals). Than the reported grade of the resource. See Figure 2.
Phase 2 will consist of 20,000 meters of drilling (100 meter intervals) designed to test the extent and continuity of mineralized zones on the site. See Figure 2.
Update resource
SPC Nickel is pleased to announce that it has been awarded a contract to complete its first mineral resource estimate with SGS Geological Services. Mineral Resource estimates include both West Graham and Clean 3 properties and provide SPC Nickel with an up-to-date estimate of the project’s full potential. The survey is scheduled for Q3 or Q4 2023, following completion of the 25,000 meter drilling program.
reference
- Van WeechenAG (1990): December 31, 1989 Mineral Resource Inventory: The Exploration Potential for Sulphide Mineralization in the Clean Hill – Ellen – Clean Hill No.3 Environment, Internal Inco Report, December 13, 1990.
- Routledge, Richard, ChurchillBruce (2009): Technical Report on West Graham Property Conwest Zone Resource Estimation, Graham Township, Ontario, Canada Prepared for First Nickel Inc., January 15, 2009Scott Wilson Roscoe Postle Associates Inc.
- Historical Vale drill hole assay results were obtained from the Vale drill hole database.
Quality Assurance, Quality Control and Qualified Personnel
The technical elements of this news release are Mr. Grant Moore, P. Geo. (PGO), CEO and President of SPC Nickel Corp. and a qualified holder of National Instrument 43-101.
Historical technical information contained in this release was obtained from historical work reports produced by Vale Canada Limited.1,3 or by First Nickel Inc2 Not independently verified by qualified personnel as defined in NI 43-101.
Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.
About SPC Nickel
SPC Nickel Corp. is a Canadian public company focused on exploring Ni-Cu-PGM within the world-class Sudbury Mining Camp. SPC Nickel is currently investigating Lockerby East, a significant 100% owned exploration project. Lockerby East is located in the heart of the historic Sudbury Mining Camp, which includes the Graham West Resources and Clean Hill 3 holdings, based on options from Vale. In addition to the Lockerby East project, SPC Nickel has three more projects. Canada Includes past built Aer-Kidd project (located at Sudbury Mining Camp), Janes project (located 50 km northwest). Sudbury) and the large camp-scale Muskox project (at nunavut).Enterprise focus is Sudbury, the company continues to seek new opportunities to increase shareholder value. Additional information about SPC Nickel and its projects can be found on his website at: www.spcnickel.com
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information in this news release constitutes “forward-looking information” within the meaning of Canadian securities laws. Information regarding such forward-looking statements may be defined as “plans,” “suggests,” “estimates,” “intends,” “expects,” “believes,” “may,” “will.” and may be identified by words such as, but not limited to, references to: Estimated capital and operating costs, projected production schedules, benefits of updated development plans, foreign exchange assumptions, and regulatory approvals. There is no guarantee that such statements are accurate. Actual results and future events may differ materially from such statements. Factors that could cause actual results to differ materially include, among other things, metals 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 place undue reliance on forward-looking information. Except as otherwise required by applicable securities laws or regulations, SPC Nickel expressly disclaims any intention or obligation to update publicly available forward-looking information as a result of new information, future events or otherwise. categorically deny.
For more information, visit www.spcnickel.com.
