SPC-TSXV; SPCNF-OTC] reported assay results from a further four out of 18 diamond drill holes from the completed 2022 drill program at its 100%-owned Lockerby East project located in Sudbury, Ontario.[
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 previously announced the commencement of a 14 hole, 4,200 metre drill program designed to further evaluate and expand the extents of the higher-grade Ni-Cu zone hosted within the larger West Graham deposit.
As a result of better than estimated drilling rates, an additional 990 metres in four holes were added to the program resulting in a total of 5,200 metres in 18 holes being completed. Results from WG-22-001, were previously released and reported 38.0 metres grading 0.75% nickel equivalent (NiEq).
Highlights include Hole WG-22-003 that intersected a broad zone of Ni-Cu mineralization over 76.0 metres grading 0.54% NiEq from 82.0 to 158.0 metres, including a higher-grade zone of 0.84% NiEq over 16.5 metres.
Hole WG-22-002 intersected a broad zone of Ni-Cu mineralization over 42.0 metres grading 0.48% NiEq from 79.0 to 121.0 metres, including a higher-grade zone of 0.80% NiEq over 16.0 metres. Assay results from the remaining 13 holes are expected to be released over the upcoming months as the results become available.
Grant Mourre, CEO and President, commented, “We continue to be pleased with our drilling on the West Graham section of the Lockerby East Project. These new results combined with previously announced results from hole WG-22-001, further confirm the presence of multiple higher-grade zones and demonstrate the potential for West Graham to be a significant nickel asset for SPC in an already established nickel camp.”
The company considers the West Graham and Lockerby East resource estimates to be historic mineral resources for purposes of NI 43-101. 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.
The Lockerby East Project hosts both the historic West Graham and Lockerby East deposits. In 2009, First Nickel Inc. disclosed a historical resource estimate1 of 8.55Mt of 0.45% Ni and 0.31% Cu (indicated) and 2.0Mt of 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 metres1 (from 56.69 metres) including a higher-grade section that returned 1.09% Ni, 0.41% Cu over 39.47 metres1. 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% Cu2 (indicated + inferred) are hosted.
SPC Nickel also 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.
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