SPC Nickel Corp (TSX-V:SPC, OTC:SPCNF) revealed positive new assay results from its Phase 1 drilling campaign, including the complete assay results from hole WG-23-026, at its recently consolidated West Graham and Crean Hill 3 properties located in the mining district of Sudbury, Ontario.
Earlier this year, the company inked an agreement with Vale Canada granting SPC Nickel the right to earn 100% interest in the Crean Hill 3 property adjacent to SPC Nickel's West Graham property.
SPC told shareholders that it believes the combination of its West Graham property with the advanced Crean Hill 3 asset is a “transformational” opportunity.
The Sudbury, Ontario-based company’s ongoing 5,000-metre drill program is focused on confirming and extending the historical nickel-copper resources that straddle the consolidated property boundary.
Among the results, SPC highlighted one hole that intersected a thick zone of nickel (Ni) and copper (Cu) mineralization over 80.9 metres (m) grading 0.49% Ni, 0.25% Cu (0.58% nickel equivalent (NiEq) from 106m to 186.9m, including the previously reported higher-grade zone that returned 2.48% Ni, 0.64% Cu (2.72% NiEq) over 7.9m from 170 to 177.9m.
Other results included 47m grading 0.56% Ni, 0.30% Cu (0.67% NiEq) from 20m to 67m, including a higher-grade zone of 0.72% Ni, 0.42% Cu (0.87% NiEq) over 23m from 42 to 65m.
To date, 3,600m in 22 holes have been completed and results from nine of these holes have been received.
In a statement, SPC Nickel CEO Grant Mourre said: "We are enthusiastic about these assay results from the West Graham drilling program which continue to return thick mineralized zones with nickel and copper grades that are equal to or better than the historic West Graham resource.”
“To date, assays from only nine of the 22 holes drilled during the campaign have been received from the lab, so we expect to continue providing updates on results through the remainder of this quarter.”
Mourre noted that the firm’s focus lies in delivering a combined mineral resource estimate at the West Graham project by the end of 2023.
SPC said Crean Hill 3 hosts a historic mineral estimate of 16.78 million tonnes (Mt) at 0.43% Ni and 0.30% Cu (0.53% NiEq).
Meanwhile, West Graham hosts a historic indicated mineral resource of 8.55 Mt at 0.45% Ni, 0.31% Cu (0.55% NiEq) along with an inferred mineral resource of 2 Mt at 0.38% Ni, 0.30% Cu (0.48% NiEq).
SPC considers the West Graham and Crean Hill 3 resource estimates to be historic mineral estimates for purposes of an NI 43-101. However, it was quick to add that it considers the historic mineral estimates to be relevant to an understanding of the project, but hasn’t done any work to validate the estimates.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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