SPC Nickel Corp (TSX-V:SPC, OTC:SPCNF) revealed new assay results from its 2022 drill program at the 100%-owned Lockerby East Project in Sudbury, Ontario, expanding the extent of the high-grade mineralized zone while adding confidence in the continuity of the historic resource.
The most promising was Hole WG-22-009, which intersected a broad zone of nickel-copper mineralization over 54 metres (m) grading 0.68% nickel equivalent (NiEq) from 290 to 344 m, including a higher-grade zone of 1.03% NiEq over 12 metres, according to the company.
SPC Nickel CEO Grant Mourre said the grade and thickness of the mineralization, coupled with the previously released holes shows the potential of the West Graham deposit.
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“We feel the West Graham deposit is developing into a key asset of the company in what is arguably the top Nickel camp in the world," Mourre said in a statement.
SPC Nickel said assay results from the remaining seven holes will be released as they become available.
The Lockerby East Project is made up of the past-producing Lockerby East Mine and the un-mined, 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, according to the company.
SPC Nickel said it recently completed an 18-hole, 5,200 m drill program designed to evaluate and expand the higher-grade nickel-copper zone in the larger West Graham deposit.
The company said the West Graham and Lockerby East resource estimates to be historic mineral resources for purposes of nickel 43-101, but hasn’t done work to validate the estimates on the West Graham Project.
In 2009, First Nickel Inc (TSX:FNI) disclosed a historical resource estimate of 8.55 m of 0.45% nickel and 0.31% copper (indicated) and two m of 0.38% nickel and 0.30% copper (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, according to SPC Nickel.
The company said the deposit has a broad zone of disseminated to semi-massive sulphide that ranges from 1.7 to 66 m thick and strikes for 375 m with a dip extent of up to 533 m.
Within the larger resource, a distinct zone of higher-grade mineralization grading around 1% NiEq is present. As an example, drill hole WG-26 intersected a broad zone of mineralization grading 0.73% nickel and 0.28% copper over 71.33 m (from 56.69 m) including a higher-grade section that returned 1.09% nickel and 0.41% copper over 39.47 m. At depth, the West Graham deposit is interpreted to be contiguous with the high-grade Lockerby East deposit where, historic resources of 0.22 m of 2.43% nickel and 0.78% copper (indicated and inferred) are hosted, according to SPC Nickel.
The Sudbury Mining Camp is the second-largest nickel camp in the world, with over 130 years of continuous production. Since the discovery of the original ore deposits, over 11.1 million metric tons of nickel and 10.8 million metric tons of copper, together with by-products of cobalt, silver, gold, and platinum group elements have been mined from the deposits, the company said.
Production continues to be generated from eight major mine complexes and 21 smaller ore deposits around the outer margin of the Sudbury Basin. The principal mines are owned and operated by international mining companies, including Vale, Glencore, and KGHM International. The economic wealth generated at Sudbury in terms of nickel and copper value alone is close to US$500 billion, according to SPC Nickel.
SPC Nickel is a Canadian public corporation focused on exploring for nickel, copper and platinum group metals. The company has 100% owned exploration projects Lockerby East and Aer-Kidd in the historic Sudbury Mining Camp and holds an option to acquire 100% interest in the Janes project located approximately 50 kilometres northeast of Sudbury. In addition, the company recently acquired over 45,000 hectares covering a considerable proportion of the high prospective Muskox Intrusion in Nunavut.
Contact the author at susie@proactiveinvestors.com