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SPC Nickel Acquires the Outstanding 30% Interest in the Historic West Graham Ni-Cu Property, Sudbury Mining Camp, Ontario
Sudbury, Ontario--(Newsfile Corp. - March 31, 2021) - SPC Nickel Corp. (TSXV: SPC) ( "SPC" ,...
About this update from Spc Nickel Corp.
[{"type":"text","content":"SPC Nickel Acquires the Outstanding 30% Interest in the Historic West Graham Ni-Cu Property, Sudbury Mining Camp, OntarioSudbury, Ontario--(Newsfile Corp. - March 31, 2021) - SPC Nickel Corp. (TSXV: SPC) (\"SPC\", the \"Company\"), a battery metals company focused on nickel and copper exploration in the Sudbury Mining Camp, is pleased to announce that is has acquired from Landore Resources Canada Inc. (Landore), its 30% interest in the West Graham Property. SPC now owns a 100% interest in the West Graham Property subject to the terms of the agreement.Consideration for the acquisition was $250,000 in cash and the issuance of 1,000,000 share purchase warrants. Each warrant is convertible to one common share at a price of $0.25 within a period of one year from December 7, 2020. In addition, Landore received a 1% net smelter return royalty on the West Graham Property. Commenting on the news, SPC's CEO, Grant Mourre stated, \"With the acquisition of Landore's interest in the West Graham Property, SPC now controls 100% of a second highly prospective Ni-Cu property within the world-class Sudbury Mining Camp. Similar to our flagship Aer-Kidd Property, the West Graham Property and the larger Lockerby East Property is located in an area of the Sudbury Mining Camp that has had a long history of discovery and development of resources. We are very excited about evaluating the potential of the entire Lockerby East Property including the recently acquired West Graham Property.\"The West Graham Property is part of the Company's larger Lockerby East Property that is located approximately 20 km west of Sudbury, Ontario within the southwest corner of the Sudbury Basin. The Company acquired the Lockerby East Property (including a 70% interest in the West Graham Property) from Transition Metals Corp in 2016 (see the Company press release May 5, 2016) for cash considerations.The West Graham Property was previously owned (70%) and explored by First Nickel Inc., which in 2009 filed technical reports1 supporting an indicated mineral resource on the property totaling 8.55 Mt grading 0.45 % Ni and 0.31 % Cu, along with an inferred mineral resource of 2.0 Mt grading 0.38 % Ni and 0.30 % Cu.Note: The Company considers these resource estimates to be historic mineral resources for purposes of NI 43-101. Neither the Company nor a qualified person on behalf of ...