TSX-V-listed SPC Nickel has entered into an option agreement with Bathurst Metals, giving it the right to acquire a 100% interest in the McGregor Lake and Speers Lake properties located within the Kitikmeot region of western Nunavut.
Following this transaction, SPC Nickel will control nearly 650 km2 of the highly prospective Muskox Intrusion.
“We believe that the Muskox property represents one of the last true camp-scale nickel/copper opportunities in North America. The Muskox intrusion is comparable in size, composition and interpreted geological environment to many of the world's largest nickel/copper/platinum group metal (PGM) deposits such as Norilsk, in Siberia, and Voisey's Bay, in Newfoundland and Labrador. This fact, coupled with the numerous high-grade sulphide showings indicate the intrusion has excellent potential to host a world-class deposit,” said CEO Grant Mourre.
The McGregor and Speers Lake properties host many of the highest-grade drill intersections and surface sample results reported historically on the Muskox Intrusion. Drill highlights include 2.21% nickel, 5.04% copper over 13.74 m from 98.12 m depth in hole EQNX87-05 and 2.11% nickel, 3.91% copper, 6.71 g/t PGMs over 9.30 m from 99.70 m depth in hole 00-MU003.
To earn a 100% interest in and to the property, SPC Nickel will be required to issue 7.5-million common shares and pay $1.35-million cash over three years.