SPC Nickel identifies targets at Muskox

Executive Summary

• SPC Nickel Corp. has released results from a high-resolution HELITEM airborne electromagnetic (EM) survey covering its 100%-owned Muskox Copper-Nickel-PGM project in Nunavut.
• The survey, conducted between August 18 and September 2, 2025, provides the first project-wide modern geophysical coverage in over 20 years, identifying 85 strong EM conductors across 1,410 line kilometers.
• Preliminary modeling of test areas identified significant high-conductivity targets, including Anomaly 2 in the Muskox intrusion grid with a conductance of 800 Siemens, positioning the company for a focused exploration program in 2026.

Key Details

• Survey Scope: 1,410 km total coverage (1,203 km traverse lines + 207 km tie lines) flown using the Xcalibur HELITEM low-frequency time-domain system.
• Target Identification: 85 strong electromagnetic conductors identified across the 496-square-kilometre project.
• Muskox Intrusion Grid (North Block):
  • 750 line km flown on 200m spacing.
  • 780 total anomalies identified; 490 interpreted as prospective after filtering for serpentinized ultramafic lithologies.
  • Test Area Modeling:
    • Anomaly 1 (A1): Modeled as a plate 400m x 180m, 50m thick, at 30m depth. Conductance: 500 Siemens (S).
    • Anomaly 2 (A2): Modeled as a plate 180m x 140m, 50m thick, at 30m depth. Conductance: 800 S (interpreted as high-conductivity core).
• Feeder Dike Grid (South Block):
  • 660 line km flown on 60km long feeder dike on 200m spacing.
  • 39 EM anomalies identified.
  • Test Area Modeling (Northern End):
    • Anomaly 1 (A1): Modeled as a plate 200m x 75m, 100m thick, at 80m depth. Conductance: 500 S.
    • Anomaly 2 (A2): Modeled as a plate 400m x 65m, 50m thick, at 130m depth. Conductance: 75 S.
• Historical Context: Previous high-grade drill intercepts include 7.50m at 6.14% Cu, 2.76% Ni, and 9.06 g/t PGM (Silvermet, 2007) and 13.74m at 5.04% Cu, 2.21% Ni, and 5.63 g/t PGM (Equinox, 1987).
• Technical Validation: Approved by Grant Mourre, PGeo, CEO and President, as a Qualified Person under National Instrument 43-101.

Notable Quotes

• Grant Mourre, President and CEO: "The results from this first modern property-wide EM survey mark another important step forward in our understanding of the Muskox system and confirming the immense prospectivity of the district... SPC Nickel is now positioned to advance a focused, data-driven exploration program in 2026 that we believe can unlock meaningful new discoveries across the project."
• Alan King, Geophysical Consultant: "The modelled anomalies at the north end of the feeder dike and the anomalies along the western margin of the main Muskox intrusion both indicate very conductive sources that are at or near the upper limits of the conductance resolution of the HELITEM EM system... The presence of such strong conductors is highly encouraging from an exploration perspective."