Scandium Canada Intersects 124.9 m at 232 ppm Scandium Oxide at Crater Lake and Identifies a Favourable Corridor of Nearly 3 km
Scandium Canada Ltd. (SCD) has released the first assay results from its 2026 diamond drilling program at the Crater Lake scandium project in Nunavik, Québec. The results confirm that the TG deposit grade is intersected as shallow as 7.3 meters downhole. Concurrently, the company completed a high-density, low-altitude drone magnetic survey that identified a magnetic corridor running nearly 5 km. This geophysical data has led to an adjustment of the drilling program to prioritize resource extension and exploration targets.
Management announced the postponement of the pre-feasibility study, originally planned for summer 2026, to instead complete an updated Mineral Resource Estimate (MRE) and a Preliminary Economic Assessment (PEA) by early November 2026. This strategic shift incorporates process optimizations and new infrastructure assumptions.
Drilling intersections at the TG Deposit, South Lobe, include the following results:
- CLB26070:
- 13.45m at 315 ppm Sc₂O₃ (from 32.70m to 46.15m)
- 65.40m at 175 ppm Sc₂O₃ (from 122.00m to 187.40m), including 7.20m at 316 ppm Sc₂O₃ (from 178.00m to 185.20m)
- 8.95m at 181 ppm Sc₂O₃ (from 225.20m to 234.15m)
- CLB26072:
- 30.20m at 228 ppm Sc₂O₃ (from 7.30m to 37.50m)
- 124.90m at 232 ppm Sc₂O₃ (from 55.10m to 180.00m), including 10.35m at 461 ppm Sc₂O₃ (from 71.00m to 81.35m)
- CLB26073:
- 14.15m at 227 ppm Sc₂O₃ (from 8.90m to 23.05m)
- 33.80m at 222 ppm Sc₂O₃ (from 41.20m to 75.00m)
- 31.75m at 223 ppm Sc₂O₃ (from 90.90m to 122.65m), including 7.15m at 346 ppm Sc₂O₃ (from 94.35m to 101.50m)
Assay statistics for the reported intervals show a total of 8 intervals, with the lowest individual Sc₂O₃ assay value at 28 ppm and the highest at 641 ppm.
The new high-resolution drone magnetic survey identified a favorable host rock corridor close to 3 km long, running from the southern limit of the Discovery zone through the TG deposit to the northern limit of the TG zone. The survey supports the interpretation of favorable lithological corridors for scandium mineralization over close to 5 km.
To test these targets, 24 new exploration holes have been added to test the magnetic corridor and ground at depth below the TG resource. Additionally, 2 extension and infill holes have been added on the East flank, and 3 additional resource extension holes are planned to extend the northern extension of the TG deposit by another 50 m. Approximately 4,500 meters of drilling remain to be completed in 2026.
Regarding project economics and strategy, metallurgical work has identified significant process optimizations, resulting in a less costly and complex process. The scandium oxide plant location has been identified as the Schefferville region of Québec, preferably on a brownfield site. The project basis involves a mine with ore hauled to a concentrator and hydrometallurgical plant in Schefferville over a ~350 km road.
Samples were sent to Activation Laboratories Ltd. (Ancaster, Ontario) for analysis. A total of 429 drill core samples and 26 QA/QC samples (OREAS certified standards and blanks) were processed. The analytical package, "8-REE," covers whole-rock and trace element analysis. The method involved crushing and fusion with lithium metaborate/tetraborate, analyzed by ICP-OES and ICP-MS. The Qualified Person for the project is Eric Kinnan, P.Geo.
Simon Thibault, President and Chief Executive Officer, commented on the strategic update: "In my view, advancing a Preliminary Economic Assessment at the appropriate stage of development creates greater long-term value than accelerating a pre-feasibility study that may not fully reflect the current scope and potential of the Crater Lake Project. A PEA incorporating updated and improved resource, process optimization, and infrastructure assumptions provides a more relevant basis for evaluating project economics and engaging potential strategic partners."