SPC Nickel Announces 3.15 % Nickel Equivalent over 10.5 Metres at Its Janes Ni-Cu-PGM Project

SPC Nickel Corp. (TSXV: SPC) ("SPC Nickel" or the "Company") is pleased to announce partial assay results from the drill program at its Janes Ni-Cu-PGM Project (the "Project") located in Sudbury, Ontario. The program focused on defining the extent and continuity of the high-grade Trench 1 mineralization and consisted of 16 short, closely spaced drill holes. Assay results from the first hole have been completed and are reported in Table 1.

Grant Mourre, CEO and President of SPC Nickel Corp. commented, "We are delighted to have received results for the first hole from the Trench 1 drill program at Janes. Drilling is so far validating the high-grade nature of the mineralization that was observed at surface in a recent channel sample program. We feel the property has potential for both near-surface PGM-rich mineralization as well as high-grade massive nickel mineralization at depth. The Company will initially focus on evaluating the near-surface economic potential of the property and later transition to evaluating the potential to host massive sulphide mineralization. We are encouraged with the progress to date and look forward to reporting the results of the remaining 15 holes as they become available."

Assay Results

Table 1: Assay results from the Trench 1 target area.

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Note: 3E PGM represents Pd g/t + Pt g/t + Au g/t. Equivalent values calculated using the 30-day average metal prices of US$8.03/lb. Ni, US$4.54/lb. Cu, US$1,187/oz Pt, US$2,833/oz Pd, US$1,882/oz Au and $27.77/oz Ag. Recoveries were not used in calculations. Note that all drilling intervals are down-hole lengths. True thicknesses cannot be estimated with available information.

The Trench 1 drill program is designed to test the lateral and vertical continuity of the mineralized zone that is exposed at surface in a 35 metre by 30 metres mineralized outcrop. Mineralization at the Trench 1 area is dominated by disseminated sulphides, hosted within a hypersthene-bearing gabbro unit situated 10 metres above the basal contact of the Nipissing sill and the surrounding metasediments. Earlier this year, SPC Nickel completed a channel sampling program at the Trench 1 showing that returned 2.25 g/t Pd, 0.41 g/t Pt, 0.26 g/t Au, 1.09 % Cu and 0.50 % Ni over 22.00 metres (see SPC Nickel Press Release dated May 25, 2021).

Historic drilling completed by Pacific North West Corp. in 1999 intersected 2.28 g/t Pd, 0.33 g/t Pt, 0.20 g/t Au, 1.01 % Cu and 0.27 % Ni over 18.05 metres (from 32.0 - 50.05 metres) in JR99-01¹ and 2.08 g/t Pd, 0.33 g/t Pt, 0.30 g/t Au, 0.84 % Cu and 0.27 % Ni over 14.01 metres (from 9.90 - 23.91 metres) in JR99-06¹.

The historical information shown in this news release was obtained from historical work reports filed by Pacific North West Corp. with the Ontario Ministry of Energy, Northern Development and Mines and has not been independently verified by a Qualified Person as defined by NI 43 101.

The Trench 1 drill program consisted of 16 holes ranging in depth from 27 to 51 metres that tested an area measuring approximately 75 metres by 45 metres. Results from the first hole are presented in Table 1 while the remaining holes are being processed with results expected over the next 3 to 4 weeks. Table 2 provides collar locations, azimuths and dips for the drill hole included in this release as well as the remaining holes completed in the Trench 1 area.

Table 2: Drill collar locations, azimuths and dips for drill holes completed at the Trench 1 area.

Reference

1. Assessment Report 2.19887, Diamond Drill Program Janes Property, Pacific North West Capital Corporation, June 25, 1999.

Qualified Person

The technical elements of this news release have been approved by Mr. Grant Mourre, P.Geo. (PGO), CEO and President of SPC Nickel Corp. and a Qualified Person under National Instrument 43-101. The historical information shown in this news release was obtained from historical work reports filed by Pacific North West Corp. with the Ontario Ministry of Energy, Northern Development and Mines and has not been independently verified by a Qualified Person as defined by NI 43 101.

About SPC Nickel Corp.

SPC Nickel Corp. is a new Canadian public corporation focused on exploring for Ni-Cu-PGMs within the world class Sudbury Mining Camp. The Company is currently exploring its key 100% owned exploration projects Aer-Kidd and Lockerby East both located in the heart of the historic Sudbury Mining Camp and holds an option to acquire 100% interest in the Janes project located approximately 50 km NE of Sudbury. The Company's flagship project, Aer-Kidd, is strategically located between two world class assets in the producing Totten Mine (Vale) and the large, high-grade Victoria development project (KGHM). The Company will initially focus on advancing its key Sudbury assets with a vision of growing to a pre-eminent North American nickel exploration company. Additional information regarding the Company and its projects can be found at www.spcnickel.com.

Quality Assurance and Quality Control

SPC Nickel follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Sudbury, Ontario, Canada. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples were analyzed in Vancouver by ALS Chemex. Platinum, palladium, and gold values were determined together using standard lead oxide collection fire assay and ICP-AES finish. Over limits for Pd were determined using fire assay and AAS. Base metal values were determined using sodium peroxide fusion and ICP-AES finish. Silver values were determined using an aqua regia digestions and an AAS finish. A Certified Reference Material (CRM) standard, blank or duplicate is inserted on every 10th sample in the following order: CRM, blank, CRM, duplicate. The cycle repeats every 40 samples, thus ensuring that 10% of samples submitted are control samples.

Cautionary Note on Forward-Looking Information

Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Further information is available at www.spcnickel.com by contacting:

Grant Mourre
Chief Executive Officer
SPC Nickel Corp.
Tel: (705) 669-1777
Email: gmourre@spcnickel.com

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