SPC Nickel cuts deal with Vale to combine nickel deposits in Sudbury basin
A Sudbury exploration outfit has taken a great leap forward toward establishing itself as the city’s next nickel miner.
The deal gives Vale an avenue to shed a valuable, but non-core, asset in Crean Hill 3 while giving a junior miner a shot at bringing the ground into production. There’s an option by SPC to extend the deadline for an additional two years. When at that deadline, SPC will pay Vale $1 million cash.A feasibility study is a final, detailed economic study assessing whether a deposit can be mined profitably.
SPC believes the two West Graham-Crean Hill 3 deposits are part of one larger system. They’re planning a drill-heavy campaign this year with the goal of putting out a combined mineral resource estimate of the two properties by year’s end. Vale provided them a peak into the property’s database, which included assay results from the last time Crean Hill was drilled by INCO between 1958 and 1960.
He said mineralization from West Graham comes within 40 metres of surface. At Creen Hill 3, it outcrops at surface. "You can stand on it." The infill drilling, meaning drilling with tighter spacing between drill holes, would allow them to better delineate the resource. The spacing by INCO more than 60 years ago was pretty wide, 100 to 150 metres apart.
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