News Summary
On December 8, 2025, SPC Nickel announced the results from a property-wide, high-resolution HELITEM airborne electromagnetic (EM) survey at its flagship Muskox Copper-Nickel-PGM Project in Nunavut. The survey identified 85 strong conductors, many of which are coincident with high-grade surface mineralization identified in the company’s summer 2025 field program. Preliminary modeling of these targets indicates highly conductive, untested sources along the margins of the Muskox Intrusion and within the 60-kilometre Feeder Dyke. These results will be used to generate drill-ready targets for the 2026 exploration program.
Material Impact
The news is materially positive as it provides strong geophysical evidence supporting the exceptional surface sample results announced on November 24, 2025. The exploration narrative is progressing logically and successfully.
– Confirmation and De-risking: The key takeaway is that areas with spectacular surface grades (e.g., up to 18.15% Cu, 97.90 g/t Pd) are now confirmed to have strong conductive bodies beneath them. This significantly de-risks future drilling by confirming that the surface showings are not isolated and likely have subsurface sources, which is the model for large magmatic sulphide deposits.
– Follow-through on Strategy: The company raised $3.5 million in July 2025 specifically to conduct the first modern airborne surveys on the property. This news demonstrates competent execution and positive results from that capital deployment, building shareholder confidence.
– Building on Momentum: The November 24th surface sample results were highly material, causing the stock to more than double from $0.04 to a high of $0.09. This EM data provides the necessary geological follow-up to that news, cementing the rationale for an aggressive 2026 drill program. Without this geophysical confirmation, the high-grade grab samples would carry less weight.
While this is not a discovery hole, it is a critical and successful step in systematic exploration. It elevates the Muskox project from a conceptual play with historical data to a property with multiple, well-defined, high-priority drill targets backed by modern geochemistry and geophysics. The market had already reacted strongly to the surface sampling; this news provides the fundamental support for that move and sets the stage for the next major catalyst: drilling.
Catalysts
– Lockerby East Drill Results: The company commenced a 1,000-metre drill program at its Lockerby East project in Sudbury on October 23, 2025. Results from this drilling are a near-term catalyst and are still pending. Positive results would add another valuable asset to the portfolio, while poor results could temper market sentiment.
– Muskox Drill Program Finalization: Expect news flow regarding the final interpretation and ranking of the 85 identified conductors, leading to the announcement of a detailed, fully-permitted drill program for the 2026 field season in Nunavut.
– Further Muskox Data Integration: The company also completed a MobileMT survey. News on the integration of all datasets (EM, MT, magnetics, sampling) to refine the geological model could provide further insights.
Materiality Conclusion
The latest news is material and positive. It successfully links high-grade surface chemistry with strong geophysical conductors, substantially increasing the probability of a significant discovery with the drill bit. This represents the successful completion of a key phase of the exploration strategy outlined after the company’s recapitalization.
