The playbook — rare earths · October 8, 2026
Scandium Canada steps north of Crater Lake, hits 150 m
First hole north of the TG deposit returns 150.1 m at 292 ppm scandium oxide — a genuine step-out, with 12 more holes still at the lab.
Scandium Canada drilled its first hole north of the TG deposit at Crater Lake, in Nunavik, northern Québec, and it hit. Hole CL26095 returned 150.1 metres grading 292 parts per million scandium oxide — scandium is priced by the truckload, not the ounce, so it is measured in ppm, and the gram-per-tonne math built for gold does not apply here. Inside that run sits a richer core of 92.8 metres at 344.5 ppm. This matters because the intercept sits roughly 150 metres north of the current resource boundary — it is new ground, not infill. When we last covered Crater Lake, the best hole of the campaign confirmed the model held; this one reaches beyond it.
The company says 13 northern holes extend mineralization by about 335 metres, between 53.4 and 203.5 metres downhole, but only CL26095’s assays are in hand — of the other 12 pending, results from 7 additional northern holes are expected around October 15, with final drill core samples due to reach the labs by end of October. So the 335-metre extension is a claim resting on one reported hole and twelve promises. That is the honest frame. The stock tells its own story: SCD.V eked out a 2.9% gain over three months while the rare earth index REMX fell nearly 24%, a brutal sector headwind the shares clearly bucked, with a mid-period spike to about $0.23 mostly given back. CEO Simon Thibault, the former General Motors EV Critical Materials Leader who took the chair in August, has no prior record of building a mine; COO Pierre Neatby resigned the same week. The sample work went to Activation Laboratories and the intercept was signed off by independent Qualified Person Eric Kinnan, P.Geo.
Now the caveats, which stay front and centre. True width is not stated — the 150.1 m and every other figure here are downhole core lengths, and the note says plainly that true thickness remains to be determined, so the real zone could be shorter. No cut-off grade or compositing interval was disclosed. There is no peer intercept data to rank this scandium grade against. From last time: the bulk-sample assays remain pending, and the updated NI 43-101 resource from Norda Stelo — the basis for a new economic study — is still targeted before the end of 2026. What to watch: assays from seven more northern holes around October 15, then that resource.