NiCAN’s VTEM Survey Identifies Multiple Targets on the Wine Nickel Property in Manitoba, Canada
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN’s VTEM Survey Identifies Multiple Targets
on the Wine Nickel Property in Manitoba, Canada
Toronto, Ontario – November 14, 2022 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN)
provides the initial results from a Versatile Time Domain Electromagnetic (“VTEM”) airborne geophysical
survey completed in 2022 at the Wine project in Manitoba, Canada (Figure 3 ). This survey was designed
to accurately define the location and depth of conductive sources that have a nickel mineralization
signature. Preliminary interpretations indicate there is a distinct VTEM response to the Wine Occurrence,
which had not been recognized in historical airborne surveys.
A significant number of additiona l VTEM anomalies, typically with subtle coincident magnetic
responses, have been defined within the Wine Gabbro (Figure 1 sets out the responses at a 50-metre
depth). All of the selected VTEM anomalies are currently being geophysically modelled in order to be
prioritized for subsequent drill testing, which is planned for the first quarter of 2023.
Figure 1: Selected VTEM targets within the Wine Gabbro shown on a 50-meter conductivity depth slice
Note: There are five additional geophysical targets selected for modelling at the south end of the Wine
property not shown in figure.
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Brad Humphrey, President and CEO of NiCAN, stated, “We are very pleased with the VTEM survey results
and the ability to define additional targets within the immediate Wine Gabbro area that hosts the Wine
Occurrence. The Company is currently designing and prioritizing the next set of drill targets for the
upcoming winter program, which will focus on testing these newly defined geophysical targets. NiCAN is
in a strong position with a solid balance sheet and highly prospective nickel projects in established mining
jurisdictions.”
A preliminary 3D model of the VTEM data has been received and merged with NiCAN’s detailed 3D
aeromagnetic model completed in 2021 to determine the relationship between conductivity and
magnetic responses. In the region of the Wine Gabbro, deep seated magma chambers postulated to be
feeder zones to the near surface nickel mineralization have been inferred from the aeromagnet ic data.
Conductive responses defined from the VTEM survey are interpreted to be sulphide rich horizons
associated with these magnetic responses (Figure 2). The intrusion appears to cut into the sulphide
horizons with the magma chambers , providing the abil ity to trap significant sulphur. Additional work is
required to determine the nickel potential of this newly defined environment.
Figure 2: Interpreted Mineralization Model for the Wine Gabbro Area Looking Southeast
Beyond the immediate Wine Gabbro area, i t was also noted that several VTEM responses of merit have
been defined in the southern portion of the property , within the Reed Lake Mafic -Ultramafic Complex,
where past rock sampling has indicated anomalous copper and PGM values. These potential targets on
the southern portion of the property are currently being geophysically modelled for subsequent drill
testing in 2023.
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Analogies to Historical Lynn Lake Nickel Deposits
NiCAN believes that the mineralization hosted by the Wine Gabbro may have analogies to the nickel-
copper deposits in the Lynn Lake area where approximately 22.2 million tonnes averaging 1.0% nickel and
0.5% copper was historically mined. The Farley Mine was made up of multiple lenses ( ~16) of
mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro contains a number of similarities
and has seen very little exploration for nickel-copper deposits.
QA/QC
With respect to the Geotech 2022 Versatile time-domain airborne electromagnetic (“VTEM”) geophysical
data collected over the Wine project area in Manitoba, Canada, a total of 550 line-km of VTEM data was
collected on east-west lines with a line spacing of 100m. The VTEM data were quality controlled first by
Geotech before being sent to Geophysical consultants for further quality control purposes. The data were
then used to create 3D electrical conductivity inversion models using a combination of parametric and
voxel inversion approaches.
The 3D voxel inversion of the 2022 VTEM data used 20m x 20m x 20m mesh cell sizes in the core region
of the mesh with a starting and reference model set to the various parametric anomalies embedded within
a uniform 10,000 Ωm background. Inversion uncertainties were set to 3% with a noise floor of 1e -12
V/Am2.
The 2022 Geotech VTEM survey over the Wine project in the Snow Lake area of Manitoba was inverted in
3D to create a best fitting conductivity model. The final inversion consisted of many parametric inversions
combined to form the starting model for a voxel inversion. The parametric inversions created best-fitting
ellipsoids that represented the various strong conductors in the region, and then the traditional voxel
inversion was able to take the paramet ric starting model and refine it as well as add near -surface
information that was missing from the parametric inversions.
Collectively, these 3D inversion models highlight many strong conductive features in the Wine project
area, and the interpretation of these anomalies should help to better understand the geologic and
structural setting, which in turn can help generate future drill targets.
Qualified Person
Mr. Bill Nielsen, P.Geo, a consultant to NiCAN, who is a qualified person under National Instrument 43 -
101 – Standards of Disclosure of Mineral Projects (“NI 43 -101”) has reviewed and approved the scientific
and technical information in this press release.
About NiCAN
NiCAN Limited is a mineral exploration company, trading under the symbol “NICN” on the TSX -V. The
Company is actively exploring two nickel projects, both located in well-established mining jurisdictions in
Manitoba, Canada.
Contact Information:
Brad Humphrey Sandy Noyes
President and CEO Investor Relations & Communications
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416.565.4007 [email protected]
www.nicanltd.com
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Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains certain “forward -looking information” under applicable
securities laws concerning the proposed financing, business, operations and financial performance and
condition of NiCAN Limited. Forward -looking information includes, but is not limited to, the size and
timing of the drill program, results of the drill program, future exploration drill programs, interpretations
of the various surveys, NiCAN’s ability to identify mineralization similar to that found in pr ior drill holes,
the benefits and the p otential of the properties of the C ompany and neighboring properties; future
commodity prices (including in relation to NiEq calculations); drilling and other exploration potential;
costs; and permitting. Forward -looking information may be characterized by words such as “plan,”
“expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements
that certain events or conditions “may” or “will” occur. Forward-looking information is based on the
opinions and estimates of management at the date the statements are made and are based on a number
of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the forward-looking information. Many of
these assumptions are based on factors and events that are not within the control of the C ompany and
there is no assurance they will prove to be correct. Factors that could cause actual results to vary
materially from results anticipated by such forward -looking information includes changes in market
conditions, fluctuating metal prices and currency exchange rates, the possibility of project cost overruns
or unanticipated costs and expenses and permitting disputes and/or delays. Although the Company has
attempted to identify important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking information, there may be other factors that cause
actions, events or results not to be anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. The Co mpany undertakes no obligation to update
forward-looking information if circumstances or management’s estimates or opinions should change
except as required by applicable securities laws. The reader is cautioned not to place undue reliance on
forward-looking information.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX -V) accepts
responsibility for the adequacy or accuracy of this release.
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Figure 3: Wine Project Location