NiCAN - Additional Assays from New Near Surface Gold Discovery in Thompson Manitoba, Intersecting 19.45 Meters Averaging 1.0g/t Au and 12.2 g/t Ag
NiCAN Limited
130 King St West, Suite 3680
P.O Box 99
Toronto, ON M5X 1B1
NiCAN - Additional Assays from New Near Surface Gold Discovery in Thompson Manitoba,
Intersecting 19.45 Meters Averaging 1.0g/t Au and 12.2 g/t Ag
Toronto, Ontario – February 18, 2026 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN/OTCQB:
NILTF/FRA:W8Y) has received additional assay results from the new near surface gold discovery in
Thompson Manitoba, intersecting 19.45 meters (m) of 1.00g/t Au and 12.2g/t Ag (Table 1). A total of four
shallow diamond drill holes were completed late in 2025 to confirm results from a historical diamond drill
hole (see press releases dated January 27, 2026 and February 9, 2026).
Diamond drill hole PIPY25-08, intersected mineralized silicified biotite gneiss and silicate facies iron
formation with disseminated pyrrhotite, pyrite and significant visible galena. Individual 1.0m assays
returned 1.0g/t Au, 51.4g.t Ag and 3.74% Pb.
Table 1. Highlights from Diamond Drill Holes on the Pipy South Property
Drill Hole From (m) To (m) Length (m) Au g/t Ag g/t
PIPY25-04 20.4 48.0 27.60 1.25 12.5
PIPY25-04 incl. 21.4 35.7 14.30 2.14 19.8
PIPY25-04 incl. 33.7 35.7 2.00 5.39 7.1
PIPY25-05 9.6 19.1 9.50 0.65 8.4
PIPY25-07 30.0 38.0 8.00 0.21 1.2
PIPY25-07 81.5 85.5 4.00 1.25 3.64
PIPY25-08 6.4 11.8 5.40 0.69 4.5
PIPY25-08 17.9 37.3 19.45 1.00 12.2
PIPY25-08 incl. 31.8 36.8 5.00 2.17 28.7
Brad Humphrey, President and CEO of NiCAN, commented, “NiCAN is pleased to have expanded upon
a new gold discovery within the Thompson area. With gold prices at or near all-time highs, this
discovery adds compelling value to the Company’s exploration portfolio. The gold mineralization
appears to be open in all directions and is notably unique within the Thompson Nickel Belt. NiCAN has
initiated a geophysical program and is preparing for follow-up diamond drilling to advance and
further define this emerging system.”
Figure 1. Mineralization in Diamond Drill Hole PIPY25-08 – Interval Assayed 2.65 g/t Au, 36.2 g/t Ag
and 2.83% Pb
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Diamond drill holes PIPY25-07 and PIPY25-08 were drilled 25m to the south and both intersected a broad
zone of silicification and varying quantities of mineralization. The mineralized zone is interpreted to strike
to the north and south and remains open in all directions, dipping steeply to the west.
Diamond drill hole PIPY25-07 was drilled 25m south of PIPY25-04 and is interpreted to have overshot the
zone but still returned 4.0m averaging 1.25g/t Au and 3.64g/t Ag within a pyrrhotite breccia. The hole was
interpreted to be highly silicified throughout its length. Work permit restrictions limited the drill
placement at the time. The Company has applied for and received a work permit allowing for a significant
number of additional drill pads in this area for follow-up drilling.
PIPY25-08 was collared at -80 degrees from the same site as PIPY25-07. The hole intersected 19.5m
averaging 1.0g/t Au, 12.2g/t Ag which included 5.0m near the bottom of the hole that returned 2.17g/ Au,
28.7g/t Ag and 2.07% Pb.
The gold mineralization is largely hosted within a silicate facies iron formation and a silicified biotite
gneiss, which visually contains an estimated 1% to 5% disseminated pyrrhotite as well as up to 3% galena
and minor chalcopyrite. Alteration is marked by bleaching and silicification that has not been completely
defined by the limited 2025 drilling. Hole PIPY25-07 displayed alteration along its entire length of over
80m. The presence of gold mineralization in iron formation and associated alteration is analogous to other
iron formation hosted gold camps including Homestake, Musselwhite, Geraldton, Back River, and several
others around the world.
The iron formation hosting the gold mineralization is magnetic and can be traced throughout the property
utilizing an historical airborne magnetic survey reprocessed by NiCAN as shown in Figure 2. A more precise
historical ground magnetic survey has been reprocessed and is being utilized in the planning of the next
drill program. Additional magnetic survey work has been contracted and is scheduled to commence
shortly. This information will give the Company a better understanding of the various and extensive
magnetic features in this area.
A historical diamond drill hole (17BN01) in the same vicinity returned 6.63g/t Au over 5.6m within a wider
zone of 1.20g/t Au over 47.0m starting at 27.0m downhole hosted by similar rock types to those seen in
the NiCAN 2025 drill program (Table 2). Downhole magnetic susceptibility readings of all drill holes
indicate a correlation between the gold and positive magnetic readings.
Table 2. Historical Gold Intercept on the Pipy South Property
Hole # From (m) To (m) Length (m) Gold g/t Silver g/t
17BN01 27.0 74.0 47.0 1.20 5.90
17BN01 incl. 55.4 61.0 5.6 6.63 10.13
17BN01 incl. 57.4 59.4 2.0 15.35 14.80
From historical reports
A second 2017 historical diamond drill hole, located 500m north of hole 17BN01, targeted an extensive
north-south trending magnetic anomaly interpreted to be a nickel target. A garnet bearing amphibolite
was encountered at a depth of 153.4m to 160.2m that contained sufficient disseminated pyrrhotite to
explain the magnetic signature. No significant nickel assays were returned in the interval but a 2.0m long
portion assayed 0.39g/t gold at 157.4m, indicating other gold bearing zones are present.
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Figure 2: Aeromagnetic Image Showing Prominent North-South Magnetic Feature and Interpreted
Folding
Pipy Project Overview
The Pipy South Project is included in an Exploration Agreement with Nisichawayasihk Cree Nation (“NCN”).
The Pipy Properties consist of two project areas, Pipy South and Pipy North, totaling 27.0km 2 in the well-
established Thompson Nickel Belt. Initial exploration activities will focus on the Pipy South Project, which
is adjacent to the Mystery Lake South area, located approximately 20km northeast of the City of
Thompson and Vale’s Thompson Nickel Mine, with excellent road access and local infrastructure (Figure
3).
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Figure 3: Pipy South Property Location and Infrastructure
Note: Mineral Resources for Moak Lake and Mystery Lake deposits are historical resource estimates listed
in Manitoba Energy and Mines Geological Services Open File Report OF90-2. The historical mineral
resource for the Mel Deposit is listed in 43-101 Victory Nickel Inc. Technical Report on Mel Deposit (2007).
Qualified Person
Mr. Stanley Clemmer, P.Geo, an independent 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 symbols “NICN” on the TSX-V, “NILTF”
on the OTCQB and “W8Y” on the FRA. The Company is actively exploring two projects, the high grade
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nickel-copper Wine Project and highly prospective Pipy Project, both located in well-established mining
jurisdictions in Manitoba, Canada.
Contact Information:
Brad Humphrey Sandy Noyes
President and CEO Investor Relations & Communications
416.565.4007 [email protected]
www.nicanltd.com
To receive news releases by e-mail, please register using the NiCAN website at www.nicanltd.com
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, interpretations of the various surveys, NiCAN’s
ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of
the properties of the Company; 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 Company 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 Company
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 4: NiCAN’s Project Locations in Manitoba, Canada