NiCAN and Nisichawayasihk Cree Nation Sign Exploration Agreement for the Pipy Project in Thompson Manitoba
NiCAN Limited
130 King St West, Suite 3680
P.O Box 99
Toronto, ON M5X 1B1
NiCAN and Nisichawayasihk Cree Nation Sign Exploration Agreement
for the Pipy Project in Thompson Manitoba
Toronto, Ontario – January 30, 2025 – NiCAN Limited (“NiCAN” or the “Company”) (TSX -
V:NICN/OTCQB:NILTF/FRA:W8Y) is pleased to announce that the Company and Nisichawayasihk
Cree Nation (“NCN”) have signed an Exploration Agreement (“Agreement”) related to the Pipy
Project in Thompson Manitoba.
The Exploration Agreement is a framework establishing how the two parties will support and
work together to advance exploration activities at the Pipy Project, which lies within NCN’s
Traditional and A ncestral T erritory. The terms of the Agreement include protocols for
environmental monitoring and the potential for business relationships and training.
This Exploration Agreement represents significant progress, and given NiCAN has already
completed the Heritage Resources screening, the Company expects to receive a work permit for
the initial exploration phase at the Pipy Property, in a timely fashion.
Brad Humphrey, President and CEO of NiCAN, commented, “ NiCAN could not be more pleased
to formalize our strong relationship with NCN , and we look forward to engaging in a
collaborative and respectful manner . We wish to thank NCN for their support in working
towards signing this Agreement that clearly sets a strong foundation from which to build as
the Pipy Project advances.”
“Signing the Exploration Agreement is a critical milestone for the Pipy Project and marks an
important step in the permitting process. E ngagement will continue as the project ad vances,
however with the Agreement now in place , we anticipate receiving a work permit from the
Manitoba Permits Office in a timely fashion, approving the initial phase of exploration at the
Pipy Project.”
Pipy Project Overview
The Pipy Properties consist of three project areas, Pipy South, Pipy North and Pipy West, totaling
39.1 km2 in the Thompson area (Figure 1). Initial exploration activities will focus on the Pipy South
Project, which is adjacent to the Mystery Lake South area approximately 12km northeast of the
city of Thompson and Vale’s Thompson Nickel Mine with excellent road access and local
infrastructure.
The Pipy South Project is underlain by an 8km long synclinal structure exposing Ospwagan Group
sediments including the critical Pipe Formation that host s the nickel deposits in the Thompson
Nickel Belt.
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Figure 1: Pipy Properties in the Thompson Area, Manitoba
Qualified Person
Mr. Stanley Clemmer, 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.
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Contact Information:
Brad Humphrey Sandy Noyes
President and CEO Investor Relations & Communications
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, 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 C ompany; 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,” “an ticipate”, “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 o n 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 f actors 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 C ompany 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 2: NiCAN’s Project Locations in Manitoba, Canada