NiCAN Announces Results from its Phase III-B Drill Program, including 20.3 Meters at 2.85% NiEq at the Wine Project, Manitoba
NiCAN Limited
130 King St West, Suite 3680
P.O Box 99
Toronto, ON M5X 1B1
NiCAN Announces Results from its Phase III-B Drill Program, including 20.3 Meters at 2.85%
NiEq at the Wine Project, Manitoba
Toronto, Ontario – May 22, 2024 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN/FRA:W8Y)
is pleased to report additional results from its Phase III-B drilling program on the Wine Property located
near Snow Lake, Manitoba, Canada (Figure 3). This drill program expanded the Company’s understanding
of several mineralized zones at the Wine Occurrence including defining a new zone to the north (press
release May 6, 2024). The remaining assays are expected shortly.
Highlight:
• Diamond drill hole Wine 24 -4 intersected 20.3 meters averaging 2. 88% Cu and 2. 14% Ni ( 2.85%
NiEq), 0.09% Co and 1.19g/t PGMs.
Brad Humphrey, President and CEO of NiCAN, commented, “ We continue to be very encouraged by our
March 2024 drill program, which is an extension to the Phase III program completed late in 2023. Overall,
the program has returned strong nickel and copper grades over meaningful widths , all near surface, and
continues to identify new zones. As with all of the exploration at the Wine Project to date, we continue to
refine and better understand the Wine Occurrence which assists in our approach to the wider Wine Gabbro
project.
Future exploration work will aim to determine if the mineralization extends to the south and better define
the extent of the new near surface zones . These results, combined with the recently completed, deep
penetrating, TDEM survey will assist in designing further drill programs at the Wine property.”
Table 2: Wine Occurrence - Summary Assays released to date from Phase III-B Diamond Drill Program
Hole # From (m) To (m) Length
(m)
Cu (%) Ni (%) NiEq (%) Co (%) PGM’s
(g/t)
Wine 24-1 6.8 12.2 5.5 0.71 1.35 2.27 0.07 0.33
Wine 24-1 23.5 29.0 5.5 0.76 1.58 1.75 0.07 0.58
Wine 24-1 41.6 46.2 4.6 0.92 1.00 1.33 0.05 0.26
Wine 24-1A 7.5 11.2 3.7 1.40 1.63 1.89 0.08 0.61
Wine 24-1A 24.8 26.4 1.6 0.55 0.60 0.71 0.03 0.14
Wine 24-1A 29.7 75.1 45.5 1.20 1.32 1.55 0.06 0.59
Wine 24-2 76.5 83.0 6.6 1.27 0.74 1.77 0.04 0.70
Wine 24-2 87.0 104.5 17.5 1.23 0.45 0.82 0.02 0.77
Wine 24-4 66.0 86.3 20.3 2.88 2.14 2.85 0.09 1.19
Note: Nickel equivalent grades include nickel and copper values only and assume recoveries of 85% for nickel and
85% for copper based on comparable deposits. A 6-year trailing average with a Nickel price: US$8.10/lb; Copper price
US$3.40/lb.
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Phase III-B Drilling Program – Wine Property
The Phase III-B Wine diamond drill program consisted of 8 diamond drill holes for a total of 942 meters
following up on the significant results returned from the Phase III drill program completed in the fourth
quarter of 2023 (press release dated January 31, 2024 ). Diamond drill hole Wine 23-29 intersected an
upper, sub-cropping zone, which assayed 2.20% Cu and 1.56% Ni (2.11% NiEq) over 9.6 meters followed
by three middle zones that returned lower grade mineralization and the Main Zone returning 31.5 meters
at 1.90% Cu and 1.92% Ni (2 .31% NiEq). True widths are interpreted to be approximately 80% of
intersected widths.
The Phase III-B drill program was designed to further drill test the Wine Occurrence and test one greenfield
geophysical target to the north. Diamond drill holes Wine 24-1, Wine 24-01A, Wine 24-2 and Wine 24-5
were previously released (May 6, 2024).
Follow Up Drill Program – Wine Occurrence
The Wine Occurrence follow up drilling program was completed in March 2024 with the objective of
further defining the Company’s understanding of the configuration of both the Main and Upper Zones.
Figure 1. Plan View of the Wine Occurrence with Holes 24-2, 4 and 6 Highlighted
Note: Only NiCAN drill holes are displayed and hole 23 -16, 27 and 29 as well as 22 -6 are not displayed to highlight
the 2024 drill holes.
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Diamond drill hole Wine 24-4 was collared to determine if there was a down dip extension to the Upper
Zone. While the hole did not intersect the Upper Zone, indicating the Upper Zone is close to vertical , it
intersected the Main Zone, returning 2.85% NiEq over 20.3 meters. Elevated PGM values of 1.19g/t over
this intersection were of particular interest.
Diamond drill hole Wine 24-6 targeted a conceptual down dip extension to the mineralization intersected
in hole Wine 22 -9 (0.74% NiEq over 11.6 meters). It is interpreted that this hole was stopped short of
intersecting the down plunge extension of the Upper Zone seen in hole Wine 24-2 (1.77% NiEq over 6.55
meters). Additional work is required, including potentially extending this hole in a future program.
Figure 2. Plan View of Mineralized Zones at the Wine Occurrence
Note: Only NiCAN drill holes are displayed
Analogies to Historical Lynn Lake Nickel Deposits
NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the
nickel-copper deposits in the Lynn Lake area , which is to the north of the Wine property. At Lynn Lake,
approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper were historically mined at the
Farley Mine. The Farley Mine consisted of multiple lenses of mineralization contained within a 4.2 km2
gabbro body. The Wine Gabbro area contains numerous similarities and has seen very little exploration
for nickel-copper deposits.
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QAQC
All core samples are sent to the ALS Canada Ltd laboratory Winnipeg-Vancouver (an accredited laboratory)
by secure transport for base and precious metal assay. Base metals were assayed by their ICP61 package,
which includes a total of 34 analytes by 4 acid digestion and ICP-AES (Inductively Coupled Plasma – Atomic
Emission Spectroscopy Over-limits for copper and nickel were analyzed by ALS’s 4 acid digestion ICP OG62
package. Fire Assay Techniques (ICP23 package) involved a 30 gram aliquot of sample pulp which was
mixed with a standard fire assay flux in a clay crucible. After the mixture was fused, the melt was poured
into a form which was cooled. The lead bead wa s then recovered and cupelled until only the precious
metal bead remained. The bead was analysed by ICP-AES
Laboratory Quality Control protocols were applied to the assay sample package by ALS. NiCAN submitted
a regular schedule of standards, blanks and duplicates into the sample stream for Quality Control
measures. Drill core samples are split in half using a diamond saw with half saved for reference and the
other half shipped for assay . In the case of duplicate samples, the half core is quarter split with the two
quarter splits sent for separate assay.
A review of the Company’s QAQC program indicate that all results were returned within acceptable limits.
The nickel equivalent grade calculation incorporates:
• nickel and copper values only,
• assume recoveries of 85% for nickel and 85% for copper based on comparable deposits,
• A 6-year trailing average nickel price: US$8.10/lb; copper price US$3.40/lb.
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 news 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
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
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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 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 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 3: Wine Project Location, Manitoba, Canada