NiCAN Commences Drilling at Wine Nickel Property, Manitoba, Canada
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN Commences Drilling at Wine Nickel Property, Manitoba, Canada
Toronto, Ontario – October 19, 2023 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) has
commenced diamond drilling at its Wine Property located in the Snow L ake area, Manitoba, Canada
(Figure 1). The drill rig has mobilized to site and is currently coring the first hole of the Phase Three (“Phase
III") drilling program consisting of a minimum of 1,500 meters.
Highlights:
• Phase III drill program has commenced at the high-grade Wine Nickel Property with the following
objectives:
o To expand previously defined nickel-bearing zones to the east of the Wine Occurrence; and
o To drill test newly expanded target areas of more than 6 km along strike.
• Recent geophysical and soil geochemical results assisted in prioritizing multi -anomaly target areas
for subsequent drill testing.
Brad Humphrey, President, and CEO of NiCAN commented, “We are very pleased to be back on the
ground, drill testing several targets that we have interpreted to be on strike with the two mineralized
horizons defined on the property to date. NiCAN remains in a strong position with a solid balance sheet
and two highly prospective nickel sulfide projects in established mining jurisdictions.”
Phase III Wine Drill Program
At the Wine Project, NiCAN is drilling a minimum of 1,500 meters to test multiple conductive targets
identified by recently completed surface time -domain electromagnetic (“TDEM”) , borehole and surface
surveys, combined with re -processed Versatile Time Doma in Electromagnetic (“VTEM”) airborne
geophysical survey, which was completed in 2022 (see press release dated November 14, 2022). Results
from a geochemical survey, also completed earlier this year, assisted in prioritizing the drill targets. A
significant number of conductive sources have been defined over a strike length of 6 kilometers that merit
drill testing. These have been geophysically modelled and drill holes have been designed to effectively
intersect the suspected sulphide bodies defined by these models.
The initial diamond drill targets are following up on mineralization intersected du ring the previous drill
program that defined varying quantities of disseminated to massive sulphide nickel -bearing
mineralization in a zone 650 meters east of the Wine Occurrence . Most notable were holes Wine 23-08
and Wine 23-07 in which varying degrees of pyrrhotite and chalcopyrite mineralization w ere intersected
in two relatively shallow zones. Assay results returned elevated copper and nickel values over core lengths
of more than 10 m eters (see press releases dated May 24, 2023, and June 21, 2023 ). NiCAN is currently
following up on these new zones to better understand their orientation and extent.
The Phase III Wine drill program has two primary objectives. Initially, NiCAN anticipates expanding
previously defined nickel-bearing zones located to the east of the Wine Occurrence. Downhole and TDEM
surveys have defined multiple conductors along a distinct stratigraphic horizon within the Wine Gabbro.
Humic soil geochemical results have shown anomalous Ni -Cu values associated with these
electromagnetic (“EM”) responses supporting additional drill testing.
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The second objective of NiCAN’s Phase III drill program is to identify additional nickel bearing mineralized
zones associated with newly defined geophysical target s interpreted to be along strike from the Wine
Occurrence by distances of up to 4.8 km. These are new targets that have not been drill tested in the past.
NiCAN continues to follow up on the significant results returned from previous diamond drilling, including:
• Diamond drill hole Wine 22-5 intersected 27.3 metres of 2.01% Ni, 1.81% Cu (2.28% NiEq)
• Diamond drill hole Wine 22-6 intersected 9.8 metres of 1.23% Ni, 2.09% Cu (1.71% NiEq)
• Diamond drill hole Wine 22-3 intersected 8.6 metres of 1.89% Ni, 1.01% Cu (1.92% NiEq)
• Diamond drill hole Wine 23 -16 intersected four zones of mineralization including 12.6 met res
of 1.52% Ni, 2.01% Cu (1.93% NiEq)
• Diamond drill hole Wine 23-17 intersected two zones of mineralization including 23.5 meters of
1.59% Ni, 1.76% Cu (1.91% NiEq)
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. Nickel price: US$10.00/lb; copper price
US$3.75/lb.
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 where approximately 22.2 million tonnes averaging 1.0%
nickel and 0.5% copper was historically mined. The Farley Mine consisted of multiple lenses of
mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro contains numerous similarities
and has seen very little exploration for nickel-copper deposits.
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
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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 business, operations and financial performance and condition of NiCAN
Limited. Forward-looking information includes, but is not limited to, the size and timing o f 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 commod ity 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 Co mpany undertakes no obligation to update
forward-looking information if circumstances or managemen t’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 pol icies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
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Figure 1: Wine Project Location