NiCAN Commences Drilling on the Pipy South Project in Thompson Nickel Belt, Manitoba
NiCAN Limited
130 King St West, Suite 3680
P.O Box 99
Toronto, ON M5X 1B1
NiCAN Commences Drilling on the Pipy South Project in Thompson Nickel Belt, Manitoba
Toronto, Ontario – November 19, 2025 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-
V:NICN/OTCQB: NILTF/FRA:W8Y) is pleased to provide an update on its exploration activities in the
Thompson area of Manitoba. Pipy South , which is identified in NiCAN’s Exploration Agreement with
Nisichawayasihk Cree Nation (“NCN”), is permitted for an initial Phase I Reconnaissance Exploration
Program, including diamond drilling and geophysical surveys to test the nickel mineralization potential.
The exploration diamond drilling program will initially focus on two priority target areas at Pipy South
where historic al drilling, conducted by INCO Limited (“INCO”) , intersected intervals of massive to
disseminated nickel sulphides within the targeted Pipe Formation that hosts the nearby Thompson Nickel
Deposits. A third target area on the Pipy South Property has been defined by recently acquired deep
penetrating geophysical data that sits within the geologically favourable Pipe Formation.
Figure 1: NiCAN’s Pipy Properties in the Thompson Area, Manitoba
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Brad Humphrey commented, “We are excited to commence this initial drilling exploration program on
the highly prospective Pipy South Project in the Thompson area . This will be the first time drilling has
been conducted on this portion of the Pipe Formation in 50 years."
“The Pipy South Project has excellent access, with roads and trails crossing the property. Pipy South is
particularly exciting as historical drill logs indicate the presence of nickel mineralization associated with
the Pipe Formation, which host s all the economic nickel mineralization within the Thompson Nickel
Belt.”
Pipy Project Overview
The Pipy Properties consist of three project areas : Pipy South, North and West , totaling 41.7 km2 in the
Thompson Nickel Camp (Figure 1). Initial exploration activities will focus on the Pipy South Project, which
is adjacent to the Mystery Lake South deposit, approximately 12 km northeast of the city of Thompson
and Vale’s Thompson Nickel Mine, with excellent road access and local infrastructure.
Phase I Exploration Program
The initial drill program at Pipy South will focus on fold closures at the north end of a folded host sequence
(synclinorium) that geologically defines the majority of the Pipy South claims (Figure 2). Drilling by INCO
in 1969 reported 8.2 metres of disseminated sulphides within which several zones were noted to contain
nickel sulphides. A second INCO hole drilled 300 metres to the north intersected 30 metres of an
ultramafic unit and bottomed in pegmatite without testing the lower edge of the ultramafic target.
Neither of these historical holes left casing in the ground and consequently are not available for
subsequent downhole electromagnetic surveys. The publicly available drill logs for the INCO holes do not
contain any assay data.
NiCAN plans to confirm the presence of the nickel sulphides and drill test favourable structural targets
(fold closures) that are known to be favourab le areas for sulphide accumulation within the Thompson
camp.
The second target area is focused on the eastern limb of the Pipy South fold (synclinorium) (Figure 2). In
1967, INCO reported 4.39 metres of “mineral zone breccia” in one hole and 1.3 metres of “mineral breccia”
in a second hole. The holes are 800 metres apart and on strike and within the favourable Pipe Formation
stratigraphy that trends north northeast. The INCO drill logs are summaries only and no assays are listed.
NiCAN plans several holes to confirm the presence of the mineralized zones intersected by INCO and to
test for extensions along strike and in within the target fold closures. The exact number of holes and
metres will be results dependant.
NiCAN has also identified 21 historic al INCO drill holes on the Pipy South Property that are potential
candidates for downhole electromagnetic (“EM”) surveying. The holes are in areas where historical drilling
successfully intersected nickel sulphides in addition to those dispersed across the claim group, which may
enable the exploration team to cost effectively screen a significant portion of the property for near hole
nickel bearing bodies. The depths of the holes average approximately 350 metres with the deepest being
more than 800 metres in length.
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Figure 2: Pipy South Proposed Drill Areas
Downhole EM technology did not exist in the 1960s when INCO initially drilled this area. A modern
downhole EM survey can successfully screen and/or detect significant conductive sulphide bodies up to a
200-metre radius around a drill hole and can help search for potential mineralized bodies missed by the
historical drilling. Additionally, the downhole EM data could potentially collect critical information at
depths well below the penetration depth of historical airborne EM surveys. This geophysical information
will be used to further refine the future diamond drilling programs and define new targets.
The Pipy South Project is underlain by an 8 km long folded (synclinal) structure exposing Ospwagan
Group sediments including the favourable Pipe Formation that hosts the nickel deposits in the
Thompson Nickel Belt.
A high-resolution Unmanned Aerial Vehicle (“UAV”) magnetic survey completed by NiCAN in 2022 was
instrumental in re interpreting the geology and resulted in a new structural model based on the three-
dimensional inverted data. The data indicates that the syncline is significantly more structurally
complicated than was historically believed and is comprised of two synclines on the east and west edges
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with an anticline in the middle. More importantly, the parasitic fold closures are in an ideal location to
concentrate massive sulphides (Figure 3 and Figure 4). Pipy South is located on the lower limb of a refolded
structure (nappe) , which hosts the Thompson T1 and T3 deposits further to the west. The historical
Birchtree and Pipe nickel mines are on strike with Pipy South , on the same folded lower limb of the
structure (nappe). Total production from the two mines and the Thompson mines now total over 150Mt
at 2.32% Ni.
Figure 3: Interpreted Geological Plan of the Pipy South Property
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Figure 4: Interpreted Geological Section (A-A’) of the Pipy South Property
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.
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
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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 o verruns 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. T he 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 5: NiCAN’s Project Locations in Manitoba, Canada