NiCAN Confirms Historical Results at the Wine Project 20.36 Meters of 2.09% Nickel Equivalent
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN Confirms Historical Results at the Wine Project
20.36 Meters of 2.09% Nickel Equivalent
Toronto, Ontario – August 23, 2022 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) has
received assay results from historical core drilled at the Wine project in 2007, which confirm the high-
grade historical assays. The resampling work is part of the exploration program completed in the first half
of 2022, which included 17 confirmation and reconnaissance diamond drill holes. The 56.8km2 Wine
property is located west of Snow Lake in Manitoba (see Figure 3) . NiCAN is a recently listed nickel
exploration company actively exploring nickel projects on known mineral belts in Manitoba, Canada ,
trading under the symbol “NICN” on the TSX Venture Exchange (“TSX-V”).
Highlights:
• Resampling of sections of drill hole RAD07-01 supported the historical assay results of 20.36 metres
of 1.38% Ni, 2.14% Cu, 0.4g/t Au, and 0.06% Co or 2.09% Ni equivalent (“NiEq”). This compares to
the 2.06% NiEq previously reported in 2007. (Note: True width is estimated at 16 metres and Ni Eq
was calculated using copper and nickel values only.)
Brad Humphrey, President, and CEO of NiCAN stated, “We were excited to retrieve the previously drilled
RAD07-01 drill core, as it allowed us to resample and confirm the spec tacular assays reported in 2007.
NiCAN eagerly awaits new assay and survey results from the initial 2022 exploration program expected in
the coming weeks. NiCAN is in a strong position with a solid balance sheet and highly prospective Ni-Cu
assets in stable jurisdictions.”
2022 Exploration Program
The initial 2022 Exploration program included an airborne geophysical survey, partial resampling of a
historical drill hole, downhole geophysical (electro-magnetic) surveys and 17 diamond drill holes for 1,600
meters testing an area known as the Wine Occurrence, as well as seven other nearby anomalies. The
objective of this program was to confirm the presence of nickel-copper mineralization at the Wine
Occurrence, better understand the orientation o f the mineralization and improve NiCAN’s
understanding of the geological model, which will be used to better target future drilling programs.
The drill assay results are pending. NiCAN anticipates receiving and releasing the results, following quality
control, over the next several weeks.
Resampling
Core from drill hole RAD07-01, which was drilled in 2007, was located earlier in the year . Given the high
metal assay results, and that these results were not verifiable, NiCAN undertook a relogging and
resampling program. This allowed for a recalculation of 20.36 metres of 1.38% Ni, 2.14% Cu, 0.4g/t Au,
and 0.06% Co or 2.09% NiEq (NiEq was calculated using copper and nickel values only. Copper values were
multiplied by 0.33 and added to the nickel value). The original 2007 assays indicated 20.36m of 1.31% Ni,
2.27% Cu, 0.32g/t Au, and 0.05% Co from 55.66m to 76.02m.
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NiCAN has also determined that Hudson Bay’s 1984 hole EEL346 ( -45⁰), that returned 16.46 meters of
0.85% Ni and 1.43% Cu or 1.32% NiEq , was drilled from the same collar location as hole RAD07 -01 (-49⁰)
(see Figure 1 and 2).
Figure 1: Drill section of Hole RAD07-01 and EEL 346
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Figure 2: Historical Drill Hole Locations
Assay, Analysis and QA/QC
All core samples were sent to the Saskatchewan Research Council ( “SRC”) in Saskatoon (an accredited
laboratory) by secure transport for base and precious metal assay. Base metals were assayed by their ICP3
package, which includes a total of 35 analytes by ICP-OES (Inductively Coupled Plasma – Optical Emission
Spectroscopy). Partial digestions were performed on a 0.5 gram aliquot of sample pulp which was digested
in a mixture of HCl:HNO3, in a hot water bath and then diluted to 15 ml using deionized water. Over-limits
for copper, nickel and cobalt had an aliquot of 1.0 gram sample pulp digested in a concentration of
HCl:HNO3. The digested volume was then made up with deionized water for analysis by ICP -OES. Fire
Assay Techniques involved a 30 gram aliquot of sample pulp which was mixed with a standard fire assay
flux in a clay crucible and a silver inquart added prior to fusion. 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 then parted in dilute HNO3. The precious metals were then
dissolved in aqua regia and then diluted for analysis by ICP-OES
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Laboratory Quality Control protocols were applied to the assay sample package by SRC. 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 re ference 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.
NiCAN does not have any historical QA/QC data for the 2007 or earlier drill results.
Mr. Bill Nielsen, a consultant to NiCAN, who is a qualified person under National Instrument 43-101 has
reviewed and approved the scientific and technical information in this press release.
About NiCAN
NiCAN Limited is a mineral exploration company, tradi ng 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
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, 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
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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 3: Wine Project Location