NiCAN Doubles Land Position at the Pipy Project in Thompson, Manitoba
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN Doubles Land Position at the Pipy Project in Thompson, Manitoba
Toronto, Ontario – September 6, 2022 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) has
expanded its land position at its Pipy Project (“Pipy”) along the Thompson Nickel Belt, now totaling over
24 km2 of prospective ground (Figure 1). The new claims , known as Pipy North, cover an area of 11. 84
km2, and are contiguous with Vale’s property to the south.
Highlights:
• Doubled land position at the Pipy project, now totaling over 24 km2
• Targeting high grade nickel sulphide mineralization similar to the Thompson T1 and T3 mines
• Initial work plan includes airborne electromagnetic survey followed by a diamond drilling program
• Prospective Pipe Formation on Pipy South has been defined via historical drilling and recently
completed airborne magnetic surveys
Figure 1: NiCAN’s Land Position at the Pipy Project in Thompson Manitoba
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The newly acquired Pipy North claims are interpreted to be underlain by the Pipe Formation, confirmed
by available aeromagnetic and government geological mapping . The Pipe Formation is known to host all
the nickel deposits in the Thompson area. A folded anticlinal structure is interpreted along with iron
formation of the Pipe Formation and associated ultramafic rocks. Pipy North is along strike from Pipy
South (Figure 2 ) and sits in the same structural stratigraphic position as Vale’s formerly producing
Birchtree Mine, 18 km to the southwest along strike.
Figure 2: Geological Structure of the Pipy Land Package
Pipy South Claim Group
The two Pipy South claim areas cover 13 km2 and are 12 km north of the Thompson Mine and adjacent to
the Mystery Lake South ultramafic hosted deposit. The property is underlain by an 8 km long synclinal
structure exposing Ospwagan Group sediments including the critical Pipe Formation that host the nickel
deposits in the Thompson Nickel Belt.
The recently acquired high-resolution UAV airborne magnetic survey was instrumental in interpreting the
geology and a new structural model was developed from the three-dimensional inverted magnetic data.
The magnetic data revealed the syncline comprised of two synclines on the east and west edges with an
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anticline in the middle. The various fold closures associated with the synclines and anticlines are an ideal
location to structurally concentrate massive sulphides (Figure 3).
Figure 3: Similar Stratigraphy and Structural Setting to the Thompson Deposit – Pipy South vs
Thompson T1 and T3 Deposits
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Pipy South was explored in the late 1950s, through the early 1970s. There are 71 historical drill holes, 48
of which were drilled by INCO Limited (“INCO”) in 1967 and 1968. Much of the early drilling was shallow
and appears to be testing conductors. The assessment files only contain summary logs for the 1967 INCO
drilling with more detailed logs for 9 of the 12 drill holes drilled in 1968. Importantly, six drill holes mention
significant intervals of disseminated sulphides , including short intervals of massive sulph ides or sulphide
breccia and three drill holes mention pentlandite. Several drill holes intersected intervals of ultramafic
rock. None of the INCO drill logs included any assay information.
The Company has identified several drill targets as a result of th e historical drilling data and the new
structural model of Pipy South.
Pipy North Claim Group
The newly acquired ground covers an area of 11.84 km2 of stratigraphy over a folded strike length of 6 km
similar to that which hosts the world-class Thompson T1 and T3 deposits located 28 km to the southwest.
Historical drilling of 1,720 metres in nine drill holes by I NCO in 1967 and 19 68 and one drill hole by
Falconbridge Limited in 2001 intersected Pipe Formation sulphide iron formation and ultramafic
intrusions, the key ingredients for nickel deposit formation in the Thompson Nickel Belt.
Three of the INCO drill holes cut significant lengths of ultramafic rocks from 50 metres to 100 metres in
core length. The INCO drill logs are summary logs, which do not provide detailed descriptions of lithology,
mineralization, or assay data. The area has been flown by airborne geophysical surveys, both magnetic
and electromagnetic, also covered locally by HLEM ground geophysics.
The historical geophysical testing systems were not as powerful as the technology available today and
predate recent advances in 3D modelling and inversions. NiCAN intends to leverage all the advantages of
recent geophysical systems, 3D modelling softwa re, in house expertise, and recent research on the
Thompson Nickel Belt to model a comprehensive structural and geological representation to guide future
drilling.
Qualified Person
Mr. Stan 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]
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www.nicanltd.com
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Cautionary Note Regarding Forward-Looking Statements
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condition of NiCAN Limited. Forward -looking in formation 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 C ompany; future
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