NiCAN Expands the Wine Occurrence at the Wine Project, Manitoba, Canada Multiple Zones Intersected Including 1.91% NiEq over 23.5 Meters
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN Expands the Wine Occurrence at the Wine Project, Manitoba, Canada
Multiple Zones Intersected Including 1.91% NiEq over 23.5 Meters
Toronto, Ontario – May 24, 2023 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) is pleased
to announce that its 2023 winter drilling program on the Wine Property located in the Snow Lake area ,
Manitoba, Canada (Figure 2) has expanded several mineralized zones at the Wine Occurrence.
Highlights:
• Diamond drill hole Wine 23 -16 intersected four zones of mineralization including 12.6 met ers at
1.52% Ni and 2.01% Cu (1.93% NiEq), from 48.3 to 60.9 meters (Table 1).
• Diamond drill hole Wine 23 -17 intersected t hree zones of mineralization incl uding 23.5 met ers at
1.59% Ni and 1.76% Cu, (1.91% NiEq), from 18.6 to 42.1 meters (Table 1, Figure 1).
Note: Nickel equivalent grades include nickel and copper values only and assu me 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.
Table 1: Composite Assays Wine-23-16 and 23-17
Hole # From To m Co% Cu% Ni% PGM g/t NiEq%
Wine 23-16 4.2 11.9 7.7 0.428 1.69 1.12 0.367 1.49
Wine 23-16 23.7 28.0 4.3 0.042 1.96 0.98 0.659 1.46
Wine 23-16 33.8 41.3 7.5 0.048 1.02 1.13 0.444 1.29
Wine 23-16 48.3 60.9 12.6 0.063 2.01 1.52 0.649 1.93
Wine 23-17 4.6 10.4 5.8 0.032 0.99 0.81 0.188 1.00
Wine 23-17 18.6 42.1 23.5 0.067 1.76 1.59 0.514 1.91
Wine 23-17 47.7 48.6 0.9 0.038 0.38 0.80 0.311 0.89
Brad Humphrey, President, and CEO of NiCAN, commented , “We are pleased with the results from the
additional drilling at the Wine Occurrence, expanding the mineralization to the north. Our Phase II drill
program at the Wine project had two objectives; we achieved the first, expanding, and increasing our
understanding of, the known zones to the north of the Wine Occurrence . The second objective was to
test several geophysical anomalies within the Wine Gabbro for anomalous nickel and copper values
with a similar signature to that at the Wine Occurrence. We expect to report on the Wine Gabbro drilling
in the coming weeks. The next step for the Wine project is to complete downhole and surface geophysics
as well as geochemical surveys to assist in identifying targets for a follow-up drill program.”
Phase II Drill Program – Wine Occurrence
Diamond drill holes Wine 23-16 and Wine 23-17, drilled from an existing drill pad, tested an area to the
north of diamond drill hole Wine 22-5, which intersected significant nickel-copper mineralization.
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We interpret diamond drill hole Wine 23-16 to have intersected an upper, sub -cropping zone, which
assayed 1.69% Cu and 1.12% Ni (1.49% NiEq) over 7.7 meters followed by two middle zones that returned
1.96% Cu and 0.98% Ni (1.46% NiEq) over 4.3 meters as well as 1.02% Cu and 1.13% Ni (1.29% NiEq) over
7.5 meters. The main zone returned 12.6 meters at 2.01% Cu and 1.52% Ni (1.93% NiEq). True widths are
interpreted to be approximately 80% of intersected widths.
We believe diamond drill hole Wine 23-17 intersected the sub -cropping upper zone returning 0.99% Cu
and 0.81% Ni (1.00% NiEq) over 5. 8 meters. This was followed by a middle zone that assayed 1.76% Cu
and 1.59% Ni (1.91% NiEq) over 23.5 meters. The hole drilled over the top of the main zone intersecting
0.9 meters at 0.43% Cu and 0.88% Ni (0.89% NiEq). It is interpreted that the two narrow er mineralized
zones encountered in holes Wine 22-5 and Wine 23-16 have merged into a broader zone to the north in
hole Wine 22-17.
The mineralization remains open to the north.
Figure 1: Diamond drill hole Wine 23-17 from approximately 25.0 meters to 42.1 meters - Middle Zone
mineralization
Phase II Exploration Program – Wine Property
The Phase II exploration program at the Wine project included approximately 2,800 meters of diamond
drilling and was designed to drill test the Wine Occurrence to the north and drill test a number of
additional greenfield geophysical targets throughout the Wine Gabbro. Results-dependent, many of the
targets will subsequently be followed up with downhole and ground geophysics as well as geochemical
surveys to further define targets for a Phase III exploration program which is expected to commence later
this summer.
Over the broader Wine Gabbro area, multiple conductive targets identified by the Versatile Time Domain
Electromagnetic (“VTEM”) airborne geophysical survey completed in 2022 (see press release dated
November 14, 2022) were tested. The VTEM survey was designed to define the location and depth of
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conductive sources that have a similar signature to the high grade nickel hosted mineralization intersected
at the Wine Occurrence.
The Phase II Wine drill program followed up on the significant results returned from the Phase I drill
program completed in 2022, including:
• Diamond drill hole Wine 22-5 intersected 27.3 meters at 2.01% Ni and 1.81% Cu (2.28% NiEq);
• Diamond drill hole Wine 22-6 intersected 9.8 meters at 1.23% Ni and 2.09% Cu (1.71% NiEq); and
• Diamond drill hole Wine 22-3 intersected 8.6 meters at 1.89% Ni and 1.01% Cu (1.92% NiEq).
The a dditional downhole and surface Time Doma in Ele ctromagnetic (“TDEM”) surveys have been
designed. The surveys are scheduled to be completed once permits have been approved.
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 w ere 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 contains numerous similarities and has seen very little exploration for
nickel-copper deposits.
QAQC
All core samples are 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 reco vered 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
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 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.
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,
• nickel price: US$10.00/lb; copper price US$3.75/lb.
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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
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 informat ion 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,” “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 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.
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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 upd ate 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.
Figure 2: Wine Project Location, Manitoba, Canada
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Figure 3: Historical and 2022 Drill Hole Locations – Diamond Drill holes Wine 23-16 and Wine 23-17,
were drilled to the north from Diamond Drill pad Wine 22-06
Wine Gabbro area
Wine Occurrence area
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Figure 4: Interpreted Mineralized Zones with NiEq % Assays - Selected Drill Holes
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.
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Figure 5: Plan View of Drilling Wine Occurrence – Selected Holes