NiCAN Intersects Nickel Bearing Massive Sulphides on the Pipy South Project, Thompson Manitoba
NiCAN Limited
130 King St West, Suite 3680
P.O Box 99
Toronto, ON M5X 1B1
NiCAN Intersects Nickel Bearing Massive Sulphides
on the Pipy South Project, Thompson Manitoba
Toronto, Ontario – January 19, 2026 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN/
OTCQB:NILTF/FRA:W8Y) is pleased to report that it has intersected nickel bearing massive sulphides in its
Phase I reconnaissance drilling and geophysical program on the Pipy South Nickel Project close to
Thompson Manitoba.
To date, NiCAN has drilled a total of 1,264 metres (m) in nine diamond drill holes on the project. Drill hole
PIPY25-06 intersected 1. 45m of nickel bearing massive sulphides at 60m below surface within the Pipe
Formation unit, 20km north of the Thompson Nickel Mine. The Pipe Formation hosts all of the economic
nickel mineralization within the Thompson Nickel Belt . Visual examination of the core indicates the
presence of fine disseminations and thin seams of pentlandite (nickel sulphides) and handheld XRF -
readings confirms the interval to be nickel bearing (Figure 1). Assays are pending.
Drill Hole PIPY25-06
Diamond drill hole PIPY25 -06 was drilled in the vicinity of a historical 1966 INCO diamond drill hole that
intersected a 1.35m zone described in the drill-log as “mineral breccia” (Manitoba Assessment File 99136).
No assays accompanied the drill log . Another INCO drill hole located 250 m to the south of PIPY25-06
intersected 2.13m of “mineral zone” indicating good to excellent potential to expand the mineralization.
Strong Associated Geophysical Response
A downhole electromagnetic (BHEM) survey conducted on PIPY25 -06, displayed an in -hole conductive
anomaly which correlates well with the intersected mineralization. Four surface lines of transient
electromagnetic (TEM) survey were also completed over the immediate area and 400m to the south. The
geophysical survey displayed strong conductivity over the entire 400 m length, with the anomaly open
along strike to the north and south as well as up and down dip (Figure 2).
Based on NiCAN’s detailed aeromagnetic survey the prospective Pipe Formation stratigraphy intersected
in PIPY25-06 can be traced for five kilometres along strike on NiCAN’s two claim blocks . Two-kilometres
of the five kilometre Pipe Formation ’s prospective strike length is present o n the southern claim block
where historical hole BD-02 (Manitoba Assessment Report 99102) reported two 0.3m intervals of 1.55%
and 1.04% nickel within Pipe Formation sediments (Figure 2). Follow up work is planned as the thickness
of sulphide intersections can vary significantly along strike due to the polyphase deformation within the
Thompson Nickel Belt and relatively thin intervals can be present adjacent to much thicker zones as
illustrated in the 1C orebody at the Thompson Nickel Mine (Figure 3).
Brad Humphrey, President and CEO of NiCAN, commented , “NiCAN is excited to report confirmation of
nickel bearing sulphides on the highly prospective Pipy South Property. The primary objective of this
reconnaissance drill pr ogram was to test for the presence of nickel mineralization. This intersection
clearly indicates that there is nickel within the favourable Pipe Formation, which underlies the Pipy
South Property . Geophysical surveys completed downhole and across the strik e of the intersection
suggests it remains open to the north and south as well as up and down dip.”
“The project area has excellent access, with roads and existing trails cutting across the property and is
located just north of the City of Thomspon, which hosts Vale’s long producing, Thompson Nickel Mine
2
Complex. Pipy South is underlain by the essential Pipe Formation, which is known to host all the
economic nickel mineralization within the Thompson Nickel Belt.”
Figure 1: Core Image of Massive Sulphides in PIPY25-06
Figure 2: Pipy South 2025 Diamond Drill Holes
Four diamond drill holes (PIPY25-01,02,02A,03) that tested targets elsewhere on the property were not
on the same trend as PIPY25 -06. All intersected Pipe Formation but did not cut significant massive
3
sulphides. The remaining four holes were drilled on newly acquired claim s tied on to the northwest
boundary of the Pipy South Property (Figure 2). Assays are pending.
Figure 3: Thompson Nickel Deposit 1C Ore Zone Section
Source: Camiro TNB Project 97E-02 Final Report (2004 Revision)
NiCAN plans follow-up drilling to trace and expand the nickel bearing massive sulp hide zone intersected
in PIPY25-06. Additionally, an airborne electromagnetic survey is being designed to trace the conductive
trend that hosts the massive sulphides and define other prospective mineralized zones.
Pipy Project Overview
The Pipy South Project is included in an Exploration Agreement with Nisichawayasihk Cree Nation (“NCN”).
The Pipy Properties consist of three project areas, Pipy South, Pipy North and Pipy West, totaling 69.3 km2
in the world class Thompson Nickel Belt. Initial exploration activities will focus on the Pipy South Project,
which is adjacent to the Mystery Lake South area, located approximately 20 km northeast of the City of
Thompson and Vale’s Thompson Nickel Mine, with excellent road access and local infrast ructure (Figure
4).
4
Figure 4: Pipy South Property Location and Infrastructure
Note: Mineral Resources for Moak Lake and Mystery Lake deposits are historical resource estimates listed
in Manitoba Energy and Mines Geological Services Open File Report OF90 -2. The historical mineral
resource for the Mel Deposit is listed in 43-101 Victory Nickel Inc. Technical Report on Mel Deposit (2007).
5
Qualified Person
Mr. Stan ley Clemmer, P.Geo, a n independent 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, the high grade nickel-copper Wine Project and highly
prospective Pipy Project, 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 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 ,” “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 o n 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 f actors 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 chang es 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 fact ors 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
6
and future events could differ materially from those anticipated in such statements. The Co mpany
undertakes no obligation to update forward -looking information if circu mstances 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 t erm is defined in policies of the TSX -V)
accepts responsibility for the adequacy or accuracy of this release.
Figure 5: NiCAN’s Project Locations in Manitoba, Canada