NiCAN Mobilizes Diamond Drill and Geophysical Crew to the Wine Property, Manitoba
NiCAN Limited
130 King St West, Suite 3680
P.O Box 99
Toronto, ON M5X 1B1
NiCAN Mobilizes Diamond Drill and Geophysical Crew to the Wine Property, Manitoba
Toronto, Ontario – February 28, 202 4 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) is
pleased to report that it has mobilized a diamond drill and geophysical crew to the Wine Property located
in the Snow Lake area , Manitoba, Canada. This diamond drill program will follow up on the previously
announced results at the Wine Occurrence.
Highlights:
• Diamond drill mobiliz ed to the Wine Property to test the extent of the Wine Occurrence and
additional geophysical targets. Anticipate completing 6-8 additional holes before the end of March.
• Geophysical crew mobilized to the Wine Property to identify potential deep-seated nickel and VMS
targets.
Brad Humphrey, President, and CEO of NiCAN, commented, “We are very encouraged by the results from
the diamond drilling at the Wine Occurrence in the Fall 2023 program, and have elected to immediately
carry out additional drilling with the objective of expanding the various interpreted mineralized zones.
Results from the diamond drilling at the Wine Occurrence indicate that the M ain Zone potentially
extends to sub-surface further to the north and plunges moderately to the southwest, which we will be
testing in this program. We will also further define the Upper Zone and test an additional zone
interpreted immediately to the east.
While on the ground at Wine, we will also complete an extensive ground, deep penetrating Time
Domain EM survey with the objective of defining deep -seated nickel and other base metal targets at
depths beyond the reach of the airborne VTEM survey completed in 2022. We are focusing on the Wine
Gabbro environment where several mineralized nickel bearing horizons have been defined as well as
VMS stratigraphy that hosts several copper-zinc deposits to the north and south of the Wine Property.
Defined conductors will be evaluated and considered for follow up drilling in future programs.”
Table 1: 2023 Main Zone - Wine Occurrence – Summary Assays
Drill Hole From (m) To (m) Thickness (m) Cu% Ni % NiEq%
Wine 23-16 48.3 60.9 12.6 2.01 1.52 2.01
Wine 23-17 18.6 42.1 23.5 1.76 1.59 1.98
Wine 23-29 36.5 68.0 31.5 1.90 1.93 2.32
Table 2: Upper Zone - Wine Occurrence - Summary Assays
Drill Hole From (m) To (m) Thickness (m) Cu% Ni% NiEq%
Wine 22-6 7.4 17.1 9.8 2.09 1.23 1.79
Wine 23-16 4.2 11.9 7.7 1.69 1.12 1.55
Wine 23-17 4.6 10.4 5.4 0.99 0.81 1.04
Wine 23-29 4.2 14.8 9.6 2.20 1.56 2.11
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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 were 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 area contains numerous similarities and has seen very little exploration
for nickel-copper deposits.
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
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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
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 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 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.
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. 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 1: Wine Project Location, Manitoba, Canada