NiCAN Reports Additional Strong Drill Results from the Wine Project in Manitoba, including 8.6 Metres of 2.22% NiEq
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN Reports Additional Strong Drill Results from the Wine Project in Manitoba,
including 8.6 Metres of 2.22% NiEq
Toronto, Ontario – November 9, 2022 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) reports
additional assay results from its 2022 reconnaissance diamond drilling program at the Wine project in
Manitoba, Canada (Figure 4). These drill holes were completed to further the understanding of the overall
mineralization encountered on the Wine Occurrence and to assist in the targeting of future drilling within
the Wine Gabbro area.
Highlights (complete assays set out in Tables 1 and 2):
• Diamond drill hole Wine -22-03 intersected 8.6 metres at an average grade of 1.01% Cu, 1.89% Ni
(2.22% NiEq), 0.10% Co, and 0.46g/t PGM from 66. 6 to 75.4 metres and 1.8 metres at an average
grade of 3.64% Cu, 0.33% Ni (1.53% NiEq), 0.01% Co and 0.81g/t PGM from 79.5 to 81.3 metres.
• Diamond drill hole Wine -22-09 intersected 7.0 met res at an average grade of 1.57% Cu, 0.54% Ni
(1.07% NiEq), 0.59% Co and 0.24g/t PGM from 21.0 to 28.0 metres.
Note: Nickel equivalent (“NiEq”) was calculated using copper and nickel values only, Ni+(Cu*0.33)
Brad Humphrey, President, and CEO of NiCAN state d, “We are very happy with the overall results from
this initial reconnaissance drilling program on the Wine Occurrence. The grades and widths of
mineralization, including newly defined zones, exceeded our initial expectations for this program. We
have gained a much better understanding of the potential geological model , and the configuration and
grade of the mineralization, and will apply this knowledge to test multiple targets in the Wine Gabbro in
upcoming drilling programs.”
Drill Hole Wine-22-01
Hole Wine-22-01 (-50⁰) was drilled 20 meters north of hole Wine-22-05 in order to intersect the Main
mineralized zone and encountered 1.75 metr es of massive and disseminated pyrrhotite that averaged
1.93% NiEq and 2.56g/t PGMs (estimated true width of 1.2 metres). The mineralization is hosted in a light-
coloured gabbro unit. It is interpreted that this correlates to the base of the 27-metre mineralized zone
seen in hole Wine-22-05.
Drill Hole Wine-22-03
Hole Wine -22-03 (-45⁰) was drilled from the same drill pad and azimuth as hole Wine -22-01 and was
designed to intersect the Main mineralized zone. The hole intersected massive, semi-massive and stringer
sulphides hosted by a light-coloured gabbro over 8.6 metres at an average grade of 1.01% Cu, 1.89% Ni
(2.22% NiEq) and 0.46g/t PGM from 66.75 to 75.35 metres (estimated true width of 5.8 metres). A gabbro
unit from 79.45 to 81.25 with disseminated chalcopyrite and pyrrhotite averaged 3.64% Cu, 0.33% Ni
(1.53% NiEq) and 0.81g/t PGMs over 1.8 metr es (estimated true width of 1.2 metr es). The Main
mineralized zone remains open to the north.
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Drill Hole Wine-22-04
Hole Wine-22-04 was drilled 25 metres south of hole Wine-22-02 and was designed to intersect the Main
zone. The hole encountered 1.8 metr es at an average grade of 0.14% NiEq (estimated true width of 1.2
metres) within disseminated chalcopyrite and pyrrhotite hosted by a gabbro unit. The hole appears to
have undercut the Main mineralized zone.
Drill Hole Wine-22-09
Hole Wine-22-09 (-45⁰) was drilled from the same collar location as historic al holes EEL 346 and RAD07-
01 (Az 315 ⁰) but at an azimuth of 280 ⁰. The hole was designed to intersect the Main mineralized zone
approximately 15 metr es south of the mineralization encountered in hole Wine -22-02. The hole
unexpectedly hit a lens of mineralization further up the hole from 19.0 to 30.6 metres that averaged 1.12%
Cu, 0.4% Ni (0.77% NiEq) and 0.22g/t PGMs over 11.6 metres (estimated true width of 7.8 metres). This
included a 7.0-metre zone averaging 1.57% Cu, 0.54% Ni (1.07% NiEq), 0.59% Co and 0.24g/t PGM from
21.0 to 28.0 metres (estimated true width of 4.7 metr es). Two lower grade zones further down the hole
are interpreted to represent the Main zone. These include 6.8 metr es averaging 0.19% NiEq and 0.42
metres averaging 0.62% NiEq. Additional analysis is required to determine if the first zone int ersected in
this hole is a new mineralized pod or lens, or if it is part of the Main mineralized zone.
Figure 1: Drill Hole Locations – Wine Occurrence
* Historical drill hole assays are listed in Table 4.
N
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Figure 2: Drill Holes Wine-22-01, 22-03, 22-04 and 22-09 - Looking Towards Southwest (210 Degrees)
2022 Exploration Program
The initial 2022 reconnaissance and confirmation exploration program included an airborne geophysical
survey, partial resampling of a historical drill hole, downhole geophysical (electro-magnetic) surveys and
diamond drilling testing an area known as the Wine Occurrence, as well as other nearby anomalies. This
program successfully achieved NiCAN’s objective to confirm the presence of nickel -copper
mineralization at the Wine O ccurrence, 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. Subsequently, NiCAN completed an Airborne VTEM survey over the entire Wine
property area. The final analysis and compilation of this survey is nearly complete and will be used, along
with the 2022 exploration program and all historical data, to design the upcoming drilling program.
Assay, Analysis and QA/QC
All core samples were sent to the Saskatchewan Research Counc il (“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
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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 was 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
Laboratory Quality Control protocols were applied to the assay sample package by SRC. NiCAN submitted
a regular schedule of standards, bla nks 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 s plit with the two
quarter splits sent for separate assay.
NiCAN does not have any historic QA/QC data for the 2007 or earlier drill results.
Qualified Person
Mr. Bill Nielsen, P.Geo, a consultant to NiCAN, who is a qualified person under National Instrumen t 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 has a strong balance sheet and 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, b usiness, 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 si milar
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
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that certain events or conditions “may” or “will” occur. Forward -looking information is ba sed 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 materiall y 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 res ults 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 a nd 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 t hat 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 s uch 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 rel iance 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: Historical and 2022 Drill Hole Locations
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Figure 4: Wine Project Location
Table 1: Composite Assay Results for Drill Holes Wine-22-1, 22-03, 22-04 and 22-09
Drill Hole
ID
From
(m)
To
(m)
Length
(m)
Cu
(%)
Ni
(%)
NiEq
(%)
Co
(%)
Au
(g/t)
Pt
(g/t)
Pd
(g/t)
PGM
(g/t)
Wine-22-1 77.5 79.2 1.8 1.30 1.50 1.93 0.04 0.19 0.97 1.40 2.56
Wine-22-3 66.8 75.4 8.6 1.01 1.89 2.22 0.10 0.06 0.07 0.33 0.46
Wine-22-3 79.5 81.3 1.8 3.64 0.33 1.53 0.01 0.39 0.06 0.36 0.81
Wine-22-4 93.8 95.6 1.8 0.33 0.04 0.14 0.00 0.07 0.00 0.07 0.13
Wine-22-9 19.0 30.6 11.6 1.12 0.40 0.77 0.04 0.10 0.03 0.09 0.22
incl Wine-22-9 21.0 28.0 7.0 1.57 0.55 1.07 0.06 0.13 0.02 0.09 0.24
Wine-22-9 50.7 57.5 6.8 0.18 0.13 0.19 0.01 0.07 0.01 0.09 0.17
Wine-22-9 76.4 76.8 0.4 1.66 0.07 0.62 0.00 3.19 0.00 0.06 3.25
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Table 2: Assays Results for Drill Holes Wine-22-1, Wine-22-3, Wine-22-4, Wine-22-9
Hole Number From (m) To (m)
length
(m) Co% Cu% Ni%
Au
gm/t
Pt
gm/t
Pd
gm/t
Ag
gm/t
PGM
g/t
Ni Eq
%
Wine 22-1 76.4 77.4 1.0 0.00 0.10 0.01 0.03 0.00 0.00 0.70 0.04 0.04
Wine 22-1 77.4 78.2 0.8 0.10 1.20 3.61 0.06 2.35 1.09 10.10 3.50 4.01
Wine 22-1 78.1 78.6 0.5 0.00 0.08 0.02 0.04 0.02 0.02 1.20 0.08 0.05
Wine 22-1 78.6 79.2 0.6 0.01 1.85 0.13 0.46 0.08 2.80 20.90 3.34 0.75
Wine 22-1 79.2 80.0 0.8 0.00 0.06 0.01 0.00 0.00 0.01 0.40 0.01 0.03
Wine 22-1 41.4 42.4 1.0 0.00 0.19 0.00 0.01 0.00 0.00 1.20 0.01 0.07
Wine 22-1 42.4 43.4 1.0 0.00 0.02 0.00 0.00 0.00 0.00 0.10 0.00 0.01
Wine 22-1 38.4 39.4 1.0 0.00 0.02 0.00 0.00 0.00 0.00 0.10 0.00 0.01
Wine 22-1 39.4 40.4 1.0 0.00 0.01 0.00 0.00 0.00 0.00 0.30 0.00 0.00
Wine 22-1 40.4 41.4 1.0 0.00 0.03 0.00 0.00 0.00 0.00 0.10 0.01 0.01
Wine 22-3 29.5 30.2 0.7 0.00 0.04 0.00 0.00 0.00 0.00 0.10 0.01 0.02
Wine 22-3 30.1 31.1 1.0 0.00 0.05 0.00 0.00 0.00 0.00 0.10 0.01 0.02
Wine 22-3 31.1 32.1 1.0 0.00 0.03 0.00 0.00 0.00 0.00 0.10 0.00 0.01
Wine 22-3 32.1 33.0 0.9 0.00 0.02 0.00 0.00 0.00 0.00 0.10 0.00 0.01
Wine 22-3 65.7 66.7 1.0 0.00 0.40 0.01 0.03 0.00 0.16 1.10 0.18 0.14
Wine 22-3 66.7 67.3 0.6 0.01 5.01 0.24 0.12 0.16 0.24 12.00 0.53 1.91
Wine 22-3 67.3 68.3 1.0 0.17 0.63 3.47 0.04 0.01 0.58 5.70 0.63 3.68
Wine 22-3 68.3 69.1 0.8 0.15 0.70 3.12 0.08 0.01 0.36 3.00 0.45 3.35
Wine 22-3 69.1 70.1 1.0 0.18 0.34 3.67 0.00 0.06 0.14 0.10 0.20 3.78
Wine 22-3 70.1 71.1 1.0 0.00 0.01 0.08 0.00 0.01 0.00 0.10 0.01 0.08
Wine 22-3 71.1 72.1 1.0 0.07 1.14 1.38 0.09 0.02 0.46 3.80 0.56 1.76
Wine 22-3 72.1 73.0 0.9 0.09 0.41 1.86 0.08 0.21 0.83 1.50 1.12 1.99
Wine 22-3 73.0 73.7 0.7 0.00 0.01 0.02 0.00 0.00 0.01 0.10 0.01 0.02
Wine 22-3 73.7 74.5 0.8 0.13 0.27 2.29 0.09 0.10 0.17 8.00 0.37 2.38
Wine 22-3 74.3 75.3 1.0 0.01 0.15 0.15 0.04 0.01 0.05 1.20 0.11 0.20
Wine 22-3 75.3 76.7 1.4 0.00 0.29 0.02 0.04 0.03 0.03 2.00 0.10 0.12
Wine 22-3 76.7 78.0 1.3 0.00 0.12 0.01 0.00 0.01 0.01 1.00 0.02 0.05
Wine 22-3 78.0 79.5 1.5 0.00 0.02 0.01 0.00 0.00 0.01 0.40 0.01 0.02
Wine 22-3 79.5 80.4 0.9 0.00 1.77 0.14 0.50 0.06 0.27 15.20 0.84 0.73
Wine 22-3 80.4 81.3 0.9 0.01 4.79 0.45 0.20 0.05 0.38 43.50 0.64 2.05
Wine 22-4 93.8 94.8 1.0 0.00 0.20 0.03 0.04 0.00 0.07 2.00 0.11 0.10
Wine 22-4 94.8 95.6 0.8 0.00 0.49 0.04 0.09 0.00 0.07 5.80 0.16 0.20
Wine 22-9 7.8 9.0 1.2 0.01 0.21 0.07 0.00 0.01 0.06 0.30 0.08 0.14
Wine 22-9 9.0 10.2 1.2 0.00 0.03 0.01 0.00 0.00 0.01 0.10 0.02 0.02
Wine 22-9 10.2 11.0 0.8 0.00 0.08 0.02 0.00 0.00 0.03 0.10 0.04 0.05
Wine 22-9 11.0 12.0 1.0 0.00 0.02 0.01 0.00 0.00 0.00 0.10 0.01 0.02
Wine 22-9 12.0 13.0 1.0 0.00 0.00 0.01 0.00 0.00 0.00 0.10 0.00 0.01
Wine 22-9 13.0 14.0 1.0 0.00 0.02 0.01 0.00 0.00 0.00 0.10 0.00 0.02