NiCAN To Commence Drilling at Wine Nickel Property, Manitoba, Canada
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN To Commence Drilling at Wine Nickel Property, Manitoba, Canada
Toronto, Ontario – January 1 1, 202 3 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) is
pleased to provide plans for the upcoming 2023 winter drilling program on the Wine Property located in
the Snow Lake area in Manitoba, Canada (Figure 1) . With permits and contracts in hand, preparation
work is advancing, and drilling is expected to commence in the coming weeks.
NiCAN anticipates drilling a minimum of 2,000 metres to test several targets identified by the Versatile
Time Domain Electromagnetic (“VTEM”) airborne geophysical survey completed in 2022 (see press release
dated November 14, 2022). The VTEM survey was designed to define the location and depth of conductive
sources that have a similar signature to the nickel hosted mineralization intersected at the “Wine
Occurrence” which returned high grade nickel and copper results in the initial phase of drilling completed
in 2022. A significant number of the VTEM anomalies were defined within the Wine Gabbro region and
have been geophysically modelled. Drill hole s have subsequently been designed to effectively intersect
the suspected sulphide bodies defined by these models.
Brad Humphrey, President, and CEO of NiCAN, stated, “We are eager to drill test the VTEM targets within
the Wine Gabbro area that hosts the previously drill tested Wine Occurrence. The initial phase of drilling,
combined with the geophysical modelling, has significantly enhanced our understanding of the varied
sulphide concentrations within the Wine Gabbro and improved our ability to identify targets . NiCAN is in
a strong position with a solid balance sheet and highly prospective nickel sulfide projects in established
mining jurisdictions.”
Beyond the immediate Wine Gabbro area, numerous VTEM conductors were defined in the southern
portion of the property , within the Reed Lake Mafic -Ultramafic Complex, where past rock sampling has
indicated anomalous copper and PGM values. Five of these targets have been geophysically modelled for
drill testing in 2023.
The drill program will follow up on the significant results returned from the first phase of drilling in 2022,
which included:
• Diamond drill hole Wine-22-05 intersected 27.3 metres at an average grade of 2.01% Ni, 1.81%
Cu (NiEq of 2.61%), 0.09% Co, 0.20 g/t Au and 0.28 g/t Pd;
• Diamond drill hole Wine -22-06 intersected 9.8 metres at an average grade of 1.23% Ni, 2.09%
Cu (1.92% NiEq), 0.051% Co, 0.33 g/t Au, 0.016 g/t Pt and 0.12 g/t Pd;
• Diamond drill hole Wine -22-03 intersected 8.6 metres at an average grade of 1.89% Ni, 1.01%
Cu (2.22% NiEq), 0.10% Co, and 0.46g/t PGM.
Analogies to Historical Lynn Lake Nickel Deposits
NiCAN believes that the mineralization hosted by the Wine Gabbro may have analogies to the nickel-
copper deposits in the Lynn Lake area where approximately 22.2 million tonnes averaging 1.0% nickel and
0.5% copper were historically mined . 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.
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QAQC
With respect to the Geotech 2022 Versatile time-domain airborne electromagnetic (“VTEM”) geophysical
data collected over the Wine project area in Manitoba, Canada , a total of 550 line-km of VTEM data was
collected on east-west lines with a line spacing of 100m. The VTEM data were quality controlled first by
Geotech before being sent to the Company’s geophysical consultant for further quality control purposes
and Maxwell modelling.
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 press release.
About NiCAN
NiCAN Limited is a mineral exploratio n 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 information inclu des, 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 stateme nts
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
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forward-looking information. Many of thes e 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 attempte d 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 o r 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.
Figure 1: Wine Project Location