NiCAN’s Drilling at the Wine Project, Manitoba, Canada Intersects Multiple Mineralized Zones, Including 2.32% NiEq over 31.5 Meters
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN’s Drilling at the Wine Project, Manitoba, Canada Intersects Multiple
Mineralized Zones, Including 2.32% NiEq over 31.5 Meters
Toronto, Ontario – January 31, 2024 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) is
pleased to report assay results from its Phase III drill ing program on the Wine Property located in the
Snow Lake area , Manitoba, Canada (Figure 4). This program expanded several mineralized zones at the
Wine Occurrence, including an upper zone that appears to be eastward dipping, and advanced our
understanding of the overall Wine Gabbro.
Highlights:
• Diamond drill hole Wine 23-29 intersected multiple zones of mineralization including,
o 31.5 meters averaging 1.90% Cu and 1.92% Ni (2.31% NiEq ) (Table 1 and Figure 1) - the
longest zone of continuous mineralization intersected to date, and also
o an Upper Zone averaging 2.20% Cu and 1.56% Ni (2.11% NiEq) over 9.6 meters (Table 2 and
Figure 2)
Table 1: Highlights from Diamond Drill Hole Wine 23-29
Drill Hole From (m) To (m) Thickness (m) Cu% Ni% NiEq% Co% PGMs g/t
Wine 23-29 4.2 13.8 9.6 2.20 1.56 2.11 0.068 0.600
Wine 23-29 36.5 68.0 31.5 1.90 1.93 2.32 0.087 0.614
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. A 6-year trailing average with a Nickel price: US$8.10/lb; Copper price
US$3.40/lb.
Brad Humphrey, President and CEO of NiCAN, commented, “We are happy to report the results from the
additional drilling at the Wine Occurrence , expanding the mineraliz ed zones and allowing for a
significant improvement in interpretation. This phase of drilling at the Wine Occurrence indicates that
the main mineralized zone likely extends to sub-surface further to the north and plunges moderately to
the southwest. A sub-cropping upper zone to the east , intersected at the top of hole Wine 23-29, has
also been further defined , and after additional analysis and interpretation indicate s a dip to the east
and plunge to the southwest . This Upper Zone is significant and further work is required to determine
the full extent of the zone.”
Table 2: Upper Zone - Wine Occurrence - Summary Assays
Drill Hole From (m) To (m) Thickness (m) Cu% Ni% NiEq% Co% PGMs g/t
Wine 22-6 7.4 17.1 9.8 2.09 1.23 1.79 0.051 0.471
Wine 23-16 4.2 11.9 7.7 1.69 1.12 1.55 0.043 0.367
Wine 23-17 4.6 10.4 5.4 0.99 0.81 1.04 0.031 0.188
Wine 23-29 4.2 13.8 9.6 2.20 1.56 2.11 0.068 0.600
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Figure 1. Diamond Drill Hole Wine 23-29 (45.2m-66.4m) Main Zone Mineralization
Figure 2. Diamond Drill Hole Wine 23-29 (7.35m-13.7m) Part of Upper Zone Mineralization
Phase III Drill Program – Wine Occurrence
Diamond drill hole Wine 23-29, drilled from an existing drill pad , tested an area to the south of diamond
drill hole Wine 22-5, which intersected significant nickel-copper mineralization.
The Company interprets diamond drill hole Wine 23-29 to have intersected an upper, sub-cropping zone,
which assayed 2.20% Cu and 1.56% Ni (2.11% NiEq) over 9.6 meters followed by three middle zones that
returned lower grade mineralization. The main zone returned 31.5 meters at 1.90% Cu and 1.9 2% Ni
(2.31% NiEq ); the greatest length of continuous mineralization intersected to date at the Wine
Occurrence. True widths are interpreted to be approximately 80% of intersected widths.
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Figure 3: Longitudinal Section of Upper Zone Looking Southeast (Wine Occurrence)
Phase III Exploration Program – Wine Property
The Phase III exploration program at the Wine project included 2,209 meters of diamond drilling and was
designed to further drill test the Wine Occurrence as well as several additional greenfield geophysical
targets throughout the Wine Gabbro. A total of 1 7 holes were drilled. The original program had 1 ,700
meters planned but much improved drill productivity allowed for an additional 500+ meters to be drilled
while remaining within the allotted budget.
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) as well as borehole and ground TDEM surveys, were drill tested.
The Phase III Wine drill program followed up on the significant results returned from the Phase II drill
program completed in the first quarter of 2023 , during which a new nickel bearing horizon within the
Wine Gabbro was discovered. The new mineralized horizon is situated approximately 600 meters east of
the Wine occurrence and , to date, has displayed disseminated, network and narrow widths of massive
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sulphides over a strike length of 1.4 kilometers. Pyroxenite and ultramafic horizons have been defined
within the Wine Gabbro and these display a close association to intersected mineralization.
Diamond drill hole Wine 23 -21 intersected significant lengths of disseminated nickel bearing pyrrhotite
and chalcopyrite. This included 19.5 meters averaging 0.21% NiEq, 16 meters averaging 0.3 3% NiEq and
3.3 meters averaging 0.36% NiEq. Diamond drill hole Wine 23-7 located 100 meters to the southwest had
previously intersected 13.5 meters averaging 0.4 9% NiEq, while Hole Wine 23-22 intersected 7.5 meters
averaging 0.27% NiEq.
This new assay data will be added to our geological database and model for further analysis and
interpretation.
Analogies to Historical Lynn Lake Nickel Deposits
NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may be analogous 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 area 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 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, 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,
• A 6-year trailing average nickel price: US$8.10/lb; copper price US$3.40/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 mineral potential of the property, projected property analogues, future
exploration programs and the funding thereof, and the plans 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 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 pro jected 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 di sputes 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
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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 statem ents. The Company 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 4: Wine Project Location, Manitoba, Canada