NiCAN Doubles Land Position at the Pipy Project in Thompson, Manitoba

NICAN Limited ("NiCAN" or the "Company") (TSXV: NICN) has expanded its land position at its Pipy Project ("Pipy") along the Thompson Nickel Belt, now totaling over 24 km 2 of prospective ground (Figure 1). The new claims, known as Pipy North, cover an area of 11.84 km 2 and are contiguous with Vale's property to the south.

Highlights:

  • Doubled land position at the Pipy project, now totaling over 24 km 2
  • Targeting high grade nickel sulphide mineralization similar to the Thompson T1 and T3 mines
  • Initial work plan includes airborne electromagnetic survey followed by a diamond drilling program
  • Prospective Pipe Formation on Pipy South has been defined via historical drilling and recently completed airborne magnetic surveys

Figure 1: NiCAN's Land Position at the Pipy Project in Thompson Manitoba (CNW Group/Nican Ltd.)

The newly acquired Pipy North claims are interpreted to be underlain by the Pipe Formation, confirmed by available aeromagnetic and government geological mapping. The Pipe Formation is known to host all the nickel deposits in the Thompson area. A folded anticlinal structure is interpreted along with iron formation of the Pipe Formation and associated ultramafic rocks. Pipy North is along strike from Pipy South (Figure 2) and sits in the same structural stratigraphic position as Vale's formerly producing Birchtree Mine, 18 km to the southwest along strike.

Figure 2: Geological Structure of the Pipy Land Package (CNW Group/Nican Ltd.)

Pipy South Claim Group

The two Pipy South claim areas cover 13 km 2 and are 12 km north of the Thompson Mine and adjacent to the Mystery Lake South ultramafic hosted deposit. The property is underlain by an 8 km long synclinal structure exposing Ospwagan Group sediments including the critical Pipe Formation that host the nickel deposits in the Thompson Nickel Belt.

The recently acquired high-resolution UAV airborne magnetic survey was instrumental in interpreting the geology and a new structural model was developed from the three-dimensional inverted magnetic data. The magnetic data revealed the syncline comprised of two synclines on the east and west edges with an anticline in the middle. The various fold closures associated with the synclines and anticlines are an ideal location to structurally concentrate massive sulphides (Figure 3).

Figure 3: Similar Stratigraphy and Structural Setting to the Thompson Deposit – Pipy South vs Thompson T1 and T3 Deposits (CNW Group/Nican Ltd.)

Pipy South was explored in the late 1950s, through the early 1970s. There are 71 historical drill holes, 48 of which were drilled by INCO Limited ("INCO") in 1967 and 1968.  Much of the early drilling was shallow and appears to be testing conductors. The assessment files only contain summary logs for the 1967 INCO drilling with more detailed logs for 9 of the 12 drill holes drilled in 1968. Importantly, six drill holes mention significant intervals of disseminated sulphides, including short intervals of massive sulphides or sulphide breccia and three drill holes mention pentlandite. Several drill holes intersected intervals of ultramafic rock. None of the INCO drill logs included any assay information.

The Company has identified several drill targets as a result of the historical drilling data and the new structural model of Pipy South.

Pipy North Claim Group

The newly acquired ground covers an area of 11.84 km 2 of stratigraphy over a folded strike length of 6 km similar to that which hosts the world-class Thompson T1 and T3 deposits located 28 km to the southwest. Historical drilling of 1,720 metres in nine drill holes by INCO in 1967 and 1968 and one drill hole by Falconbridge Limited in 2001 intersected Pipe Formation sulphide iron formation and ultramafic intrusions, the key ingredients for nickel deposit formation in the Thompson Nickel Belt.

Three of the INCO drill holes cut significant lengths of ultramafic rocks from 50 metres to 100 metres in core length.  The INCO drill logs are summary logs, which do not provide detailed descriptions of lithology, mineralization, or assay data. The area has been flown by airborne geophysical surveys, both magnetic and electromagnetic, also covered locally by HLEM ground geophysics.

The historical geophysical testing systems were not as powerful as the technology available today and predate recent advances in 3D modelling and inversions. NiCAN intends to leverage all the advantages of recent geophysical systems, 3D modelling software, in house expertise, and recent research on the Thompson Nickel Belt to model a comprehensive structural and geological representation to guide future drilling.

Qualified Person

Mr. Stan Clemmer , 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 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 .

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, NiCAN's ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of the properties of the Company; 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 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 forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company 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 Company 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 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.

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SOURCE Nican Ltd.

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NiCAN Commences Drilling at Wine Nickel Property, Manitoba, Canada

NiCAN Commences Drilling at Wine Nickel Property, Manitoba, Canada

NiCan Limited ("NiCAN" or the "Company") (TSX-V: NICN) has commenced diamond drilling at its Wine Property located in the Snow Lake area, Manitoba, Canada (Figure 1). The drill rig has mobilized to site and is currently coring the first hole of the Phase Three ("Phase III") drilling program consisting of a minimum of 1,500 meters.

Figure 1: Wine Project Location (CNW Group/Nican Ltd.)

Highlights:
  • Phase III drill program has commenced at the high-grade Wine Nickel Property with the following objectives:
    • To expand previously defined nickel-bearing zones to the east of the Wine Occurrence; and
    • To drill test newly expanded target areas of more than 6 km along strike.
  • Recent geophysical and soil geochemical results assisted in prioritizing multi-anomaly target areas for subsequent drill testing.

Brad Humphrey , President, and CEO of NiCAN commented, "We are very pleased to be back on the ground, drill testing several targets that we have interpreted to be on strike with the two mineralized horizons defined on the property to date. NiCAN remains in a strong position with a solid balance sheet and two highly prospective nickel sulfide projects in established mining jurisdictions."

Phase III Wine Drill Program

At the Wine Project, NiCAN is drilling a minimum of 1,500 meters to test multiple conductive targets identified by recently completed surface time-domain electromagnetic ("TDEM"), borehole and surface surveys, combined with re-processed Versatile Time Domain Electromagnetic ("VTEM") airborne geophysical survey, which was completed in 2022 (see press release dated November 14, 2022 ). Results from a geochemical survey, also completed earlier this year, assisted in prioritizing the drill targets. A significant number of conductive sources have been defined over a strike length of 6 kilometers that merit drill testing. These have been geophysically modelled and drill holes have been designed to effectively intersect the suspected sulphide bodies defined by these models.

The initial diamond drill targets are following up on mineralization intersected during the previous drill program that defined varying quantities of disseminated to massive sulphide nickel-bearing mineralization in a zone 650 meters east of the Wine Occurrence. Most notable were holes Wine 23-08 and Wine 23-07 in which varying degrees of pyrrhotite and chalcopyrite mineralization were intersected in two relatively shallow zones. Assay results returned elevated copper and nickel values over core lengths of more than 10 meters (see press releases dated May 24, 2023 , and June 21, 2023 ). NiCAN is currently following up on these new zones to better understand their orientation and extent.

The Phase III Wine drill program has two primary objectives. Initially, NiCAN anticipates expanding previously defined nickel-bearing zones located to the east of the Wine Occurrence. Downhole and TDEM surveys have defined multiple conductors along a distinct stratigraphic horizon within the Wine Gabbro. Humic soil geochemical results have shown anomalous Ni-Cu values associated with these electromagnetic ("EM") responses supporting additional drill testing.

The second objective of NiCAN's Phase III drill program is to identify additional nickel bearing mineralized zones associated with newly defined geophysical targets interpreted to be along strike from the Wine Occurrence by distances of up to 4.8 km. These are new targets that have not been drill tested in the past.

NiCAN continues to follow up on the significant results returned from previous diamond drilling, including:

  • Diamond drill hole Wine 22-5 intersected 27.3 metres of 2.01% Ni, 1.81% Cu (2.28% NiEq)
  • Diamond drill hole Wine 22-6 intersected 9.8 metres of 1.23% Ni, 2.09% Cu (1.71% NiEq)
  • Diamond drill hole Wine 22-3 intersected 8.6 metres of 1.89% Ni, 1.01% Cu (1.92% NiEq)
  • Diamond drill hole Wine 23-16 intersected four zones of mineralization including 12.6 metres of 1.52% Ni, 2.01% Cu (1.93% NiEq)
  • Diamond drill hole Wine 23-17 intersected two zones of mineralization including 23.5 meters of 1.59% Ni, 1.76% Cu (1.91% NiEq)

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. Nickel price: US$10.00 /lb; copper price US$3.75 /lb.

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 where approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper was historically mined. The Farley Mine consisted of multiple lenses of mineralization contained within a 4.2 km 2 gabbro body. The Wine Gabbro 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 .

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 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 Company; 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 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 forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company 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 Company 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 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.

Nican Logo (CNW Group/Nican Ltd.)

SOURCE Nican Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2023/19/c4074.html

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NiCAN Provides Details on Upcoming Drill Program at Wine Nickel Property, Manitoba, Canada

NiCAN Provides Details on Upcoming Drill Program at Wine Nickel Property, Manitoba, Canada

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) is pleased to provide details on its upcoming Phase III drill program on the Wine Property, located in the Snow Lake area of Manitoba, Canada (Figure 3). Permits are in place, a drill contractor has been selected, and preparation work is underway. Initially, Phase III drilling will consist of a 1,500 to 2,000-meter diamond drilling program, which is scheduled to commence in October 2023 . The Phase III program will focus on expanding the recently identified nickel-bearing zones to the east of the Wine Occurrence and test newly defined geophysical targets along strike of the Wine Occurrence over distances of up to 4.8 km.

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NiCAN Identifies New Mineralized Zones at its Wine Nickel Property, Manitoba, Canada

NiCAN Identifies New Mineralized Zones at its Wine Nickel Property, Manitoba, Canada

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) has intersected multiple new zones of nickel–bearing mineralization to the east of the known high-grade nickel-copper ("Ni–Cu") Wine Occurrence during its Phase II drill program on the Wine Nickel Property in Manitoba, Canada (Figure 5). These new zones of mineralization significantly expand the exploration target area.

Highlights:
  • New nickel bearing mineralized zones identified within the Wine Gabbro.
  • Initial interpretation suggests that these new mineralized zones may occupy a specific horizon within the central region of the Wine Gabbro. Geophysical anomalies (VTEM conductors) can be traced for several kilometers to the northeast and southwest along this trend.
  • Geophysical and geochemical surveys as well as diamond drilling are planned for the third quarter of 2023.

Brad Humphrey , President, and CEO of NiCAN, stated, "We are very happy with the results of the Wine Phase II drill program and the intersection of the new mineralized nickel bearing zones. Importantly, these new occurrences of disseminated and massive sulphides suggest the Wine Gabbro hosts multiple mineralized pods like those seen in the Lynn Lake area. Interpretive work indicates that there are several horizons within the Wine Gabbro that require testing with geophysics, geochemistry, and subsequent diamond drilling. NiCAN remains in a strong position with a solid balance sheet and highly prospective nickel sulphide projects in established mining jurisdictions."

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NiCAN Receives $300,000 Grant from Manitoba Mineral Development Fund

NiCAN Receives $300,000 Grant from Manitoba Mineral Development Fund

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) has received approval for a $300,000 grant from the Manitoba Mineral Development Fund (the "MMDF") to support NiCAN's exploration activities at its Wine Project located in the Snow Lake Flin Flon area, Manitoba, Canada . The Company has received the first $150,000 of the grant, with the remainder expected in June 2023.

Nican Logo (CNW Group/Nican Ltd.)

"NiCAN greatly appreciates the support from the Manitoba Mineral Development Fund and the Manitoba Chambers of Commerce," Brad Humphrey , President and CEO of NiCAN commented. "This funding is earmarked for continued exploration at the Wine Project, which has returned truly impressive drill results to date. We look forward to announcing additional exploration results from the Wine Gabbro area in the coming weeks. The Company also plans to complete geophysical and geochemical surveys that will drive the exploration program for our next phase of drilling in this area."

The MMDF is a $20-million provincial fund, launched in July 2020 by the Manitoba Government and administered by the Manitoba Chambers of Commerce. This fund is specifically dedicated to providing funding for and supporting economic development and mining projects in northern Manitoba .

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 the well-established mining jurisdiction of Manitoba, Canada .

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 quantum of the grant; the timing for receipt of the balance of the grant; intended use of proceeds; 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 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 forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company 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 Company 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 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.

SOURCE Nican Ltd.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/June2023/01/c1569.html

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NiCAN Expands the Wine Occurrence at the Wine Project, Manitoba, Canada Multiple Zones Intersected Including 1.91% NiEq over 23.5 Meters

NiCAN Expands the Wine Occurrence at the Wine Project, Manitoba, Canada Multiple Zones Intersected Including 1.91% NiEq over 23.5 Meters

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) is pleased to announce that its 2023 winter drilling program on the Wine Property located in the Snow Lake area, Manitoba, Canada (Figure 2) has expanded several mineralized zones at the Wine Occurrence.

Highlights:
  • Diamond drill hole Wine 23-16 intersected four zones of mineralization including 12.6 meters at 1.52% Ni and 2.01% Cu (1.93% NiEq), from 48.3 to 60.9 meters (Table 1).
  • Diamond drill hole Wine 23-17 intersected three zones of mineralization including 23.5 meters at 1.59% Ni and 1.76% Cu, (1.91% NiEq), from 18.6 to 42.1 meters (Table 1, Figure 1).

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. Nickel price: US$10.00 /lb; copper price US$3.75 /lb.

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