NiCAN Reports Additional Strong Drill Results from the Wine Project in Manitoba, including 8.6 Metres of 2.22% NiEq

NiCan Limited ("NiCAN" or the "Company") (TSXV: 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 metres 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 stated, "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 metres 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 metres (estimated true width of 1.2 metres). The Main mineralized zone remains open to the north.

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 metres 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 historical holes EEL 346 and RAD07-01 (Az 315⁰) but at an azimuth of 280⁰. The hole was designed to intersect the Main mineralized zone approximately 15 metres 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 metres). Two lower grade zones further down the hole are interpreted to represent the Main zone. These include 6.8 metres averaging 0.19% NiEq and 0.42 metres averaging 0.62% NiEq. Additional analysis is required to determine if the first zone intersected in this hole is a new mineralized pod or lens, or if it is part of the Main mineralized zone.

* Historical drill hole assays are listed in Table 4.

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 Occurrence, better understand the orientation of 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 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 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, 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.

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 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 has a strong balance sheet and 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.


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

**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

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 22-9	14.0	15.0	1.0	0.01	0.07	0.09	0.00	0.00	0.01	0.30	0.01	0.11
Wine 22-9	15.0	16.0	1.0	0.01	0.17	0.09	0.01	0.00	0.02	0.80	0.03	0.15
Wine 22-9	16.0	17.0	1.0	0.01	0.02	0.04	0.00	0.00	0.01	0.10	0.02	0.05
Wine 22-9	17.0	18.0	1.0	0.00	0.14	0.02	0.00	0.00	0.03	0.40	0.03	0.07
Wine 22-9	18.0	19.0	1.0	0.00	0.03	0.01	0.00	0.00	0.01	0.10	0.01	0.02
Wine 22-9	19.0	20.0	1.0	0.01	0.64	0.14	0.02	0.03	0.18	2.00	0.23	0.35
Wine 22-9	20.0	21.0	1.0	0.02	0.63	0.17	0.10	0.06	0.20	2.60	0.35	0.38
Wine 22-9	21.0	22.0	1.0	0.04	0.67	0.37	0.04	0.00	0.37	2.40	0.41	0.60
Wine 22-9	22.0	23.0	1.0	0.10	0.48	0.81	0.13	0.04	0.10	1.60	0.27	0.97
Wine 22-9	23.0	24.0	1.0	0.11	0.91	1.00	0.07	0.00	0.03	1.40	0.09	1.30
Wine 22-9	24.0	25.0	1.0	0.10	1.04	1.05	0.00	0.00	0.01	1.60	0.01	1.40
Wine 22-9	25.0	26.0	1.0	0.03	0.99	0.30	0.07	0.01	0.05	5.70	0.13	0.63
Wine 22-9	26.0	27.0	1.0	0.01	4.64	0.12	0.41	0.07	0.04	20.80	0.52	1.66
Wine 22-9	27.0	28.0	1.0	0.02	2.26	0.17	0.20	0.01	0.03	13.30	0.23	0.92
Wine 22-9	28.0	29.0	1.0	0.02	0.29	0.19	0.03	0.00	0.05	1.40	0.08	0.29
Wine 22-9	29.0	30.0	1.0	0.01	0.28	0.05	0.03	0.00	0.01	1.00	0.04	0.14
Wine 22-9	30.0	30.6	0.6	0.04	0.24	0.37	0.03	0.19	0.04	1.00	0.26	0.45
Wine 22-9	30.6	31.6	1.0	0.00	0.03	0.02	0.01	0.00	0.00	0.10	0.01	0.03
Wine 22-9	31.6	33.0	1.4	0.00	0.07	0.02	0.01	0.00	0.02	0.10	0.03	0.05
Wine 22-9	33.0	34.5	1.5	0.00	0.01	0.02	0.00	0.00	0.00	0.10	0.01	0.02
Wine 22-9	34.5	36.0	1.5	0.00	0.03	0.02	0.00	0.00	0.00	0.10	0.01	0.03
Wine 22-9	36.0	37.5	1.5	0.01	0.03	0.03	0.00	0.00	0.00	0.10	0.01	0.04
Wine 22-9	37.5	39.0	1.5	0.00	0.02	0.02	0.00	0.00	0.01	0.10	0.01	0.02
Wine 22-9	39.0	40.5	1.5	0.00	0.01	0.01	0.00	0.00	0.00	0.10	0.00	0.01
Wine 22-9	40.5	41.7	1.2	0.00	0.02	0.01	0.00	0.00	0.00	0.10	0.01	0.01
Wine 22-9	41.7	42.7	1.0	0.00	0.04	0.01	0.01	0.00	0.01	0.10	0.01	0.02
Wine 22-9	43.7	44.7	1.0	0.00	0.02	0.00	0.00	0.00	0.01	0.10	0.01	0.01
Wine 22-9	44.7	45.7	1.0	0.00	0.04	0.01	0.00	0.00	0.01	0.10	0.02	0.03
Wine 22-9	45.7	46.7	1.0	0.00	0.05	0.02	0.00	0.00	0.01	0.10	0.01	0.03
Wine 22-9	46.7	47.7	1.0	0.00	0.03	0.01	0.00	0.00	0.00	0.20	0.00	0.02
Wine 22-9	47.7	48.7	1.0	0.00	0.02	0.01	0.02	0.00	0.01	0.10	0.03	0.01
Wine 22-9	48.7	49.7	1.0	0.00	0.03	0.01	0.00	0.00	0.00	0.10	0.01	0.02
Wine 22-9	49.7	50.7	1.0	0.00	0.09	0.04	0.03	0.01	0.03	0.80	0.06	0.07
Wine 22-9	50.7	51.8	1.1	0.00	0.43	0.08	0.15	0.03	0.08	4.00	0.25	0.22
Wine 22-9	51.8	52.5	0.7	0.00	0.07	0.08	0.29	0.04	0.18	0.40	0.51	0.10
Wine 22-9	52.5	53.5	1.0	0.00	0.06	0.02	0.01	0.00	0.01	0.20	0.02	0.05
Wine 22-9	53.5	54.5	1.0	0.00	0.10	0.09	0.02	0.00	0.01	0.60	0.03	0.12
Wine 22-9	54.5	55.5	1.0	0.02	0.08	0.40	0.01	0.00	0.04	0.50	0.06	0.42
Wine 22-9	55.5	56.5	1.0	0.00	0.21	0.09	0.05	0.00	0.28	1.40	0.34	0.16
Wine 22-9	56.5	57.5	1.0	0.00	0.25	0.13	0.05	0.00	0.03	2.20	0.08	0.22

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 22-9	76.0	76.4	0.4	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.00	0.00
Wine 22-9	76.4	76.8	0.4	0.00	1.66	0.07	3.19	0.00	0.06	8.40	3.25	0.62
Wine 22-9	76.8	77.3	0.5	0.00	0.01	0.00	0.01	0.00	0.00	0.10	0.01	0.01

**Table** 3 **: Composite Assays for Historical Drill Holes**
Drill Hole	From m	To m	Length m	Co %	Ni %	Cu %	NiEq %	Au g/t	Pt g/t	Pd g/t	PGM g/t
RAD07-01	55.7	76.0	20.4	0.05	1.38	2.14	2.09	0.4	0.13	0.27	0.80
EEL-346	54.0	70.4	16.5	-	0.85	1.50	1.35	0.16	-	-	-
incl EEL-346	60.3	70.4	10.1	-	1.13	1.81	1.73	0.15	0.10	0.29	0.54
EEL-302	51.5	64.4	12.8	-	0.52	0.97	0.84	0.21	0.12	0.16	0.49
incl EEL-302	51.5	57.9	6.3	-	0.93	0.88	1.32	0.27	0.12	0.13	0.52
EEL-315	68.8	68.9	0.2	-	1.20	3.08	2.20	-	-	-	-

Note: "-" indicates not assayed.

SOURCE Nican Ltd.

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NiCan Limited TSXV:NICN Base Metals Investing

NICN:CA

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.

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.

SOURCE Nican Ltd.

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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 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 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 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.

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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 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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Red Metal Resources Closes First Tranche of Financing

Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") is pleased to announce that it has completed the first tranche of the non-brokered private placement (the "Offering") described in its news release of October 31, 2024.

In connection with the closing of the first tranche of the Offering, the Company issued an aggregate of 3,000,000 flow-through units (the "FT Units") at a price of CDN$0.10 per Unit for gross proceeds of CDN$300,000. Each FT Unit consists of one flow-through common share in the capital of the Company (a "FT Share") and one-half of one non-transferable Common share purchase warrant (each whole Common share purchase warrant, a "Warrant"). Each whole Warrant is exercisable to acquire one Common Share at an exercise price of CDN$0.12 per Common Share until May 22, 2026, which is 18 months from the date of issuance.

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Quetzal Copper Announces Changes to the Board of Directors

Quetzal Copper Corp. (TSXV: Q) ("Quetzal" or the "Company") announces the addition of Ms. Lisa Thompson and the departure of John Fraser to the Company's Board of Directors (the "Board") effective November 19, 2024.

Ms. Thompson brings over 20 years of experience as a corporate/securities paralegal, working with both large and small public companies listed for trading on US and Canadian stock exchanges. For over five years, Ms. Thompson provided corporate secretarial consulting services for US and Canadian companies. She is a co-founder of Meraki Corporate Services in Vancouver, BC.

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Hole ID	Prospect	Easting	Northing	RL (m)	Depth (m)	Azimuth	Inclination
SR24-098	Tempest	464948	8174283	302.8	149.4	179.71	-70.5
SR24-100	Tempest	473230	8137717	299.7	199.64	285	-50
SR24-102	Tempest	473634	8133161	296.6	199.6	109.19	-45.05
SR24-129	Tornado	471008	8170156	295.0	199.64	180	-60
SR24-130	Tornado	471012	8170973	277.9	199.64	200.27	-52.1
SR24-131	Tornado	470928	8169888	289.0	199.64	200.17	-60.26
SR24-132	Tornado	470866	8169491	291.4	199.64	200.25	-55.08
SR24-133	Tornado	470244	8171463	255.7	199.64	199.97	-59.97
SR24-134	Tornado	470273	8169986	268.0	199.64	199.97	-60.14

Hole ID	From (m)	To (m)	Width	Cu ppm	Zn ppm	Ag g/t
SR24-098	0	118.87	118.87	6.5	137.3	1.2
	128.02	143.26	15.24	5.5	64	0.6
	146.3	150.88	4.58	5	36.7	0.8
	188.98	190.5	1.52	5	30	0.5
SR24-100	1.52	56.39	54.87	5.1	64.4	1.0
	57.91	65.53	7.62	5	50	0.6
	67.06	68.58	1.52	5	30	0.5
	70.1	71.63	1.53	5	40	1.0
	73.15	76.2	3.05	5	40	0.8
	88.39	103.63	15.24	6.5	103.9	1.5
	105.16	108.2	3.04	5	110	1.5
	109.73	112.78	3.05	7.5	30	1.0
	118.87	120.4	1.53	5	30	2.0
	121.92	126.49	4.57	5	30	1.0
	137.16	140.21	3.05	5	30	1.5
	143.26	156.97	13.71	7.2	57.8	1.4
	182.88	188.98	6.1	6.2	42.5	1.5
SR24-102	28.96	35.05	6.09	6.2	52.5	0.9
	45.72	47.24	1.52	5	40	1.0
	48.77	54.86	6.09	5	35	1.0
	65.53	67.06	1.53	5	60	2.0
	70.1	76.2	6.1	5	30	1.1
	108.2	111.25	3.05	5	35	1.0
	115.82	117.35	1.53	5	30	1.0
	152.4	153.92	1.52	5	50	1.0
SR24-129	0.00	3.05	3.05	125.1	35.0	2.0
Incl.	1.52	3.05	1.53	170.0	40.0	2.0
	18.29	19.81	1.52	100.0	10.0	1.0
	53.34	59.44	6.10	177.2	17.5	1.2
Incl.	54.86	57.91	3.05	289.5	15.0	1.5
	176.78	178.31	1.53	50.0	10.0	0.5
	181.36	185.93	4.57	50.0	10.0	1.0
SR24-130	0.00	1.52	1.52	50.0	30.0	1.0
	53.34	54.86	1.52	60.0	30.0	1.0
	59.44	60.96	1.52	50.0	30.0	1.0
	64.01	65.53	1.52	50.0	60.0	1.0
	68.58	73.15	4.57	76.6	10.0	1.0
Incl.	68.58	70.10	1.52	130.0	10.0	1.0
	79.25	80.77	1.52	100.0	40.0	2.0
	88.39	89.92	1.53	50.0	50.0	1.0
SR24-131	0.00	1.52	1.52	60.0	30.0	0.5
	4.57	6.10	1.53	60.0	40.0	0.5
	7.62	9.14	1.52	50.0	50.0	0.5
SR24-132	6.10	7.62	1.52	230.0	10.0	0.5
	38.10	39.62	1.52	50.0	10.0	0.5
	56.39	64.01	7.62	66.0	12.0	0.8
Incl.	60.96	62.48	1.52	100.0	10.0	0.5
	73.15	74.68	1.53	100.0	100.0	1.0
	77.72	79.25	1.53	70.0	240.0	1.0
	166.12	169.16	3.04	95.0	85.0	1.5
Incl.	166.12	167.64	1.52	140.0	160.0	2.0
	178.31	181.36	3.05	85.1	30.0	0.8
Incl.	179.83	181.36	1.53	120.0	40.0	1.0
	6.10	7.62	1.52	230.0	10.0	0.5
SR24-133	0.00	3.05	3.05	120.2	686.2	0.7
Incl.	1.52	3.05	1.53	170.0	1040.0	0.5
	7.62	9.14	1.52	90.0	480.0	0.5
	24.38	25.91	1.53	50.0	270.0	0.5
	38.10	44.20	6.10	70.0	259.9	0.5
SR24-134	32.00	33.53	1.53	90.0	110.0	1.0
	36.58	39.62	3.04	50.0	65.0	1.0
	74.68	76.20	1.52	80.0	90.0	1.0

Hole #	From	To	m	Co%	Cu%	Ni%	PGM g/t	NiEq%
Wine 23-16	4.2	11.9	7.7	0.428	1.69	1.12	0.367	1.49
Wine 23-16	23.7	28.0	4.3	0.042	1.96	0.98	0.659	1.46
Wine 23-16	33.8	41.3	7.5	0.048	1.02	1.13	0.444	1.29
Wine 23-16	48.3	60.9	12.6	0.063	2.01	1.52	0.649	1.93
Wine 23-17	4.6	10.4	5.8	0.032	0.99	0.81	0.188	1.00
Wine 23-17	18.6	42.1	23.5	0.067	1.76	1.59	0.514	1.91
Wine 23-17	47.7	48.6	0.9	0.038	0.38	0.80	0.311	0.89

NiCAN Reports Additional Strong Drill Results from the Wine Project in Manitoba, including 8.6 Metres of 2.22% NiEq

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