NiCAN To Commence Drilling at Wine Nickel Property, Manitoba, Canada

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) provides the initial results from a Versatile Time Domain Electromagnetic ("VTEM") airborne geophysical survey completed in 2022 at the Wine project in Manitoba, Canada (Figure 3). This survey was designed to accurately define the location and depth of conductive sources that have a nickel mineralization signature. Preliminary interpretations indicate there is a distinct VTEM response to the Wine Occurrence, which had not been recognized in historical airborne surveys.

A significant number of additional VTEM anomalies, typically with subtle coincident magnetic responses, have been defined within the Wine Gabbro (Figure 1 sets out the responses at a 50-metre depth).  All of the selected VTEM anomalies are currently being geophysically modelled in order to be prioritized for subsequent drill testing, which is planned for the first quarter of 2023.

Note: There are five additional geophysical targets selected for modelling at the south end of the Wine property not shown in figure.

Brad Humphrey , President and CEO of NiCAN, stated, "We are very pleased with the VTEM survey results and the ability to define additional targets within the immediate Wine Gabbro area that hosts the Wine Occurrence. The Company is currently designing and prioritizing the next set of drill targets for the upcoming winter program, which will focus on testing these newly defined geophysical targets. NiCAN is in a strong position with a solid balance sheet and highly prospective nickel projects in established mining jurisdictions."

A preliminary 3D model of the VTEM data has been received and merged with NiCAN's detailed 3D aeromagnetic model completed in 2021 to determine the relationship between conductivity and magnetic responses. In the region of the Wine Gabbro, deep seated magma chambers postulated to be feeder zones to the near surface nickel mineralization have been inferred from the aeromagnetic data. Conductive responses defined from the VTEM survey are interpreted to be sulphide rich horizons associated with these magnetic responses (Figure 2). The intrusion appears to cut into the sulphide horizons with the magma chambers, providing the ability to trap significant sulphur. Additional work is required to determine the nickel potential of this newly defined environment.

Beyond the immediate Wine Gabbro area, it was also noted that several VTEM responses of merit have been 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. These potential targets on the southern portion of the property are currently being geophysically modelled for subsequent drill testing in 2023.

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 was historically mined. The Farley Mine was made up of multiple lenses (~16) of mineralization contained within a 4.2 km ² gabbro body. The Wine Gabbro contains a number of similarities and has seen very little exploration for nickel-copper deposits.

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 Geophysical consultants for further quality control purposes. The data were then used to create 3D electrical conductivity inversion models using a combination of parametric and voxel inversion approaches.

The 3D voxel inversion of the 2022 VTEM data used 20m x 20m x 20m mesh cell sizes in the core region of the mesh with a starting and reference model set to the various parametric anomalies embedded within a uniform 10,000 Ωm background. Inversion uncertainties were set to 3% with a noise floor of 1e-12 V/Am2.

The 2022 Geotech VTEM survey over the Wine project in the Snow Lake area of Manitoba was inverted in 3D to create a best fitting conductivity model. The final inversion consisted of many parametric inversions combined to form the starting model for a voxel inversion. The parametric inversions created best-fitting ellipsoids that represented the various strong conductors in the region, and then the traditional voxel inversion was able to take the parametric starting model and refine it as well as add near-surface information that was missing from the parametric inversions.

Collectively, these 3D inversion models highlight many strong conductive features in the Wine project area, and the interpretation of these anomalies should help to better understand the geologic and structural setting, which in turn can help generate future drill targets.

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.

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

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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, future exploration drill programs, 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 and neighboring properties; 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 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):

NiCan Limited ("NiCAN" or the "Company") (TSXV: NICN) continues to expand its shareholder awareness initiatives. After completing a number of positive virtual meetings at the 121 Global Online Tech Metals conference, NiCAN will continue to introduce the Company, and its highly prospective Nickel projects in Manitoba Canada throughout the fourth quarter.

Brad Humphrey , President and CEO, will be participating in the one-on-one meetings hosted by the Swiss Mining Institute Forum on November 8 , 9 and 10. NiCAN will also be exhibiting at the Central Canada Mineral Exploration Convention ("CCMEC") at the Victoria Inn in Winnipeg, Manitoba on November 14 and 15.

NiCAN has engaged the services of Generation IACP Inc. ("Generation") to provide services as a market maker in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.  Generation will receive a fee of C$7,500 plus applicable taxes per month.  The agreement between the Company and Generation is for an initial term of six (6) months and shall be automatically renewed for subsequent six (6) month periods (collectively, the "Term") unless the Company provides written notice of termination to Generation at least 30 days prior to the end of the Term or Generation provides a written notice of termination to the Company.  Commencing on the first anniversary of the agreement, the fee payable to Generation will automatically increase annually by 3.0%. No stock options or other compensation are being granted in connection with the engagement. Generation does not currently own any securities of the Company; however, Generation and its clients may acquire an interest in the securities of the Company in the future.

Generation is an arm's length party to the Company.  Generation's market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company's shares. Generation will be responsible for the costs it incurs in buying and selling the Company's shares, and no third party will be providing funds or securities for the market making activities.

Generation is based in Toronto, Ontario , and is an independently held and registered broker and member of the Investment Industry Regulatory Organization of Canada, the TSX-V, the Canadian Securities Exchange, and the NEO Exchange, and is a Participating Organization, as such term is defined in the rules and policies of the Toronto Stock Exchange.

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 .

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.

SOURCE Nican Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/03/c3881.html

NICAN Limited ("NiCAN" or the "Company") (TSXV: NICN) is pleased to report additional diamond drill assay results from the Wine project in Manitoba intersecting a new mineralized zone near surface. These drill holes, Wine-22-06 and Wine-22-07, were part of NiCAN's initial drilling campaign at the Wine project.

Highlights (complete assays set out in Tables 2 and 3) :