What Are the Results of NiCAN's Drilling Program at the Wine Project? Nican Limited

What Are the Results of NiCAN's Drilling Program at the Wine Project?

NiCAN Reports Significant Mineral Finds at the Wine Project in Manitoba

NiCAN Limited, a prominent player in the mining industry, has announced encouraging results from its Phase III drilling program at the Wine Property in Snow Lake, Manitoba.

The program revealed multiple mineralized zones, including a notable intersection of 2. 32% nickel equivalent (NiEq) over 31. 5 meters, marking the most extensive zone of continuous mineralization discovered at the site to date. This development not only expands the known mineralized areas but also enhances the geological understanding of the Wine Gabbro.

Key Findings from the Drilling Program

Toronto, Ontario – January 31, 2024 – NiCAN Limited (TSX-V:NICN) shared assay results from its latest drilling efforts, which successfully identified several mineralized zones within the Wine Occurrence. The highlights include:

Diamond Drill Hole Wine 23-29: This borehole revealed 31.

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5 meters of mineralization with an average of 1. 90% copper (Cu) and 1. 92% nickel (Ni), translating to 2. 31% NiEq. Additionally, an Upper Zone was identified, averaging 2. 20% Cu and 1. 56% Ni (2. 11% NiEq) over 9. 6 meters. These results are based on nickel and copper values with assumed recoveries of 85% for both metals, using a 6-year trailing average price of $8. 10/lb for nickel and $3. 40/lb for copper.

Further Exploration: The Phase III exploration extended beyond the initial plan due to improved drill productivity, allowing an additional 500+ meters of drilling within the budget, totaling 2,209 meters. This phase aimed to further explore the Wine Occurrence and several new geophysical targets identified within the Wine Gabbro area.

Geological Insights and Future Prospects

Brad Humphrey, President and CEO of NiCAN, expressed optimism about the drilling results, highlighting the expansion of mineralized zones and the improved interpretation of the site's geology. The drilling indicates that the main mineralized zone extends further north and dips to the southwest. A significant Upper Zone, dipping eastward and plunging southwest, was also defined, necessitating further work to ascertain its full extent.

Analogies to Historical Lynn Lake Nickel Deposits

NiCAN believes that the mineralization within the Wine Gabbro may share similarities with the nickel-copper deposits found in the Lynn Lake area, historically significant for its nickel and copper production. This analogy suggests potential for the Wine Property to host substantial nickel-copper deposits.

The Phase III drilling program at the Wine Project has markedly advanced NiCAN's exploration efforts, revealing significant mineralized zones and offering promising insights into the property's geological framework. With these results, NiCAN is poised to further its exploration and potentially uncover a major nickel-copper resource in Manitoba, drawing parallels to the historic Lynn Lake deposits and underscoring the project's significance in NiCAN's portfolio.

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