TORONTO, Oct. 29,
2024 /CNW/ - NiCAN Limited ("NiCAN" or the
"Company") (TSXV: NICN) (OTCQB: NILTF) (FRA: W8Y) has defined a
significant number of new untested target areas at the high-grade
Wine Nickel-Copper Project, near Snow
Lake, Manitoba, from geophysical surveys and further
groundwork completed this year.
Brad Humphrey, President
and CEO of NiCAN, commented, "We are very encouraged with the new
information garnered from the 2024 Time Domain Electromagnetic
("TDEM") survey and follow up Beep Mat survey, which defined a
significant number of new targets across the Wine Gabbro area.
These new high-priority targets warrant further exploration work
and drill testing. The NiCAN Team has greatly expanded the
potential of the Wine Property and set out the analogies to the
Lynn Lake nickel deposits more
clearly."
"We continue to focus more broadly across the Wine Gabbro
with its multiple mineralized horizons and these recently completed
surveys have significantly increased our understanding of the
specific target areas. The 2024 TDEM survey, combined with the
historical drilling, geophysical and geochemical work completed to
date, has assisted in generating the targets for further drill
programs within the prospective Wine Gabbro (Figure
2)."
A detailed review and interpretation of the 2024 TDEM survey
defined several new untested target areas, including a new untested
conductive horizon at the eastern boundary of the Wine Gabbro.
These untested areas have subsequently been geophysicaly modeled
(Figure 2). A ground assessment of six priority target areas was
recently surveyed utilizing a shallow penetrating EM unit (Beep
Mat). This work yielded multiple near surface conductive sources
(Figure 4) that require additional evaluation through prospecting
and rock sampling, which is currently underway.
A drill program is currently being designed to test the newly
defined targets across the greater Wine Gabbro and to define the
down plunge extension of the high-grade Wine Occurrence as well as
to expand other proximal mineralized zones (Figure 3).
Diamond drill hole Wine 24-2 from NiCAN's 2024 drilling returned
the deepest and most southern intersection to date at the Wine
Occurrence, cutting the Upper Zone at a downhole depth
of 76.5 meters (approximately 67 meters from surface) returning
1.77% NiEq over 6.5 meters and the Main Zone at a downhole
depth of 87.0 meters (approximately 73 meters from surface)
returning 0.82% NiEq over 17.5 meters (Figure 3) (See NiCAN press
releases of May 6, 2024 and
May 29, 2024). This down
plunge extension of the Upper Zone and Main Zone is a priority
target for further drilling.
Future drill programs will also test the depth extent of the
newly discovered Northern Zone which was intersected at
surface in diamond drill hole Wine 24-1A returning 3.7 meters
averaging 1.89% NiEq (See NiCAN press release of May 6, 2024). This Northern zone is
interpreted to be the up plunge of a zone intersected in diamond
drill hole Wine 22-3 which returned 8.6 meters averaging 2.22% NiEq
from 66.6 and 1.8 meters at an average grade 1.53% NiEq from 79.5
(See NiCAN press release of November 9,
2022).
Note: Nickel and Copper equivalent grades include nickel and
copper values only and assume recoveries of 85% for nickel and 85%
for copper based on comparable deposits. The equivalent calculation
uses a 6-year trailing average with a Nickel price of US$8.10/lb and Copper price of US$3.40/lb.
The 2024 TDEM survey defined untested conductors that have been
geophysicaly modeled. The Beep Mat instrumentation was conducted
over 6 of these target areas, which included the Wine Occurrence
where near surface mineralization has been intersected by drilling
(Upper Zone and Northern Zone). This survey delineated many
additional near surface conductive responses that are being
investigated with a prospecting and rock sampling program that is
currently underway.
At the high-grade Wine Occurrence several new TDEM
conductive responses were defined to the north and northeast of the
known mineralization, interpreted to be 350 meters and 1,000 meters
along strike, respectively. Additional TDEM targets have also been
identified approximately 150 to 400 meters to the southwest. A
drill program is currently being designed to test these new targets
along strike of the Wine Occurrence.
The majority of the newly delineated TDEM conductive responses
are associated with the Central Mineralized Zone. However, a series
of new TDEM responses located between 200 meters and 400 meters
east of the Central Mineralized Zone are of particular interest
with subsequent geophysical modelling and Beep Mat surveys
providing specific drill targets. Five of these targets are
scheduled for near term prospecting and rock sampling to prioritize
targets for future drill testing, potentially opening up a new
mineralized horizon further to the east.
Since acquiring the original Wine Property claims, NiCAN has
drilled a total of 7,686 meters in 60 diamond drill holes on the
Wine Property, with 2,104 meters for 21 diamond drill holes focused
on the Wine Occurrence.
Analogies to Historical Lynn Lake Nickel Deposits
The recently completed surveys on the Wine Gabbro appear to
support NiCAN's belief that the nickel mineralization hosted by the
Wine Gabbro may have analogies 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 were historically mined at the Farley Mine.
The Farley Mine consisted of multiple lenses of mineralization
contained within a 4.2 km2 gabbro body. The 4.0
km2 Wine Gabbro area contains numerous similarities and
has seen very little exploration for nickel-copper deposits.
Central Canada Mineral Exploration Convention
NiCAN will be sponsoring and attending the Central Canada
Mineral Exploration Convention ("CCMEC") in Winnipeg on November
4th and 5th. The Company looks forward
to meeting with investors, consultants and contractors, our First
Nation partners and Provincial Government Officials.
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
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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,
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.