TORONTO, March 26,
2024 /CNW/ - NiCAN Limited ("NiCAN" or the
"Company") (TSXV: NICN) has completed its late winter diamond
drilling program on the Wine Property located in the Snow Lake area, Manitoba, Canada (Figure 5). NiCAN designed
the program to expand the understanding of several mineralized
zones at the Wine Occurrence. Samples have been shipped to the lab
for analysis.
Highlights:
- Preliminary observations within diamond drill hole Wine
24-1A (collared 45 meters to the north of Wine 22-5 and drilled to
the southwest) indicate the hole has intersected multiple zones,
including a previously unknown northern zone that sub crops over a
core length of 3.7m. In the same
hole, the Main Zone was visually interpreted over approximately
33.4m (Figures 1, 2 and 3).
- Initial interpretations suggest diamond drill hole Wine 24-2
(collared 60m to the east southeast
of Wine 22-5 and drilled to the west-northwest) intersected two
zones, one being the Main Zone over a core length of approximately
16.0m and a second interval, further
up the hole, interpreted to be the down plunge extension of the
Upper Zone over a width of approximately 6.5m.
Figure 1. Core from diamond drill hole Wine 24-1A -
interpreted to be part of the Main Zone
Brad Humphrey, President and CEO,
commented, "We are encouraged by the drilling completed so
far in 2024 at the Wine Occurrence, which continues to add to our
understanding of the various zones. Preliminary observations
suggest that NiCAN has expanded the known zones, and intersected a
new zone further to the north that sub crops. Modelling and
interpretation work is underway, and samples have been sent to the
lab for analysis."
Figure 2. Core from diamond drill hole Wine 24-1A
(53.5m-75.0m) – interpreted to be the Main Zone
Figure 3. Core from diamond drill hole Wine 24-1A
(0.0m-12.5m) – interpreted to be a new zone to the
north of the Main Zone
Figure 4. Core from diamond drill hole Wine 24-2 – a zone
from 76.5m to 83.0m and a portion of a zone from 84.7m to 100.7m
Note these are preliminary observations of the drill core and
assay results remain pending.
Analogies to Historical Lynn Lake Nickel Deposits
NiCAN believes that the nickel-copper 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 and contains
numerous similarities to the Wine Gabbro area.
Options Grant
NiCAN announced that its Board of Directors has granted to
certain directors, officers, employees, and consultants an
aggregate of 3,600,000 options to acquire common shares of the
Company (the "Options") pursuant to the Company's stock option
plan. The Options are exercisable at an exercise price of
$0.11 per share for a period of
five-years from the date of grant.
The grant of Options is subject to TSX Venture Exchange
approval.
QAQC
All core samples are sent to ALS Global in Winnipeg (an accredited laboratory) by secure
transport for base and precious metal assay. Base metals were
assayed by their ME ICP61 package, which includes a total of 34
analytes by ICP-AES (Inductively Coupled Plasma – Atomic Emission
Spectroscopy). Partial digestions were performed on a 0.25 gram
aliquot of sample pulp which was digested in a mixture of 4 acids,
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
0.4 gram sample pulp digested in a concentration of 4 acids. The
digested volume was then made up with deionized water for analysis
by ICP-AES. 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-AES
Laboratory Quality Control protocols were applied to the assay
sample package by ALS Global. 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.
The nickel equivalent grade calculation incorporates:
- nickel and copper values only,
- assume recoveries of 85% for nickel and 85% for copper based on
comparable deposits,
- A 6-year trailing average nickel price: US$8.10/lb; copper price US$3.40/lb.
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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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, timing
of receipt of assay results, 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.
Figure 5: Wine Project Location, Manitoba, Canada
SOURCE Nican Ltd.
