Nican drills 1.91% NiEq over 23.5 metres at Wine project, Manitoba

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Nican Ltd. [NICN-TSXV] reported that it has expanded several mineralized zones at the Wine occurrence from the 2023 winter drilling program on the Wine property located in the Snow Lake area, Manitoba, Canada.

Highlights: Diamond drill hole Wine 23-16 intersected four zones of mineralization, including 12.6 metres at 1.52% Ni (nickel) and 2.01% Cu (copper) (1.93% NiEq (nickel equivalent)), from 48.3 metres to 60.9 metres.

Diamond drill hole Wine 23-17 intersected three zones of mineralization, including 23.5 metres at 1.59% Ni and 1.76% Cu (1.91% NiEq), from 18.6 metres to 42.1 metres.

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/lb. Copper price: US$3.75/lb.

Brad Humphrey, president and CEO, commented: “We are pleased with the results from the additional drilling at the Wine occurrence, expanding the mineralization to the north. Our phase 2 drill program at the Wine project had two objectives: we achieved the first – expanding and increasing our understanding of the known zones to the north of the Wine occurrence. The second objective was to test several geophysical anomalies within the Wine gabbro for anomalous nickel and copper values with a similar signature to that at the Wine occurrence. We expect to report on the Wine gabbro drilling in the coming weeks. The next step for the Wine project is to complete downhole and surface geophysics as well as geochemical surveys to assist in identifying targets for a follow-up drill program.”

Phase 2 drill program – Wine occurrence: Diamond drill holes Wine 23-16 and Wine 23-17, drilled from an existing drill pad, tested an area to the north of diamond drill hole Wine 22-5, which intersected significant nickel-copper mineralization.

We interpret diamond drill hole Wine 23-16 to have intersected an upper, sub-cropping zone, which assayed 1.69% Cu and 1.12% Ni (1.49% NiEq) over 7.7 metres followed by two middle zones that returned 1.96% Cu and 0.98% Ni (1.46% NiEq) over 4.3 metres as well as 1.02% Cu and 1.13% Ni (1.29% NiEq) over 7.5 metres. The main zone returned 12.6 metres at 2.01% Cu and 1.52% Ni (1.93% NiEq). True widths are interpreted to be approximately 80% of intersected widths.

We believe diamond drill hole Wine 23-17 intersected the sub-cropping upper zone returning 0.99.% Cu and 0.81% Ni (1.00% NiEq) over 5.8 metres. This was followed by a middle zone that assayed 1.76% Cu and 1.59% Ni (1.91% NiEq) over 23.5 metres. The hole drilled over the top of the main zone intersecting 0.9 metres at 0.43% Cu and 0.88% Ni (0.89% NiEq). It is interpreted that the two narrower mineralized zones encountered in holes Wine 22-5 and Wine 23-16 have merged into a broader zone to the north in hole Wine 22-17.

The mineralization remains open to the north.

The Phase II exploration program at the Wine project included approximately 2,800 metres of diamond drilling and was designed to drill test the Wine Occurrence to the north and drill test a number of additional greenfield geophysical targets throughout the Wine Gabbro. Results-dependent, many of the targets will subsequently be followed up with downhole and ground geophysics as well as geochemical surveys to further define targets for a Phase III exploration program which is expected to commence later this summer.

Over the broader Wine Gabbro area, multiple conductive targets identified by the Versatile Time Domain Electromagnetic (VTEM) airborne geophysical survey completed in 2022 were tested. The VTEM survey was designed to define the location and depth of conductive sources that have a similar signature to the high-grade nickel hosted mineralization intersected at the Wine Occurrence.

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