NiCan posts additional assays from new near-surface gold discovery, Thompson Manitoba
NiCan Limited [TSXV: NICN; OTCQB: NILTF; FRA: W8Y] has received additional assay results from the new near surface gold discovery in Thompson Manitoba, intersecting 19.45 metres of 1.00 g/t Au and 12.2 g/t Ag. A total of four shallow diamond drill holes were completed late in 2025 to confirm results from a historical diamond drill hole.
Diamond drill hole PIPY25-08, intersected mineralized silicified biotite gneiss and silicate facies iron formation with disseminated pyrrhotite, pyrite and significant visible galena. Individual 1.0m assays returned 1.0 g/t Au, 51.4 g/t Ag and 3.74% Pb.
Brad Humphrey, President and CEO of NiCAN, commented, “NiCAN is pleased to have expanded upon a new gold discovery within the Thompson area. With gold prices at or near all-time highs, this discovery adds compelling value to the company’s exploration portfolio. The gold mineralization appears to be open in all directions and is notably unique within the Thompson Nickel Belt. NiCAN has initiated a geophysical program and is preparing for follow-up diamond drilling to advance and further define this emerging system.”
Diamond drill holes PIPY25-07 and PIPY25-08 were drilled 25 metres to the south and both intersected a broad zone of silicification and varying quantities of mineralization. The mineralized zone is interpreted to strike to the north and south and remains open in all directions, dipping steeply to the west.
Diamond drill hole PIPY25-07 was drilled 25m south of PIPY25-04 and is interpreted to have overshot the zone but still returned 4.0 metres averaging 1.25 g/t Au and 3.64 g/t Ag within a pyrrhotite breccia. The hole was interpreted to be highly silicified throughout its length. Work permit restrictions limited the drill placement at the time. The company has applied for and received a work permit allowing for a significant number of additional drill pads in this area for follow-up drilling.
PIPY25-08 was collared at -80 degrees from the same site as PIPY25-07. The hole intersected 19.5 metres averaging 1.0 g/t Au, 12.2 g/t Ag which included 5.0 metres near the bottom of the hole that returned 2.17 g/t Au, 28.7g/t Ag and 2.07% Pb.
The gold mineralization is largely hosted within a silicate facies iron formation and a silicified biotite gneiss, which visually contains an estimated 1% to 5% disseminated pyrrhotite as well as up to 3% galena and minor chalcopyrite. Alteration is marked by bleaching and silicification that has not been completely defined by the limited 2025 drilling. Hole PIPY25-07 displayed alteration along its entire length of over 80 metres. The presence of gold mineralization in iron formation and associated alteration is analogous to other iron formation hosted gold camps including Homestake, Musselwhite, Geraldton, Back River, and several others around the world.
The iron formation hosting the gold mineralization is magnetic and can be traced throughout the property utilizing an historical airborne magnetic survey reprocessed by NiCAN.
A more precise historical ground magnetic survey has been reprocessed and is being utilized in the planning of the next drill program. Additional magnetic survey work has been contracted and is scheduled to start shortly. This information will give the company a better understanding of the various and extensive magnetic features in this area.
A historical diamond drill hole (17BN01) in the same vicinity returned 6.63 g/t Au over 5.6 metres within a wider zone of 1.20 g/t Au over 47.0 metres starting at 27.0 metres downhole hosted by similar rock types to those seen in the NiCAN 2025 drill program. Downhole magnetic susceptibility readings of all drill holes indicate a correlation between the gold and positive magnetic readings.
A second 2017 historical diamond drill hole, located 500 metres north of hole 17BN01, targeted an extensive north-south trending magnetic anomaly interpreted to be a nickel target. A garnet-bearing amphibolite was encountered at a depth of 153.4 metres to 160.2 metres that contained sufficient disseminated pyrrhotite to explain the magnetic signature. No significant nickel assays were returned in the interval but a 2.0 metres long portion assayed 0.39 g/t gold at 157.4 metres, indicating other gold bearing zones are present.
The Pipy South Project is included in an Exploration Agreement with Nisichawayasihk Cree Nation.
The Pipy properties consist of two project areas, Pipy South and Pipy North, totaling 27.0 km2 in the well-established Thompson Nickel Belt. Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South area, located approximately 20km northeast of the City of Thompson and Vale’s Thompson Nickel Mine, with excellent road access and local infrastructure.
NiCan Limited is actively exploring two projects – the high-grade nickel-copper Wine Project and the prospective Pipy Project, both located in well-established mining jurisdictions in Manitoba, Canada.
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