NiCAN posts more Wine Project drill results, Manitoba

NiCAN Ltd. [TSXV-NICN; FSE-W8] reported additional results from its phase III-B drilling program on the Wine property located near Snow Lake, Manitoba, Canada. This drill program expanded the company’s understanding of several mineralized zones at the Wine Occurrence including defining a new zone to the north. The remaining assays are expected shortly.

Highlights: Diamond drill hole Wine 24-4 intersected 20.3 metres averaging 2.88% copper and 2.14% nickel (2.85% NiEq), 0.09% cobalt and 1.19 g/t PGMs. Refer to original press release for complete assays.

Brad Humphrey, President and CEO, commented, “We continue to be very encouraged by our March 2024 drill program, which is an extension to the Phase III program completed late in 2023. Overall, the program has returned strong nickel and copper grades over meaningful widths, all near surface, and continues to identify new zones. As with all of the exploration at the Wine Project to date, we continue to refine and better understand the Wine Occurrence which assists in our approach to the wider Wine Gabbro project.

“Future exploration work will aim to determine if the mineralization extends to the south and better define the extent of the new near surface zones. These results, combined with the recently completed, deep penetrating, TDEM survey will assist in designing further drill programs at the Wine property.”

The Phase III-B Wine diamond drill program consisted of 8 diamond drill holes for a total of 942 metres following up on the significant results returned from the Phase III drill program completed in Q4 2023. Diamond drill hole Wine 23-29 intersected an upper, sub-cropping zone, which assayed 2.20% Cu and 1.56% Ni (2.11% NiEq) over 9.6 metres followed by three middle zones that returned lower grade mineralization and the Main Zone returning 31.5 metres at 1.90% Cu and 1.92% Ni (2.31% NiEq). True widths are interpreted to be approximately 80% of intersected widths.

The Phase III-B drill program was designed to further drill test the Wine Occurrence and test one greenfield geophysical target to the north. Diamond drill holes Wine 24-1, Wine 24-01A, Wine 24-2 and Wine 24-5 were previously released.

The Wine Occurrence follow up drilling program was completed in March 2024 with the objective of further defining the Company’s understanding of the configuration of both the Main and Upper Zones.

Diamond drill hole Wine 24-4 was collared to determine if there was a down dip extension to the Upper Zone. While the hole did not intersect the Upper Zone, indicating the Upper Zone is close to vertical, it intersected the Main Zone, returning 2.85% NiEq over 20.3 meters. Elevated PGM values of 1.19 g/t over this intersection were of particular interest.

Diamond drill hole Wine 24-6 targeted a conceptual down dip extension to the mineralization intersected in hole Wine 22-9 (0.74% NiEq over 11.6 metres). It is interpreted that this hole was stopped short of intersecting the down plunge extension of the Upper Zone seen in hole Wine 24-2 (1.77% NiEq over 6.55 metres). Additional work is required, including potentially extending this hole in a future program.