Nican begins diamond drilling at Pipy South

Executive Summary

• Nican Ltd. has commenced a follow-up diamond drilling program at its Pipy South property in the Thompson Nickel Belt, Manitoba, aimed at expanding recent gold and nickel discoveries.
• The program targets approximately 2,500 metres of drilling across 12-15 holes to expand the new gold zone, evaluate additional geophysical targets, and test the downdip and strike extent of a previously intersected nickel-bearing massive sulphide body.
• The company recently tripled the size of the Pipy South land position, allowing for broader exploration efforts, with initial focus on interpreting geophysical surveys to define magnetic signatures associated with gold mineralization.

Key Details

• Drilling Program Scope: Approximately 2,500 metres of diamond drilling planned across 12-15 drill holes.
• Primary Objectives:
  • Expand the newly discovered gold zone identified in the 2025 program.
  • Evaluate additional targets with similar geophysical signatures.
  • Drill test the downdip and along-strike extent of the recent nickel intersection.
• Gold Discovery Details:
  • Initial drilling focuses on expanding mineralization from the 2025 program and testing additional magnetic trends.
  • Strong correlation observed between gold and magnetic pyrrhotite, with appreciable concentrations of galena (lead).
  • Stratigraphy hosting gold mineralization is interpreted as a steeply dipping anticlinal structure traceable over a north-south distance of approximately 1.7 kilometres.
  • Historical geochemical sampling indicates lead concentrations near the southern anticlinal axis, coincident with a magnetic anomaly.
• Nickel Sulphide Intersection Details:
  • Follow-up drilling planned near the 2025 nickel-bearing massive sulphide intersection.
  • Previous intersection: 1.45 metres averaging 1.53% nickel.
  • Target exhibits a coincident Time-Domain Electromagnetic (TDEM) anomaly traced over 400 metres.
  • Drilling aims to test the target at depth and expand to the north and south.
• Project Context:
  • Pipy South is part of an exploration agreement with the Nisichawayasihk Cree Nation (NCN).
  • The Pipy properties (Pipy South and Pipy North) total 56.6 square kilometres in the Thompson nickel belt.
  • Pipy South is located 10-20 kilometres northeast of the city of Thompson, adjacent to the Mystery Lake South area and near Vale's Thompson nickel mine.
  • The company recently tripled the size of the Pipy South land position.
• Qualified Person: Bill Nielsen, PGeo, independent consultant, has reviewed and approved the scientific and technical information.

Notable Quotes

• "Following Nican's recent success at the Pipy South project, we are excited to be back drilling. The current program aims to expand the newly discovered gold zone and evaluate additional targets with similar geophysical signatures. Nican will also drill test downdip and along the strike extent of the recent nickel intersection. Following the recently announced expansion of Pipy South's land position, tripling the project's size, the company is now able to broaden its exploration efforts in search of additional gold and nickel zones." — Brad Humphrey, President and CEO