Nican triples size of Pipy South project

Executive Summary

• Nican Ltd. has expanded its land position at the Pipy South project in Thompson, Manitoba, by adding 13 adjacent claims covering approximately 30.5 square kilometres.
• The expansion brings the total Pipy South land package to 45.75 square kilometres, driven by a recent near-surface gold discovery and the company's intent to expand exploration for gold and nickel deposits.
• The company is currently conducting a geophysical program and is preparing for immediate follow-up diamond drilling to further define the emerging gold system, with a summer exploration program planned to identify additional mineralized zones.

Key Details

• Land Expansion: Added 13 adjacent claims covering ~30.5 sq km.
• Total Land Package: Pipy South now totals 45.75 sq km.
• Geological Context: New claims cover a large interpreted anticlinal structure (10.0 km long, 3.0 km wide) displaying multiple magnetic horizons caused by inferred iron formations.
• Discovery Host: The new gold discovery is largely hosted by a lean iron formation exhibiting subtle magnetic anomalies.
• Exploration History: Limited drilling has been completed in this area over the past 50 years; historical efforts were geared toward nickel.
• Infrastructure: Access via provincial Road 280; extensive infrastructure available in Thompson (10 km south).
• Upcoming Activities:
  • Geophysical program currently underway.
  • Immediate follow-up diamond drilling to advance and define the emerging gold system.
  • Summer exploration program to identify additional silicified, mineralized gold zones.
• Nickel Potential: Claims hold potential for nickel deposits as the Pipe formation (hosting significant nickel mineralization in the Thompson area) underlies the property.
• Agreements: Pipy project is included in an exploration agreement with Nisichawayasihk Cree Nation (NCN).
• Project Scope: Pipy properties (Pipy South and Pipy North) total 57.0 sq km in the Thompson nickel belt. Pipy South is adjacent to Mystery Lake South, 10-20 km northeast of Thompson and Vale's Thompson nickel mine.

Notable Quotes

• "As a result of Nican's recent successes at the Pipy South project, we have significantly expanded our land position within the Thompson area. This enables the company to expand its exploration efforts looking for gold and nickel deposits. The new gold discovery along with gold prices touching all-time highs adds compelling value to the company's exploration portfolio. Nican remains active at Pipy South with a geophysical program under way and is preparing for immediate follow-up diamond drilling to advance and further define this emerging gold system." — Brad Humphrey, President and CEO