Nican drills 1.45 m of 1.54% Ni at Pipy South project

Executive Summary

• Nican Ltd. reported significant high-grade nickel-bearing massive sulphide intersections from its Phase I reconnaissance drilling program at the Pipy South property in the Thompson Nickel Belt, Manitoba.
• The primary intersection in hole PIPY25-06 confirmed the presence of nickel sulphides within the prospective Pipe formation, with follow-up geophysical surveys indicating the mineralized system remains open in multiple directions.
• The company also discovered a new gold zone during late 2025 drilling and plans to advance exploration programs for both nickel and gold targets, including follow-up drilling and airborne electromagnetic surveys.

Key Details

• Primary Drill Intersection (Hole PIPY25-06): Intersected 1.54% Nickel (Ni), 0.17% Copper (Cu), and 0.064% Cobalt (Co) over 1.45 meters at 60 meters below surface.
• Geological Context: The intersection occurred within the Pipe formation, which hosts all economic nickel mineralization in the Thompson nickel belt.
• Geophysical Data:
  • Downhole electromagnetic (BHEM) survey showed a conductive anomaly correlating with the mineralization.
  • Four surface lines of transient electromagnetic (TEM) completed over the immediate area and 400m to the south displayed strong conductivity over the entire 400m length.
  • The anomaly is open along strike to the north and south, as well as up and down dip.
• Strike Length: The prospective Pipe formation stratigraphy can be traced for five kilometers along strike across Nican's two claim blocks (Pipy South).
• Historical Context: Hole PIPY25-06 was drilled near a historical 1966 INCO hole that intersected a 1.35m zone of mineral breccia. Another INCO hole 250m south intersected 2.13m of mineral zone.
• Additional Discovery: Drilling in late 2025 resulted in the discovery of a new gold zone on the property.
• Future Plans:
  • Follow-up drilling to trace and expand the nickel-bearing massive sulphide zone.
  • Designing exploration programs to advance both nickel and gold targets.
  • An airborne electromagnetic survey has been designed to trace the conductive trend and define other prospective zones.
• Project Location: Pipy South is located 20 km north of Vale's Thompson nickel mine in Thompson, Manitoba, with excellent infrastructure and road access.
• Partnership: The Pipy South project is included in an exploration agreement with the Nisichawayasihk Cree Nation (NCN).
• Total Property Size: The Pipy properties (Pipy South and Pipy North) total 27.0 square kilometers.

Notable Quotes

• Brad Humphrey, President and CEO: "Nican is pleased to report assay results from nickel-bearing massive sulphides on the highly prospective Pipy South property. The objective of our initial reconnaissance drill program was to confirm the presence of nickel mineralization, and this intersection clearly demonstrates that nickel sulphides occur within the favourable Pipe formation on the Pipy South property."
• Brad Humphrey, President and CEO: "Drilling at Pipy South in late 2025 not only achieved our primary objective, confirming nickel sulphides, but also resulted in the discovery of a new gold zone on the property. The company is now designing exploration programs to advance both the nickel and gold targets."
• Stanley Clemmer, PGeo (Consulting Geologist): "I am very encouraged by the intersection of nickel bearing massive sulphides at the Pipy South property. Having explored, in the past, for nickel in the Thompson nickel belt and elsewhere, I know how rare and difficult it is to intersect sulphides like this, particularly in a new area and so close Vale's Thompson mine. I look forward to Nican's upcoming drill programs."