Nican identifies gold target by Pipy South property

Executive Summary

• Nican Ltd. identified a high-priority gold target at its Pipy South project in the Thompson Nickel Belt, Manitoba, based on historical drilling data and recent reconnaissance work.
• A historical diamond drill hole returned 6.63 g/t Au and 10.13 g/t Ag over 5.6 meters, situated within a wider near-surface zone averaging 1.20 g/t Au and 5.90 g/t Ag over 47.0 meters.
• Recent 2025 drilling has confirmed the presence of gold mineralization hosted by silicate facies iron formation with significant alteration halos; assays from the new holes are pending.

Key Details

• Historical Drill Intercept:
  • Hole ID: Unspecified (from 2017 report).
  • Interval: 6.63 g/t Au and 10.13 g/t Ag over 5.6 meters.
  • Wider Zone: Averages 1.20 g/t Au and 5.90 g/t Ag over 47.0 meters.
  • Data Source: Unpublished 2017 report with accredited laboratory certification and reliable QA/QC.
  • Status: Core not yet located by Nican; orientation and true width unknown pending future drilling.
• Recent 2025 Reconnaissance Drilling:
  • Four diamond drill holes drilled in the immediate area of the historical intercept.
  • Geology: Mineralization hosted by silicate facies iron formation containing 1% to 5% disseminated pyrrhotite, up to 1% galena, and chalcopyrite.
  • Alteration: Extensive halo of silicified biotite gneiss noted; hole PIPY25-07 displayed alteration along its entire length of over 80 meters.
  • Analogy: Style is analogous to iron formation-hosted gold camps such as Homestake, Musselwhite, and Geraldton.
  • Status: Assays are pending.
• Additional Historical Assay Data:
  • Interval at 55.4 m: Biotite amphibolite gneiss with 0.5% to 2.0% disseminated pyrrhotite, identified as gold-bearing.
  • Interval 31.0 m to 42.0 m: Returned 0.92 g/t Au, 14.38 g/t Ag, and 0.56% Pb.
  • Downhole magnetic susceptibility readings correlate with gold and positive magnetic readings.
• Deeper Mineralization:
  • Interval 153.4 m to 160.2 m: Garnet-bearing amphibolite with disseminated pyrrhotite explaining magnetic signature.
  • Assaying showed no appreciable nickel-copper concentrations or notable gold, except for one 2.0 m interval at 157.4 m returning 0.39 g/t Au.
• Project Context:
  • Location: Pipy South property, adjacent to Mystery Lake South, ~20 km northeast of Thompson, Manitoba.
  • Agreement: Exploration agreement with Nisichawayasihk Cree Nation (NCN).
  • Qualified Person: Stanley Clemmer, PGeo.

Notable Quotes

• "Nican is very intrigued by this new gold target in an area historically considered to host only nickel mineralization. This style of gold mineralization is relatively unique within the Thompson nickel belt, and Nican intends to re-examine historical data with a fresh perspective to identify additional opportunities along the belt. The company plans to commence geophysical surveys, followed by diamond drilling, to further examine the gold-bearing horizon." — Brad Humphrey, President and CEO