Nican intersects Pipy nickel-bearing massive sulphides

Executive Summary

• Nican Ltd. intersected nickel-bearing massive sulphides in drill hole PIPY25-06 on its Pipy South project in the Thompson nickel belt, Manitoba.
• The intersection occurred 60m below surface within the Pipe formation, which hosts all economic nickel mineralization in the region.
• Geophysical surveys (BHEM and TEM) confirm strong conductivity anomalies correlating with the mineralization, suggesting the zone is open along strike and dip.

Key Details

• Drill Hole PIPY25-06: Intersected 1.45 m of nickel-bearing massive sulphides at 60m below surface.
• Mineralization Details: Visual examination of core shows fine disseminations and thin seams of pentlandite (nickel sulphides). Handheld XRF readings confirm the interval is nickel-bearing. Assays are pending.
• Historical Context: The hole was drilled near a 1966 Inco hole that intersected 1.35 m of "mineral breccia" (no assays) and another hole 250m south that intersected 2.13 m of "mineral zone."
• Geophysics:
  • Downhole electromagnetic (BHEM) survey showed an in-hole conductive anomaly correlating with the intersection.
  • Four surface lines of transient electromagnetic (TEM) survey completed over the immediate area and 400m to the south.
  • Survey displayed strong conductivity over the entire 400m length; anomaly is open along strike (north/south) and up/down dip.
• Strategic Potential: Aeromagnetic survey indicates the prospective Pipe formation stratigraphy can be traced for five kilometres along strike across Nican's two claim blocks.
• Other Holes:
  • Four holes (PIPY25-01, -02, -02A, -03) tested other targets, intersected Pipe formation, but did not cut significant massive sulphides.
  • Four additional holes were drilled on newly acquired claims tied to the northwest boundary; assays are pending.
• Future Plans: Follow-up drilling planned to trace and expand the sulphide zone. Airborne electromagnetic survey being designed to trace the conductive trend.
• Project Overview: Pipy South is part of a 69.3 sq km property in the Thompson nickel belt, adjacent to Vale's Thompson nickel mine. Exploration agreement exists with Nisichawayasihk Cree Nation (NCN).

Notable Quotes

• "Nican is excited to report confirmation of nickel bearing sulphides on the highly prospective Pipy South property. The primary objective of this reconnaissance drill program was to test for the presence of nickel mineralization. This intersection clearly indicates that there is nickel within the favourable Pipe formation, which underlies the Pipy South property." — Brad Humphrey, President and CEO