NiCAN Intersects Nickel Bearing Massive Sulphides on the Pipy South Project, Thompson Manitoba

The most recent news release (January 19, 2026) announces that NiCAN has successfully intersected nickel-bearing massive sulphides at its Pipy South project in the Thompson Nickel Belt, Manitoba. In its Phase I reconnaissance drill program, which consisted of 9 holes totaling 1,264 meters, hole PIPY25-06 intersected 1.45 meters of massive sulphides starting at 60 meters depth. Visual inspection and handheld XRF confirmed the presence of pentlandite and nickel. Geophysical surveys (downhole and surface EM) indicate a conductive strike length of approximately 400 meters, which remains open in all directions. Assays for all nine holes are currently pending.

The news is a material technical success for the company's exploration model but carries high risk for investors. - Geological Confirmation: This is the first drilling on this portion of the Pipe Formation in 50 years. Intersecting massive sulphides confirms that the structural model (parasitic fold closures in the Pipe Formation) is a valid target for nickel mineralization similar to the nearby Thompson Mine. - Scale Concerns: The reported intercept of 1.45 meters is relatively thin. While the massive nature of the sulphides suggests high grades, the volume identified thus far is insufficient for a commercial resource. - Assay Risk: The company relies on "visual" and "XRF" data. Historically, junior miners' visual estimates of mineral content can vary significantly from final lab assays. - Historical Comparison: The results align with and improve upon 1960s-era Inco drilling, which noted "mineral breccia" but lacked modern EM data to trace the 400m strike.

NiCAN Limited is a Canadian junior explorer focused on nickel-copper-cobalt projects in Manitoba. - Flagship Project: The Pipy Project (including Pipy South, North, and West) covers 39.1 sq km near Thompson, MB. It is strategically located 12km from Vale’s Thompson Nickel Mine. - Geology: The project is underlain by the Pipe Formation, which hosts all major economic nickel deposits in the Thompson Nickel Belt. The current focus is on folded structures that might trap massive sulphides.