NiCAN Identifies Gold Target at Pipy South Project, Thompson, Manitoba

On January 27, 2026, NiCAN Limited announced the identification of a new high-priority gold target on a claim adjacent to its Pipy South Property in Thompson, Manitoba. The target is based on historical diamond drill hole 17BN01, which reportedly returned 6.63 g/t Au and 10.13 g/t Ag over 5.6 meters within a broader 47.0-meter zone averaging 1.20 g/t Au. NiCAN has already completed four diamond drill holes in this specific area with assays currently pending. The company notes that this style of gold mineralization, hosted in silicate facies iron formation, is unique for the Thompson Nickel Belt, which is traditionally known for nickel.

• Early Stage Speculation: The impact is categorized as Routine-Positive because it relies heavily on historical data (from 2017) for which the company has not yet located the physical core. Until NiCAN's 2025-2026 drilling assays are released, the actual value of this gold target remains unverified.
• Diversification of Risk: While the primary focus of Pipy South has been nickel (as seen in the January 19, 2026, release), the addition of a gold target provides a secondary value driver. This may be a strategic pivot to maintain investor interest if nickel results are delayed or underwhelming.
• Resource Uncertainty: The company admits the true width of the historical gold intercept is unknown.
• Proximity to Infrastructure: The location remains a strong positive, being 12km from Vale’s Thompson Nickel Mine, which lowers future potential development costs.

NiCAN Limited is a Canadian explorer focused on nickel-copper-cobalt and now gold in Manitoba. Its flagship project is the Pipy South Project in the Thompson Nickel Belt. The property covers 39.1 sq km and is underlain by the Pipe Formation, which historically hosts most of the economic nickel mineralization in the region. Until 2025, no drilling had been conducted on this specific portion of the Pipe Formation for 50 years.