NiCAN Intersects 1.54% Nickel over 1.45 Meters on the Pipy South Project, Thompson Manitoba

The news release dated February 17, 2026, reports assay results from the initial reconnaissance drill program at the Pipy South Project in Thompson, Manitoba. The key result is hole PIPY25-06, which intersected 1.54% Nickel (Ni), 0.17% Copper (Cu), and 0.064% Cobalt (Co) over a narrow interval of 1.45 meters. This intersection occurred approximately 60 meters below the surface. The company reports that downhole and surface electromagnetic (EM) surveys indicate the conductive anomaly correlates with the mineralization and remains open over a 400-meter strike length. These results follow a recent "new gold discovery" on the same property (announced February 9, 2026), where hole PIPY25-04 intersected 27.6 meters of 1.25 g/t Gold.

From a critical standpoint, the impact of the February 17 nickel assays is muted. While 1.54% Ni is a respectable grade for the Thompson Nickel Belt, the 1.45-meter width is extremely narrow and insufficient for an economic resource in an underground mining context. - Validation vs. Economic Viability: The news validates that the Pipe Formation on the property hosts nickel-bearing sulphides, which was the company’s primary geological thesis. However, it does not yet prove the presence of a large-scale, high-grade deposit. - Comparison to Gold Results: Ironically, the gold discovery reported one week earlier (27.6m of 1.25 g/t Au) appears more material in terms of potential volume than the flagship nickel targets. The company is now faced with "commodity drift," attempting to advance both nickel and gold targets with limited capital. - Historical Context: This is the first drilling on this specific portion of the Pipe Formation in 50 years. While a "discovery" by definition, the market response (staying at $0.05) suggests that investors are waiting for significant width (e.g., >5-10 meters) or higher grades before assigning a discovery premium.

NiCAN Limited is a Canadian junior explorer focused on nickel-copper-cobalt projects in Manitoba. - Pipy South (Flagship): Located north of Thompson, adjacent to Vale’s Thompson Mine. It targets the Pipe Formation. Recent discovery of gold mineralization has added a second commodity focus. - Wine Project: Located near Snow Lake. Previous drilling (May 2024) showed high-grade hits (20.3m @ 2.85% NiEq). It remains a core asset but has taken a backseat to the recent Pipy South drilling.