NiCAN Confirms New Gold Discovery in Thompson Manitoba, Intersecting 27.6 Meters of 1.25g/t Gold

The news release dated February 9, 2026, confirms a new near-surface gold discovery at the Pipy South Project in Thompson, Manitoba. Highlighting the results, hole PIPY25-04 intersected 27.6 meters grading 1.25 g/t gold (Au) and 12.5 g/t silver (Ag), starting from a depth of 20.4 meters. A second hole, PIPY25-05, intersected 9.5 meters of 0.65 g/t Au. Management interprets the mineralization as being hosted in silicate facies iron formation and silicified biotite gneiss, noting that the system remains open in all directions. This follows a Jan 27, 2026, update where the company identified the gold potential by re-evaluating historical 2017 data (hole 17BN01: 47m @ 1.20 g/t Au).

The impact is Material - Positive for several reasons: - Diversification of Risk: NiCAN has transitioned from a pure-play nickel explorer to a dual-commodity story (Nickel/Gold). In the current high gold price environment, this adds significant "optionality" to their portfolio. - Near-Surface Geometry: The discovery is shallow (starting at 20.4m), which drastically reduces potential future stripping ratios and exploration costs compared to the deep-seated nickel targets common in the Thompson Nickel Belt. - Confirmation of Model: The drilling successfully validated historical logs, proving that the Thompson Nickel Belt, traditionally overlooked for precious metals, can host significant gold systems. - Size Potential: Intersecting nearly 28 meters of 1.25 g/t Au is a "discovery-scale" intercept for a micro-cap company. However, the pending assays for holes PIPY25-07 and 08 will determine if this is a continuous zone or an isolated pod.

NiCAN Limited is a Canadian explorer focused on nickel and gold in Manitoba. - Flagship Project (Original): Wine Nickel-Copper Project near Snow Lake, which has returned high-grade intercepts (e.g., 20.3m @ 2.85% NiEq). - Secondary Project (Current Focus): Pipy South, located 12km north of Thompson. It sits on the "Pipe Formation," which hosts Vale’s Thompson Nickel Mine. The project is now the site of the new gold discovery.