Newly listed junior NiCAN hits 27.3 metres of 2% nickel and 1.81% copper in Manitoba

Fresh off its early August listing on the TSX Venture Exchange, NiCAN Ltd. (TSXV: NICN) has released results from its first two drill holes at its Wine project in Manitoba. 

Hole 22-05 intersected three distinct zones of mineralization, including 27.3 metres at 2.01% nickel, 1.81% copper, 0.09% cobalt, 0.2 gram gold per tonne and 0.28 gram palladium (or 2.61% nickel equivalent) from 43 metres depth. 

Hole Wine-22-02 cut four zones of mineralization including 2.8 metres grading 1.87% nickel, 0.64% copper, 0.08% cobalt and 0.46 gram palladium from 45.8 metres (2.08% nickel equivalent). 

The company began the drill program at Wine — a 17-hole, 1,600-metre confirmation and reconnaissance campaign — in January. The purpose of the drill program is to better understand the thickness and orientation of mineralization at the project, which has seen historic exploration, to guide future drilling. 

Drill core from NiCAN Ltd.’s Wine nickel-copper PGM property in Manitoba. Credit: NiCAN Ltd.

The 56.8-sq.-km property is located 50 km southwest of Snow Lake – about 680 km north of Winnipeg – in a suture zone between the Flin Flon and Snow Lake greenstone belts. 

In late August, NiCAN released results from a resampling of a historic hole RAD07-01 that supported historical assay results of 20.4 metres (estimated true width of 16 metres) of 1.38% nickel, 2.14% copper, 0.4 gram gold, and 0.06% cobalt from 55.7 metres depth. 

Previous work at the Wine project includes 48 drill holes, only 12 of which were assayed for nickel. 

NiCAN was established in April 2022 with a focus on nickel-copper exploration projects in known mineral belts, located in low-risk jurisdictions. The company also holds the 24-sq.-km Pipy project, located in the Thompson nickel belt next to Vale’s Thompson mine, where it intends to begin exploration later this year once a permit is granted. 

NiCAN shares traded at 20¢ apiece this afternoon; since listing it has traded between 14¢ and 35¢. With 69.4 million shares outstanding, it has a market capitalization of $13.8 million.