NiCAN Mobilizes Diamond Drill and Geophysical Crew to the Wine Property, Manitoba

TORONTO, Feb. 28, 2024 /CNW/ - NiCAN Limited ("NiCAN" or the "Company") (TSXV: NICN) is pleased to report that it has mobilized a diamond drill and geophysical crew to the Wine Property located in the Snow Lake area, Manitoba, Canada. This diamond drill program will follow up on the previously announced results at the Wine Occurrence.

Highlights:

Figure 1: Wine Project Location, Manitoba, Canada (CNW Group/Nican Ltd.)

• Diamond drill mobilized to the Wine Property to test the extent of the Wine Occurrence and additional geophysical targets. Anticipate completing 6-8 additional holes before the end of March.
• Geophysical crew mobilized to the Wine Property to identify potential deep-seated nickel and VMS targets.

Brad Humphrey, President, and CEO of NiCAN, commented, "We are very encouraged by the results from the diamond drilling at the Wine Occurrence in the Fall 2023 program, and have elected to immediately carry out additional drilling with the objective of expanding the various interpreted mineralized zones. Results from the diamond drilling at the Wine Occurrence indicate that the Main Zone potentially extends to sub-surface further to the north and plunges moderately to the southwest, which we will be testing in this program. We will also further define the Upper Zone and test an additional zone interpreted immediately to the east.

While on the ground at Wine, we will also complete an extensive ground, deep penetrating Time Domain EM survey with the objective of defining deep-seated nickel and other base metal targets at depths beyond the reach of the airborne VTEM survey completed in 2022. We are focusing on the Wine Gabbro environment where several mineralized nickel bearing horizons have been defined as well as VMS stratigraphy that hosts several copper-zinc deposits to the north and south of the Wine Property. Defined conductors will be evaluated and considered for follow up drilling in future programs."

Table 1: 2023 Main Zone - Wine Occurrence – Summary Assays

Drill Hole	From (m)	To (m)	Thickness (m)	Cu%	Ni %	NiEq%
Wine 23-16	48.3	60.9	12.6	2.01	1.52	2.01
Wine 23-17	18.6	42.1	23.5	1.76	1.59	1.98
Wine 23-29	36.5	68.0	31.5	1.90	1.93	2.32

Table 2: Upper Zone - Wine Occurrence - Summary Assays

Drill Hole	From (m)	To (m)	Thickness (m)	Cu%	Ni%	NiEq%
Wine 22-6	7.4	17.1	9.8	2.09	1.23	1.79
Wine 23-16	4.2	11.9	7.7	1.69	1.12	1.55
Wine 23-17	4.6	10.4	5.4	0.99	0.81	1.04
Wine 23-29	4.2	14.8	9.6	2.20	1.56	2.11

Analogies to Historical Lynn Lake Nickel Deposits

NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the nickel-copper deposits in the Lynn Lake area, which is to the north of the Wine property. At Lynn Lake, approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper were historically mined at the Farley Mine. The Farley Mine consisted of multiple lenses of mineralization contained within a 4.2 km² gabbro body. The Wine Gabbro area contains numerous similarities and has seen very little exploration for nickel-copper deposits.

Qualified Person

Mr. Bill Nielsen, P.Geo, a consultant to NiCAN, who is a qualified person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects ("NI 43-101") has reviewed and approved the scientific and technical information in this news release.

About NiCAN

NiCAN Limited is a mineral exploration company, trading under the symbol "NICN" on the TSX-V. The Company is actively exploring two nickel projects, both located in well-established mining jurisdictions in Manitoba, Canada.

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Cautionary Note Regarding Forward-Looking Statements

The information contained herein contains certain "forward-looking information" under applicable securities laws concerning the proposed financing, business, operations and financial performance and condition of NiCAN Limited. Forward-looking information includes, but is not limited to, the size and timing of the drill program, results of the drill program, interpretations of the various surveys, NiCAN's ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of the properties of the Company; future commodity prices (including in relation to NiEq calculations); drilling and other exploration potential; costs; and permitting. Forward-looking information may be characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information includes changes in market conditions, fluctuating metal prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses and permitting disputes and/or delays. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Nican Ltd.

Brad Humphrey, President and CEO, 416.565.4007, [email protected]; Sandy Noyes, Investor Relations & Communications, [email protected]