NiCAN Announces Initial Set of Assays from 2024 Drilling, including 45.5 Meters at 1.55% NiEq at the Wine Project, Manitoba
Highlights:
-
Diamond drill hole Wine 24-1A, drilled to test down plunge of the
Main Zone (Table 1 and Figure 2), intersected several zones of mineralization including:- 45.5 meters averaging 1.20% Cu and 1.32% Ni (1.55% NiEq), and
- A new, near surface, zone located immediately to the north averaging 1.40% Cu and 1.63% Ni (1.89% NiEq) over 3.7 meters (Table 1 and Figure 1).
- Diamond drill hole Wine 24-2 intersected 28.05 meters averaging 1.25% Cu, 0.59% Ni (0.94% NiEq), the deepest and most southerly intersection at the Wine Occurrence to date.
Table 1 . Highlights from Diamond Drill Holes Wine 24-1, Wine 24-1A and Wine 24-2
Hole # |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Ni (%) |
NiEq (%) |
Co (%) |
PGMs (g/t) |
Wine 24-1 |
6.75 |
12.2 |
5.45 |
0.71 |
1.35 |
1.40 |
0.07 |
0.33 |
Wine 24-1A |
7.5 |
11.2 |
3.7 |
1.40 |
1.63 |
1.89 |
0.08 |
0.61 |
Wine 24-1A |
29.7 |
75.1 |
45.5 |
1.20 |
1.32 |
1.55 |
0.06 |
0.59 |
Wine 24-2 |
76.45 |
104.5 |
28.05 |
1.25 |
0.59 |
0.94 |
0.02 |
0.66 |
Including |
76.45 |
83.0 |
6.55 |
1.99 |
1.24 |
1.77 |
0.04 |
0.70 |
Including |
87.0 |
104.5 |
17.5 |
1.23 |
0.45 |
0.82 |
0.02 |
0.77 |
Note: Nickel equivalent grades include nickel and copper values only and assume recoveries of 85% for nickel and 85% for copper based on comparable deposits. A 6-year trailing average with a Nickel price: |
We continue to be encouraged by the results, with this first set of holes returning impressive grades and widths, including a new near surface zone to the north intersected by holes Wine 24-1 and Wine 24-1A while targeting down plunge of the
We expect to release the remaining assays from this program shortly. We are also awaiting results from a recently completed, deep penetrating, TDEM survey, which should assist in designing further drill programs to potentially expand the Wine Occurrence and identifying additional zones within the broader Wine Gabbro."
Table 2. Assays from Diamond Drill Holes Wine 24-1, Wine 24-1A and Wine 24-2
Hole # |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Ni (%) |
NiEq (%) |
Co (%) |
PGM's (g/t) |
Wine 24-1 |
6.75 |
12.2 |
5.45 |
0.71 |
1.35 |
1.40 |
0.07 |
0.33 |
Wine 24-1 |
23.5 |
29.0 |
5.5 |
0.76 |
1.58 |
1.61 |
0.07 |
0.58 |
Wine 24-1 |
41.6 |
46.2 |
4.55 |
0.92 |
1.00 |
1.18 |
0.05 |
0.26 |
Wine 24-1A |
7.5 |
11.2 |
3.7 |
1.40 |
1.63 |
1.89 |
0.08 |
0.61 |
Wine 24-1A |
24.8 |
26.4 |
1.6 |
0.55 |
0.60 |
0.71 |
0.03 |
0.14 |
Wine 24-1A |
29.7 |
75.1 |
45.5 |
1.20 |
1.32 |
1.55 |
0.06 |
0.59 |
Wine 24-2 |
76.45 |
104.5 |
28.05 |
1.25 |
0.59 |
0.94 |
0.02 |
0.66 |
Including |
76.45 |
83.0 |
6.55 |
1.99 |
1.24 |
1.77 |
0.04 |
0.70 |
Including |
87.0 |
104.5 |
17.5 |
1.23 |
0.45 |
0.82 |
0.02 |
0.77 |
Note: Nickel equivalent grades include nickel and copper values only and assume recoveries of 85% for nickel and 85% for copper based on comparable deposits. A 6-year trailing average with a Nickel price: |
|
Phase III-B Drilling Program – Wine Property
The Phase III-B Wine diamond drill program consisted of 8 diamond drill holes for a total of 942 meters following up on the significant results returned from the Phase III drilling program completed in the fourth quarter of 2023 (press release dated
The Phase III-B drill program was designed to further drill test the Wine Occurrence in order to better understand the orientation and various zones, and test one greenfield geophysical target to the north.
Follow Up Drill Program – Wine Occurrence
The Wine Occurrence follow up drilling program was completed in
Diamond drill hole Wine 24-1 was designed to define the down plunge extent of the
The collar for diamond drill hole Wine 24-1A was from the same drill pad as Wine 24-1 but with an azimuth more to the west. The hole was designed to test the down plunge of the
Diamond drill hole Wine 24-2 was collared to determine if there was a plunge extent to the
Note: Only NiCAN holes are displayed. |
Greenfields Exploration Program – Wine Property
One diamond drill hole (Wine 24-5) tested a geophysical target located 550 meters to the northeast of the Wine Occurrence. The hole intersected semi-massive sulphide mineralization over approximately 14 meters, which explained the airborne VTEM conductor. Elevated copper values were returned.
Analogies to Historical Lynn Lake Nickel Deposits
QAQC
All core samples are sent to the
Laboratory Quality Control protocols were applied to the assay sample package by ALS.
A review of the Company's QAQC program indicate that all results were returned within acceptable limits.
The nickel equivalent grade calculation incorporates:
- nickel and copper values only,
- assume recoveries of 85% for nickel and 85% for copper based on comparable deposits,
- A 6-year trailing average nickel price:
US$8.10 /lb; copper priceUS$3.40 /lb.
Qualified Person
Mr.
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