NiCAN Provides a Review of its March 2024 Drilling Program and Next Steps at the Wine Project, Manitoba
Highlights (Table 1):
-
Diamond Drill Hole (DDH) Wine 24-3 intersected 5.5 meters averaging 1.10% Cu and 1.27% Ni (1.47% NiEq) starting from 5.9m core depth (Figure 2). -
DDH Wine 24-7 intersected multiple zones of narrow nickel-copper mineralization from 8.0 meters core depth to 84 meters core depth. This hole was planned to establish the plunge of the
Upper Zone .The Upper Zone was intersected along with three additional zones, initially interpreted to be the eastern margin of theMain Zone .
The objective of this drilling program was to better understand the dip and plunge of the Main and Upper Zones at the Wine Occurrence, in order to design future drill targets; to extend the mineralization to the south and at depth. Both zones appear to be more steeply dipping than originally modelled. The Company is currently incorporating the new drilling data and recently acquired geophysics to design programs to extend the mineralization in the Wine Occurrence area, including the new zone to the north, and to continue to test the broader Wine Gabbro (Figure 1).
Highlights From the Phase III-B drill program (Table 1, previously released):
-
DDH Wine 24-1A, designed to test down plunge of the
Main Zone (Figure 4), 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 (Figure 4).
- DDH Wine 24-2 intersected 28.0 meters averaging 1.25% Cu and 0.59% Ni (0.95% NiEq), the deepest and most southern intersection at the Wine Occurrence to date (Figure 3).
- DDH Wine 24-4 intersected 20.3 meters averaging 2.88% Cu and 2.14% Ni (2.85% NiEq) (Figure 2).
With less than 30% (2,074m) of our drilling focused on the Wine Occurrence since acquiring the original claims, we are encouraged by the results which returned strong nickel and copper grades over meaningful widths, all near surface. This program discovered a new near surface zone to the north, and also provided us with a better understanding of the dip and plunge of both the Main and Upper Zones. Both zones appear to be more steeply dipping than previously understood, which allows us to better target and extend the mineralization to the south and at depth in future drill programs. We also plan to test the extent of the new
We also continue to focus more broadly across the prospective Wine Gabbro. The recently completed deep penetrating TDEM survey, combined with the historical drilling as well as geophysical and geochemical surveys, will assist in designing further drill programs. An initial interpretation of the TDEM data indicates a 400 meter long, untested, conductive source, located 150 meters to the west of the Central Mineralized Horizon. In the Central Mineralized Horizon, past drilling intersected anomalous nickel and copper, including 0.33% NiEq over 16.0 meters and 0.48% NiEq over 13.5 meters.
Stay tuned for updates as the Company works through all of the recently acquired data and lays out new exploration plans and drill targets."
Table 1. Wine Occurrence - Summary Assays from Phase III-B Diamond Drill Program (
Hole # |
From (m) |
To (m) |
Length |
Cu (%) |
Ni (%) |
NiEq |
CuEq |
Co (%) |
PGMs |
Wine 24-1 |
6.8 |
12.2 |
5.4 |
0.71 |
1.35 |
1.40 |
3.33 |
0.07 |
0.33 |
Wine 24-1 |
23.5 |
29.0 |
5.5 |
0.76 |
1.58 |
1.61 |
3.84 |
0.07 |
0.58 |
Wine 24-1 |
41.6 |
46.2 |
4.6 |
0.92 |
1.00 |
1.18 |
2.81 |
0.05 |
0.26 |
Wine 24-1A |
7.5 |
11.2 |
3.7 |
1.40 |
1.63 |
1.89 |
4.49 |
0.08 |
0.61 |
Wine 24-1A |
24.8 |
26.4 |
1.6 |
0.55 |
0.60 |
0.71 |
1.68 |
0.03 |
0.14 |
Wine 24-1A |
29.7 |
75.1 |
45.5 |
1.20 |
1.32 |
1.55 |
3.69 |
0.06 |
0.59 |
Wine 24-2 |
76.5 |
104.5 |
28.0 |
1.25 |
0.59 |
0.95 |
2.25 |
0.02 |
0.66 |
including |
76.5 |
83.0 |
6.5 |
1.99 |
1.24 |
1.77 |
4.20 |
0.04 |
0.70 |
including |
87.0 |
104.5 |
17.5 |
1.23 |
0.45 |
0.82 |
1.96 |
0.02 |
0.77 |
Wine 24-3 |
5.9 |
11.4 |
5.5 |
1.10 |
1.27 |
1.47 |
3.50 |
0.06 |
0.28 |
Wine 24-3 |
30.5 |
33.5 |
3.0 |
0.48 |
0.28 |
0.41 |
0.97 |
0.03 |
0.12 |
Wine 24-4 |
66.0 |
86.3 |
20.3 |
2.88 |
2.14 |
2.85 |
6.78 |
0.09 |
1.19 |
Wine 24-7 |
8.0 |
10.0 |
2.0 |
0.67 |
0.05 |
0.28 |
0.67 |
0.01 |
0.09 |
Wine 24-7 |
12.0 |
15.0 |
3.0 |
0.90 |
1.51 |
1.60 |
3.82 |
0.07 |
0.60 |
Wine 24-7 |
28.9 |
32.2 |
3.3 |
0.64 |
0.76 |
0.87 |
2.08 |
0.03 |
0.66 |
Wine 24-7 |
69.4 |
73.3 |
3.9 |
0.67 |
0.27 |
0.47 |
1.12 |
0.01 |
0.22 |
Wine 24-7 |
80.2 |
84.0 |
3.8 |
0.38 |
1.04 |
1.02 |
2.43 |
0.04 |
0.42 |
Note: Nickel and Copper equivalent grades include nickel and copper values only and assume recoveries of 85% for nickel and 85% for copper based on comparable deposits. The equivalent calculation uses a 6-year trailing average with a Nickel price of |
The results from the Phase III-B exploration program, completed in
Beyond the Wine Occurrence, the Company continues to review the potential of other areas within the broader Wine Gabbro. In particular, we are looking at the Central Mineralized Horizon, which is located 600 meters east of the Wine Occurrence. At the Central Mineralized Horizon, past drilling returned anomalous copper-nickel values intermittently over more than 900 meters (Figure 1). Untested conductors have been identified along this horizon and a detailed study of past drilling and geophysical and geochemical surveys is underway to assist in planning further drilling in this area.
The Phase III-B Wine Exploration program consisted of 8 diamond drill holes for a total of 942 meters and 25 kilometers of deep penetrating TDEM survey. We designed this program to follow up on the significant results returned from the Phase III drill program, which was completed in the fourth quarter of 2023 (see
The objective of the Phase III-B drill program was to further drill test the Wine Occurrence, gaining a better understanding of the orientation of the various zones and test one greenfield geophysical target to the north. Diamond drill holes Wine 24-1, Wine 24-1A, Wine 24-2, Wine 24-4, Wine 24-5 and Wine 24-6 were previously released (see
The Wine Occurrence follow up drilling program was completed in
Note: Not all holes plotted for clarity |
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 drill holes are displayed. 2024 drill holes are highlighted. |
Diamond drill hole Wine 24-3 was designed to determine if the
Diamond drill hole Wine 24-4 was collared to determine if there was a down dip extension to the
Diamond drill hole Wine 24-6 targeted a conceptual down dip extension to the mineralization intersected in hole Wine 22-9 (0.74% NiEq over 11.6 meters). It is interpreted that this hole was stopped short of intersecting the down plunge extension of the
Diamond drill hole Wine 24-7 was collared from the same pad as hole Wine 24-3 with an azimuth further to the west. The objective was to establish if the
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.
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.
Mr.
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The information contained herein contains certain "forward-looking information" under applicable securities laws concerning mineralization conceptualizations and future exploration programs, business, operations and financial performance and condition of
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