Nican Ltd. [TSXV: NICN; OTCQB: NILTF; FRA: W8Y] has defined a significant number of new untested target areas at the high-grade Wine nickel-copper project near Snow Lake, Manitoba, from geophysical surveys and further groundwork completed this year.
Brad Humphrey, president and CEO, commented: “We are very encouraged with the new information garnered from the 2024 time-domain electromagnetic (TDEM) survey and follow-up beep-mat survey, which defined a significant number of new targets across the Wine gabbro area. These new high-priority targets warrant further exploration work and drill testing. The Nican team has greatly expanded the potential of the Wine property and set out the analogies to the Lynn Lake nickel deposits more clearly.
“We continue to focus more broadly across the Wine gabbro with its multiple mineralized horizons and these recently completed surveys have significantly increased our understanding of the specific target areas. The 2024 TDEM survey, combined with the historical drilling, geophysical and geochemical work completed to date, has assisted in generating the targets for further drill programs within the prospective Wine gabbro.”
A detailed review and interpretation of the 2024 TDEM survey defined several new untested target areas, including a new untested conductive horizon at the eastern boundary of the Wine gabbro. These untested areas have subsequently been geophysically modelled. A ground assessment of six priority target areas was recently surveyed utilizing a shallow penetrating EM (electromagnetic) unit (beep mat). This work yielded multiple near-surface conductive sources that require additional evaluation through prospecting and rock sampling, which is currently under way.
A drill program is being designed to test the newly defined targets across the greater Wine gabbro and to define the down plunge extension of the high-grade Wine occurrence as well as to expand other proximal mineralized zones.
Diamond drill hole Wine 24-2 from Nican’s 2024 drilling returned the deepest and southernmost intersection to date at the Wine occurrence, cutting the Upper zone at a downhole depth of 76.5 metres (approximately 67 metres from surface), returning 1.77% nickel equivalent over 6.5 metres and the Main zone at a downhole depth of 87.0 metres (approximately 73 metres from surface) returning 0.82% nickel equivalent over 17.5 metres. This downplunge extension of the Upper zone and the Main zone is a priority target for further drilling.
Future drill programs will also test the depth extent of the newly discovered Northern zone, which was intersected at surface in diamond drill hole Wine 24-1A, which returned 3.7 metres averaging 1.89% nickel equivalent. This Northern zone is interpreted to be the up plunge of a zone intersected in diamond drill hole Wine 22-3, which returned 8.6 metres averaging 2.22% nickel equivalent from 66.6 metres and 1.8 metres at an average grade 1.53% nickel equivalent from 79.5 metres.
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 six-year trailing average with a nickel price of UIS$8.10 per pound and copper price of US$3.40 per pound.
The 2024 TDEM survey defined untested conductors that have been geophysically modelled. The beep-mat instrumentation was conducted over six of these target areas, which included the Wine occurrence, where near-surface mineralization has been intersected by drilling (Upper zone and Northern zone). This survey delineated many additional near-surface conductive responses that are being investigated with a prospecting and rock sampling program that is currently under way.
At the high-grade Wine occurrence, several new TDEM conductive responses were defined to the north and northeast of the known mineralization, interpreted to be 350 metres and 1,000 metres along strike, respectively. Additional TDEM targets have also been identified approximately 150 metres to 400 metres to the southwest. A drill program is currently being designed to test these new targets along strike of the Wine occurrence.
The majority of the newly delineated TDEM conductive responses are associated with the Central Mineralized zone. However, a series of new TDEM responses located between 200 metres and 400 metres east of the Central Mineralized zone are of particular interest, with subsequent geophysical modelling and beep-mat surveys providing specific drill targets. Five of these targets are scheduled for near-term prospecting and rock sampling to prioritize targets for future drill testing, potentially opening up a new mineralized horizon farther to the east.
Since acquiring the original Wine property claims, Nican has drilled a total of 7,686 metres in 60 diamond drill holes on the Wine property, with 2,104 metres for 21 diamond drill holes focused on the Wine occurrence.
The recently completed surveys on the Wine gabbro appear to support Nican’s belief 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-square-kilometre gabbro body. The 4.0 km2 Wine gabbro area contains numerous similarities and has seen very little exploration for nickel-copper deposits.
