Nican Ltd. [TSXV-NICN] has completed its late winter diamond drilling program on the Wine property, located in the Snow Lake area in Manitoba, Canada. Nican designed the program to expand the understanding of several mineralized zones at the Wine occurrence. Samples have been shipped to the lab for analysis.
Highlights: Preliminary observations within diamond drill hole Wine 24-1A (collared 45 metres to the north of Wine 22-5 and drilled to the southwest) indicate the hole has intersected multiple zones, including a previously unknown northern zone that subcrops over a core length of 3.7 metres. In the same hole, the Main zone was visually interpreted over approximately 33.4 metres.
Initial interpretations suggest diamond drill hole Wine 24-2 (collared 60 metres to the east southeast of Wine 22-5 and drilled to the west-northwest) intersected two zones, one being the Main zone over a core length of approximately 16.0 metres and a second interval, farther up the hole, interpreted to be the downplunge extension of the Upper zone over a width of approximately 6.5 metres.
Brad Humphrey, president and CEO, commented: “We are encouraged by the drilling completed so far in 2024 at the Wine occurrence, which continues to add to our understanding of the various zones. Preliminary observations suggest that Nican has expanded the known zones and intersected a new zone further to the north that subcrops. Modelling and interpretation work is under way, and samples have been sent to the lab for analysis.”
These are preliminary observations of the drill core and assay results remain pending.
Nican believes that the nickel-copper 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 and contains numerous similarities to the Wine gabbro area.
Nican’s board of directors has granted to certain directors, officers, employees and consultants an aggregate of 3.6 million options to acquire common shares of the company under the company’s stock option plan. The options are exercisable at an exercise price of 11 cents per share for five years from the date of grant, subject to TSX Venture Exchange approval.
