TORONTO, ON — January 19, 2026 — Leads & Copy —
NiCAN Limited has reported intersecting nickel-bearing massive sulphides during its Phase I drilling program on the Pipy South Nickel Project near Thompson, Manitoba. The company drilled a total of 1,264 meters in nine diamond drill holes.
Drill hole PIPY25-06 intersected 1.45 meters of nickel-bearing massive sulphides at 60 meters below the surface within the Pipe Formation unit, 20 kilometers north of the Thompson Nickel Mine. The Pipe Formation hosts all of the economic nickel mineralization within the Thompson Nickel Belt.
Visual examination of the core indicates fine disseminations and thin seams of pentlandite, and handheld XRF-readings confirm the interval to be nickel bearing. Assays are pending.
PIPY25-06 was drilled near a historical 1966 INCO diamond drill hole that intersected a 1.35-meter zone described as “mineral breccia.” Another INCO drill hole 250 meters south of PIPY25-06 intersected 2.13 meters of a “mineral zone.”
A downhole electromagnetic survey on PIPY25-06 displayed an in-hole conductive anomaly correlating with the intersected mineralization. Four surface lines of transient electromagnetic survey were also completed, displaying strong conductivity over 400 meters, with the anomaly open along strike. NiCAN’s aeromagnetic survey indicates the Pipe Formation stratigraphy intersected in PIPY25-06 can be traced for five kilometers along strike on NiCAN’s claim blocks.
Historical hole BD-02 reported two 0.3-meter intervals of 1.55% and 1.04% nickel within Pipe Formation sediments on the southern claim block. Follow-up work is planned.
NiCAN President and CEO Brad Humphrey said the intersection indicates that there is nickel within the favourable Pipe Formation and that geophysical surveys suggest it remains open to the north and south as well as up and down dip.
The project area has roads and trails and is located just north of the City of Thompson, which hosts Vale’s Thompson Nickel Mine Complex. The Pipy South Property is underlain by the Pipe Formation.
Four diamond drill holes (PIPY25-01,02,02A,03) that tested targets elsewhere on the property were not on the same trend as PIPY25-06 and did not cut significant massive sulphides. The remaining four holes were drilled on newly acquired claims tied on to the northwest boundary of the Pipy South Property. Assays are pending.
NiCAN plans follow-up drilling to trace and expand the nickel bearing massive sulphide zone intersected in PIPY25-06. Additionally, an airborne electromagnetic survey is being designed to trace the conductive trend that hosts the massive sulphides and define other prospective mineralized zones.
The Pipy South Project is included in an Exploration Agreement with Nisichawayasihk Cree Nation (“NCN”).
The Pipy Properties consist of three project areas, Pipy South, Pipy North and Pipy West, totaling 69.3 km2 in the Thompson Nickel Belt.
Mr. Stanley Clemmer, P.Geo, an independent consultant to NiCAN, has reviewed and approved the scientific and technical information in this press release.
NiCAN Limited is a mineral exploration company, trading under the symbol “NICN” on the TSX-V. The Company is actively exploring two nickel projects, the high grade nickel-copper Wine Project and highly prospective Pipy Project, both located in well-established mining jurisdictions in Manitoba, Canada.
Contact:
Brad Humphrey
President and CEO of NiCAN
Source: NiCAN Limited
