TORONTO, Aug. 3, 2022
/CNW/ - NiCAN Limited ("NiCAN" or the "Company"), a nickel
exploration company, will commence trading on the TSX Venture
Exchange ("TSXv") under the symbol "NICN" at market open today. The
public listing follows the successful completion of an amalgamation
with 1287390 B.C. Ltd. and a
concurrent financing, raising approximately C$6.1 million.
![NiCAN logo (CNW Group/Nican Ltd.) NiCAN logo (CNW Group/Nican Ltd.)](https://mma.prnewswire.com/media/1871387/Nican_Ltd__NiCAN__A_New_Nickel_Exploration_Company__Now_Trading.jpg)
Brad Humphrey, NiCAN's President
and CEO commented, "We are extremely excited to be transitioning to
the public markets and very proud of our team at NiCAN. I want to
thank the NiCAN team, advisors, and Board, for their hard work and
dedication, as well as our very supportive shareholders. NiCAN was
established just 15 months ago to focus on nickel projects in
stable mining regions and since then has been able to quickly build
a highly prospective package of projects in Manitoba, Canada. NiCAN is eagerly awaiting
assay results from its initial reconnaissance drilling program on
the Wine property, located near Snow
Lake, and looks forward to further evaluating the Pipy
property, near Thompson."
Mr. Humphrey continued, "NiCAN is in an excellent position with
two strong projects, a well funded balance sheet, and a team keen
to assess and prove up its existing assets, as well as expand its
portfolio of projects. Over the coming weeks NiCAN anticipates
releasing assays from the Wine Phase I drilling program and
outlining upcoming plans for the project, after incorporating the
new assay results and additional airborne survey work. The Company
also expects to release the next steps for the Pipy project. The
NiCAN Team has accomplished a lot in a very short period of time,
and with its recent public listing, expects to continue this rapid
growth."
NiCAN Limited – New Canadian
Nickel Exploration Company
NiCAN was established in April of 2021 to focus on nickel-copper
exploration opportunities on known mineral belts in stable
jurisdictions. With that objective, NiCAN identified two highly
prospective opportunities in Manitoba, the Wine Project in the Flin Flon-Snow
Lake area, and the Pipy Project in the Thompson area, both proximal to areas of known
mineralization and mines.
With strong support from stakeholders and the Board of
Directors, NiCAN rapidly progressed the Wine project over the last
year, including: completing extensive historical data compilation
and evaluation, and developing a significantly improved database
from which to drive new geologic models and understanding for
subsequent drill testing.
NiCAN commenced its first drill program on the Wine Project in
January 2022. This confirmation and
reconnaissance drilling campaign consisted of 17 diamond drill
holes for approximately 1,600 meters, following up on historical
drilling, surveys, and data compilation. This program tested the
Company's reinterpretation of the geologic model at the Wine
Occurrence and several additional prospective targets in the
immediate area. Historical drilling on the Wine Occurrence returned
significant results including 20.4m
of 1.3% nickel and 2.27% copper. This program has been completed
and we are awaiting assay results.
At the Pipy Project in the Thompson area, NiCAN has also undertaken
extensive data compilation, interpretation, and evaluation. This
property was drilled in the 1960's by INCO Limited, however,
without the benefit of utilizing modern ground penetrating
geophysical technology. NiCAN has completed a high-definition
airborne UAV Magnetometer survey and is utilizing this new
structural information in conjunction with the historical drill
logs to evaluate next steps.
NiCAN Limited
NiCAN Limited is a mineral exploration company, trading under
the symbol "NICN" on the TSXv, focused on high quality
nickel-copper opportunities on known mineral belts in stable
jurisdictions. The Company is actively exploring two projects, both
located in well-established mining jurisdictions in Manitoba, Canada.
www.nicanltd.com
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains "forward-looking
statements" within the meaning of applicable securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to: the listing of the NiCAN
Shares on the TSXV and the expected listing date; future
development plans; and the business and operations of NiCAN.
Forward-looking statements relate to information that is based on
assumptions of management, forecasts of future results, and
estimates of amounts not yet determinable. Any statements that
express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not
statements of historical fact and may be "forward-looking
statements." Forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ from those reflected in the forward-looking statements,
including, without limitation: risks related to failure to obtain
adequate financing on a timely basis and on acceptable terms; risks
related to the outcome of legal proceedings; political and
regulatory risks associated with mining and exploration; risks
related to the maintenance of stock exchange listings; risks
related to environmental regulation and liability; the potential
for delays in exploration or development activities or the
completion of feasibility studies; the uncertainty of
profitability; risks and uncertainties relating to the
interpretation of drill results, the geology, grade and continuity
of mineral deposits; risks related to the inherent uncertainty of
production and cost estimates and the potential for unexpected
costs and expenses; results of prefeasibility and feasibility
studies, and the possibility that future exploration, development
or mining results will not be consistent with NiCAN's expectations;
risks related to commodity price fluctuations; and other risks and
uncertainties related to NiCAN's prospects, properties and business
detailed elsewhere in NiCAN's disclosure record. Should one or more
of these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements. Investors are
cautioned against attributing undue certainty to forward-looking
statements. These forward-looking statements are made as of the
date hereof and the NiCAN does not assume any obligation to update
or revise them to reflect new events or circumstances. Actual
events or results could differ materially from NiCAN's expectations
or projections.
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Nican Ltd.