Amid a deluge of excitement, NiCAN shares have surged following the high-grade nickel results unveiled at the Wine project in Manitoba. The company’s third phase of exploration at Wine has yielded remarkable outcomes, catalyzing a dramatic uptick in share prices and leaving investors in raptures. The campaign, comprising 2,209 meters of drilling across 17 holes, has brought forth a wealth of promising data that bodes well for NiCAN’s future prospects.
Clearly elated by the results, NiCAN president and CEO Brad Humphrey gushed, “We are happy to report the results from the additional drilling at the Wine Occurrence, expanding the mineralized zones and allowing for a significant improvement in interpretation. [The] Upper zone is significant and further work is required to determine the full extent of the zone.” This optimism is well-founded, given the upward trajectory that NiCAN’s shares have taken in response to this thrilling development.
This latest program builds on the success of last year’s first quarter, which saw the unearthing of a new nickel-bearing horizon within the Wine gabbro. NiCAN has reason to believe that the mineralization hosted by the Wine gabbro could mirror the nickel-copper deposits in the Lynn Lake area, north of Wine. This is a tantalizing prospect, especially in light of the historic Farley mine in the same region, which produced about 22.2 million tonnes grading 1% nickel and 0.5% copper.
Established with a vision for nickel-copper exploration projects in known mineral belts, NiCAN has wasted no time in living up to its promise. Just months after its inception, the company reported highlight drill results at Wine, including 27.3 meters at 2.01% nickel, 1.81% copper, 0.09% cobalt, 0.2 gram gold per tonne, and 0.28 gram palladium. Unsurprisingly, this remarkable achievement has sent reverberations throughout the industry.
The Wine property spans 56.8 square kilometers and is situated 50 km southwest of Snow Lake, in a suture zone between the Flin Flon and Snow Lake greenstone belts. The strategic location of this property adds to its allure, further enhancing NiCAN’s position in the market.
Not content to rest on its laurels, NiCAN also holds the 24-square-kilometer Pipy project northeast of Wine, inside the Thompson nickel belt, next to Vale’s Thompson mine. This diversification in its portfolio illustrates NiCAN’s astute strategy in positioning itself for long-term success in the industry.
As a testament to the market’s endorsement of NiCAN’s recent successes, company shares were trading at C$0.16 on Wednesday at mid-day in Toronto, tapping the upper limit of its 52-week range of C$0.04 and C$0.16. With a market capitalization of C$11.4 million, NiCAN is not just making waves—it is poised to make a substantial impact on the mining landscape.
