NiCAN shares soar on high-grade nickel results at Wine project in Manitoba

Shares in Manitoba-focused NiCAN (TSXV: NICN) surged 266.6% Wednesday on new assay results showing its longest zone of nickel-equivalent mineralization to date at its Wine property in west-central Manitoba.

Diamond drill hole Wine 23-29 cut 31.5 metres averaging 1.9% copper and 1.92% nickel (2.31% nickel-equivalent) from 36.5 metres depth, the company reported. The hole included 9.6 metres grading 2.2% copper and 1.56% nickel from 4.2 metres, in what NiCAN calls the Upper zone. Hole wine 22-6 returned 9.8 metres of 2.09% copper and 1.23% nickel from 7.4 metres in that zone.

The results were from NiCAN’s third phase of exploration at Wine, completed last year. The campaign comprised 2,209 metres of drilling across 17 holes, designed to test the main Wine target and greenfield targets throughout the Wine gabbro. The company initially targeted only 1,700 metres, but improved drill productivity allowed the addition of 500 metres, NiCAN said.  

“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.,” said NiCAN president and CEO Brad Humphrey. “[The] Upper zone is significant and further work is required to determine the full extent of the zone."

The program followed up on results from drilling completed in last year’s first quarter, when a new nickel bearing horizon inside the Wine gabbro was discovered.