Mr. Brad Humphrey reports

NICAN EXPANDS THE WINE OCCURRENCE AT THE WINE PROJECT, MANITOBA, CANADA MULTIPLE ZONES INTERSECTED INCLUDING 1.91% NIEQ OVER 23.5 METERS

Nican Ltd. has expanded several mineralized zones at the Wine occurrence from the 2023 winter drilling program on the Wine property, located in the Snow Lake area, Manitoba, Canada.

Highlights:

• Diamond drill hole Wine 23-16 intersected four zones of mineralization, including 12.6 metres at 1.52 per cent Ni (nickel) and 2.01 per cent Cu (copper) (1.93 per cent NiEq (nickel equivalent)), from 48.3 m to 60.9 m.
• Diamond drill hole Wine 23-17 intersected three zones of mineralization, including 23.5 metres at 1.59 per cent Ni and 1.76 per cent Cu (1.91 per cent NiEq), from 18.6 m to 42.1 m.

Note: Nickel equivalent grades include nickel and copper values only, and assume recoveries of 85 per cent for nickel and 85 per cent for copper based on comparable deposits. Nickel price: $10 (U.S.)/lb (per pound). Copper price: $3.75 (U.S.)/lb.

Brad Humphrey, president and chief executive officer of Nican, commented: "We are pleased with the results from the additional drilling at the Wine occurrence, expanding the mineralization to the north. Our phase 2 drill program at the Wine project had two objectives: we achieved the first -- expanding and increasing our understanding of the known zones to the north of the Wine occurrence. The second objective was to test several geophysical anomalies within the Wine gabbro for anomalous nickel and copper values with a similar signature to that at the Wine occurrence. We expect to report on the Wine gabbro drilling in the coming weeks. The next step for the Wine project is to complete downhole and surface geophysics as well as geochemical surveys to assist in identifying targets for a follow-up drill program."

Phase 2 drill program -- Wine occurrence

Diamond drill holes Wine 23-16 and Wine 23-17, drilled from an existing drill pad, tested an area to the north of diamond drill hole Wine 22-5, which intersected significant nickel-copper mineralization.

Nican interprets diamond drill hole Wine 23-16 to have intersected an upper, subcropping zone, which assayed 1.69 per cent Cu and 1.12 per cent Ni (1.49 per cent NiEq) over 7.7 metres, followed by two middle zones that returned 1.96 per cent Cu and 0.98 per cent Ni (1.46 per cent NiEq) over 4.3 metres, as well as 1.02 per cent Cu and 1.13 per cent Ni (1.29 per cent NiEq) over 7.5 metres. The main zone returned 12.6 metres at 2.01 per cent Cu and 1.52 per cent Ni (1.93 per cent NiEq). True widths are interpreted to be approximately 80 per cent of intersected widths.

The company believes diamond drill hole Wine 23-17 intersected the subcropping upper zone, returning 0.99 per cent Cu and 0.81 per cent Ni (1 per cent NiEq) over 5.8 metres. This was followed by a middle zone that assayed 1.76 per cent Cu and 1.59 per cent Ni (1.91 per cent NiEq) over 23.5 metres. The hole drilled over the top of the main zone intersected 0.9 metre at 0.43 per cent Cu and 0.88 per cent Ni (0.89 per cent NiEq). It is interpreted that the two narrower mineralized zones encountered in holes Wine 22-5 and Wine 23-16 have merged into a broader zone to the north in hole Wine 22-17.

The mineralization remains open to the north.

Phase 2 exploration program -- Wine property

The phase 2 exploration program at the Wine project included approximately 2,800 metres of diamond drilling and was designed to drill test the Wine occurrence to the north and drill test a number of additional greenfield geophysical targets throughout the Wine gabbro. Depending on results, many of the targets will subsequently be followed up with downhole and ground geophysics, as well as geochemical surveys to further define targets for a phase 3 exploration program which is expected to commence later this summer.

Over the broader Wine gabbro area, multiple conductive targets identified by the versatile time domain electromagnetic (VTEM) airborne geophysical survey completed in 2022 (see press release dated Nov. 14, 2022) were tested. The VTEM survey was designed to define the location and depth of conductive sources that have a similar signature to the high-grade nickel-hosted mineralization intersected at the Wine occurrence.

The phase 2 Wine drill program followed up on the significant results returned from the phase 1 drill program completed in 2022, including:

• Diamond drill hole Wine 22-5 intersected 27.3 metres at 2.01 per cent Ni and 1.81 per cent Cu (2.28 per cent NiEq);
• Diamond drill hole Wine 22-6 intersected 9.8 metres at 1.23 per cent Ni and 2.09 per cent Cu (1.71 per cent NiEq); and
• Diamond drill hole Wine 22-3 intersected 8.6 metres at 1.89 per cent Ni and 1.01 per cent Cu (1.92 per cent NiEq).

The additional downhole and surface time domain electromagnetic (TDEM) surveys have been designed. The surveys are scheduled to be completed once permits have been approved.

Analogies to historical Lynn Lake nickel deposits

Nican believes that the nickel 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 per cent nickel and 0.5 per cent copper were historically mined at the Farley mine. The Farley mine consisted of multiple lenses of mineralization contained within a 4.2-square-kilometre gabbro body. The Wine gabbro contains numerous similarities and has seen very little exploration for nickel-copper deposits.

Quality assurance/quality control

All core samples are sent to the Saskatchewan Research Council (SRC) in Saskatoon (an accredited laboratory) by secure transport for base and precious metal assay. Base metals were assayed by its ICP3 package, which includes a total of 35 analytes by ICP-OES (inductively coupled plasma optical emission spectroscopy). Partial digestions were performed on a 0.5-gram aliquot of sample pulp which was digested in a mixture of HCl:HNO3 (hydrochloric acid:nitric acid), in a hot water bath and then diluted to 15 ml (millilitres) using deionized water. Overlimits for copper, nickel and cobalt had an aliquot of one g sample pulp digested in a concentration of HCl:HNO3. The digested volume was then made up with deionized water for analysis by ICP-OES. Fire assay techniques involved a 30 g aliquot of sample pulp which was mixed with a standard fire assay flux in a clay crucible and a silver inquart added prior to fusion. After the mixture was fused, the melt was poured into a form which was cooled. The lead bead was then recovered and cupelled until only the precious metal bead remained. The bead was then parted in dilute HNO3. The precious metals were then dissolved in aqua regia and then diluted for analysis by ICP-OES.

Laboratory quality control protocols were applied to the assay sample package by SRC. Nican submitted a regular schedule of standards, blanks and duplicates into the sample stream for quality control measures. Drill core samples are split in half using a diamond saw with half saved for reference and the other half shipped for assay. In the case of duplicate samples, the half core is quarter split with the two quarter splits sent for separate assay.

The nickel equivalent grade calculation incorporates:

• Nickel and copper values only;
• Assumes recoveries of 85 per cent for nickel and 85 per cent for copper, based on comparable deposits;
• Nickel price: $10 (U.S.)/lb, copper price $3.75 (U.S.)/lb.

Qualified person

Bill Nielsen, PGeo, a consultant to Nican, is a qualified person under National Instrument 43-101 -- Standards of Disclosure of Mineral Projects, and has reviewed and approved the scientific and technical information in this news release.

About Nican Ltd.

Nican is a mineral exploration company trading under the symbol NICN on the TSX Venture Exchange. The company is actively exploring two nickel projects, both located in well-established mining jurisdictions in Manitoba, Canada.

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