Mr. Brad Humphrey reports

NICAN IDENTIFIES NEW MINERALIZED ZONES AT ITS WINE NICKEL PROPERTY, MANITOBA, CANADA

Nican Ltd. has intersected multiple new zones of nickel-bearing mineralization to the east of the known high-grade nickel-copper (Ni-Cu) Wine occurrence during its phase 2 drill program on the Wine nickel property in Manitoba, Canada. These new zones of mineralization significantly expand the exploration target area.

Highlights:

• New nickel-bearing mineralized zones identified within the Wine gabbro.
• Initial interpretation suggests that these new mineralized zones may occupy a specific horizon within the central region of the Wine gabbro. Geophysical anomalies (VTEM (versatile time domain electromagnetics) conductors) can be traced for several kilometres to the northeast and southwest along this trend.
• Geophysical and geochemical surveys, as well as diamond drilling, are planned for the third quarter of 2023.

Brad Humphrey, president and chief executive officer of Nican, stated: "We are very happy with the results of the Wine phase 2 drill program and the intersection of the new mineralized nickel-bearing zones. Importantly, these new occurrences of disseminated and massive sulphides suggest the Wine gabbro hosts multiple mineralized pods like those seen in the Lynn Lake area. Interpretive work indicates that there are several horizons within the Wine gabbro that require testing with geophysics, geochemistry and subsequent diamond drilling. Nican remains in a strong position, with a solid balance sheet and highly prospective nickel sulphide projects in established mining jurisdictions."

Phase 2 Wine drill program

The phase 2 Wine drill program had two primary objectives. The first objective was to test the high-grade Wine occurrence to the north. The company successfully achieved this first objective by expanding the high-grade mineralization as reported in the news release dated May 24, 2023.

The second objective was to identify additional nickel-bearing mineralized zones within the Wine gabbro. The program not only successfully identified new mineralized zones for follow-up exploration, but the results also indicate these new zones could be part of a specific horizon within the Wine gabbro. This is significant, as there are multiple geophysical VTEM conductors along the interpreted strike of the mineralization that extend for kilometres to the southwest and northeast. Downhole and ground geophysical surveys will be completed on the newly identified zones to assist in future diamond drill targeting.

The targets drilled to date have intersected varying quantities of disseminated to massive pyrrhotite mineralization with noticeable amounts of chalcopyrite. The most noteworthy results have come from the area targeted by diamond drill holes Wine 23-7 and Wine 23-8, where varying degrees of pyrrhotite and chalcopyrite mineralization have been intersected in two relatively shallow zones. Assay results have returned anomalous copper and nickel values over core lengths of more than 10 metres.

Several diamond drill holes established from the same drill pad as Wine 23-8 indicate the mineralization is likely dipping to the east and is interpreted to be associated with a northeast trending magnetic anomaly (Figure 2). Moreover, the company has observed a broad range of anomalous Ni-Cu values to vertical depths of greater than 100 metres.

At the Wine 23-7 zone, two diamond drill holes established from the same setup indicate anomalous nickel and copper values that are interpreted to be east-dipping. Further interpretive work, as well as downhole and surface geophysical surveys, are scheduled to determine the extent of this newly defined mineralized zone.

Anomalous nickel and copper values in diamond drill hole 23-15, located to the south of hole 23-7, are likely related to this newly defined mineralized horizon. VTEM conductors can be traced for several kilometres in a northeast-southwest direction and future work will be concentrated in this area.

At the Wine occurrence, interpretive work indicates that the Ni-Cu zones sit at the top of the Wine gabbro unit interpreted as an upper magma chamber. The company believes that additional VTEM conductors along strike to the northeast and southwest also demand follow-up work.

Analogies to historical Lynn Lake nickel deposits

Nican believes that the nickel mineralization hosted by the Wine gabbro may have analogies to the Ni-Cu deposits in the Lynn Lake area, where approximately 22.2 million tonnes averaging 1 per cent nickel and 0.5 per cent copper were historically mined. The Farley mine was composed 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 Ni-Cu deposits.

Qualified person

Bill Nielsen, PGeo, a consultant to Nican, is a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information in this press 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 the well-established mining jurisdiction of Manitoba, Canada.

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