NiCAN Limited (TSXV: NICN) has received promising initial results from a Versatile Time Domain Electromagnetic (VTEM) airborne geophysical survey completed in 2022 at the Wine project in Manitoba, Canada.
This survey was designed to accurately define the location and depth of conductive sources that have a nickel mineralization signature. Preliminary interpretations indicate there is a distinct VTEM response to the Wine occurrence, which had not been recognized in historical airborne surveys.
A significant number of additional VTEM anomalies, typically with subtle coincident magnetic responses, have been defined within the Wine gabbro.
All of the selected VTEM anomalies are currently being geophysically modelled in order to be prioritized for subsequent drill testing, which is planned for the first quarter of 2023.
“We are very pleased with the VTEM survey results and the ability to define additional targets within the immediate Wine Gabbro area that hosts the Wine Occurrence,” President and CEO, Brad Humphrey, said.
“The company is currently designing and prioritizing the next set of drill targets for the upcoming winter programme, which will focus on testing these newly defined geophysical targets. NiCAN is in a strong position with a solid balance sheet and highly prospective nickel projects in established mining jurisdictions.”
A preliminary 3D model of the VTEM data has been received and merged with NiCAN’s detailed 3D aeromagnetic model completed in 2021 to determine the relationship between conductivity and magnetic responses.
In the region of the Wine Gabbro, deep seated magma chambers postulated to be feeder zones to the near surface nickel mineralisation have been inferred from the aeromagnetic data. Conductive responses defined from the VTEM survey are interpreted to be sulphide rich horizons associated with these magnetic responses. The intrusion appears to cut into the sulphide horizons with the magma chambers, providing the ability to trap significant sulphur. Additional work is required to determine the nickel potential of this newly defined environment.
Beyond the immediate Wine Gabbro area, it was also noted that several VTEM responses of merit have been defined in the southern portion of the property, within the Reed Lake Mafic-Ultramafic Complex, where past rock sampling has indicated anomalous copper and PGM values. These potential targets on the southern portion of the property are currently being geophysically modelled for subsequent drill testing in 2023.
Analogies to Historical Lynn Lake Nickel Deposits
NiCAN believes that the mineralization hosted by the Wine Gabbro may have analogies to the nickel-copper deposits in the Lynn Lake area where approximately 22.2Mt averaging 1.0% nickel and 0.5% copper was historically mined. The Farley Mine was made up of multiple lenses (~16) of mineralization contained within a 4.2km2 gabbro body. The Wine Gabbro contains a number of similarities and has seen very little exploration for nickel-copper deposits.
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