NiCAN Limited has significantly increased its land position at the Pipy South Project in Thompson Manitoba following NiCAN's recent near surface gold discovery. NiCAN has added 13 adjacent claims covering an area of approximately 30.5km2 bringing the total Pipy South land package to 45.75km2. The newly acquired claims cover a large interpreted anticlinal structure that is 10.0km long and 3.0km wide that displays multiple magnetic horizons caused by inferred iron formations.
The new gold discovery at Pipy South is largely hosted by a lean iron formation that exhibits subtle magnetic anomalies. Only limited drilling has been completed in this area over the past 50 years, with all historical exploration efforts geared towards nickel. Access to the expanded Property is by Provincial Road 280 that passes through the center of the land position.
Extensive infrastructure is available in Thompson located 10km to the south. Beyond the immediate follow-up drilling program, NiCAN also intends to carry out a summer exploration program designed to identify additional silicified, mineralized gold zones. The newly acquired claims also hold significant potential to host nickel deposits as the requisite Pipe Formation, which hosts all significant nickel mineralization in the Thompson area, underlies the Property.
The Pipy South Project is included in an Exploration Agreement with Nisichawayasihk Cree Nation. The Pipy Properties consist of two project areas, Pipy South and Pipy North, totaling 57.0km2 in the well-established Thompson Nickel Belt. Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South area, located approximately 10-20km northeast of the City of Thompson and Vale's Thompson Nickel Mine, with excellent road access and local infrastructure.
