NiCAN Limited. provided details on its upcoming Phase III drill program on the Wine Property, located in the Snow Lake area of Manitoba, Canada. Permits are in place, a drill contractor has been selected, and preparation work is underway.

Initially, Phase III drilling will consist of a 1,500 to 2,000-meter diamond drilling program, which is scheduled to commence in October 2023. The Phase III program will focus on expanding the recently identified nickel-bearing zones to the east of the Wine Occurrence and test newly defined geophysical targets along strike of the Wine Occurrence over distances of up to 4.8 km. Highlights: Phase III drill program to commence at the high-grade Wine Nickel Property in October 2023.

New geophysical targets have been identified and are being modelled for subsequent drill testing, expanding the overall target area to over 6 km along strike. Anomalous soil geochemical results have substantiated the geophysical conductors. NiCAN is incorporating results from the recently completed soil geochemical, as well as downhole and surface geophysical surveys, to further refine the Phase III targets.

Recent re-processing of geophysical data in conjunction with geological and geochemical results has defined 16 targets for possible drill testing. The Phase III Wine drill program has two primary objectives. Initially, NiCAN anticipates expanding previously defined nickel-bearing zones located to the east of the wine Occurrence.

Downhole and surface time-domain electromagnetic surveys have defined multiple conductors along a distinct stratigraphic horizon within the Wine Gabbro. Humic soil geochemical results have shown anomalous Ni-Cu values associated with these electromagnetic responses supporting additional drill testing. The second objective of NiCAN's Phase III drill program is to identify additional nickel bearing mineralized zones associated with newly defined geophysical targets interpreted to be along strike from the Wine Occurrence by distances of up to 4. 8 km.

These are new targets that have not been drill tested in the past. The targets drilled to date have intersected varying quantities of disseminated to massive pyrrhotite mineralization with noticeable amounts of chalcopyrite. Most noteworthy has come from the area around diamond drill holes Wine 23-7 and Wine 23-8, where varying degrees of mineralization have been intersected in two relatively shallow zones.

Assay results returned elevated copper and nickel values over core lengths of more than 10 m. At the Wine Project, in early 2023, NiCAN drilled 2,845 m to test multiple conductive targets identified by the Versatile Time Domain Electromagnetic ("VTEM") airborne geophysical survey completed in 2022. The VTEM survey was designed to define the location and depth of conductive sources that have a similar signature to the nickel hosted mineralization intersected at the Wine Occurrence, which returned high grade nickel and copper results in drilling completed in 2022 and early 2023. A significant number of the VTEM anomalies were defined within the Wine Gabbro region.

These were geophysically modelled and drill holes designed to effectively intersect the suspected sulphide bodies defined by these models. The Phase III Wine drilling program will follow up on the significant results returned from previous diamond drilling, including;. The information contained herein contains certain "forward-looking information" under applicable securities laws concerning the proposed financing, business, operations and financial performance and condition of NiCAN Limited.