NiCAN Limited has intersected new mineralization approximately 850 metres to the northeast of the Wine Occurrence as part of its 2023 winter drilling program on the Wine Property located in the Snow Lake area, Manitoba, Canada. All targets drilled to date have intersected varying quantities of disseminated to massive sulphide mineralization. Most notable has come from diamond drill hole Wine-23-08 where pyrrhotite and chalcopyrite mineralization have been intersected in two relatively shallow zones.

DDH Wine-23-08 was designed to test a conductive geophysical (EM) anomaly located on the edge of a larger discrete magnetic anomaly that is in a similar geological location to the previously announced high- grade Wine Occurrence zone. NiCAN is currently following up with additional drilling on this new zone to better understand its orientation and extent. This new mineralization is scheduled for a follow up downhole geophysical survey and further drill testing.

Core from the initial holes have been split and sent for assay analysis at an accredited laboratory. Assays are pending. At the Wine Project, NiCAN is drilling a minimum of 2,000 meters to test multiple conductive targets identified by the Versatile Time Domain Electromagnetic 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 the initial phase of drilling completed in 2022. A significant number of the VTEM anomalies were defined within the Wine Gabbro region and the Transition Zone located to the south. These have been geophysically modelled and drill holes have been designed to effectively intersect the suspected sulphide bodies defined by these models.

Beyond the immediate Wine Gabbro area, numerous VTEM conductors were defined in the southern portion of the property, known as the Transition Zone, where past rock sampling has indicated anomalous copper and PGM values. Six of these targets have been geophysically modelled for subsequent drill testing. The Phase II Wine drilling program is following up on the significant results returned from the Phase I drilling that took place in 2021.

High-grade core from this program will be on display at the PDAC. Results included: Diamond drill hole Wine-22-05 intersected 27.3 metres at 2.01% Ni, 1.81% Cu (NiEq of 2.61%), 0.09% Co, 0.20 g/t Au and 0.28 g/t Pd; Diamond drill hole Wine-22-06 intersected 9.8 metres at 1.23% Ni, 2.09% Cu (1.92% NiEq), 0.051% Co, 0.33 g/t Au, 0.016 g/t Pt and 0.12 g/t Pd; Diamond drill hole Wine-22-03 intersected 8.6 metres at an average grade of 1.89% Ni, 1.01% Cu (2.22% NiEq), 0.10% Co, and 0.46g/t PGM. NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the nickel-copper deposits in the Lynn Lake area where approximately 22.2 million tonnes averaging 1.0% nickel and 0.5% copper was historically mined.

The Farley Mine was made up of multiple lenses of mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro contains numerous similarities and has seen very little exploration for nickel-copper deposits.