NiCAN has reported assay results from the first seven diamond drill holes of its 16-hole, 2,395-metre program at the Pipy South Property in Thompson, Manitoba, extending the Horseshoe Gold zone by approximately 400 metres along strike.

The initial assay results include hole PG26-06, which intersected 75.0 metres grading 0.65 g/t gold and 11.55 g/t silver from 50.0 metres downhole, including a higher-grade interval of 28.3 metres at 1.05 g/t gold and 22.56 g/t silver. Hole PG26-07 returned 30.0 metres at 0.90 g/t gold and 5.19 g/t silver from 25.0 metres, including 2.0 metres averaging 8.01 g/t gold and 59.1 g/t silver. Hole PG26-05 intersected 29.0 metres averaging 0.77 g/t gold and 12.83 g/t silver from 40.0 metres. True widths have not yet been determined.

We are very encouraged by the assays from our diamond drill programs on our gold target at Pipy South. The results to date exceeded our primary objective – confirming that the gold mineralization continues along strike, while also significantly advancing our understanding of the geology controlling the system.

While awaiting assay results, the exploration team focused on advancing their geological understanding of this previously overlooked area. The gold mineralization appears to be hosted within a thrusted and folded sequence of rocks between Archean basement and overlying sediments. This entire package has been folded into a north-trending anticline that defines the geometry of the system.

— Brad Humphrey, President and CEO of NiCAN

The exploration work follows an Exploration Agreement signed with the Nisichawayasihk Cree Nation in January 2025. NiCAN initially identified the gold target at Pipy South in January 2026 after compiling historical drilling data.

Alongside the drilling, NiCAN expanded its land position at Pipy South to 65.2 square kilometres by staking a structurally similar anticlinal feature located immediately south of the Horseshoe Gold Zone. NiCAN expects assay results from the remaining nine holes of its 16-hole diamond drill program at Pipy South in the near term, alongside a scheduled VTEM survey.

Read the full announcement: NiCAN Intersects Broad Zones of Gold Mineralization at Pipy South, Thompson, Manitoba