10:51 AM EDT, 05/22/2024 (MT Newswires) -- NiCAN ( NILTF ) on Wednesday highlighted additional results from its Phase III-B drilling program on the Wine Property located near Snow Lake in Manitoba, Canada.

A statement noted this drill program expanded the company's understanding of several mineralized zones at the Wine Occurrence including defining a new zone to the north. It said the remaining assays are expected shortly.

Among the highlights, diamond drill hole Wine 24-4 intersected 20.3 meters averaging 2.88% copper and 2.14% nickel, 0.09% cobalt, and 1.19 g/t PGMs.

"We continue to be very encouraged by our March 2024 drill program, which is an extension to the Phase III program completed late in 2023. Overall, the program has returned strong nickel and copper grades over meaningful widths, all near surface, and continues to identify new zones," Brad Humphrey, president and CEO of NiCAN ( NILTF ), said. "As with all of the exploration at the Wine Project to date, we continue to refine and better understand the Wine Occurrence which assists in our approach to the wider Wine Gabbro project."

Humphrey added: "Future exploration work will aim to determine if the mineralization extends to the south and better define the extent of the new near surface zones. These results, combined with the recently completed, deep penetrating, TDEM survey will assist in designing further drill programs at the Wine property."

NICN was at last look down $0.005 at $0.09 in Canada.

Price: 0.09, Change: -0.01, Percent Change: -5.26