09:13 AM EDT, 05/06/2024 (MT Newswires) -- NiCAN ( NILTF ) on Monday reported the first set of assay results from its Phase III-B drilling program on the Wine Property, located near Snow Lake, Manitoba, Canada.

The company said diamond drill hole Wine 24-1A, drilled to test the down plunge of the Main Zone, intersected several zones of mineralization.

Among the highlights, the company reported 45.5 meters averaging 1.20% copper and 1.32% nickel, and a new, near surface, zone located immediately to the north averaging 1.40% copper and 1.63% nickel over 3.7 meters.

Diamond drill hole Wine 24-2 intersected 28.05 meters averaging 1.25% copper, 0.59% nickel, the deepest and most southerly intersection at the Wine Occurrence to date, the company said.

"We expect to release the remaining assays from this program shortly," Brad Humphrey, president and CEO of NiCAN ( NILTF ), said. "We are also awaiting results from a recently completed, deep penetrating, TDEM survey, which should assist in designing further drill programs to potentially expand the Wine Occurrence and identifying additional zones within the broader Wine Gabbro."