Latest news with #ExplorationAgreement
Cision Canada
2 days ago
- Business
- Cision Canada
NiCAN Updates Exploration Plans for its Pipy South Project in Thompson, Manitoba
TORONTO, June 12, 2025 /CNW/ - NiCAN Limited ("NiCAN" or the "Company") (TSXV: NICN) (OTCQB: NILTF) (FRA: W8Y) is pleased to provide an update on its exploration activities and plans at the Pipy South Project in Thompson Manitoba. Pipy South, which is identified in NiCAN's Exploration Agreement with Nisichawayasihk Cree Nation ("NCN"), is fully permitted for a Phase I Exploration Program, including diamond drilling and various modern geophysical surveys to test the nickel mineralization potential. Brad Humphrey, President and CEO of NiCAN, commented, "Our hearts go out to all those impacted by the ongoing wildfire situation in Manitoba. The safety and well-being of our employees, contractors, their families, our First Nation partners, and surrounding communities remain our highest priority." The upcoming exploration program will initially focus on two priority target areas where historical drilling, conducted by INCO Limited ("INCO"), intersected intervals of massive to disseminated nickel sulphides within the target Pipe Formation that hosts the nearby Thompson Nickel Deposit. Brad Humphrey continued "We are excited to begin exploring the highly prospective Pipy South Project in the Thompson region of Manitoba. This will be the first time drilling has been conducted on this portion of the Pipe Formation in the last 50 years." "The project has excellent access, with paved roads and trails crossing the property. Our exploration team has been on site locating historical drill casings for potential downhole surveys to assist in initial drill hole targeting. Once this work is completed, the Company intends to start the first diamond drill program on the property in several decades. Pipy South is particularly exciting as historical drill logs indicate the presence of nickel mineralization associated with the Pipe Formation, which hosts all the economic nickel mineralization within the Tier 1 Thompson Nickel Belt." Pipy Project Overview The Pipy Properties consist of three project areas: Pipy South, North and West, totaling 39.1 km 2 in the Thompson Nickel Camp (Figure 1). Initial exploration activities will focus on the Pipy South Project, which is adjacent to the Mystery Lake South deposit, located approximately 12 km northeast of the city of Thompson and Vale's Thompson Nickel Mine, with excellent road access and local infrastructure. Phase I Exploration Program The initial drill program will focus on fold closures at the north end of a folded host sequence (synclinorium) that geologically defines the majority of the Pipy South claims (Figure 2). Drilling by INCO in 1969 reported 8.2 metres of disseminated sulphides within which several zones were noted to contain nickel sulphides. A second INCO hole drilled 300 metres to the north intersected 30 metres of an ultramafic unit and bottomed in pegmatite without testing the lower edge of the ultramafic target. Neither of these historical holes left casing in the ground and consequently are not available for subsequent downhole electromagnetic surveys. The publicly available drill logs for the INCO holes do not contain any assay data. NiCAN plans to confirm the presence of the nickel sulphides and drill test favourable structural targets (fold closures) that are known to be excellent areas for sulphide accumulation within the Thompson camp. The second target area is focused on the eastern limb of the Pipy South fold (synclinorium) (Figure 2). In 1967, INCO reported 4.39 metres of "mineral zone breccia" in one hole and 1.3 metres of "mineral breccia" in a second hole. The holes are 800 metres apart and on strike and within the favourable Pipe Formation stratigraphy that trends north northeast. The INCO drill logs are summaries only and no assays are listed. NiCAN plans several holes to confirm the presence of the mineralized zones intersected by INCO and to test for extensions along strike and in within the target fold closures. NiCAN has also identified 21 historical INCO drill holes on the Pipy South Property that are potential candidates for downhole Electromagnetic ("EM") surveying. The holes are in areas where historical drilling successfully intersected nickel sulphides in addition to those dispersed across the claim group which may enable the exploration team to cost effectively screen a significant portion of the property for near hole nickel bearing bodies. The depths of the holes average approximately 350 metres with the deepest being more than 800 metres in length. NiCAN plans to locate as many of the historical drill holes as possible. Downhole EM technology did not exist in the 1960s when INCO initially drilled this area. A modern downhole EM survey can successfully screen and/or detect significant conductive sulphide bodies up to a 200 metre radius around a drill hole and can help search for potential mineralized bodies missed by the historical drilling. Additionally, the downhole EM data could potentially collect critical information at depths well below the penetration depth of historical airborne EM surveys. This geophysical information will be used to further refine the planned Phase I diamond drill program and define new targets. The Pipy South Project is underlain by an 8 km long folded (synclinal) structure exposing Ospwagan Group sediments including the favourable Pipe Formation that hosts the nickel deposits in the Thompson Nickel Belt. A high-resolution Unmanned Aerial Vehicle ("UAV") magnetic survey completed by NiCAN in 2022 was instrumental in reinterpreting the geology and resulted in a new structural model based on the three-dimensional inverted data. The data indicates that the syncline is significantly more structurally complicated than was historically believed and is comprised of two synclines on the east and west edges with an anticline in the middle. More importantly, the parasitic fold closures are in an ideal location to concentrate massive sulphides (Figure 3 and Figure 4). Pipy South is located on the lower limb of a refolded structure (nappe), which hosts the Thompson T1 and T3 deposits further to the west. The historical Birchtree and Pipe nickel mines (150Mt at 2.32% Ni) are on strike with Pipy South, on the same folded lower limb of the structure (nappe). Qualified Person Mr. Stanley Clemmer, a consultant to NiCAN, who is a qualified person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects ("NI 43-101") has reviewed and approved the scientific and technical information in this press release. About NiCAN NiCAN Limited is a mineral exploration company, trading under the symbol "NICN" on the TSX-V. The Company is actively exploring two nickel projects, both located in well-established mining jurisdictions in Manitoba, Canada. Cautionary Note Regarding Forward-Looking Statements 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. Forward-looking information includes, but is not limited to, the size and timing of the drill program, results of the drill program, interpretations of the various surveys, NiCAN's ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of the properties of the Company; future commodity prices (including in relation to NiEq calculations); drilling and other exploration potential; costs; and permitting. Forward-looking information may be characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information includes changes in market conditions, fluctuating metal prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses and permitting disputes and/or delays. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information. SOURCE Nican Ltd.
Hamilton Spectator
27-05-2025
- Business
- Hamilton Spectator
Copper Lake Resources Ltd. Corporate Update
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCZF) ('Copper Lake' or the 'Company') announces that it will be seeking shareholder approval at the upcoming Annual General and Special Meeting of Shareholders, to be held on June 12, 2025, for a consolidation of its issued and outstanding common shares (the 'Shares'). (See the Management Information Circular dated May 12, 2025 on SEDAR+ for more information). The shareholder resolution, if approved, will allow the Board of Directors to implement a Share consolidation, if deemed appropriate, within the following twelve months at a ratio of to be determined by the Board of Directors, up to a maximum consolidation of 20:1. The Board of Directors of the Company believes that a consolidation of the Shares would both enhance the marketability of the Company and better position the Company to raise funds necessary to execute the Company's business plan. The proposed consolidation is subject to approval by the TSX Venture Exchange (the 'Exchange'). The Company does not intend to change its name or its current trading symbol in connection with the proposed consolidation. The effective date of the proposed consolidation will be announced in a subsequent news release. The exercise price and number of Shares of the Company, issuable upon the exercise of outstanding options and warrants, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the announced terms thereof. Share Issuance The Company also announces that it has agreed to issue 250,000 common shares of the Company to Aroland First Nation and 250,000 common shares of the Company to Animbiigoo Zaagi'igan Anishinaabek First Nation pursuant to the terms of the Exploration Agreement announced on February 27, 2025 in respect of the Marshall Lake property. Each of the foregoing issuances of common shares are subject to TSX Venture Exchange approval, and the shares will be subject to a four-month hold period. ABOUT COPPER LAKE RESOURCES Copper Lake Resources Ltd. is a publicly traded Canadian mineral exploration and development company with interests in two projects both located in Ontario. The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of approximately 220 square km located 120 km north of Geraldton, Ontario and is just 22 km north of the main CNR rail line. Copper Lake has an 82.97% interest in the joint ventured property, which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells staked in 2018 and 2020 that are 100% owned and not subject to any royalties. These newer claims add approximately 30 square km to the property. In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favorable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year-round, and is located immediately west of the original Marshall Lake property. The Marshall Lake project is located in the traditional territories of Aroland and Animbiigoo Zaagi'igan Anishinaabek ('AZA') First Nations. Copper Lake has a 69.79% joint venture interest in the Norton Lake nickel, copper, cobalt, and palladium PGM property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake Property. The Company filed an updated NI 43-101 in October 2023 with a mineral resource of open pit and underground Measured + Indicated Resources of 1,795,000 tonnes at an average grade of 0.72% NI, 0.69% Cu, 339 ppm Co, 0.52 g/t Pd, 0.17 g/t Pt and containing 28.3Mlbs of nickel and 27.3Mlbs of copper. The Norton Lake property is located in the traditional territories of Eabametoong ('Fort Hope') and Neskantaga First Nations. On behalf of the Board of Directors, Copper Lake Resources Ltd. Terry MacDonald, CEO (416) 561-3626 tmacdonald@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Yahoo
27-05-2025
- Business
- Yahoo
Copper Lake Resources Ltd. Corporate Update
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCZF) ('Copper Lake' or the 'Company') announces that it will be seeking shareholder approval at the upcoming Annual General and Special Meeting of Shareholders, to be held on June 12, 2025, for a consolidation of its issued and outstanding common shares (the 'Shares'). (See the Management Information Circular dated May 12, 2025 on SEDAR+ for more information). The shareholder resolution, if approved, will allow the Board of Directors to implement a Share consolidation, if deemed appropriate, within the following twelve months at a ratio of to be determined by the Board of Directors, up to a maximum consolidation of 20:1. The Board of Directors of the Company believes that a consolidation of the Shares would both enhance the marketability of the Company and better position the Company to raise funds necessary to execute the Company's business plan. The proposed consolidation is subject to approval by the TSX Venture Exchange (the 'Exchange'). The Company does not intend to change its name or its current trading symbol in connection with the proposed consolidation. The effective date of the proposed consolidation will be announced in a subsequent news release. The exercise price and number of Shares of the Company, issuable upon the exercise of outstanding options and warrants, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the announced terms thereof. Share Issuance The Company also announces that it has agreed to issue 250,000 common shares of the Company to Aroland First Nation and 250,000 common shares of the Company to Animbiigoo Zaagi'igan Anishinaabek First Nation pursuant to the terms of the Exploration Agreement announced on February 27, 2025 in respect of the Marshall Lake property. Each of the foregoing issuances of common shares are subject to TSX Venture Exchange approval, and the shares will be subject to a four-month hold period. ABOUT COPPER LAKE RESOURCES Copper Lake Resources Ltd. is a publicly traded Canadian mineral exploration and development company with interests in two projects both located in Ontario. The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of approximately 220 square km located 120 km north of Geraldton, Ontario and is just 22 km north of the main CNR rail line. Copper Lake has an 82.97% interest in the joint ventured property, which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells staked in 2018 and 2020 that are 100% owned and not subject to any royalties. These newer claims add approximately 30 square km to the property. In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favorable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year-round, and is located immediately west of the original Marshall Lake property. The Marshall Lake project is located in the traditional territories of Aroland and Animbiigoo Zaagi'igan Anishinaabek ('AZA') First Nations. Copper Lake has a 69.79% joint venture interest in the Norton Lake nickel, copper, cobalt, and palladium PGM property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake Property. The Company filed an updated NI 43-101 in October 2023 with a mineral resource of open pit and underground Measured + Indicated Resources of 1,795,000 tonnes at an average grade of 0.72% NI, 0.69% Cu, 339 ppm Co, 0.52 g/t Pd, 0.17 g/t Pt and containing 28.3Mlbs of nickel and 27.3Mlbs of copper. The Norton Lake property is located in the traditional territories of Eabametoong ('Fort Hope') and Neskantaga First Nations. On behalf of the Board of Directors, Copper Lake Resources Ltd. Terry MacDonald, CEO (416) 561-3626 tmacdonald@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Error while retrieving data Sign in to access your portfolio Error while retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Copper Lake Resources Ltd. Corporate Update
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCZF) ('Copper Lake' or the 'Company') announces that it will be seeking shareholder approval at the upcoming Annual General and Special Meeting of Shareholders, to be held on June 12, 2025, for a consolidation of its issued and outstanding common shares (the 'Shares'). (See the Management Information Circular dated May 12, 2025 on SEDAR+ for more information). The shareholder resolution, if approved, will allow the Board of Directors to implement a Share consolidation, if deemed appropriate, within the following twelve months at a ratio of to be determined by the Board of Directors, up to a maximum consolidation of 20:1. The Board of Directors of the Company believes that a consolidation of the Shares would both enhance the marketability of the Company and better position the Company to raise funds necessary to execute the Company's business plan. The proposed consolidation is subject to approval by the TSX Venture Exchange (the 'Exchange'). The Company does not intend to change its name or its current trading symbol in connection with the proposed consolidation. The effective date of the proposed consolidation will be announced in a subsequent news release. The exercise price and number of Shares of the Company, issuable upon the exercise of outstanding options and warrants, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the announced terms thereof. Share Issuance The Company also announces that it has agreed to issue 250,000 common shares of the Company to Aroland First Nation and 250,000 common shares of the Company to Animbiigoo Zaagi'igan Anishinaabek First Nation pursuant to the terms of the Exploration Agreement announced on February 27, 2025 in respect of the Marshall Lake property. Each of the foregoing issuances of common shares are subject to TSX Venture Exchange approval, and the shares will be subject to a four-month hold period. ABOUT COPPER LAKE RESOURCES Copper Lake Resources Ltd. is a publicly traded Canadian mineral exploration and development company with interests in two projects both located in Ontario. The Marshall Lake high-grade VMS copper, zinc, silver and gold project, comprises an area of approximately 220 square km located 120 km north of Geraldton, Ontario and is just 22 km north of the main CNR rail line. Copper Lake has an 82.97% interest in the joint ventured property, which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells staked in 2018 and 2020 that are 100% owned and not subject to any royalties. These newer claims add approximately 30 square km to the property. In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favorable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year-round, and is located immediately west of the original Marshall Lake property. The Marshall Lake project is located in the traditional territories of Aroland and Animbiigoo Zaagi'igan Anishinaabek ('AZA') First Nations. Copper Lake has a 69.79% joint venture interest in the Norton Lake nickel, copper, cobalt, and palladium PGM property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake Property. The Company filed an updated NI 43-101 in October 2023 with a mineral resource of open pit and underground Measured + Indicated Resources of 1,795,000 tonnes at an average grade of 0.72% NI, 0.69% Cu, 339 ppm Co, 0.52 g/t Pd, 0.17 g/t Pt and containing 28.3Mlbs of nickel and 27.3Mlbs of copper. The Norton Lake property is located in the traditional territories of Eabametoong ('Fort Hope') and Neskantaga First Nations. On behalf of the Board of Directors, Copper Lake Resources Ltd. Terry MacDonald, CEO (416) 561-3626 tmacdonald@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
