Nicola Mining 2023 Drilling Program at New Craigmont Copper Project Reveals Significant Porphyry-style Alterations
Nicola Mining 2023 Drilling Program at New
Craigmont Copper Project Reveals Significant
Porphyry-style Alterations
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2023) -
Nicola Mining Inc. (TSXV: NIM)
(FSE: HLI)
(
OTCQB: HUSIF)
(the "
Company
") announces the completion of its 2023 drilling
exploration program (the "
2023 Program
") at the New Craigmont Copper Project ("
New Craigmont
"),
a wholly owned venture located near Merritt, BC, and 33 km south of Teck Resources Ltd.'s Highland
Valley Copper, Canada's largest open pit copper mine.
The Company initiated the 2023 Program on June 6, 2023, drilling six diamond holes totaling 2,684
metres on Mineral Lease 237643, adjacent to the historic Craigmont Copper Mine (Figure 1 and 2). The
2023 Program aimed to explore the potential of a southeastern extension of the historic Craigmont skarn
ore body and to investigate the potential of a porphyry copper system.
Figure 1
. Mineral tenure map of the New Craigmont Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_f196d2e9c43e08bd_001full.jpg
Figure 2
. Map of 2023 drilling program (projected in NAD 83, UTM 10N).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_f196d2e9c43e08bd_002full.jpg
KEY FINDINGS
Drill holes NC23-001, NC23-002, NC23-003, NC23-004a were drilled southeast of the historic
Craigmont Copper Mine to test the potential of continued skarn mineralization.
NC23-001
intercepted two intervals of (weakly mineralized) exoskarn hosted in Nicola Group limey
sedimentary rocks, namely from 67.25 m to 99.8 m and 172.43 m to 185.50 m.
The skarn intervals
are composed of banded actinolite, magnetite, epidote, brown garnet and veinlets of chalcopyrite
(Figure 3). The holes NC23-002, NC23-003 and NC23-004a have discovered extensive alteration
(epidote, chlorite and biotite) in Nicola Group sedimentary and volcaniclastic rocks, while no exact
skarn interval was found in the drill core. This alteration is characteristic of porphyries and supports
the possibility of a proximal porphyry system.
Drill holes NC23-005 and NC23-006 were drilled northeast and north of
the historic pit and
targeted the Guichon Quartz Diorite. Extensive potassic alteration (K-feldspar, Figure 4), propylitic
alteration (epidote and chlorite, figures 4 and 5) and veinlets of chalcopyrite +/- molybdenite
(Figure 6) were observed in the core, suggesting the presence of a porphyry copper system at
New Craigmont.
The presence of these features along with discreet zones of significant copper
grade (>0.1% Cu; Table 1), all in proximity to the historic high-grade skarn, support the hypothesis
that there is a porphyry centre (or several) on the property and that a copper porphyry system is the
mineralization source for the historic Craigmont skarn.
Table 1: Intercepts ≥0.1% Cu*
Hole ID
From (m)
To (m)
Length (m)
Cu (%)
Lithology
NC23-001
48.77
50.29
1.52
0.12
hydrothermal silica healed fault breccia
NC23-001
51.81
53.33
1.52
0.13
intercalated polylithic vocaniclastic
NC23-001
53.33
54.86
1.53
0.22
intercalated polylithic vocaniclastic
NC23-001
64.01
67.06
3.05
0.33
intercalated polylithic vocaniclastic
NC23-001
126.50
128.02
1.52
0.17
contact between biotite-hornfels volcaniclastic and biotite-hornfels rhyolitic
lapilli tuffaceous sequence
NC23-001
224.00
226.00
2.00
0.12
diorite
NC23-001
247.80
249.80
2.00
0.10
diorite
NC23-002
91.44
94.49
3.05
0.13
diorite
NC23-002
131.00
132.00
1.00
0.10
diorite
NC23-002
180.80
182.30
1.50
0.22
diorite
NC23-002
246.30
247.36
1.06
0.48
diorite
NC23-003
61.00
62.50
1.50
1.14
fault breccia
NC23-003
74.60
77.70
3.10
0.44
rhyolitic tuffaceous volcaniclastic sequence
NC23-003
200.60
202.05
1.45
0.32
diorite
NC23-003
234.00
235.25
1.25
0.27
magnetite skarn
NC23-004a
220.90
222.50
1.60
0.10
felsic dyke
NC23-004a
247.47
251.28
3.81
0.33
rhyolitic tuffaceous volcaniclastic sequence (possible dacite volcaniclastic)
NC23-004a
266.00
267.42
1.42
0.13
diorite
NC23-004a
269.21
270.45
1.24
0.32
diorite
NC23-004a
309.28
310.00
0.72
0.11
diorite
NC23-005
115.50
116.70
1.20
0.62
rhyolitic crystal tuffaceous sequence
NC23-005
137.00
138.00
1.00
0.12
polylithic volcaniclastic tuffaceous sequence
NC23-005
197.50
198.50
1.00
0.11
quartz diorite
NC23-005
209.50
210.60
1.10
0.12
quartz diorite
NC23-005
322.64
324.00
1.36
0.16
diorite plug
NC23-005
408.36
409.36
1.00
0.71
epidote-diopside-magnetite-garnet exoskarn
NC23-005
411.36
412.36
1.00
0.24
massive garnet skarn
NC23-005
419.40
420.62
1.22
0.18
feldspar-fragmental sediments
NC23-005
520.00
521.50
1.50
0.16
feldspathic sandstone/gritty sequence
NC23-005
598.67
600.00
1.33
0.16
quartz diorite
NC23-005
637.00
639.00
2.00
0.12
massive to banded actinolite-epidote-garnet skarn
NC23-005
648.00
649.70
1.70
0.11
massive to banded actinolite-epidote-garnet skarn
NC23-005
809.22
809.75
0.53
0.71
quartz diorite
NC23-006
324.69
326.52
1.83
0.45
quartz diorite
NC23-006
455.00
456.00
1.00
0.24
quartz diorite
*These results are considered preliminary as they are still undergoing quality control
Figure 3.
Banded actinolite-magnetite-epidote-garnet skarn with disseminated chalcopyrite at 83.5m in
NC23-001.
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Figure 4
. Potassic alteration and epidote alteration in in Guichon Quartz Diorite at 293 m in NC23-006.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_f196d2e9c43e08bd_004full.jpg
Figure 5
. Epidote-chlorite propylitic alteration in Guichon Quartz Diorite at 198.0 m in NC23-005.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_f196d2e9c43e08bd_005full.jpg
Figure 6.
Quartz vein hosting chalcopyrite with molybdenite at 326.5 m in NC23-006.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_f196d2e9c43e08bd_006full.jpg
2024 EXPLORATION PLAN
The Company continues to work diligently to compile
a database of all, both historic and current,
core logs and lab results. Once
complete, Nicola will begin building a 3D geological interpretation
using core logs, mapping data and geophysics.
This will greatly aid in target generation and allow
the Company to refine working hypotheses, as well as integrate subsequent data.
Induced polarization ("
IP
") surveys are being planned for spring of 2024 over two key areas of
interest, which will help fill existing IP data gaps.
Data will be utilized
in conjunction with magnetic
and resistivity data to augment interpretations of structure, lithology, alteration, and mineralization.
Previous IP results correlate well with high-grade copper intercepts at Embayment (Figure 10).
Nicola anticipates using the results of the IP surveys, along with existing data to plan drill holes over
one or both areas to be drilled later in the summer of 2024.
Nicola's exploration team continues to collaborate closely with the University of British Columbia's
("
UBC
") Mineral Deposit Research Unit ("
MDRU
") on the MDRU's ongoing study of
porphyry-style
alteration and mineralization at the New Craigmont property
.
Figure 7
. Areas of interest for 2024 exploration
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_f196d2e9c43e08bd_007full.jpg
Figure 8.
Aeromagnetic MVI plan view of surface showing cross-section lines for figures 9 & 10.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_figure8.jpg
Figure 9.
Aeromagnetic MVI cross-sections (200m thick) illustrating proven mineralization at (A-A')
Craigmont and (B-B') Embayment corresponding with high magnetic anomalies and observed
mineralization on surface at (C-C') CAS and (D-D') MARB corresponding with (not yet drill-tested) high
magnetic anomalies.
NOTE: The outcroppings seen in the cross-sections coincide with the outcroppings seen at
surface.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_f196d2e9c43e08bd_009full.jpg
Figure 10.
IP chargeability cross-section (200m thick) through the Embayment Zone showing higher
chargeability anomaly corresponding with high-grade Cu intercepts.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/191908_figure8_550.jpg
Mr. Peter Espig, CEO of Nicola Mining Inc., commented on the findings: "Overall the 2023 Program
yielded encouraging results. While we would have liked to have seen more mineralization directly
southeast of the historic pit, the drilling northeast uncovered extensive alteration and indicates the
potential of other mineralization bodies. Particularly, we are extremely excited to see that the
outcroppings, which we mapped extensively this time, coincide perfectly with the cross-section diagrams
displaying electromatic anomalies. These findings reinforce our commitment to exploring and
developing the New Craigmont Project."
The Company looks forward to further analysis and potential exploration based on these promising
results.
QUALITY ASSURANCE AND QUALITY CONTROL (QA/QC)
Nicola maintains tight sample security, and quality assurance and quality control (QA/QC) for all aspects
of its exploration program. All core samples from 2023 were logged, photographed and sampled on site
by staff or consulting geologists and geotechnicians. The samples were picked up and transported from
site by Activation Laboratories Ltd. (Actlabs) to their ISO 17015 accredited lab in Kamloops, BC for
preparation (crushing and pulverizing) and analyzed for 38-element ICP-OES by aqua regia (partial)
digestion with specified limits (method code 1E3). Company protocols include the insertion of quality
control (QC) samples consisting of Certified Reference Materials (CRMs), blanks and duplicates into the
sample stream at a rate of 1 in 20. Nicola geologists are currently reviewing the results of the QC
program, pending lab re-runs of select sample batches.
Qualified Person
Kevin Wells, P.Geo, a consulting geologist to the Company, is the independent qualified person as
defined by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
for the technical
disclosure contained in this news release.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX Venture and Frankfurt Exchanges that
maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed
Mining and Milling Profit Share Agreements with high grade gold projects. Nicola's fully-permitted mill
can process both gold and silver mill feed via gravity and flotation processes.
The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an
area of 10,913 hectares along the southern end of the Guichon Batholith and is adjacent to Teck
Resources Ltd.'s Highland Valley Copper, Canada's largest copper mine. The Company also owns
100% of the Treasure Mountain Property, which is comprised of 51 mineral tenures, 21 legacy claims:
100 cell units, and five crown grants for a total of approximately 2,850 hectares.
On behalf of the Board of Directors
"
Peter Espig
"
Peter Espig
CEO & Director
For additional information
Contact:
Peter Espig
Phone: (778) 385-1213
Email:
URL:
www.nicolamining.com