Nicola Mining Announces 2021 Exploration Objectives at New Craigmont Copper Project
Nicola Mining Announces 2021 Exploration
Objectives at New Craigmont Copper Project
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2021) - Nicola Mining Inc.
(TSXV: NIM)
(the
"
Company
" or "
Nicola
") is pleased to provide a 2021 exploration outline at its wholly-owned New
Craigmont Copper Project, located near Merritt, BC, and 33 km south of the Highland Valley Copper
porphyry district.
In 2020, the Company filed for a multi-year area-based ("
MYAB
") exploration permit that would allow it to
move forward on a five-year exploration plan.
Additional to the MYAB application, the Company
continues to actively integrate historic data into its geological models.
The ongoing desktop work is
expected to improve the quality and accuracy of the "target development" and "target confirmation"
stages of its exploration pipeline approach.
The 2021 program ("
2021 Program
") includes up to 21 drill holes (8520 metres
1
), five new trenches and
the reactivation of 6 historic trenches.
Diamond drilling will focus on testing the contact aureole between the Guichon Creek Batholith and the
Nicola Group along an extensive alteration corridor in areas displaying an anomalous magnetic
response, interpreted to be semi-massive magnetite-chalcopyrite mineralization. The 2021 season will
comprise of two phases of drilling, with the second phase contingent on the results of phase one. A
trenching program is aimed at developing three target areas where copper occurrences have been
observed but not drill tested. Favorable results these trenches may be followed up by a small drill
program to test the depth extent of mineralization encountered at surface.
PHASE ONE
Drilling Exploration:
The first phase of drilling is designed to test four target areas (
Figure 1
), with the best results being
followed up in phase two.
Target "A"
A magnetic anomaly along strike to the east of the Craigmont Open Pit. Semi-massive
magnetite-chalcopyrite skarn outcrops east of the Open Pit.
The target is located at a depth of ~200m, adjacent to historic underground mine workings.
Two 200 m long diamond drill holes will test this magnetic bulb near a diorite plug.
Target "B"
Magnetic Vector Inversion modelling of airborne magnetic data suggests a magnetic body
with approximate dimensions of 700 m west, 50 m north, and is located ~300 m below
surface.
Holes THU-002 (85.92m @ 1.11% Cu) and NC-2018-03 (100.6m @ 1.33% Cu) drilled by
Nicola intersected a magnetic anomaly that warrants additional testing. These show strong
correlation with the magnetic vector inversions
2
, the magnetic susceptibility, and the
occurrence of magnetite-chalcopyrite-actinolite-epidote skarn.
This area is interpreted to be the right-lateral (i.e., northward) displacement of the Craigmont
Skarn (toward the Embayment zone).
Three 500m diamond drill holes aim to test this magnetic zone eastward, toward the
Craigmont Open Pit.
Target "C"
A 700 m long diamond drill hole will test magnetic anomaly interpreted as a pipe-like body
connected to a deeper magnetic body hosted in Nicola Group near the Guichon Lake
Batholith contact.
Target "D"
A series of short 100m diamond drill holes are will test beneath the "CAS" showing, a
magnetite-chalcopyrite breccia hosted by diorite identified during the 2017 geological
mapping campaign.
This target lies on the southeast trending corridor of high magnetic intensity with the "MARB"
showing on the northwestern margin.
Figure 1: Map of drilling Targets, with the UTM grid (meters). The topmost panel is the interpreted
lithology, the middle panel is the alteration and bottom most panel is the anomalous magnetics from
magnetic vector inversion. For legend of each panel see figure 2.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4873/72245_1d29f19c341ffa9b_001full.jpg
Figure 2: Legend for Figure 1
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4873/72245_1d29f19c341ffa9b_002full.jpg
PHASE TWO
The second phase of drilling is contingent on the results of Phase One drilling, whereby the best
intercepts are followed by drilling with approximately 100m spacing.
Scientific and Technical Information
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 Exchange and is in the process
of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings
facility, located near Merritt, British Columbia.
The fully-permitted mill can process both gold and silver
mill feed via gravity and flotation processes. The Company also owns 100% of Treasure Mountain, a
high-grade silver property, and an active gravel pit that is located adjacent to its milling operations.
About New Craigmont Property
In November of 2015, Nicola became the first group in decades to consolidate ownership of the New
Craigmont Project (the "
Property
") and has been actively conducting mineral exploration since. The
Property is a wholly-owned copper property with an active mine permit (M-68), located 33 km south of
the world-class Highland Valley porphyry district. The property is located adjacent to the southern end of
the Guichon Creek Batholith, which hosts the Highland Valley copper deposits.
There are currently no mineral resource estimates on the Property. Historical "non-NI 43-101" resource
calculations are recorded in internal memos and geological reports for Placer Development Ltd.
For further details on the Property, see the technical report entitled "Technical Report on the Thule
Copper- Iron Property, Southern British Columbia, Canada", filed on May 8, 2013 on Sedar at
www.sedar.com
.
On behalf of the Board of Directors
"
Peter Espig
"
Peter Espig
CEO & Director
For additional information
Contact:
Peter Espig
Phone: (778) 385-1213
Email:
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.
1
Number of holes and metres drilled is dependant on both capital and results of initial holes
2
The physical principle behind Magnetization Vector Inversion is that magnetic material in the Earth is
affected by the presence of the Earth's geomagnetic field.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/72245