Nicola Mining Announces Completion of 3D IP Survey and Commencement of Exploration Drilling at the New Craigmont Copper Project
Nicola Mining Announces Completion of 3D IP
Survey and Commencement of Exploration
Drilling at the New Craigmont Copper Project
Vancouver, British Columbia--(Newsfile Corp. - July 3, 2024) -
Nicola Mining Inc.
(TSXV: NIM)
(the
"
Company
" or "
Nicola
") is pleased to announce the completion of a 3D induced polarization survey
("
3D IP Survey
").
Based on 3D IP Survey results the Company is in the process of commencing of its
2024 diamond drilling program ("
Program
") at the New Craigmont Copper Project ("
New Craigmont
"),
situated approximately 11 kilometres from Merritt, BC and adjacent to Teck Resources Ltd.'s Highland
Valley Copper, Canada's largest open-pit copper mine.
As previously announced in the Company's
Feb. 21, 2024
and
May 13, 2024
news releases, Nicola
engaged Dias Geophysical of Saskatoon, SK, to conduct a 3D IP Survey. This comprehensive survey
aimed to better define two principal exploration areas: the MARB-CAS Zone and the West Craigmont
Zone (Figure 1). Upon reviewing the data from the approximately 6.5 square kilometer survey, the
Company has commenced its 2024 diamond drilling exploration program.
Figure 1
. 2024 IP Survey Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/215275_f85b0bd1b41c7bd0_001full.jpg
A significant resistivity anomaly appears in the western section of New Craigmont, near the Lornex Fault,
via the Company's
2022 ZTEM Survey
. This anomaly was confirmed and refined by the 2024 3D IP
Survey. Additionally, the Survey detected chargeability anomalies on the edges of the resistivity anomaly
within the area, and a potential structure trending ENE, which coincides with the strongest and largest
chargeability anomaly. This resistivity high could represent a felsic intrusion, as was observed in outcrop,
and the chargeability high could indicate peripheral sulphidation, likely enhanced along the potential
structure. The 3D IP Survey has generated multiple drilling targets focusing on the chargeability
anomalies within the West Craigmont Zone.
The 3D IP Survey at MARB-CAS provided valuable information regarding the lithologies and appears to
clearly delineate the contact between Nicola Group rocks and the Guichon Creek Batholith. The major
chargeability anomalies are primarily confined within the Nicola Group rocks in the southern portion of
the survey area, with some chargeability anomalies detected between the MARB and CAS MINFILE
showings.
Peter Espig, Chief Executive Officer, commented, "The 3D IP Survey both confirmed and further defined
key targets. Combining numerous geological and geophysical parameters, including bedrock mapping,
airborne magnetic survey, and ZTEM survey with the 3D IP Survey gives us a great confidence to have a
successful Program."
A total of 5,000 m of core drilling is planned for the 2024 exploration program. Drilling will primarily be
focused on the West Craigmont Zone initially, with the possibility of also drilling at MARB/CAS later in
the summer (Figure 2).
Figure 2
. 2024 Drill Target Areas
To view an enhanced version of this graphic, please visit:
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Qualified Person
William Whitty, P. Geo., the Company's VP Exploration, is the Qualified Person as defined by National
Instrument 43-101 -
Standards of Disclosure for Mineral Projects
and supervised the preparation of,
and has reviewed and approved, the technical information in this release.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange 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 over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to
Highland Valley Copper, Canada's largest copper mine. The Company also owns 100% of the Treasure
Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding
2,200 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
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/215275