Nicola Mining Announces Results of Portable Drillin G from Treasure Mountain Including an Intercept of 589 G/T Silver at Surface

TSX.V: NIM

NICOLA MINING ANNOUNCES RESULTS OF PORTABLE DRILLIN G FROM TREASURE

MOUNTAIN INCLUDING AN INTERCEPT OF 589 G/T SILVER AT SURFACE

VANCOUVER, B.C., November 9, 2020 – Nicola Mining I nc. (TSX.V: NIM ) (FSE: HLI ), (the

“Company ” or “ Nicola ”) is pleased to announce that it has received assa y results from all 14

portable drill holes. These drill holes tested the recently identified 1.2 km mineralized trend during

Phase One of the 2020 Program 1 at its wholly owned Treasure Mountain Property, a fully-

permitted high grade silver mine located approximately 90 minutes to its Craigmont Mill.

The drilling was done at five locations (Map 1) along the approximately 1.2 km mineralized trend.

These results are the first known drill results alo ng this structure. These demonstrate this vein

system contains silver, trace gold and copper. Several historic mine adits were identified proximal

to some of the outcrop vein exposures, but the exte nt and age of these workings is unknown.

Despite the narrow vein widths intersected in this drilling, the apparent strike length is significant.

Map 1: Treasure Mountain Property drill locations.

1 Commencing of the 2020 Program was announced in a news release on July 21, 2020.

https://nicolamining.com/nicola-mining-commences-2020-exploration-at-treasure-mountain/

Table 2: Treasure Mountain portable drill locations

(Note: widths are approximate as this was conducted using a portable drill).

The results from the drilling are interpreted to be the source of the soil anomaly defining a potential

1.2km mineralized trend, identified in the 2019 and 2020 Phase One Soil Programs. Additionally,

the soil anomaly extends 700m along a more west-east trend within the Paysayten Group, where

no mineralized outcrop has been identified. The Co mpany is awaiting assay results from the

Phase Two program which comprised of an additional 168 soil samples, extending the soil grid

east.

Peter Espig, Chief Executive Officer, commented, “W e are very encouraged by the drill results

along an approximate 2.0 km mineralized trend, espe cially when considering the results are all

within 220cm from surface. It appears that trenchi ng or exploration drilling at slightly deeper

depths is warranted.”

Hole ID (UTM Zone 10

Easting, Northing, Azimuth,

Dip)

Interval width

(from - to) cm Ag (g/t) Au (g/t) Pb (%) Cu (%) Zn (%)

Site

drilled

TM20 -01

(639322, 5475513, 343, 59°) 23 (25- 48 cm) 13 0.17 0.29 0.08 8.85

B TM20-02

(639324, 5475513, 349, 53°) 25 (94- 119 cm) 43 0.01 1.42 0.02 4.36

TM20-03

(639320, 5475512, 355, 55°) No significant intercept

TM20-04

(639200, 5475497, 008, 26°) 34 (188-222 cm) 489 0.08 5.69 0.13 14.10

A

TM20-05

(639177, 5475502, 019, 37°) No significant intercept

TM20-06

(639400, 5475752, 323, 42°) Hole abandoned due to technical difficulties

C TM20-07

(639401, 5475763, 038, 62°)

46 (152-198 cm)

and

21 (199-220 cm)

300

179

0.63

0.57

2.39

1.29

0.96

0.73

22.20

20.90

TM20-08

(639836, 5476052, 148, 43°) 42 (140-182 cm) 28 0.19 0.06 0.21 7.60

D TM20-09

(639834, 5476050, 139, 20°) 62 (0-62 cm) 76 NA 0.10 0.12 5.89

TM20-10

(639834, 5476049, 138, 51°) 87 (6-93cm) 355 1.19 0.38 1.30 8.27

TM20-11

(640049, 5476300, 135, 26°) 18 (25-43 cm) 422 1.43 0.19 5.18 27.00

Cal

vein

TM20-12

(640053, 5476302, 132, 30°) 15 (48-63 cm) 589 0.26 6.86 3.21 4.77

TM20-13

(640059, 5476303, 314, 50°) 22 (26-48 cm) 30 NA 0.22 0.11 5.28

TM20-14

(640045, 5476292, 301, 62°) 10 (25-35 cm) 155 0.17 0.47 0.33 14.30

Technical information

Nicola Mining applies a thorough quality assurance/ quality control (QA/QC) program at the

Project, which is compliant with industry best prac tices. Trained personnel collected and logged

drill core according to lithology, alteration, and mineralization (Figure 1). The drill core was

photographed prior to being sampled. Suitable certified reference material is inserted into sample

batches, which are submitted to the Actlabs (ISO 17025 Certified) in Kamloops, British Columbia.

All results included in this release have passed th e QA/QC procedures. There are no known

factors that could materially affect the reliability of data collected and verified.

Figure 1: An example of the portable drill core (TM20-12) and the mineralized intercept.

Qualified Person

Kevin Wells, P.Geo, a consulting geologist to the C ompany, 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 facil ity, located near Merritt, British Columbia. It

has already signed four mill profit share agreement s with high grade gold producers. The fully-

permitted mill can process both gold and silver mill feed via gravity and flotation processes. The

Company also owns 100% of the New Craigmont Project, a high-grade copper property, and an

active gravel pit that is located adjacent to its milling operations.

About Treasure Mountain Property

Nicola Mining Inc. owns 100% of the Treasure Mounta in Property, an approximately 7,000-acre

silver deposit consisting of: 51 mineral tenures, comprising 21 legacy claims: 100 cell units, and

five crown grants for a total of approximately 2,850 hectares.

The Company continues to maintain the option of reopening Level 1 in order to extract silver mill

feed from Stope 2 and continues to monitor silver p rices prior to reconsidering reopening the

mine . The Property also has 3 highly prospective targets:

1. MB Zone located approximately 1.5km from the und erground mine workings on the

undrilled Northern slope of the mountain.

2. JK Vein/Eastern Zone located approximately 1.0 k m from the underground mine workings.

3. Jensen Portal located approximately 100 m west o f the Level 3 Portal and previously

mined in the 1920’s.

On behalf of the Board of Directors

“Peter Espig ”

Peter Espig

CEO & Director

For additional information

Contact: Peter Espig

Phone: (778) 385-1213

Email: [email protected]

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.