Nicola Mining Announces Results of Select Grab Samples That Contain up to 1.3kg /Tonne Silver and 2.59 G/Tonne Gold
Nicola Mining Announces Results of Select
Grab Samples That Contain up to 1.3kg /Tonne
Silver and 2.59 G/Tonne Gold
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2020) - Nicola Mining Inc. (
TSXV: NIM
)
(
FSE: HLI
), (the "
Company
" or "
Nicola
") is pleased to announce that it has received assay results from
seven grab samples collected 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.
Seven grab samples were collected from five locations (see Table 1 and Map 1):
1
.
Treasure Mountain Open Pit
:
Historic pit area located on the crest of Treasure Mountain, near
the JK Vein that was mined in 2011 (1 sample);
2
.
JK Vein:
Vein with previous high-grade results located approximately 1.0 km east of the of the
current mine development that continues to remain a high-priority focus of the Company (1
sample);
3
.
Scree
2
Sample
:
In absence of a suitable soil sample, the Company gathered a representative
rock sample for testing (1 sample);
4
.
Historic Trench
:
A historic trench located near the Scree Sample was observed and tested (1
sample);
5
.
Exposed Vein
3
:
In its August 24, 2020 news release the Company described that it had identified
a potential 1.2 km mineralized corridor that it had never previously explored (3 samples).
Highlights include the following:
Sample 2100207 taken from the Exposed Vein contained the following grades:
1300 g/t Ag (45.86 ounces per tonne Ag)
2.59 g / Au
1.16% Cu, 27.4% Pb and 27.2% Zn
Sample 2100205 taken from the JK Vein contained the following grades:
1040 g/t Ag (36.7 ounces per tonne Ag)
6.93% Pb and 1.37% Zn
All seven samples were sent to ActLab laboratory for assay located in Kamloops, BC.
Table 1:
Assay results from grab samples.
Sample ID
Location
Ag (g/t)
Au (ppb)
Cu (%)
Pb (%)
Zn (%)
2100204
Treasure Mountain
Open Pit
98 †
131
0.0164
0.0484
0.466
2100205
JK Vein
1040 †
64
0.0739
6.93 *
1.37 *
2100206
Historic trench
5.5
12
0.0083
0.129
0.199
2100208
Scree sample
0.8
11
0.0045
0.0075
0.0087
2100207
Exposed vein
1300 †
2590
1.16 *
27.4 *
27.2 *
2100209
Exposed vein
131 †
18
0.0499
3.81 *
15.1 *
2100210
Exposed vein
27.6
6
0.0095
0.966
1.77 *
† analyzed by FA-GRA, * analyzed by ICP-OES
Note: Grab samples are selected samples and are not necessarily representative of the mineralization
hosted on the property.
Map 1
: Treasure Mountain Property with completed grab samples.
To view an enhanced version of Map 1, please visit:
https://orders.newsfilecorp.com/files/4873/63352_9e566201d488ab07_001full.jpg
The grab sample from the recently identified exposed veins (Sample 2100207) is encouraging as it
indicates that these veins have the potential to host significant silver, gold, copper, and zinc grades. The
upcoming portable drill results, which tested this mineralized structure, aims to provide an estimate on
the true width and grade to the veins within this potential 1.2km mineralized trend.
Technical information
Quality Assurance and Quality Control of Nicola's sampling programs are under the control of Nicola's
Geological staff and are consistent with industry best practices. Grab samples are transported by Nicola
employees following a defined chain of custody, to Actlabs in Kamloops, BC. All samples are analyzed
using Aqua Regia/ICP-OES. Samples with copper, lead or zinc content in excess of the standard
detection limits were re-assayed by Aqua Regia/ICP-OES with higher detection limits. Samples
suspected of containing gold were analyzed by Atomic Absorption Fire Assay. Samples with silver
content in excess of detection limit by ICP-OES were analyzed by gravimetric fire assay.
Qualified Person
Michael Frye, 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 already
signed four mill profit share agreements 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 Mountain 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 prices prior to reconsidering reopening the mine. The
Property also has 3 highly prospective targets:
1
.
MB Zone located approximately 1.5km from the underground mine workings on the undrilled
Northern slope of the mountain.
2
.
JK Vein/Eastern Zone located approximately 1.0 km from the underground mine workings.
3
.
Jensen Portal located approximately 100 m west of 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:
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
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/
2
Scree is a collection of broken
rock
fragments at the base of
crags
, mountain
cliffs
,
volcanoes
or
valley
shoulders
that has accumulated through periodic
rockfall
from adjacent cliff faces.
3
Though the Company had not previously explored the vein it did observe evidence of historic
exploration had occurred in the near vicinity.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/63352