Nicola Mining Commences Gravel Pit Operations, Commences ZTEM Survey and Completes Key Modeling of Historic Drill Holes
Nicola Mining Commences Gravel Pit
Operations, Commences ZTEM Survey and
Completes Key Modeling of Historic Drill
Holes
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2022) - Nicola Mining Inc. (
TSXV: NIM
)
(
FSE:
HLI
), (the
"
Company
" or "
Nicola
"
) is pleased to announce that it has recommenced operations at its
gravel pit (
Permit G-15-019
) with its partner Lower Nicola Site Services Ltd. ("
LNSS
") an indirectly
majority-owned company which is a partnership between the Lower Nicola Indian Band Development
Corporation and Infracon Construction Inc.
The gravel pit is located at the Company's
Craigmont Mine
Site
, located approximately 14 kilometers from Merritt, British Columbia ("
BC"
).
Nicola and LNSS have commenced supplying much needed sand and gravel to local communities for
construction and infrastructure repairs.
The gravel pit compliments the recently received Notice of
Departure ("
NoD
") at the New Craigmont Project from the Ministry of Energy, Mines and Low Carbon
Innovation ("
EMLI
").
The Company's M-68 announced in its May 2, 2022 news release that it received
permitting for extraction of up to 3.0 million tonnes ("
Mt
") of inert available rock material (
riprap
)
that may
be used for the infrastructure reconstruction efforts at a production rate of approximately 1500 tonnes per
day.
The Company receives a royalty for all riprap, sand, and gravel transported from its site.
The Company is equally pleased to announce that it has commenced its 998-line kilometer Z-Tipper
Axis Electromagnetic survey ("
ZTEM Survey
") across the entirety of New Craigmont. This is the largest
full-site survey ever conducted on the historic Craigmont Copper Mine site, for which the Company holds
Mine Permit M-68.
ZTEM Surveys can be a very effective tool in finding porphyry systems, especially in
places that have a
secondary volcanic
covering.
To further augment the Company's understanding of Craigmont's copper mineralization, which includes
both porphyry and skarn, the Company is currently generating a robust database and model of over
4100 historic drill holes. To date, over 30% of assay and lithology data have been entered, providing
vectors for mineralization, grade, and structural controls. The database and model provide insight and
will improve the understanding of mineralized zones that are known to remain in-situ, including
Mineralized Zone 3.
As historic mining included underground operations, the Company is also digitizing
the historic underground workings, which can be superimposed with the drilling database and model to
better understand potential residual copper remaining as part of the historic operations.
Peter Espig, Chief Executive Officer, commented, "We continue to work creatively to maximize both
cash flow and exploration opportunities at the Craigmont Site and are very excited about the prospect of
combining current ZTEM survey, modeling and interpretating lithologies from historic drillholes, and
analyzing historic underground mining operations.
In addition, the increased interested in our NI 43-101
for the historic mine terraces and expected receipt of a multi-year exploration permit over the entire
Craigmont Copper Project could provide very exciting near term exploration opportunities."
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, consisting of 30 mineral tenures covering 513 hectares (ha)
and a mining lease covering 335 ha.
On behalf of the Board of Directors
"
Peter Espig
"
Peter Espig
CEO & Director
For additional information
Contact:
Peter Espig
Phone: (778) 385-1213
Email:
Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of
management regarding the Company. Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding
the future, including but not limited to, statements regarding the allocation of revenues and royalties
under the Agreement towards Nicola's site maintenance, including annual reports and reclamation
obligations and that Nicola will continue to work closely with previously engaged consultants and service
providers. Such statements are subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those contained in the statements, including risks
related to factors beyond the control of the Company. These risks include, but are not limited to, changes
in Nicola's business relationships and plans, changes in the anticipated uses of revenues and royalties
under the Agreement, the failure of Nicola to receive the necessary approvals for the NoD from the EMLI,
as well as other general business, economic, or market related risks beyond the director control of the
Company and which may affect the Company's business and operations. The novel strain of coronavirus,
COVID-19, also continues to pose risks that are currently indescribable and immeasurable. No
assurance can be given that any of the events anticipated by the forward-looking statements will occur
or, if they do occur, what benefits the Company will obtain from them. The Company undertakes no
obligation to update forward-looking information if circumstances or management's estimates or
opinions should change, unless required by law. The reader is cautioned not to place undue reliance on
forward-looking information.
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/126054