Nicola Mining Inc. Engages Dias Geophysical to Conduct IP Survey at New Craigmont Copper Project
Nicola Mining Inc. Engages Dias Geophysical
to Conduct IP Survey at New Craigmont
Copper Project
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2024) -
Nicola Mining Inc.
(TSXV: NIM)
(FSE: HLIA) (OTCQB: HUSIF)
(the "
Company
" or "
Nicola
") is pleased to announce that it has
contracted
Dias Geophysical
("
Dias
") to conduct a 3D Induced Polarization survey ("
IP survey
") at its
wholly-owned New Craigmont Copper Project ("
New Craigmont
"), which
is located near Merritt, B.C.
and adjacent to Teck Resources' Highland Valley Copper
[1]
, Canada's largest copper mine.
The IP Survey, targeted for late April / early May, will encompass two key target areas and cover about
4.5 square kilometers. Figure 1, below, highlights the two areas that will be surveyed: the first zone is the
MARB-CAS Zone, located immediately west of the Embayment Zone, while the second zone is the West
Craigmont Zone, the latter which hosts the WP MINFILE showing in the west portion of New Craigmont.
Figure 1
. Map of the New Craigmont Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/198572_ff93236134f13a0d_001full.jpg
PREVIOUS IP SURVEY
In 2017 and 2018
, Nicola engaged Scott Geophysics to complete 32.45 line-kilometers of IP survey, as
shown in Figure 1. Survey results and subsequent exploration drilling saw a significant correlation
between IP data and high-grade copper intercepts at the Embayment Zone (Figure 2).
Figure 2.
IP chargeability cross-section (200m thick) through the Embayment Zone showing higher
chargeability anomaly corresponding with high-grade Cu intercepts.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/198572_ff93236134f13a0d_002full.jpg
2024 IP SURVEY OBJECTIVES
MARB-CAS
The IP Survey aims to generate drilling targets west of the historic Craigmont Mine and Embayment
zones (Figure 1). Ore from Craigmont Mines' historic mining operations focused on skarn mineralization
characterized by chalcopyrite and magnetite hosted in garnet-epidote-actinolite-quartz skarn within
Nicola Group volcanic clastic rocks and carbonate-rich sedimentary rocks. The Company's
2016 drilling
exploration program
, which discovered the Embayment Zone northwest of the historic Craigmont Mine,
also has similar mineralization features.
Nicola's geological team interprets that the mineralized body has been offset by local faults and
continues to extend farther westward. With mineralization occurring post Guichon emplacement, copper
mineralization at New Craigmont could be hosted in both the older Nicola Group Unit and the younger
Guichon Batholith. Potential mineralogy at the MARB-CAS anomaly is interpreted to be analogous to ore
bodies at the historic Craigmont Mine and exploration results achieved at the Embayment Zone.
Anticipated IP results are supported by copper mineralization observed and mapped in outcroppings at
MARB-CAS, both hosted in the Guichon quartz diorite.
MARB is a brecciated zone in which fragments of volcanic rocks are found. Mineralization at MARB is
composed of disseminated magnetite, pyrite and pyrrhotite in the volcanic fragments and chalcopyrite,
pyrite and pyrrhotite occurring as fine disseminations and narrow veins (<3 mm) hosted in the epidote-
chlorite-actinolite altered quartz diorite.
Mineralization at CAS is composed of magnetite breccia and magnetite-chalcopyrite mineralization
associated with garnet-epidote-actinolite skarn. The MARB-CAS zone has similar magnetite-associated
geophysical features as the historic Craigmont Mine and the Embayment Zone (Figure 3).
Figure 3.
Cross sections though CAS and MARB magnetic anomalies showing the 2024 target areas
for IP and subsequent drilling.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/198572_ff93236134f13a0d_003full.jpg
West Craigmont - WP Zone
The IP Survey aims to generate a porphyry drilling target near the WP showing at West Craigmont.
Malachite-bearing quartz veins with potassic alteration halos hosted by the Guichon Batholith were
observed in outcrops at WP during the 2023 mapping campaign (Figure 4). The
2022 ZTEM
survey
detected a resistivity-high feature that coincides with a magnetic-high anomaly in the West Craigmont
Zone, which could represent a felsic intrusion (Figure 4). The 2017 IP survey detected a chargeability
anomaly to the southwest below the MARB 72 showing. The 2024 IP survey will determine if the ZTEM
resistivity anomaly coincides with a chargeability anomaly, which would be indicative of a porphyry, and
determine if the chargeability anomaly at MARB 72 extends north.
Figure 4.
Cross section through WP showing the ZTEM resistivity anomaly which potentially represents
a felsic intrusion. Photos above cross section show malachite (copper-bearing green mineral) on the left,
and quartz vein with potassium (K) feldspar halo on the right.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/198572_ff93236134f13a0d_004full.jpg
Peter Espig, CEO of Nicola Mining Inc., commented, "We are extremely excited about our 2024
exploration plans, which commence with the IP Survey. Over the past two years, independent exploration
techniques, which include mapping and the ZTEM survey, significantly correlate with previously
completed IP surveys and drilling. When considering that recently mapped mineralized outcroppings
correspond significantly with observed anomalies, we are confident that the to-be-conducted IP Survey
over the MARB-CAS and West Craigmont zones will yield solid drill targets. Once the results of the IP
Survey have been analyzed, we expect to commence exploration drilling."
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, which is comprised of 51 mineral tenures, 21 legacy claims:
100 cell units, and five crown grants for a total of approximately 2,850 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.
[1]
Highland Valley Copper (teck.com)
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