Nicola Mining Inc. Plans to Recommence Gold Production
Nicola Mining Inc. Plans to Recommence Gold
Production
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2023) - Nicola Mining Inc. (
TSXV: NIM
)
(
FSE: HLI
), (
the "
Company
" or "
Nicola
"
) is pleased to announce completing final preparations to
commence operations in Q1 of 2023.
Currently, the Company has received in excess of 15,000 tonnes
of gold mill feed from Osisko Development Corp's. (
NYSE: ODV
) (
TSXV: ODV
)
(
"Osisko"
)
Cariboo
Gold Project.
The Company has hired employees to fill key positions required for gold production.
See
photos of Cariboo Gold Project mill feed stockpile, below.
Photos: Cariboo Gold Project Stockpile
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/152844_nicolamining.jpg
Nicola announced on January 9, that it had signed a
Mining and Milling Profit Share Agreement
with
Osisko. Under the Agreement, Osisko may transport material to Nicola's mill site, located near Merritt,
British Columbia.
Nicola's Merritt Mill site is a unique milling and processing facility because the
Company owns the industrial-zoned site free-hold.
In addition, it is the only facility in the Province of
British Columbia permitted to accept third party gold and silver mill feed from throughout the province.
In addition to gold production, the Company expects to receive final results from its 2022 soil sampling
program at New Craigmont Property (the "
Property
") and is preparing for an extensive exploration
program in 2023 (the "
2023 Exploration Program
").
Soil results will be published upon receipt and will
be incorporated, along with results from its district-wide airborne geophysical
Z-axis Tipper
Electromagnetic
("
ZTEM
") survey to finalize drill hole locations.
The ZTEM survey included inversion
modeling carried out across its wholly owned New Craigmont Property has imaged the electrical
conductivity signature of known mineral occurrences ("
MINFILEs
1
").
Peter Espig, CEO of Nicola, commented, "We are very excited to re-commence gold production and to
utilize operational cash flow towards funding exploration on New Craigmont, which we consider to be our
flagship asset.
The
2023 Exploration Program will extend to known, but never-before-drilled, locations on
the Property that we can now explore since having received the multi-year area-based exploration
permit,
Permit Number MX-4-697
(the "
MYAB Permit
2
"), on November 3, 2022."
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 10,084 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 29 mineral tenures covering 2178 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:
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
MINFILE
contains geological, location and economic information on more than 14,750 metallic, industrial mineral and coal mines, deposits, and
occurrences in British Columbia
2
MINFILE
contains geological, location and economic information on more than 14,750 metallic, industrial mineral and coal mines, deposits, and
occurrences in British Columbia
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/152844