Nicola Mining Inc. Resumes Operations at New Craigmont Project
Nicola Mining Inc. Resumes Operations at New
Craigmont Project
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2023) - Nicola Mining Inc. (
TSXV: NIM
)
(
FSE: HLI
), (
the "
Company
" or "
Nicola
") is pleased to announce that it has completed mill upgrades
and has commenced milling operations with material supplied from Osisko Development Corp. (
NYSE:
ODV
) (
TSXV: ODV
) ("
Osisko
").
The Company announced in its
January 9, 2023 news release
that the
two parties had signed a Mining and Milling Profit Share Agreement (the "
Osisko Agreement
").
The Company has noticed a significant increase in mining related activity in British Columbia and is
currently in discussions with multiple parties about future mining and milling profit share agreements, in
addition to the Osisko Agreement.
As the only facility in the Province of British Columbia permitted to accept third party gold and
silver mill feed from throughout the province, the Company is poised to benefit from the
increased activity.
Given the increased demand for Nicola's mill, the Company is considering increasing the size of its ball
mill up to 500 tonnes a day, from its current capacity of 200 tonnes, optimizing performance.
The modern
mill was constructed with the premises that it may be upgraded for increased throughput in the future.
Its
floatation capacity is already able to handle increased production.
Peter Espig, CEO of Nicola, commented, “We are excited about the increasingly optimistic environment
in the BC mining industry, as highlighted by the recent news that Artemis Gold Inc. had secured a BC
Mines Act Permit for its Blackwater Gold Project.
We are receiving more and more inquiries with
regards to mining and milling partnerships for both long term agreements and bulk samples. In addition,
to recommencing gold production, we are finalizing 2023 plans for the first stage of exploration at our
flagship property, New Craigmont Copper Project.”
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/160070