Nicola Mining Provides Operations and Exploration Update
Nicola Mining Provides Operations and
Exploration Update
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2024) -
Nicola Mining Inc.
(TSXV:
NIM)
(OTCQB:
HUSIF)
(FSE:
HLIA)
(the "
Company
" or "
Nicola
") is pleased to provide updates on
operations and exploration at its Merritt Mill, New Craigmont Copper Project and Treasure Mountain
Mine.
Merritt Mill
The Company continues to produce gold concentrate with mill feed from Talisker Resources Ltd.
(TSX:
TSK)
(OTCQX:
TSKFF)
("
Talisker
"), as announced on
April 9, 2024
. Because Bralorne mill feed
contains free gold, Nicola reinstalled a gravity separator circuit for production.
Gold concentrate is
currently being stockpiled and prepared for sale, initial sale is expected to occur in September.
Nicola's Merritt Mill is the only facility in the Province of British Columbia permitted to accept third party
gold and silver mill feed from throughout the province.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/221423_nicolaimage1.jpg
New Craigmont Copper Project 2024 Exploration
The first phase of the 2024 drilling exploration program commenced at the never-drilled-before West
Craigmont-WP Zone and has progressed with the drilling of four holes (the last of which is still in
progress), totaling ~1,500m of the 5000m program.
Zone targets were generated by using geophysical
models and outcrop maps. Drill hole locations hope to establish a framework for the subsurface geology
and reconcile the geophysical anomalies with geological features, with the goal of refining the targeting
of a potential porphyry copper system in the region. Initial results are aiding in delineating the Nicola-
Guichon contact and local structures. The observed alteration and mineralization are encouraging,
aligning with the expectations for the periphery of a porphyry system. These findings will be further
analyzed to vector for a potential nearby deposit.
Notably altered fault blocks featuring quartz-sericite-
pyrite ± chalcopyrite is of particular interest, supporting the need for additional drilling at this target.
Hole WP-24-001:
Designed to test the largest IP chargeability anomaly in the area, detected by the
2024 IP survey. Significant pyrite mineralization, with trace chalcopyrite, was encountered between 59.6
and 108.0m. The mineralization is hosted within faulted Nicola volcanic rocks, which exhibit intense
sericite-quartz alteration.
The photo displays pyrite mineralization with sericite-quartz alteration.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/221423_nicolaimage2.jpg
Hole WP-24-002
targeted a relatively shallow IP chargeability anomaly. The hole intercepted a similar
faulted mineralization zone as WP-24-001, with pyrite and trace chalcopyrite mineralization in sericite-
quartz altered Nicola volcanic rocks from 47.1 to 100.9m.
Pyrite mineralization with sericite-quartz alteration is shown in the photo.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/221423_nicolaimage3.jpg
Hole WP-24-003
was drilled at a shallow angle to further investigate the largest IP chargeability anomaly
targeted by WP-24-001. This hole encountered fault-hosted pyrite (+/- chalcopyrite) mineralization
intervals between 298.8m and 316.3m and 358.9m to 365.4m.
Notably, chalcopyrite and bornite blebs
were observed throughout the hole.
Quartz vein hosted chalcopyrite-bornite mineralization is circled in red.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/221423_nicolaimage4.jpg
Upon completion of WP-24-004A, the drill rig will likely begin the second phase of the 2024 exploration
program, drilling on the MARB-CAS target (before possibly moving back to West Craigmont-WP).
This
target was identified through bedrock mapping and surface geology observations, with some
contribution from geophysical modeling. The planned drilling aims to develop a framework for the
subsurface geology and assess mineralization potential beneath the MARB showing.
Treasure Mountain Ten Year Mine Lease Extension
The Company is pleased announce that it has receive a very important ten-year mining lease extension
(the "
Extension
") for its wholly owned Treasure Mountain Mine (the "Treasure Mountain"), which is
located approximately 27 km to the east-northeast of Hope, BC, Canada (Figure 1).
The Extension is
good through April 26, 2032.
Treasure Mountain is comprised of a total 30 mineral claims (2178.3 ha)
and 1 mining lease (335 ha) and (Figure 2).
Figure 1: Overview of the location of the Treasure Mountain Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/221423_4678b29a94a888f3_006full.jpg
Figure 2: Mineral Claims and Mining Leases the Treasure Mountain Property
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/221423_4678b29a94a888f3_007full.jpg
Treasure Mountain Mine, which was first discovered in 1892 and operated intermittently since being first
recognized. From 1930-1932, onsite milling operations processed ~4,000 tonnes that yielded 39,558 oz
Ag, 379,532 lbs Pb, and 88,455 lbs Zn. Between 1987 and 1989, mine development at four levels
occurred and 407 tonnes of partially sorted material was shipped to Cominco and Asarco smelters.
The Company received a Mines Act Permit approving the production for 60,000 tonnes of material per
annum for Treasure Mountain on May 18, 2012: Permit M-239.
The Extension of Permit M-239 provides
Nicola the option of reopening Treasure Mountain and could expedite permitting approval for new
mineralized bodies, if discovered.
A June 15
th
, 2009 NI 43-101-compliant technical report disclosed that the total vein Indicated Resource
above a 10.0 oz/t Ag cut-off was estimated to be 33,000 tonnes with 24.2 oz/t silver, 4.16% lead and
3,80% zinc. The total vein Inferred Resource above a 10.0 oz/t Ag cut-off was estimated to be 120,000
tonnes with 27.0 oz/t silver, 2.79% lead and 4.36% zinc. The company retains the option to reopen Stope
2 on Level 1 (Figure 3), which remains in-situ.
Figure 3: Section view of the Treasure Mountain underground workings (Level 1, 2, 3 with
stope projections)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/221423_4678b29a94a888f3_008full.jpg
Mr. Peter Espig, CEO of Nicola Mining Inc., commented, "We are extremely excited about our current
operations and ongoing exploration. The Merritt Mill is a state-of-the-art facility that garners interest from
high grade gold projects throughout the province because of its location and flexible permitting that can
expedite project cashflow.
In addition to procuring the ten-year mine lease extension for Treasure
Mountain, we have also submitted a multi-year area-based exploration permit application for the project.
The synergistic combination of the Merritt Mill and Treasure Mountain was the basis of a $200 million
market capitalization back in 2012; however, the latter seems to be somewhat forgotten since its
placement into care and maintenance and because of Nicola's subsequent consolidation of its
ownership in the New Craigmont Project.
Management continues to recognize the standalone potential
of Treasure Mountain and remains excited about the exploration prospects of the project.
Finally, we are
pleased with the 2024 Exploration Program at our flagship asset, New Craigmont Copper Project and
are currently completing initial exploration at the West Craigmont-WP target prior to drilling MARB
and
CAS.
Drilling at the MARB and CAS will commence early September and will change from one to two
crews to expedite results."
Qualified Person
William Whitty, P. Geo., the Company's VP Exploration, is the Qualified Person as defined by National
Instrument 43-101 -
Standards of Disclosure for Mineral Projects
and supervised the preparation of,
and has reviewed and approved, the technical information in this release.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange 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 over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to
Highland Valley Copper, Canada's largest copper mine. The Company also owns 100% of the Treasure
Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding
2,200 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/221423