Nicola Mining Provides Updates on Exploration, Operations and Announces Closing of Flow-Through Non-Brokered Private Placement
Nicola Mining Provides Updates on
Exploration, Operations and Announces
Closing of Flow-Through Non-Brokered Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2024) - Nicola Mining Inc.
(TSXV: NIM)
(FSE: HLIA) (OTCQB: HUSIF)
(the "
Company
" or "
Nicola
"), has completed drilling (totaling 4872m
and 14 holes) and is pleased to provide updates on its 2024 drilling exploration program (the "
2024
Program
")
1
at its New Craigmont Copper Project, near Merritt, B.C.
The first phase of the 2024 Program at the never-before-drilled West Craigmont-WP target totaled
~1829.70m, with initial findings reported in the
August 30, 2024 Operations and Exploration
Update
. The second phase targeted the unexplored
MARB-CAS
Zones, both of which are
approximately 3.5 km in diameter. Drilling aimed to develop a subsurface geology framework and
assess mineralization potential beneath two small mineralized outcrops, one at the MARB Zone and
another at the CAS Zone. The third phase stepped out from the MARB-CAS Zones towards the
Embayment Zone to see if there was a continuation of mineralization. (Fig. 1)
Figure 1
. Collar locations of 2024 drilling campaign at the New Craigmont Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/232439_9bb03229a4c30888_001full.jpg
The Company is finalizing core cutting, which will then be sent to a certified laboratory for expedited
analysis and looks forward to issuing a news release with grades upon receipt.
The Company is also pleased to announce that it has made a deposit of $137,700.00 on behalf it itself
and High Range Exploration Ltd. for a Notice of Work and Reclamation Program at the
Dominion Creek
Gold / Silver Project
("
Dominion
"). The deposit is a key component in garnering the final permit and
conducting a bulk sample permit in 2025. Nicola owns a 75% economic interest in Dominion and is
planning on commencing a bulk sample which will be processed at its Merritt Mill.
Flow-Through Non-Brokered Private Placement
Nicola also announces that, further to its news release dated November 14, 2024, it has completed its
flow-through private placement offering (the "
Offering
"), pursuant to which it sold an aggregate of
1,641,790 common shares (each, a "
Share
") in the capital of the Company at a price of price of $0.335
per Share for aggregate gross proceeds of $550,000.
The Shares are issued on a "flow-through" basis pursuant to the
Income Tax Act
(Canada) and in
accordance with the policies of the TSX Venture Exchange. The Company paid an aggregate of
$38,500 to one eligible finder in connection with the Offering.
The aggregate gross proceeds from the Offering are expected to be allocated towards following up on
the 2024 Program. All securities issued in connection with the Offering are subject to a statutory hold
period of four months and one day from date of issuance.
Peter Espig, the CEO and a director of the Company, subscribed for a total of 44,776 Shares under the
Offering, which is a "related party transaction" within the meaning of Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
"). The issuance to Mr.
Espig is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in
section 5.5(b) as the Shares are not listed on a specified market and from the minority shareholder
approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101
in that the fair market value of the consideration of the Shares to be issued to Mr. Espig does not exceed
25% of the Company's market capitalization.
None of the securities sold in connection with the Offering will be registered under the United
States Securities Act of 1933, as amended, and no such securities may be offered or sold in the
United States absent registration or an applicable exemption from the registration requirements.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
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:
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian legislation. Forward-looking
statements are typically identified by words such as: "believes", "expects", "anticipates", "intends",
"estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such
words and phrases and similar expressions, which, by their nature, refer to future events or results that
may, could, would, might or will occur or be taken or achieved. All statements in this news release that
are not purely historical are forward-looking statements and include statements regarding beliefs,
plans, expectations and orientations regarding the future including, without limitation: statements with
respect to the commencing of a bulk sample which will be processed at its Merritt Mill; the
expectations of management regarding the use of proceeds of the Offering; and general statements
regarding the Company's anticipated strategies and business plans going forward. Although the
Company believes that such statements are reasonable and reflect expectations of future
developments and other factors which management believes to be reasonable and relevant, the
Company can give no assurance that such expectations will prove to be correct. In making the
forward-looking statements in this news release, the Company has applied several material
assumptions, including without limitation, that market fundamentals will support the viability of mining
exploration; the receipt of any necessary permits, licenses and regulatory approvals in connection
with the future exploration of its properties as well as in relation to the Offering, as applicable; the
availability of the financing required for the Company to carry out its planned future activities, and the
availability of and the ability to retain and attract qualified personnel. Other factors may also adversely
affect the future results or performance of the Company, including general economic, market or
business conditions, future prices of minerals, changes in the financial markets and in the demand for
minerals, changes in laws, regulations and policies affecting the mineral exploration industry, as well
as the risks and uncertainties which are more fully described in the Company's annual and quarterly
management's discussion and analysis and in other filings made by the Company with Canadian
securities regulatory authorities under the Company's SEDAR+ profile. The ongoing labour
shortages, inflationary pressures, rising interest rates, the global financial climate and the conflicts in
Ukraine and Palestine and surrounding regions are some additional factors that are affecting current
economic conditions and increasing economic uncertainty, which may impact the Company's
operating performance, financial position, and future prospects. Collectively, the potential impacts of
this economic environment 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. Readers are cautioned that
forward-looking statements are not guarantees of future performance or events and, accordingly, are
cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of
such statements. The Company does not undertake any obligation to update such forward-looking
information whether because of new information, future events or otherwise, except as expressly
required by applicable law.
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
See the Company's
news release
dated July 3, 2024 for more information on the 2024 Program.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/232439