Nicola Mining Receives Multi-Year Area Based Exploration Permit for Its Flagship Copper Project New Craigmont Property
Nicola Mining Receives Multi-Year Area Based
Exploration Permit for Its Flagship Copper
Project New Craigmont Property
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2022) - Nicola Mining Inc. (TSXV: NIM)
(FSE: HLI) (OTCQB: HUSIF) (the "
Company
" or "
Nicola Mining
") is pleased to announce that it has
received a multi-year area-based exploration permit, Permit Number MX-4-697 (the "
MYAB Permit
[1]
"),
on November 3, 2022.
The MYAB Permit allows Nicola to conduct extensive copper exploration on its
wholly-owned New Craigmont Property (the "
Property
"), which is located adjacent to Teck Resources
Ltd.'s Highland Valley Copper, Canada's largest copper mine, through to November 2, 2027.
New Craigmont is the site of the historic Craigmont Copper Mine, which produced approximately 34
million tonnes of copper at 1.3%, one of the highest-grade major copper mines in the history of North
America. Despite the significant historic production, the 10,913-hectare site remains highly unexplored
due to the original mine's sole focus on magnetite-associated copper skarn and depressed copper
prices ($0.60 in 1982) at the time of closing.
Technological advances in mining, as well as Nicola's
success in consolidating fragmentated shareholder ownership
[2]
of the mineral claims and mining
leases, have significantly augmented the Property's potential.
The Company has conducted drilling exploration since 2016 with several significant copper intercepts
(Table 1), despite being limited to exploration within the Mine Permit (M-68).
Table 1:
Examples of Key Drill Intercepts Since 2016
DDH- THU-002: 85.92m @ 1.11% Cu
See September 7, 2016 news release
NC-2018-01: 71.4m @ 0.6% Cu
See February 28, 2018 news release
NC-2018-03: 100.6m @ 1.33% Cu
See April 2, 2018 news release
CC-18-02: 73.6m @ 1.05 % Cu
See September 25, 2018 news release
The MYAB Permit extends to the majority of the Property and encompasses the area of the recently
completed Z-axis Tipper Electromagnetic ("
ZTEM
") survey, which Nicola announced completion in a
news release on
September 13, 2022
.
In addition, to the ZTEM survey, the Company recently completed
an extensive soil sampling program to further clarify drilling target. Results from the soil program will be
released upon receipt.
The MYAB Permit allows the Company to complete the following key exploration activities:
Geophysical Survey with exposed electrodes
190 diamond drill holes
12 km of trenching/bulk sampling of 12 km [6 ha disturbance]
Peter Espig, CEO of Nicola, commented, "We are very grateful to the Ministry of Mining and support
from First Nations for having received the MYAB Permit.
The recently announced closing of our flow
through financing on November 17, 2022 provides a critical first step towards unlocking the potential of
the Property; operational revenues will allow continued progress while minimizing dilution.
We look
forward to providing investors with further clarity on an in-depth 2023 exploration program. (the "
2023
Exploration Program
")"
The 2023 Exploration Program will target a larger area and key targets previously unexplored by
diamond drilling.
(Diagram 1).
Diagram 1:
MYAB Permit Boundaries and Targets
To view an enhanced version of Diagram 1, please visit:
https://images.newsfilecorp.com/files/4873/14485
4_4662a50ba4f0a9be_001full.jpg
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]
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]
News Release:
https://nicolamining.com/nicola-mining-announces-acquisition-of-thule-shares/
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/144854