Nicola Mining Receives Rock Quarry Permit and Has Commenced Supplying the Ministry of Transport for Highway Infrastructure Repair
Nicola Mining Receives Rock Quarry Permit
and Has Commenced Supplying the Ministry of
Transport for Highway Infrastructure Repair
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2022) - Nicola Mining Inc. (
TSXV: NIM
)
(
FSE:
HLI
), (the "
Company
" or "
Nicola
") is pleased to announce that on March 29, 2022, it successfully
received a Notice of Departure ("
NoD
") at the New Craigmont Project from the Ministry of Energy, Mines
and Low Carbon Innovation ("
EMLI
").
The NoD on the Company's M-68 Permit allows for the extraction
of up to 3.0 million tonnes ("
Mt
") of inert available rock material that may be used for the infrastructure
reconstruction efforts at a production rate of approximately 1500 tonnes per day.
Under the
Mineral
Tenure Act
, receipt of the NoD permits mining and extraction of material; however, to export the material
from the mine site for commercial purposes, the Company was required to engage with First Nations
and receive separate approval from the Ministry of Forests
[1]
("
FLNR
").
On April 13, 2022, the Company received License Number 349184 from FLNR, which allows the site to
produce and remove
riprap
and associated products from its rock quarry for five years.
The Company is
also pleased to announce that its rock quarry partner, Lower Nicola Site Services Ltd.
[2]
("
LNSS
"), has
subsequently entered into an agreement to supply the Ministry of Transport and Infrastructure ("
MOTI
")
with riprap from the Company's site.
Nicola receives a royalty for rock material transported from its site.
The material supplied from the Company's quarry is expected to aid MOTI in its repairing of the Trans-
Canada Highway, Highway 99, Highway 7, Highway 3, Highway 5, and Highway 8, which were damaged
by the flooding events that occurred in
November of 2021
.
Nicola is to receive a per tonne royalty for
extracted material.
Peter Espig, Chief Executive Officer, commented, "The opportunity to work with
LNSS on our rock
quarry
represents much more than a new revenue stream; it highlights our community relations initiatives
and allows communities to benefit from our efforts.
Currently, we are in the process of applying for a
gravel quarry permit, which will further augment our revenues and benefit communities."
Qualified Person
James N. Gray, 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, consisting of 30 mineral tenures covering 513 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:
Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of
management regarding the Company. Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding
the future, including but not limited to, statements regarding the allocation of revenues and royalties
under the Agreement towards Nicola's site maintenance, including annual reports and reclamation
obligations and that Nicola will continue to work closely with previously engaged consultants and service
providers. Such statements are subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those contained in the statements, including risks
related to factors beyond the control of the Company. These risks include, but are not limited to, changes
in Nicola's business relationships and plans, changes in the anticipated uses of revenues and royalties
under the Agreement, the failure of Nicola to receive the necessary approvals for the NoD from the EMLI,
as well as other general business, economic, or market related risks beyond the director control of the
Company and which may affect the Company's business and operations. The novel strain of coronavirus,
COVID-19, also continues to 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. The Company undertakes no
obligation to update forward-looking information if circumstances or management's estimates or
opinions should change, unless required by law. The reader is cautioned not to place undue reliance on
forward-looking information.
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]
The Ministry of Forests is responsible for the stewardship of provincial Crown land and ensures the sustainable management of forest, wildlife,
water, and other land-based resources. The Ministry works with Indigenous and rural communities to strengthen and diversify their economies.
[2]
In its
March 14, 2022
, news release the Company announced that it had entered into an agreement with Lower Nicola Site Services Ltd. ("
LNSS
")
to extract gravel and rock from the Company's
Craigmont Mine Site
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/122318