Nicola Receives Permitting to Commence Rc Drilling of Wastepiles and Has Expanded Embayment Skarn Zone to 400 Metres
TSX.V: NIM
NEWS RELEASE
NICOLA RECEIVES PERMITTING TO COMMENCE RC DRILLING OF WASTEPILES AND
HAS EXPANDED EMBAYMENT SKARN ZONE TO 400 METRES
VANCOUVER, B.C., January 12, 2018 – Nicola Mining I nc. (TSXV: NIM) has received the
required permitting to commence reverse circular drilling (“RC Drilling”) on the approximate 80 –
90 million tonnes of waste piles surrounding the historic Craigmont Mine. The Company is also
pleased to announce that the 2017 Embayment Zone Ex ploration Program has expanded the
Embayment Skarn Zone to 400 metres in strike length (east to west).
On December 27, 2017 the Company announced that it had completed a non-brokered private
placement of in the form of flow-through financing (“FT Financing”) at $0.20. The FT Financing,
which was significantly oversubscribed, sold an agg regate of 10,262,500 shares with gross
proceeds of $2,052,500. The 18,689,630 warrants th at were exercisable at $0.15 all expired at
the end of December 2017. Use of funds from the FT Financing are described in the December
27, 2017 news release.
On December 21, 2017 the Company announced that the first four holes all successfully
intersected skarn alteration, including previously untested segments of the Embayment Zone.
Post news release the Company completed a fifth hol e, which has intersected the skarn
alteration and has now expanded the skarn zone to over 400 metres in length. The Company
is currently drilling the sixth hole and will assay all the holes and release results upon receipt.
During the assaying of the first six holes the Comp any will focus commencing an RC Drilling
program on the waste piles. The 2018 RC drill prog ram will follow up the successful results
announced on September 26, 2017 with the average gr ade for the top 9 metres in the first 29
holes was 0.24%. Considering that 50% of the cost of producing copper is associated with
mining activity the grade equivalent of the piled m aterial is approximately 0.48%. The purpose
of the RC Program is to test the in-situ Copper gra de of the approximate 80-million tonnes of
waste piles associated with the historic Craigmont Mine, which had a cut-off grade of 0.7% Cu.
Nicola Mining Inc. is a junior mining company listed on the TSX Ventu re Exchange, and is in
the process of recommencing mill feed processing operations at its 100% owned state-of-the-art
mill and tailings facility, located near Merritt, B ritish Columbia. It has already signed four mill
profit share agreements with high grade gold produc ers. The fully-permitted mill is able to
process both gold and silver mill feed via gravity and floatation processes. The Company also
owns 100% of Treasure Mountain, its high-grade silv er property, and a gravel pit, which is
located adjacent to its milling operations.
On behalf of the Board of Directors
“Peter Espig ”
Peter Espig
CEO & Director
For additional information
Contact: Peter Espig
Phone: (778) 385-1213
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts r esponsibility for the adequacy or accuracy of this
release.