Nicola Mining Inc. (TSX.V: NIM)(FSE: HLI) (OTCQG: HUSIF), (the “Company” or “Nicola”) announces that, further to its News Release of October 25, 2023, the TSX Venture Exchange has approved the consolidation of its issued and outstanding common shares (the “Shares”) on the basis of one new Share (a “Post-consolidated Share”) for every two currently outstanding Shares (the “Consolidation”). The Consolidation will become effective at the opening of the market on November 17, 2023. The Company’s symbol shall remain as “NIM”.
Currently, a total of 320,637,099 Shares are issued and outstanding. Accordingly, upon the Consolidation becoming effective, a total of 160,318,549 Shares, subject to adjustments for rounding, will be issued and outstanding. There is no maximum number of authorized Shares. No fractional Post-consolidated Shares will be issued as a result of the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a Post-consolidated Share will be rounded up to the nearest whole number of Post-consolidated Shares and no cash consideration will be paid in respect of fractional shares.
The exercise price and number of Shares of the Company, issuable upon the exercise of outstanding options and warrants and conversion of outstanding convertible debentures, will be proportionally adjusted upon the implementation of the proposed Consolidation in accordance with the terms thereof.
Computershare Investor Services Inc. (“Computershare”) will mail letters of transmittal to the shareholders providing instructions on exchanging pre-Consolidation share certificates for post-Consolidation share certificates. Shareholders are encouraged to send their share certificates, together with their letter of transmittal, to Computershare in accordance with the instructions in the letter of transmittal.
Nicola Mining Inc. is a junior mining company listed on the Exchange 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 10,084 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 29 mineral tenures covering 2,178 hectares (ha) and a mining lease covering 335 ha.
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.
Nicola Mining Inc. (TSX.V: NIM)(FSE: HLI), (the “Company” or “Nicola”) announces the suspension to the process of entering into a definitive agreement with Nittetsu Mining Co. Ltd. (“Nittetsu”) with respect of the Company’s wholly-owned New Craigmont Copper Property (the “Property”).
The Company announced that it had entered into a non-binding letter of intent (“LOI”) on September 6, 2023, which was subsequently followed by a two-week site visit by Nittetsu’s geological team.
During the site visit, Nittetsu and Nicola worked on mapping, evaluating recent and historic drill core, and compilation of historical data. Two key factors limited the evaluation process:
Over 90% of the Property is covered with overburden or post-mineral rocks, thereby limiting the ability to see mineralization via outcroppings.
The Property, other than areas associated with the historic mine, remains largely unexplored and lacks drill data.
While the outcropping at the WP MINFILE showing displays strong copper mineralization, the source of such mineralization remains unclear and will require additional exploration to confirm, as the area has never been drilled or had an induced polarization survey (“IP Survey”).
During the site visit, Nicola and Nittetsu concluded that there are two key zones of high interest, the WP Zone and the western area between the historic pit and West Craigmont Zone, the second of which has high grade copper drill results in skarn. Nicola will be able to leverage its operating cash flow to conduct its 2024 exploration, which the Company will release upon completion of the plan.
In addition to Nittetsu, the Company is concurrently working with the University of British Columbia’s (“UBC”) and UBC Mineral Deposit Research Unit (“MDRU”) to research the potential and existence of copper porphyry systems. MDRU in its “New Porphyry Signatures at North America’s Highest Grade Historic Copper Mine” poster, which will be released in December outlines key research objectives and methods for next year and will continue to work with Nicola on the Property. This work is part of a Natural Sciences and Engineering Research Council of Canada (“NSERC”) Alliance supported research project.
Peter Espig, CEO of Nicola, commented, “We are grateful for the experience working with Nitettsu and its value-added input into our ongoing exploration. While we are disappointed with the current outcome, we understand the limits due to the inability to see geological formations at surface, which highlights the importance of conducting additional IP Surveys over key target zones. The two sides have a positive relationship and continue to cooperate on exploration. We are also excited to continue to work closely with MDRU next year and very fortunate to be in a position, because of operational cash flow, to fund exploration.”
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 10,084 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 29 mineral tenures covering 2178 hectares (ha) and a mining lease covering 335 ha.
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.
Forward-Looking Statements: 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: the entry into the Definitive Agreement on the terms announced in this news release, or at all, that the Transaction will occur on the terms announced or at all; the proposed total contributions to be made by Nittetsu under the Transaction; and the perceived benefits of the Transaction. 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 it and Nittetsu will obtain the required approvals for the Transaction, 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 the Project, the availability of any 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. 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.
Nicola Mining Inc. (the “Company” or “Nicola”) is pleased to provide its “Year in Review: 2023”, with the hope of providing additional clarity on several key milestones that were achieved in 2023. In addition to highlighting the significance of noteworthy events, we are hopeful that this letter can provide clarity on key news releases and insight into next year.
Financially the Company has undergone a positive metamorphosis; we ended Q3 with close to $6.0 MM in cash versus $0.8 MM one year earlier. For the first nine months of the year, Nicola achieved positive earnings, a unique characteristic amongst junior mining companies. Revenues were attributed to the following sources: milling, gravel and rock quarry, and reclamation soils. In addition to the current cash position, the Company was able to repay a US$750,000 (C$1,028,475) Prepayment Facility to Ocean Partners UK Limited[1] (“Ocean Partners”)[2]. The relationship between Nicola and Ocean Partners was further strengthened when the co-CEO of the latter joined our board of directors[3].
It is best to break down the Year in Review by separating the Company’s projects.
Merritt Mill Site:Mine Permit M-68: 900 acres of freehold land.
Following on the Company announcing that it had, on December 2nd, signed a memorandum of understanding with Osisko Development Corp (“Osisko”) (NYSE: ODV,TSX.V: ODV), on January 30, 2023 Nicola announced that it was preparing to recommence milling operations. At the time of the release the Company announced that it had received approximately 15,000 tonnes of gold mill feed from Osisko’s Cariboo Gold Project. Subsequently, the Company announced on March 28, 2023[4] that it had completed upgrades to the mill and commenced the production of gold concentrate. Given the time required to process the Osisko material the Company applied and received amendments to its ore stockpile duration from 30 to 90 days, which was followed by a one-time grant of up to 120 days from the Ministry of Energy, Mines and Low Carbon Innovation (“EMLI”) on July 26, 2023.
Later in spring the Nicola and its rock quarry / gravel pit partner Lower Nicola Site Services Ltd. (“LNSS”)[5] ramped up production to help repair highways and infrastructure that was damaged during the November flooding of 2021. The Company also worked as a partner to the Trans Mountain Pipeline Expansion Project by received soils and non-acid generating rock as part of its reclamation requirement. The ability to generate operational revenues minimizes the requirement to raise operational capital, allows the company to service debt obligations and funds exploration at its flagship, New Craigmont Copper Property.
New Craigmont Copper Property:Mine Permit M-68: 10,913 hectares of mineral claims
On May 2, 2023, Nicola announced that it had finalized a 2023 diamond drilling exploration program (the “2023 Program”) and hired William Whitty, P. Geo as VP of Exploration. The 2023 Program had two key targets, southeast of the historic mine and the Marb 72 and WP zones, which are located proximal to the Lornex Fault[6] (Figure 1). The rational of drilling southeast of the historic mine was to test the extension of skarn mineralization southeastward from the historic pit because previous drilling northeast of the pit included very high grade and long intercepts, including NC-2018-03: 100.6m @ 1.3% Cu. Five holes were drilled, which helped define and close off the southeastern extent of skarn mineralization. Future exploration of a mineralized halo will focus on the northern side, east and west, of the pit. These five holes contained important porphyry indicators that prompted the extension of the fifth hole, and the drilling of an additional sixth hole, which are being used to target a potential porphyry copper system on the property.
Figure 1. Map of the New Craigmont Property (Projected in NAD 83 Zone 10).
The second area of importance was the Marb 72 (Figure 2a) and WP zones (Figure 2b). A significant amount of time was spent mapping and exploring the two zones, which see copper outcroppings supported by aeromagnetic and ZTEM surveys. The Company opted to postpone drilling until 2024 because it was deemed important to complete induced polarization surveys (“IP Survey”) prior to drilling. Given the size of the resistive and magnetic body, an IP survey would help define targets.
An exciting characteristic of the two zones is that it includes both Nicola and Guichon units and highlights copper mineralization to be indifferent of either host unit. Nittetsu Mining Ltd., of Japan was also active exploring the Marb 72 and WP zones and has provided key input into our 2024 Program. It is important to understand that Nittetsu’s suspension of the LOI is not based on a conclusion that the Project lacks merit, but, rather, that the overburden (which is characteristic of British Columbia) limited its ability to view outcrops. One of their suggestions is to carry out more trenching and IP surveys in key areas.
Figure 2. Outcrops with copper mineralization at (a) Marb 72 and (b) WP.
In Summary:
Year 2023 has proven to be a pivotal year for Nicola, operational activities driving cash flow and heighted interest in the Craigmont Project. Since the November 28, 2023 news release, UBC Mineral Deposit Research Unit (“MDRU”) has published its “New Porphyry Signatures at North America’s Highest Grade Historic Copper Mine” poster, on the Craigmont Project. The Company has also been approached by additional suitors regarding the Craigmont Project, as well as opportunities for the Merritt Mill.
Kevin Wells, P.Geo, a consulting geologist to the Company, is the independent qualified person as defined by NI 43-101 for the technical disclosure contained in this letter to shareholders.
Certain statements in this letter 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: (i) Nicola’s near term and long term goals, specifically with regard to its priorities for 2022; (ii) Nicola’s ability to move forward on its five-year exploration plan; (iii) the anticipated receipt of the MYAB and the ZTEM Survey results and, as a result thereof, any effect these results may have on Nicola’s expansion and diamond drilling exploration plans for both copper skarn and copper porphyry targets; (iv) the final submission of its MYAB application for Treasure Mountain; (v) the value, intrinsic or otherwise, of the Merritt Mill Site; (vi) any cash flows associated with milling activities at the Merritt Mill Site; (viii) the prospects of Nicola’s exploration projects, including its New Craigmont, Treasure Mountain and Merritt Mill Site; and (viii) any general statement regarding Nicola’s operational and exploratory goals going forward. 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: (i) changes in Nicola’s business relationships and plans; (ii) changes in the anticipated revenue streams and operational and exploratory goals; (iii) the failure of Nicola to receive the necessary approvals for its MYAB applications and exploration permits, as applicable; (iv) and 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.
[1] Ocean Partners operates in a number of countries throughout the world. Ocean Partners maintains a strong global network of relationships and contacts in the base metal mining and smelting sector.
[5] LNSS is a partnership between the Lower Nicola Indian Band Development Corporation and Infracon Construction Inc.
[6] The Lornex Fault trends north-south towards Highland Valley Copper and is an important structural control for mineralization at the Lornex and Bethlehem deposits
Nicola Mining Inc. (the “Company”) announces the completion of its 2023 drilling exploration program (the “2023 Program”) at the New Craigmont Copper Project (“New Craigmont”), a wholly owned venture located near Merritt, BC, and 33 km south of Teck Resources Ltd.’s Highland Valley Copper, Canada’s largest open pit copper mine.
The Company initiated the 2023 Program on June 6, 2023, drilling six diamond holes totaling 2,684 metres on Mineral Lease 237643, adjacent to the historic Craigmont Copper Mine (Figure 1 and 2). The 2023 Program aimed to explore the potential of a southeastern extension of the historic Craigmont skarn ore body and to investigate the potential of a porphyry copper system.
Figure 1. Mineral tenure map of the New Craigmont Project.
Figure 2. Map of 2023 drilling program (projected in NAD 83, UTM 10N).
KEY FINDINGS
Drill holes NC23-001, NC23-002, NC23-003, NC23-004a were drilled southeast of the historic Craigmont Copper Mine to test the potential of continued skarn mineralization. NC23-001 intercepted two intervals of (weakly mineralized) exoskarn hosted in Nicola Group limey sedimentary rocks, namely from 67.25 m to 99.8 m and 172.43 m to 185.50 m. The skarn intervals are composed of banded actinolite, magnetite, epidote, brown garnet and veinlets of chalcopyrite (Figure 3). The holes NC23-002, NC23-003 and NC23-004a have discovered extensive alteration (epidote, chlorite and biotite) in Nicola Group sedimentary and volcaniclastic rocks, while no exact skarn interval was found in the drill core. This alteration is characteristic of porphyries and supports the possibility of a proximal porphyry system.
Drill holes NC23-005 and NC23-006 were drilled northeast and north of the historic pit and targeted the Guichon Quartz Diorite. Extensive potassic alteration (K-feldspar, Figure 4), propylitic alteration (epidote and chlorite, figures 4 and 5) and veinlets of chalcopyrite +/- molybdenite (Figure 6) were observed in the core, suggesting the presence of a porphyry copper system at New Craigmont. The presence of these features along with discreet zones of significant copper grade (>0.1% Cu; Table 1), all in proximity to the historic high-grade skarn, support the hypothesis that there is a porphyry centre (or several) on the property and that a copper porphyry system is the mineralization source for the historic Craigmont skarn.
Table 1: Intercepts ≥0.1% Cu*
Hole ID
From (m)
To (m)
Length (m)
Cu (%)
Lithology
NC23-001
48.77
50.29
1.52
0.12
hydrothermal silica healed fault breccia
NC23-001
51.81
53.33
1.52
0.13
intercalated polylithic vocaniclastic
NC23-001
53.33
54.86
1.53
0.22
intercalated polylithic vocaniclastic
NC23-001
64.01
67.06
3.05
0.33
intercalated polylithic vocaniclastic
NC23-001
126.50
128.02
1.52
0.17
contact between biotite-hornfels volcaniclastic and biotite-hornfels rhyolitic lapilli tuffaceous sequence
*These results are considered preliminary as they are still undergoing quality control
Figure 3. Banded actinolite-magnetite-epidote-garnet skarn with disseminated chalcopyrite at 83.5m in NC23-001.
Figure 4. Potassic alteration and epidote alteration in in Guichon Quartz Diorite at 293 m in NC23-006.
Figure 5. Epidote-chlorite propylitic alteration in Guichon Quartz Diorite at 198.0 m in NC23-005.
Figure 6. Quartz vein hosting chalcopyrite with molybdenite at 326.5 m in NC23-006.
2024 EXPLORATION PLAN
The Company continues to work diligently to compile a database of all, both historic and current, core logs and lab results. Once complete, Nicola will begin building a 3D geological interpretation using core logs, mapping data and geophysics. This will greatly aid in target generation and allow the Company to refine working hypotheses, as well as integrate subsequent data.
Induced polarization (“IP”) surveys are being planned for spring of 2024 over two key areas of interest, which will help fill existing IP data gaps. Data will be utilized in conjunction with magnetic and resistivity data to augment interpretations of structure, lithology, alteration, and mineralization. Previous IP results correlate well with high-grade copper intercepts at Embayment (Figure 10).
Nicola anticipates using the results of the IP surveys, along with existing data to plan drill holes over one or both areas to be drilled later in the summer of 2024.
Figure 8. Aeromagnetic MVI plan view of surface showing cross-section lines for figures 9 & 10.
There appears to be a west / east magnetic trend that includes known mineralization found in the Embayment, Craigmont, and Eric Zones. However, the Marb / Cas Zone remains largely unexplored and lacks drill data.
The Craigmont anomaly is the host of the historic mine, while the Eric Zone hosts high grade mineralization, but on smaller scale. The Company has successfully drilled the Embayment Zone, with drill intercepts grading greater than 1% copper.
The Marb / Cas and Embayment Zones, like the historic mine are skarn targets.
Figure 9. Aeromagnetic MVI cross-sections (200m thick) illustrating proven mineralization at (A-A’) Craigmont and (B-B’) Embayment corresponding with high magnetic anomalies and observed mineralization on surface at (C-C’) CAS and (D-D’) MARB corresponding with (not yet drill-tested) high magnetic anomalies.
NOTE: The outcroppings seen in the cross-sections coincide with the outcroppings seen at surface.
Figure 10. IP chargeability cross-section (200m thick) through the Embayment Zone showing higher chargeability anomaly corresponding with high-grade Cu intercepts.
Mr. Peter Espig, CEO of Nicola Mining Inc., commented on the findings: “Overall the 2023 Program yielded encouraging results. While we would have liked to have seen more mineralization directly southeast of the historic pit, the drilling northeast uncovered extensive alteration and indicates the potential of other mineralization bodies. Particularly, we are extremely excited to see that the outcroppings, which we mapped extensively this time, coincide perfectly with the cross-section diagrams displaying electromatic anomalies. These findings reinforce our commitment to exploring and developing the New Craigmont Project.”
The Company looks forward to further analysis and potential exploration based on these promising results.
QUALITY ASSURANCE AND QUALITY CONTROL (QA/QC)
Nicola maintains tight sample security, and quality assurance and quality control (QA/QC) for all aspects of its exploration program. All core samples from 2023 were logged, photographed and sampled on site by staff or consulting geologists and geotechnicians. The samples were picked up and transported from site by Activation Laboratories Ltd. (Actlabs) to their ISO 17015 accredited lab in Kamloops, BC for preparation (crushing and pulverizing) and analyzed for 38-element ICP-OES by aqua regia (partial) digestion with specified limits (method code 1E3). Company protocols include the insertion of quality control (QC) samples consisting of Certified Reference Materials (CRMs), blanks and duplicates into the sample stream at a rate of 1 in 20. Nicola geologists are currently reviewing the results of the QC program, pending lab re-runs of select sample batches.
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.
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.
Nicola Mining Inc. (the “Company” or “Nicola”) announces that it has agreed with certain debenture holders to prepay 22% of the current principal amount of $5,296,706 (the “Principal Prepayment Amount”) of certain convertible debentures (each, a “Debenture”) maturing on November 21, 2025 (the “Maturity Date”), pay a prepayment premium of 10% of the Principal Prepayment Amount and prepay interest (the “Prepayment of Interest Amount”) on the Debentures to the Maturity Date. The Company intends to pay an aggregate of $1,165,275 in Principal Prepayment Amount, an aggregate of $116,527.50 in Prepayment Premium Amount and an aggregate of $233,055 in Prepayment Interest Amount, leaving a balance of an aggregate of $4,131,431 in Debentures.
This marks the second prepayment of outstanding debenture obligations, as the Company previously announced, on July 12, 2022, the prepayment of $1,329,176 of the principal and $81,936 in accrued interest.
Nicola Mining Inc. is a junior mining company listed on the Exchange 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 10,084 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 29 mineral tenures covering 2,178 hectares (ha) and a mining lease covering 335 ha.
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.
Nicola Mining Inc. (the “Company” or “Nicola”) is pleased to announce that it has contracted Dias Geophysical (“Dias”) to conduct a 3D Induced Polarization survey (“IP survey”) at its wholly-owned New Craigmont Copper Project (“New Craigmont”), which is located near Merritt, B.C. and adjacent to Teck Resources’ Highland Valley Copper[1], Canada’s largest copper mine.
The IP Survey, targeted for late April / early May, will encompass two key target areas and cover about 4.5 square kilometers. Figure 1, below, highlights the two areas that will be surveyed: the first zone is the MARB-CAS Zone, located immediately west of the Embayment Zone, while the second zone is the West Craigmont Zone, the latter which hosts the WP MINFILE showing in the west portion of New Craigmont.
Figure 1. Map of the New Craigmont Project.
PREVIOUS IP SURVEY
In 2017 and 2018, Nicola engaged Scott Geophysics to complete 32.45 line-kilometers of IP survey, as shown in Figure 1. Survey results and subsequent exploration drilling saw a significant correlation between IP data and high-grade copper intercepts at the Embayment Zone (Figure 2).
Figure 2. IP chargeability cross-section (200m thick) through the Embayment Zone showing higher chargeability anomaly corresponding with high-grade Cu intercepts.
2024 IP SURVEY OBJECTIVES
MARB-CAS
The IP Survey aims to generate drilling targets west of the historic Craigmont Mine and Embayment zones (Figure 1). Ore from Craigmont Mines’ historic mining operations focused on skarn mineralization characterized by chalcopyrite and magnetite hosted in garnet-epidote-actinolite-quartz skarn within Nicola Group volcanic clastic rocks and carbonate-rich sedimentary rocks. The Company’s 2016 drilling exploration program, which discovered the Embayment Zone northwest of the historic Craigmont Mine, also has similar mineralization features.
Nicola’s geological team interprets that the mineralized body has been offset by local faults and continues to extend farther westward. With mineralization occurring post Guichon emplacement, copper mineralization at New Craigmont could be hosted in both the older Nicola Group Unit and the younger Guichon Batholith. Potential mineralogy at the MARB-CAS anomaly is interpreted to be analogous to ore bodies at the historic Craigmont Mine and exploration results achieved at the Embayment Zone. Anticipated IP results are supported by copper mineralization observed and mapped in outcroppings at MARB-CAS, both hosted in the Guichon quartz diorite.
MARB is a brecciated zone in which fragments of volcanic rocks are found. Mineralization at MARB is composed of disseminated magnetite, pyrite and pyrrhotite in the volcanic fragments and chalcopyrite, pyrite and pyrrhotite occurring as fine disseminations and narrow veins (<3 mm) hosted in the epidote-chlorite-actinolite altered quartz diorite.
Mineralization at CAS is composed of magnetite breccia and magnetite-chalcopyrite mineralization associated with garnet-epidote-actinolite skarn. The MARB-CAS zone has similar magnetite-associated geophysical features as the historic Craigmont Mine and the Embayment Zone (Figure 3).
Figure 3. Cross sections though CAS and MARB magnetic anomalies showing the 2024 target areas for IP and subsequent drilling.
West Craigmont – WP Zone
The IP Survey aims to generate a porphyry drilling target near the WP showing at West Craigmont. Malachite-bearing quartz veins with potassic alteration halos hosted by the Guichon Batholith were observed in outcrops at WP during the 2023 mapping campaign (Figure 4). The 2022 ZTEM survey detected a resistivity-high feature that coincides with a magnetic-high anomaly in the West Craigmont Zone, which could represent a felsic intrusion (Figure 4). The 2017 IP survey detected a chargeability anomaly to the southwest below the MARB 72 showing. The 2024 IP survey will determine if the ZTEM resistivity anomaly coincides with a chargeability anomaly, which would be indicative of a porphyry, and determine if the chargeability anomaly at MARB 72 extends north.
Figure 4. Cross section through WP showing the ZTEM resistivity anomaly which potentially represents a felsic intrusion. Photos above cross section show malachite (copper-bearing green mineral) on the left, and quartz vein with potassium (K) feldspar halo on the right.
Peter Espig, CEO of Nicola Mining Inc., commented, “We are extremely excited about our 2024 exploration plans, which commence with the IP Survey. Over the past two years, independent exploration techniques, which include mapping and the ZTEM survey, significantly correlate with previously completed IP surveys and drilling. When considering that recently mapped mineralized outcroppings correspond significantly with observed anomalies, we are confident that the to-be-conducted IP Survey over the MARB-CAS and West Craigmont zones will yield solid drill targets. Once the results of the IP Survey have been analyzed, we expect to commence exploration drilling.
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.
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.
Nicola Mining Inc. (the “Company” or “Nicola”) announces that it has appointed Sam Wong as the Company’s Chief Financial Officer and Bill Cawker as the Company’s Secretary in place of Warwick Bay who resigned as the Company’s Chief Financial Officer and Secretary. The Company wishes to thank Mr. Bay for his many contributions to the Company.
Sam Wong
Sam Wong is a Certified Public Accountant with more than 18 years of international experience in the mining and resource sector. He has held senior executive positions in publicly traded mining companies. Mr. Wong’s expertise includes financial reporting, corporate risk management, corporate strategy and planning, and investment evaluation. Mr. Wong began his career at Deloitte LLP in Vancouver, where he provided assurance and tax services.
Bill Cawker
Bill Cawker is an experience inhouse specialist that works with primarily assist small cap / microcap companies. Mr. Cawker specialized in publicly listed companies in the fields of technology and natural resources for over three decades. Mr. Cawker has worked at leading Canadian financial institutions and been active with numerous public companies.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the Exchange 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 10,084 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 29 mineral tenures covering 2,178 hectares (ha) and a mining lease covering 335 ha.
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.
Nicola Mining Inc. (the “Company” or “Nicola”) announces that it has commenced construction of a cement plant along with its partner Lower Nicola Site Services Ltd (“LNSS”), which is a partnership between the Lower Nicola Indian Band Development Corporation and Infracon Construction Inc. The Company announced on March 14, 2022, that it had entered into a Rock and Gravel Extraction and Preferential Engagement Agreement with LNSS, and subsequently that on March 29, 2022, that it successfully received a Notice of Departure (“NoD”) at the New Craigmont Project from the Ministry of Energy, Mines and Low Carbon Innovation (“EMLI”) to operate a rock quarry. Under the NoD the Company can extract 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.
The cement plant is to be located on a gravel pit owned by the Company (Permit G1519) that is operated by LNSS. The gravel pit is adjacent the Craigmont Mine Site, located near Merritt, British Columbia. Given that Nicola and LNSS (together, the “Partners”) are already active in supplying riprap, sand and gravel to the region and infrastructure projects, the vertical integration was a logical development.
The Partners have also submitted a five-year mine extension permit application for the gravel pit operations.
Peter Espig, Chief Executive Officer, commented, “The ability to be creative and work closely with LNSS, as we support First Nations, local communities, and numerous infrastructure projects is more than just a revenue generation opportunity; it is a chance to contribute. Supplying cement will not only augment our revenues, but it will also benefit communities and bridge relationships.”
Qualified Person
William Whitty, P. Geo., VP of Exploration for the Company, is the 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 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 10,913 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 include 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
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.
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.
Nicola Mining Inc. (TSXV: NIM) (FSE: HLIA) (OTCQB: HUSIF), (the “Company” or “Nicola“) is pleased to announce that on April 1, 2024, it and Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) (“Talisker”) have signed a Milling Agreement (the “Agreement”). Under the Agreement, Talisker may transport material to Nicola’s mill site, located near Merritt, British Columbia. Nicola’s Merritt Mill is a unique $30.0 million plus milling and processing facility constructed on free-hold industrial-zoned land owned 100% by the Company.
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.
Since 2016, Nicola has entered into several profit share agreements with mining companies, including Osisko Development.
The Company is in a strong position as it prepares to commence milling operations and is in the process of finalizing its 2024 Exploration Program, at the historic Craigmont Copper Mine. Details 2024 Exploration Program will be announced later.
Qualified Person
William Whitty, P. Geo, Nicola’s VP of Exploration, is the 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 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 10,913 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.
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.
Nicola Mining Inc. (TSX.V: NIM)(FSE: HLIA) (OTCQB: HUSIF), (the “Company” or “Nicola”) announces that, further to its news release dated April 2, 2024, it has completed its flow-through private placement offering (the “Offering”), pursuant to which it sold an aggregate of 5,499,994 shares (each, a “Share”) at a price of price of $0.23 per Share for gross proceeds of $1,264,998.62.
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 $88,549.90 to one finder in connection with the Offering.
The aggregate gross proceeds from the Offering are expected to be used for the further exploration on the Company’s wholly owned New Craigmont Project, which is located near Merritt, B.C. and adjacent to Teck Resources’ Highland Valley Copper[1], Canada’s largest copper mine. The Company previously announced in its February 21, 2024 news release the plan to conduct a 3D Induced Polarization survey that would be followed by a diamond drilling program.
All securities issued in connection with the Offering are subject to a statutory hold period expiring August 13, 2024.
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 10,913 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 include 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
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.
