Nicola Mining Receives Multi-Year Area Based Exploration Permit for Its Mine-Permitted Treasure Mountain Silver Project
Figure 1. Treasure Mountain locationTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/4873/254869_f589e05a049e09e2_001full.jpg
Receipt of the MYAB Permit, follows the Company's August 30th, 2024, announcement that it had received a ten-year mining lease extension (the "Extension") for Treasure Mountain2 under its M-239 permit. The Extension is valid through April 26, 2032, and receipt of the MYAB Permit positions the Company to leverage both mining and exploration options.
Treasure Mountain consists of an historic underground silver mine with a resource estimate in accordance with CIM definition standards3 and exploration upside to the north and west of the historic mine. The MB Zone is approximately 800 m northwest of the current mine workings on undrilled northern flank of the mountain. The Cal Vein was discovered at this location in 2010 and return a surface sample grading as high as 9,221g/t Ag, 1.02% Cu, 1.14% Pb and 1.03% Zn4. Subsequent soil sampling was conducted in 2011/2012 and 2013 with encouraging results.5 Small exploration programs conducted between 2019 and 2021 on the northwestern side of the mountain included soil sampling, rock sampling, mapping, and shallow drilling campaigns. These programs successfully identified a 2 km soil anomaly which appears to be related to a vein system of roughly the same strike length. Drill testing of the exposed vein confirmed continuity of mineralization coincidental with the soil anomaly.6
The MYAB Permit allows the Company to carry out the following exploration activities over the next five years in the areas shown below (Fig. 2):
30 drill holes
1,400 m of trenching
4,500 m of trail building
20 km of geophysical surveys with exposed electrodes
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/4873/254869_f589e05a049e09e2_003full.jpg
Figure 2. Site map with MYAB Permit boundaries
Peter Espig, CEO of Nicola Mining Inc., commented, "Receipt of the MYAB under Permit Number MX-15-121 coupled with our recently received ten-year mine life extension under Permit M-239, puts Nicola into an envious position as the confluence of mine and exploration potential brings forth a project that most investors have forgotten. Bolstered by solid silver prices and with permits in hand, we are very excited about its potential and look forward to exploring our Treasure Mountain Project for the first time in over a decade"
Qualified PersonWilliam Whitty, P. Geo., the Company's VP Exploration, is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and supervised the preparation of, and has reviewed and approved the technical information in this release.
About Nicola MiningNicola Mining Inc. is a junior mining company listed on the TSX-V 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 BC-based 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 property that hosts historic high-grade copper mineralization and 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 EspigCEO & Director
For additional information
Contact: Peter EspigPhone: (778) 385-1213 Email: info@nicolamining.comURL: 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 Treasure Mountain Silver Project / Mine: Link2 August 30, 2024, News: Link3 Ostensoe, E. A., Giroux, G. H. and Beaton, A. J., 2009, Technical Report, Resource Estimation, Mining and Reclamation Plan and Economic Evaluation, Treasure Mountain Property, Tulameen River Area, B. C., Canada.4 August 25, 2010, News: Link5 October 7, 2013, News: Link6 Assessment Report for 2021 Exploration
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254869
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