19:55:17 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Nicola Mining Inc
Symbol NIM
Shares Issued 292,022,677
Close 2023-01-30 C$ 0.125
Market Cap C$ 36,502,835
Recent Sedar Documents

Nicola Mining to restart gold production in Q1 2023

2023-01-30 12:19 ET - News Release

Mr. Peter Espig reports

NICOLA MINING INC. PLANS TO RECOMMENCE GOLD PRODUCTION

Nicola Mining Inc. has completed final preparations to commence operations in Q1 of 2023. Currently, the company has received in excess of 15,000 tonnes of gold mill feed from Osisko Development Corp.'s Cariboo gold project. The company has hired employees to fill key positions required for gold production.

Nicola announced on Jan. 9, 2023, that it had signed a mining and milling profit share agreement with Osisko. Under the agreement, Osisko may transport material to Nicola's mill site, located near Merritt, B.C. Nicola's Merritt mill site is a unique milling and processing facility because the company owns the industrial-zoned site free-hold. In addition, it is the only facility in the province of British Columbia permitted to accept third party gold and silver mill feed from throughout the province.

In addition to gold production, the company expects to receive final results from its 2022 soil sampling program at the New Craigmont property and is preparing for an extensive exploration program in 2023. Soil results will be published upon receipt and will be incorporated, along with results from its district-wide airborne geophysical Z-axis tipper electromagnetic (ZTEM) survey, to finalize drill hole locations. The ZTEM survey included inversion modelling carried out across its wholly owned New Craigmont property and has imaged the electrical conductivity signature of known mineral occurrences.

Peter Espig, chief executive officer of Nicola, commented: "We are very excited to recommence gold production and to utilize operational cash flow towards funding exploration on New Craigmont, which we consider to be our flagship asset. The 2023 exploration program will extend to known, but never before drilled, locations on the property that we can now explore since having received the multiyear area-based exploration permit, permit No. MX-4-697 (the MYAB permit), on Nov. 3, 2022."

Qualified person

Kevin Wells, PGeo, 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 Inc.

Nicola Mining is a junior mining company listed on the TSX Venture Exchange and Frankfurt Exchange that maintains a 100-per-cent-owned mill and tailings facility, located near Merritt, B.C. 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 through gravity and flotation processes.

The company owns 100 per cent 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 per cent of the Treasure Mountain property, consisting of 29 mineral tenures covering 2,178 ha and a mining lease covering 335 ha.

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