Nicola Mining Inc. to provide updates on operations and exploration at its Merritt Mill, New Craigmont Copper Project and Treasure Mountain Mine. The Company continues to produce gold concentrate with mill feed from Talisker Resources Ltd., as announced on April 9, 2024. Because Bralorne mill feed contains free gold, Nicola reinstalled a gravity separator circuit for production. Gold concentrate is currently being stockpiled and prepared for sale, initial sale is expected to occur in September. The first phase of the 2024 drilling exploration program commenced at the never-drilled-before West Craigmont-WP Zone and has progressed with the drilling of four holes (the last of which is still in progress), totaling 1,500m of the 5000m program. Zone targets were generated by using geophysical models and outcrop maps. Drill hole locations hope to establish a framework for the subsurface geology
and reconcile the geophysical anomalies with geological features, with the goal of refining the targeting of a potential porphyry copper system in the region. Initial results are aiding in delineating the Nicola-Guichon contact and local structures. The observed alteration and mineralization are encouraging, aligning with the expectations for the periphery of a porphyry system. These findings will be further analyzed to vector for a potential nearby deposit. Notably altered fault blocks featuring quartz-sericite-pyrite ± chalcopyrite is of particular interest, supporting the need for additional drilling at this target. Upon completion of WP-24-004A, the drill rig will likely begin the second phase of the 2024 exploration program, drilling on the MARB-CAS target (before possibly moving back to West Craigmont-WP). This target was identified through bedrock mapping and surface geology observations, with some contribution from geophysical modeling. The planned drilling aims to develop a framework for the subsurface geology and assess mineralization potential beneath the MARB showing. Treasure Mountain Mine, which was first discovered in 1892 and operated intermittently since being first recognized. From 1930-1932, onsite milling operations processed ~4,000 tonnes that yielded 39,558 oz Ag, 379,532 lbs Pb, and 88,455 lbs Zn. Between 1987 and 1989, mine development at four levels occurred and 407 tonnes of partially sorted material was shipped to Cominco and Asarco smelters. The Company received a Mines Act Permit approving the production for 60,000 tonnes of material per annum for Treasure Mountain on May 18, 2012: Permit M-239. The Extension of Permit M-239 provides Nicola the option of reopening Treasure Mountain and could expedite permitting approval for new
mineralized bodies, if discovered. A June 15th, 2009 NI 43-101-compliant technical report disclosed that the total vein Indicated Resource above a 10.0 oz/t Ag cut-off was estimated to be 33,000 tonnes with 24.2 oz/t silver, 4.16% lead and 3,80% zinc. The total vein Inferred Resource above a 10.0 oz/t Ag cut-off was estimated to be 120,000 tonnes with 27.0 oz/t silver, 2.79% lead and 4.36% zinc. The company retains the option to reopen Stope 2 on Level 1, which remains in-situ.