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Nicola Mining Inc.
Summary
| Project: | New Craigmont | |
|---|---|---|
| Deposit: | Wastepiles | |
| Location: | Canada | |
| Commodities: | Copper | |
| Date: | 8/10/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 10-8-2018: Nicola Mining Inc. announces an Exploration/Drilling Update report for its Wastepiles deposit at the New Craigmont project. Drilling results incl. 40m @ 0.25% Cu from 0m. Vancouver, British Columbia--(Newsfile Corp. - August 10, 2018) - Nicola | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Kevin Wells (Independent) | |
| ABSTRACT: | Vancouver, British Columbia--(Newsfile Corp. - August 10, 2018) - Nicola Mining Inc. (TSXV: NIM) (the "Company") is pleased to announce results on its 20-hole Phase 1 Reverse Circulation drill program ("Phase 1 RC Program") completed between May 23 to June 8, 2018, at its wholly-owned New Craigmont Project, located near Merritt, British Columbia. The Phase 1 RC Program provides a simple overview of copper grade and sectional volume of the approximate 80-90 milliontonne historical wastepile surrounding the Craigmont Mine pit, as well as insight if any sections merited further exploration. The Phase 1 RC Program also added to positive 3060-Portal RC drill results, as announced in the September 26, 2017, news release. Given that the wastepile material was placed in benches, there would be no direct mining costs associated with production. OnOctober 3, 2016, the Company announced that it had entered into an Exploration and Material Purchase Agreement with Teck Highland Valley Copper Partnership ("HVCP"), a wholly owned subsidiary of Teck Resources Limited, involving mine strip material (refer to Oct. 3, 2016, news release) surrounding the historic Craigmont open pit. A clear zone of interest has been found in the largest volume section of the wastepiles, which is located on the southern side of the pit. The Phase 1 RC program found the south-central quadrant contains the thickest and most potentially economic grade for the waste piles. Results have warranted a follow up program ("Phase 2 Program") to delineate copper mineralization and trace the extent of the higher grading material within the waste piles. The Company recognizes that an approximate 100-hole Phase 2 Program will provide only conceptual quantity and grades and will be insufficient data to complete a NI 43-101 resource. Phase 2 will, however, be able to provide insight into approximate in-situ calculations based on volume and grade. The Phase 2 Program will include additional holes at Portal 3060 which were not completed during the 2017 exploration program. The Company has the funds to complete the entire Phase 2 DrillingProgram. | |
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