- Nicola Mining (NIM) receives a multi-year area-based exploration permit for its flagship copper project
- The MYAB Permit allows the company to go through extensive copper exploration on its wholly-owned New Craigmont property
- Technological advances in mining, as well as Nicola’s success in consolidating fragmented shareholder ownership, among other things, have changed the potential that lies at the site
- Drilling has been ongoing since 2016, with several significant copper intercepts
- Nicola Mining (NIM) is trading at $C0.09 at 10:06 am EST
Nicola Mining (NIM) received a multi-year area-based exploration permit.
The MYAB Permit allows the company to go through extensive copper exploration on its wholly-owned New Craigmont property.
The property is adjacent to Teck Resources Highland Valley Copper, Canada’s largest copper mine.
New Craigmont has produced around 34 million tonnes of copper at 1.3 per cent.
Numbers such as these mark the highest-grade major copper mines in the history of North America.
Despite the significant historical production, the 10,913-hectare site remains highly unexplored due to the original mine’s sole focus on magnetite-associated copper skarn and depressed copper prices ($0.60 in 1982) at the time of closing.
Technological advances in mining, as well as Nicola’s success in consolidating fragmented shareholder ownership of the mineral claims, have changed the trajectory of the property, according to the company.
Drilling has been ongoing since 2016, with several significant copper intercepts, despite being limited to exploration within the Mine Permit.
The company’s permit extends to most of the property and encompasses the area of the recently completed Z-axis Tipper Electromagnetic survey.
Nicola recently completed an extensive soil sampling program to clarify the drilling target further.
Results from the soil program will be released upon receipt.
Peter Espig, CEO of Nicola, said, “The recently announced closing of our flow-through financing on November 17, 2022, provides a critical first step towards unlocking the potential of the property,”
Nicola Mining is a junior mining company listed on the TSX Venture and Frankfurt Exchanges that maintains a 100 per cent owned mill and tailings facility.
Nicola Mining (NIM) is trading at $C0.09 at 10:06 am EST.
