- Nicola Mining (NIM) signed a Memorandum of Understanding (MOU) with Osisko Development (ODV) to process gold mill feed at its Cariboo Mining District site
- Osisko hopes to transport 15,000 tonnes of mineralized material to Nicola’s mill site near Merritt
- Both parties have already commenced cooperative efforts and expect to enter into a Milling Profit Share Agreement soon
- Nicola Mining (NIM) is down 5 per cent, trading at $0.095 per share
Nicola Mining (NIM) has signed an MOU with Osisko Development (ODV).
The MOU pertains to the processing of gold mill feed at Nicola’s Cariboo Mining District site.
Osisko hopes to transport 15,000 tonnes of mineralized material to Nicola’s mill site, which is near Merritt, BC.
The facility is also the location of the historic Craigmont Copper Mine, which had an historic production grade of 1.3 per cent Cu.
Nicola’s Merritt Mill is the only facility in the province permitted to accept third-party gold and silver mill feed.
Both parties have already commenced cooperative efforts and expect to enter into a Milling Profit Share Agreement soon. Concentrate from the mill feed is expected to be sold to Ocean Partners UK Ltd.
The Cariboo Mining District is located in east-central BC, east and southeast of the City of Quesnel. The gold mill feed originates from Osisko’s wholly owned subsidiary, Barkerville Gold Mines Ltd.
Peter Espig, CEO of Nicola, said the team has secured another solid source of gold mill feed.
“We have been very impressed with the Osisko team and look forward to moving forward in a mutually beneficial relationship. Furthermore, we want to thank the Ministry of Energy, Mines and Low Carbon Innovation for its facilitation of an introduction.”
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 down 5 per cent, trading at $0.095 per share at 10:05 am ET.