- Nicola Mining (NIM) has wrapped up its soil sampling program at the Treasure Mountain property in British Columbia
- The initial exploration program at Treasure Mountain involved Nicola taking 304 soil samples from the MB zone on the property
- The company has successfully identified five mineralised rock outcrops on the along 1.2 kilometres of strike
- IN related news, Nicola Mining is issuing five million shares as part of a private placement to raise C$650,000
- Nicola Mining (NIM) is up two per cent and is trading at 18 cents per share
Nicola Mining (NIM) has wrapped up its soil sampling program at the Treasure Mountain property in British Columbia.
The initial exploration program at Treasure Mountain involved Nicola taking 304 soil samples from the MB zone on the property.
The company attempted the same program last year but had to cut short due to inclement weather.
During the program, the BC-based junior discovered five mineralised outcrops, with mineralised veins material being noted within the samples.
The locations the outcrops indicate a potential strike length of approximately 1.2 kilometres, which has not previously been tested by the company. The company has not yet received the assays from the soil sampling program.
The company has called the results thus far very encouraging, as it continues to look for a mineral trend outside of the site’s underground mine.
Nicola Mining believes the surrounding mineralised structures were under explored by preceding operators of the property. Ultimately, the company hopes to expand the resource estimate for the Treasure Mountain mine and is eagerly awaiting results from the newly identified strike.
Alongside the update, the company is conducting a private placement at a per share price of C$0.13. Through the placement, the company will issue five million shares for $650,000 in gross proceeds.
Nicola Mining (NIM) is up two per cent and is trading at 18 cents per share at 11:00 am EDT.
