Apr 29, 2016 | News Releases
VANCOUVER, B.C. April 29, 2016 – Nicola Mining Inc. (the “Company” or “Nicola”) is pleased to announce that it has recently added an additional mineral tenure, approximately 1280 hectares, to its Thule mineral claim package. Referred to as the Montwest claim, it is situated to the west of the southern extension of the north-south trending Lornex Fault. The claim is situated within the Lower Cretaceous Spences Bridge Group, an andesitic to rhyolitic volcanic arc belt of rocks and is contiguous with the Thule land package, bringing the total size of the land package from 8,804 hectares to 10,084 hectares. The claim is accessible by a series of skid trails.
The Montwest claim features a historic regional geochemical survey (RGS) stream sediment gold anomaly situated on Gordon Creek. Previous operators have attempted to locate the anomaly through soil and silt sampling to the northeast and south of the anomaly. Through work on its Thule claims, Nicola recently uncovered a large brown colour anomaly defined by a regional magnetic high. Reconnaissance prospecting of this colour anomaly located a zone of unexplored basaltic andesite outcrop to the northwest of the gold anomaly within a series of north to northeast trending gulleys. Basaltic andesite within the Spences Bridge Group is considered a permeable host to several precious metal epithermal occurrences and deposits throughout the Spences Bridge gold belt.
The Company is planning a small grassroots prospecting and soil sampling program to locate the source of this anomaly, which will be conducted concurrently with a diamond drill program on its historical Thule Claims, as announced in its March 3, 2016 news release. The Company announced on January 3, 2014 that it had closed a tranche of flow through financing to help finance its 2016 Exploration Program.
The Thule copper property is 100% owned by Nicola and consists of 21 mineral claims and 10 mineral leases covering approximately 10,084 hectares. Carbonate rich Nicola Group volcano-sedimentary units and intrusive rocks found along the southern flanks of the Guichon Batholith compose the majority of the property which is located approximately 30 km south of the Highland Valley Copper operation. There are two dominant styles of mineralization on the property: copper iron skarn and copper porphyry. The most important discovery to date on the property has been the past producing Craigmont copper-iron mine, located in the central part of the claims. Craigmont operated from 1961 to 1982, as an open pit-mine and as an underground sub-level block cave mine. Over its operating life, the mine produced 34,000,000 metric tonnes of ore, averaging 1.28% copper, from Body No.1 and Body No.2. Craigmont shut the mine down in 1982 due to a policy decision by the board at a time when the copper price was approximately $0.60 per pound.
For further details on the Thule copper property, see the technical report entitled “TECHNICAL
REPORT on the THULE COPPER – IRON PROPERTY, Southern British Columbia, Canada”, filed on May 8, 2013 on Sedar at http://www.sedar.com
The foregoing geological disclosure has been reviewed and verified by Brian May, P.Geo., a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Nicola Mining Inc.
Nicola Mining Inc. is junior mining company listed on the TSX Venture and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It has already signed four mill profit share agreements with high grade gold properties. The fully-permitted mill is able to process both gold and silver mill feed via gravity and floatation processes. The Company also owns 100% of the Treasure Mountain, its high grade silver property and a gravel pit, which is located adjacent to its milling operations.
On behalf of the Board of Directors
CEO & Director
For additional information
Contact: (604) 647-0142
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.