May 19, 2016 | News Releases
VANCOUVER, B.C., May 19, 2016 – Nicola Mining Inc. (the “Company” or “Nicola”) is pleased to announce that Dr. Paul Johnston (Ph.D. Geological Sciences) has joined the Board of Directors of Nicola. Dr. Johnston’s extensive experience in recognizing and enhancing value-adding exploration projects will be particularly useful as the Company looks deeper into its Thule Copper Project, as well as potential acquisitions to augment its modern processing mill located 10 km outside of Merritt, BC.
Dr. Johnston is known for improving the performance of exploration teams and devising successful exploration projects. He was most recently Principal Geologist with Teck Resources Limited, and has valuable in-depth knowledge of copper, silver, and gold mineralization. The Company’s Thule Copper Project is located near Teck Resources Limited’s Highland Valley Copper’s operations, a region in which Paul has expertise. In addition, Paul will work with Nicola’s Project Geologist, Brian May, to review potential sources of mill feed and acquisitions. The Company feels that, given the significant CAPEX requirement and administrative complexities associated with receiving a mill site permit, there could be project consolidation opportunities in the future.
Peter Espig, Chief Executive Officer, commented, “Paul brings an immense amount of expertise and credibility to our team and project(s). We look forward to working together closely as the Company moves forward.”
The Company also announces that it has granted 1,700,000 options at of $0.11 to directors and officers under its Stock Option Plan.
Thule Copper Project
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 underlie 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.
About 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: Peter Espig
Contact: (604) 647-0142
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