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Higher cut-off grades applied by historic operators appear to have left a potential bulk mineable copper resource.
Following positive results from the Phase 1 RC drilling program, Nicola is proceeding with Phase 2, focused on the South Waste Piles and 3060 Ore Portal
zones. The objective is to define a resource for the copper-magnetite bearing crushed materials left behind at surface
by previous operators. We note that a Waste Pile processing operation could help kick start a larger copper mining project at New Craigmont or
be of interest to Teck Resources operating the low-grade Highland Valley copper mine next door. We continue to view Nicola as a high-potential copper exploration story and await results from diamond drilling of the mineralized halo surrounding the existing pit and previously identified porphyry targets.
Nicola to recommence milling for Gavin Mines, positioning itself as the only permitted mill to process third party Au-Ag ore. The mine anticipates shipping up to 40ktpy (~11.2g/t Au & ~100.8g/t Ag) to the Merritt Mill, which only fills ~50% of the mill’s capacity, leaving the remaining capacity open to be fed by other mines. The announcement supports our thesis of custom milling being a sweetener to what we believe is a high-potential copper-focused exploration story.
Nicola Mining has announced the intersection of 73.6m grading 1.05% Cu, within a wider interval of 150m grading 0.54% Cu (CC-18-02) ~100m north of the historic Craigmont open pit, within the company’s active Mine Permit M-68.
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