Up to 3.46% Copper Over 13.0 Meters Demonstrated
Nicola Mining (NIM TSXV / WKN A3D3LF) has recorded success with its drilling on the New Craigmont Copper Project. CEO Peter Espig’s company completed 4,874 meters of drilling distributed across 14 holes in several target areas on New Craigmont, discovering significant copper mineralization while also identifying important targets for work in the current year. Analysts at Atrium Research took this as an opportunity to reaffirm their ‘buy’ rating and price target of 0.60 CAD for the Nicola stock. Currently, Nicola is trading at 0.34 CAD.
As the experts explained, Nicola was able to make significant copper discoveries in the MARB / CAS zones with the 2024 drilling program, where no copper exploration had been conducted since the 1960s. And, Atrium continues, the near-surface findings of chalcopyrite, faults, and veins in the Guichon bedrock provide an ideal environment for a much larger copper system! Furthermore, Nicola was able to successfully expand the Embayment Zone with its drilling, and drill hole NC-24-022 there delivered the best result of the entire program.
Among others, Nicola’s drilling encountered:
- • 0.10% Copper over 40.5m, including 0.34% Copper over 9.48m (MB-24-001)
• 0.11% Copper over 28.3m, including 0.23% Copper over 10.86m (MB-24-004)
• 0.17% Copper over 56.6m, including 0.23% Copper over 33.8m (NC-24-001)
• 1.03% Copper over 52.9m, including 3.46% Copper over 13.0m (NC-24-002)
The analysts point out that Nicola’s goal is to prove an extensive copper deposit at New Craigmont. And, as Atrium emphasizes once again, the company will finance its exploration program primarily from the cash flow of its Merritt processing plant, which could ultimately process the ore from New Craigmont.
The analysts consider it likely that Nicola can demonstrate a ‘solid’ deposit, considering the positive drilling results to date, the presence of a historical high-grade copper mine on the property, and the fact that Nicola Mining’s neighbors hold world-class projects. To the north, Teck Resources’ Highland Valley Copper mine borders New Craigmont, and further north lies New Gold’s New Afton mine.
Update on Merritt Mill and Tailings Facilities
Atrium Research also notes that Blue Lagoon Resources announced in early February that it had received the mining permit for the Dome Mountain Gold Project (55,000 tons per year). According to Blue Lagoon, 55,000 tons should equate to approximately 15,000 ounces of gold. This is significant for Nicola Mining, as they have concluded a processing and profit-sharing agreement for processing Blue Lagoon’s material from Dome Mountain. Nicola had already processed a bulk sample of 5,000 tons in 2021.
The analysts see this development as an important milestone for Nicola, as it eliminates the permitting risk for Dome Mountain and the agreement with Blue Lagoon could provide the company with significant cash flow in the not-too-distant future. According to Blue Lagoon, the first gold sale could occur as early as the third quarter of 2025.
The analysts at Atrium Research summarize once again why they like Nicola Mining:
– The New Craigmont Copper Project shows all signs of a legitimate copper project, and the historical high-grade copper mine only strengthens confidence in the discovery of a substantial resource.
– Nicola’s Merritt Mill and tailings facility are used for profit-sharing agreements, processing ore for partners in the region. This business is just starting to take off, and new partnerships and cash flows are expected to accelerate.
– NIM’s mill as well as the sand/gravel pits and quarries provide non-dilutive cash flow to finance the exploration of core assets. Additionally, the pit and quarry are operated by local indigenous communities, strengthening relationships with key stakeholders.
– The Treasure Mountain mine hosts a silver, lead, and zinc resource and is fully permitted for mineral extraction, making it an extremely attractive asset for partnerships with other mining companies.
The complete research is available here:
https://goldinvest.de/wp-content/uploads/2025/02/20250220_Atrium_NIM_Drill_Results.pdf
