Additional Material for Gold Mill in Prospect
On the previously undeveloped target areas Marb and Cas of the New Craigmont copper project, Nicola Mining (TSX.V: NIM, FSE: HLI, WKN: A14T7S) has completed its first drilling operations successfully. A total of 14 drill holes with a combined length of 4,872 meters were sunk.
Currently, the drill cores from the New Craigmont project, located near Merritt in the Canadian province of British Columbia, are being split and prepared for transfer to the analytical laboratory. This year, Nicola Mining has thus successfully completed all three planned phases of this year’s exploration program.
The first phase, which included drilling totaling 1,829 meters, was already completed in August. It subjected the previously unexplored target area West Craigmont-WP to an initial investigation, including drilling.
The second phase also targeted the previously unexplored Marb and Cas zones. Both have a diameter of about 3.5 kilometers each and contain smaller mineralized outcrops. However, Nicola Mining’s drilling was not focused on these outcrops, but aimed to specifically penetrate the area below these outcrops to more accurately determine the mineralization potential there as well.
In the third phase of this year’s drilling program, boreholes were advanced from both Marb and Cas towards the Embayment Zone. They were conducted with the aim of determining whether the mineralization continues further in this direction.
Deposit of $137,700 CAD Paid for Dominion Creek
For a Notice-of-Work-and-Reclamation program, Nicola Mining has also deposited a bond of 137,700 Canadian Dollars (CAD) on behalf of High Range Exploration Ltd. for the Dominion Creek Gold-Silver Project. This represents a key component on the path to final approval for the extraction of a bulk sample.
If approved by the authorities, a bulk sample is planned to be taken from Dominion Creek next year and subsequently processed at Nicola Mining’s Merritt Mill. The fully permitted mill can process both Gold and silver ore using gravity and flotation methods. Nicola Mining holds a 75 percent economic interest in the Dominion Creek project. The remaining 25 percent is held by High Range Exploration.
To finance the activities planned for the coming year, Nicola Mining has raised additional capital. This was raised through a placement of tax-advantaged flow-through shares. For gross proceeds of 550,000 Canadian Dollars, 1,641,790 new common shares were issued at a price of 0.335 CAD per share.
Thus, an interesting exploration year is coming to an end, and invested shareholders now have every reason to await with keen interest the first results from the laboratory and the approval of the bulk sample planned for next year.
