Thick mineralisation intersected
Concurrent with exploration drilling of copper targets in the immediate neighborhood of the historic Craigmont copper mine near Merritt in British Columbia, Nicola Mining (TSX: NIM, OTCQB: HUSIF; FSE: HLIA) has completed the first concentrate at its 100%-owned processing plant for Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) and shipped it for sale to Ocean Partners.
This first shipment of concentrate comprised approximately 55 dry metric tons (64 wet metric tons) at an estimated grade of 97.75 grams per tonne gold. Nicola is pleased to report that it has been able to increase the grade of the concentrate as it is milled, primarily by gravity recovery of free gold and tabling. On April 9, 2024, Nicola Mining announced that it had signed a mill agreement with Talisker to process mill feed at Nicola’s mill near Merritt, British Columbia.
The Nicola Merritt mill is a unique, 30+ million CAD mill and processing facility built on a vacant, 100% owned, industrial zoned lot. Nicola’s Merritt mill is the only facility in British Columbia authorized to accept third-party gold and silver mill feed from across the province. The Company has entered into an off-take agreement with Ocean Partners UK Limited to sell the concentrate on behalf of Nicola and Talisker.
Figure 1: Ready for shipment, Talisker Resources ore concentrate in the Nicola Mining mill processing floor.
In the current season Nicola has already drilled the West Craigmont-WP and MARB-CAS targets as part of the 5,000-metre drilling program in 2024. Drilling is currently underway on the Embayment Zone. The company has announced that, given the importance of the program, it will provide timely updates on the progress of drilling and initial results.
Conclusion: It cannot be emphasized enough what an exceptional situation Nicola Mining is in for exploration companies. Income from processing third-party concentrate, along with other revenue streams from the landfill business and from the sale of gravel and concrete, help offset exploration costs. Unlike 99 percent of its competitors, Nicola Mining does not necessarily have to go to the market for fresh money. At the same time, drilling around the historic Craigmont Mine has been extremely carefully prepared and offers the major upside of a brand new copper discovery just a few kilometers from Canada’s largest copper mine, Highland Valley. Against this backdrop, a discovery could lead to a significant revaluation of the company on the stock market. We will stay tuned to this exciting story.
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