It promises to be an exciting summer for Nicola
Based on a new 3D IP survey at its Craigmont copper project near Merritt, British Columbia, Nicola Mining (TSXV: NIM; FRA: HLIA) has commenced 5,000 metres of exploration drilling. Detailed surveying over an area of 6.5 square kilometres has defined two main exploration areas: the MARB-CAS zone and the West Craigmont zone (Figure 1).
Both targets are located just a few kilometres to the west of the historic Craigmont copper mine, which was one of the highest grade producing copper mines in North America between 1961 and 1981. Nicola Mining’s copper property covers a total area of more than 10,800 hectares and is adjacent to Highland Valley Copper, Canada’s largest open pit copper mine.
Figure 1: The new 3D IP survey from 2024 has generated multiple drill targets centred on chargeability anomalies within the West Craigmont Zone (highlighted in purple). The open pit and tailings of the historic Craigmont Mine can be seen to the east.
Peter Espig, Chief Executive Officer, commented: “The 3D IP survey has confirmed and further defined the key targets. The combination of numerous geotechnical parameters, including mapping, airborne electromagnetic survey, ZTEM and mapping, with the 3D IP survey gives us great confidence that we can deliver a successful programme.”
The planned exploration drilling will primarily focus on the West Craigmont zone. Later in the summer there is also the possibility of drilling at MARB/CAS (Figure 2).
Figure 2: 2024 drill target areas at a glance.
Figure 3: Cross sections through various electromagnetic targets. Drilling has already been carried out on all targets. However, historical drilling shows that the actual anomaly has been missed, particularly at the CAS and Marb targets.
Conclusion: Since Peter Espig took over Nicola Mining as CEO in 2016 and saved it from imminent insolvency, the company has never drilled as much and as selectively in any season as this year. Thanks to the cash flow from other areas of the business, the cash position even allows the drilling to be carried out without a prior capital increase. The preparations for the upcoming 5,000 metres of drilling were extremely detailed. The new targets have been geophysically mapped using all available tools. All drill targets are within throwing distance of the historic Craigmont copper mine and once again the old adage that new mines are found in the shadow of the headframe of historic mines could prove to be true. Sustained drilling success at one or perhaps even several of the newly defined targets could suddenly put Nicola in the spotlight, because unlike the vast majority of its competitors, Nicola already has a mining licence. The neighbourhood to Highland Valley should do the rest to attract the interest of investors. It promises to be an exciting summer for Nicola. Goldinvest.de will be following developments closely.
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