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Vancouver, British Columbia--(Newsfile Corp. - July 3, 2024) - Nicola Mining Inc. (TSXV: NIM) (the "Company" or "Nicola") is pleased to announce the completion of a 3D induced polarization survey ("3D IP Survey"). Based on 3D IP Survey results the Company is in the process of commencing of its 2024 diamond drilling program ("Program") at the New Craigmont Copper Project ("New Craigmont"), situated approximately 11 kilometres from Merritt, BC and adjacent to Teck Resources Ltd.'s Highland Valley Copper, Canada's largest open-pit copper mine.
As previously announced in the Company's Feb. 21, 2024 and May 13, 2024 news releases, Nicola engaged Dias Geophysical of Saskatoon, SK, to conduct a 3D IP Survey. This comprehensive survey aimed to better define two principal exploration areas: the MARB-CAS Zone and the West Craigmont Zone (Figure 1). Upon reviewing the data from the approximately 6.5 square kilometer survey, the Company has commenced its 2024 diamond drilling exploration program.
Figure 1. 2024 IP Survey Areas
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A significant resistivity anomaly appears in the western section of New Craigmont, near the Lornex Fault, via the Company's 2022 ZTEM Survey. This anomaly was confirmed and refined by the 2024 3D IP Survey. Additionally, the Survey detected chargeability anomalies on the edges of the resistivity anomaly within the area, and a potential structure trending ENE, which coincides with the strongest and largest chargeability anomaly. This resistivity high could represent a felsic intrusion, as was observed in outcrop, and the chargeability high could indicate peripheral sulphidation, likely enhanced along the potential structure. The 3D IP Survey has generated multiple drilling targets focusing on the chargeability anomalies within the West Craigmont Zone.
The 3D IP Survey at MARB-CAS provided valuable information regarding the lithologies and appears to clearly delineate the contact between Nicola Group rocks and the Guichon Creek Batholith. The major chargeability anomalies are primarily confined within the Nicola Group rocks in the southern portion of the survey area, with some chargeability anomalies detected between the MARB and CAS MINFILE showings.
Peter Espig, Chief Executive Officer, commented, "The 3D IP Survey both confirmed and further defined key targets. Combining numerous geological and geophysical parameters, including bedrock mapping, airborne magnetic survey, and ZTEM survey with the 3D IP Survey gives us a great confidence to have a successful Program."
