Vancouver, British Columbia--(Newsfile Corp. - December 4, 2024) - Nicola Mining Inc. (TSXV: NIM) (FSE: HLIA) (OTCQB: HUSIF) (the "Company" or "Nicola"), has completed drilling (totaling 4872m and 14 holes) and is pleased to provide updates on its 2024 drilling exploration program (the "2024 Program")1 at its New Craigmont Copper Project, near Merritt, B.C.
The first phase of the 2024 Program at the never-before-drilled West Craigmont-WP target totaled ~1829.70m, with initial findings reported in the August 30, 2024 Operations and Exploration Update. The second phase targeted the unexplored MARB-CAS Zones, both of which are approximately 3.5 km in diameter. Drilling aimed to develop a subsurface geology framework and assess mineralization potential beneath two small mineralized outcrops, one at the MARB Zone and another at the CAS Zone. The third phase stepped out from the MARB-CAS Zones towards the Embayment Zone to see if there was a continuation of mineralization. (Fig. 1)
Figure 1. Collar locations of 2024 drilling campaign at the New Craigmont Project.
The Company is finalizing core cutting, which will then be sent to a certified laboratory for expedited analysis and looks forward to issuing a news release with grades upon receipt.
The Company is also pleased to announce that it has made a deposit of $137,700.00 on behalf it itself and High Range Exploration Ltd. for a Notice of Work and Reclamation Program at the Dominion Creek Gold / Silver Project ("Dominion"). The deposit is a key component in garnering the final permit and conducting a bulk sample permit in 2025. Nicola owns a 75% economic interest in Dominion and is planning on commencing a bulk sample which will be processed at its Merritt Mill.
Flow-Through Non-Brokered Private Placement
Nicola also announces that, further to its news release dated November 14, 2024, it has completed its flow-through private placement offering (the "Offering"), pursuant to which it sold an aggregate of 1,641,790 common shares (each, a "Share") in the capital of the Company at a price of price of $0.335 per Share for aggregate gross proceeds of $550,000.
The Shares are issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and in accordance with the policies of the TSX Venture Exchange. The Company paid an aggregate of $38,500 to one eligible finder in connection with the Offering.
The aggregate gross proceeds from the Offering are expected to be allocated towards following up on the 2024 Program. All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day from date of issuance.
Peter Espig, the CEO and a director of the Company, subscribed for a total of 44,776 Shares under the Offering, which is a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance to Mr. Espig is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the Shares to be issued to Mr. Espig does not exceed 25% of the Company's market capitalization.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola's fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.
The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada's largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation: statements with respect to the commencing of a bulk sample which will be processed at its Merritt Mill; the expectations of management regarding the use of proceeds of the Offering; and general statements regarding the Company's anticipated strategies and business plans going forward. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will support the viability of mining exploration; the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of its properties as well as in relation to the Offering, as applicable; the availability of the financing required for the Company to carry out its planned future activities, and the availability of and the ability to retain and attract qualified personnel. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of minerals, changes in the financial markets and in the demand for minerals, changes in laws, regulations and policies affecting the mineral exploration industry, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's SEDAR+ profile. The ongoing labour shortages, inflationary pressures, rising interest rates, the global financial climate and the conflicts in Ukraine and Palestine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 See the Company's news release dated July 3, 2024 for more information on the 2024 Program.
