Nicola Mining extends gravel deal, completes Treasure Mountain drilling

Nicola Mining Inc. (NASDAQ: NICM) has announced that Lower Nicola Site Services Ltd. (LNSS) has exercised its option to extend a Rock and Gravel Extraction and Preferential Engagement Agreement, originally signed in March 2022, through March 3, 2033.

LNSS is an indirectly majority-owned company formed through a partnership between the Lower Nicola Indian Band Development Corporation and Infracon Construction Inc. Under the agreement, LNSS holds the exclusive right to extract gravel and rock from Nicola Mining's Craigmont Mine Site, located approximately 14 kilometres from Merritt, British Columbia. Nicola Mining receives a per-tonne royalty for material extracted. The agreement also provides LNSS with preferential engagement for competitive services it offers.

Nicola Mining also announced the completion of its first diamond drill program at the MB Zone at the Treasure Mountain Silver Project. The 2026 program comprised four drill holes totaling approximately 800 metres, designed to test the northeast-southwest-trending quartz-sulphide vein system at depth, based on prior surface mapping and geochemical sampling.

The company is currently conducting geological logging, core sampling, and preparation for laboratory multi-element analysis. Visual examination of drill core identified intervals of sulphide mineralization, including pyrite, pyrrhotite, and sphalerite. The company noted that visual observations are preliminary and are not a substitute for analytical results.

Assay results, once received, will represent the first subsurface geochemical data from the MB Zone. According to the press release, CEO Peter Espig stated the company also expects to receive assay results from its 2026 New Craigmont copper exploration program and plans to provide a summary of the Treasure Mountain 2026 exploration program in the near future.

The technical disclosures in the announcement were reviewed and approved by Will Whitty, P.Geo., Vice President of Exploration, as a Qualified Person under National Instrument 43-101.

You May Also Be Interested In

• Putin's Aide Says War In Ukraine Moving Toward An End - Vesti
• Interactive Brokers launches AI autonomous trading feature
• Collins Aerospace launches ARINCDirect OpenAPI for flight data integration