Nicola Mining and High Range Exploration Receive Draft Permit for High Grade Dominion Creek Mineral Project
Rhea-AI Summary
Nicola Mining (OTCQB: HUSIF) has received a draft bulk sample permit for the Dominion Creek Mineral Project, allowing extraction of 10,000 tonnes of gold and silver ore. The project, located 43km northeast of Wells and 110km east-southeast of Prince George, is 75% owned by Nicola.
Recent sampling results showed impressive grades from the Number 16 Vein, with a 9.7 kg sample yielding 62.1 g/t Au, 320 g/t Ag, 23.4% Pb, and 12.4% Zn. A separate 26.4 kg historical sample from 1989-1992 returned 58.7 g/t Au, 130 g/t Ag, 7.7% Pb, 4.2% Zn.
The company has already paid the required reclamation deposit and plans to begin ore extraction in July 2025. The extracted ore will be processed at Nicola's wholly owned mill facility.
Positive
- High-grade mineral content: 62.1 g/t Au, 320 g/t Ag from recent sampling
- Secured permit for 10,000 tonnes bulk sample extraction
- 75% economic interest in the project
- Own processing mill facility for ore treatment
Negative
- Production not starting until July 2025
- Required to pay reclamation deposit upfront
News Market Reaction – HUSIF
On the day this news was published, HUSIF declined 4.89%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2025) - Nicola Mining Inc. (TSXV: NIM) (FSE: HLIA) (OTCQB: HUSIF) (the "Company" or "Nicola") is pleased to announce that it has received the draft bulk sample permit1 ("Draft Permit") for its Dominion Creek Mineral Project ("Dominion"), a high grade gold and silver project, of which Nicola owns a
The draft permit, issued by the British Columbia Ministry of Mining and Critical Minerals, outlines the regulatory framework to extract 10,000 tonnes of gold and silver ore at Dominion, which is located 43 kilometers northeast of the Town of Wells and approximately 110 kilometers east-southeast of Prince George.
As announced in its August 3, 2023, news release, Nicola conducted due diligence, which included a site visit and sampling. Results from a 9.7 kg sample of outcropping sulfide mineralization taken from the Number 16 Vein returned 62.1 g/t Au, 320 g/t Ag,
Nicola has already paid the required reclamation deposit3 on behalf of itself and High Range Exploration Ltd. ("High Range") for a Notice of Work and Reclamation Program while the latter has been actively prepping towards ore extraction, which is targeted to commence in July of 2025. Ore from the bulk sample will be transported to Nicola's wholly owned mill for processing.
Receipt of the Draft Permit is the culmination Nicola and High Range working closely together to complete environmental requirements, mine plan and consultation. The milestone is attributable to behind-the-scenes hard work from the two teams, both of whom remain committed to meeting the highest environmental, safety, and community standards
"The two parties have worked closely together for three years to garner this milestone," said Peter Espig, President & CEO of Nicola. "High Range President, Alan Raven, has been associated with the project for over two decades and first submitted the application in 2018. To finally be able to move forward with a mine plan is another step forward for Nicola's goal of creating shareholder value and we are fortunate to have Alan's knowledge, experience, and passion solidify the partnership."
Alan Raven, President of High Range, commented, "Nicola and its team are not only professional, but also exemplify integrity and passion. High Range is fortunate to have found such a partner and we look forward to making the project a success for all."
Qualified Person
William Whitty, P. Geo., VP of Exploration for the Company, is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects has reviewed and approved the technical disclosure contained in this news release.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a
The Company owns
On behalf of the Board of Directors
"Peter Espig"
Peter Espig
CEO & Director
For additional information
Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com
Forward-Looking Information
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 Bulk Sample: An exploration and development activity conducted on a mineral claim to investigate the metallurgical properties of an ore body, to test extractive milling methods, mill equipment, and potential markets.
2 It should be noted that 80 tonnes of concentrate were shipped and processed at the Cominco smelter in Trail in 1992, which is a lower grade than samples taken. The mill head grade determined for the bulk sample was 14.1 g/t Au and the average gold recovery was
3 Nicola announced on December 4, 2024, that it had paid the
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243457