Nicola Mining Announces the Completion of the UBC Master's Thesis Concluding That Craigmont Is Part of a Porphyry-Linked Skarn System

Rhea-AI Summary

Nicola Mining (OTCQB: HUSIF) reported completion of a UBC M.Sc. thesis concluding New Craigmont is a porphyry-linked skarn system, with two hydrothermal stages dated at ~215 Ma and ~209 Ma. The study narrows exploration focus to West Craigmont (Draken) and east of the historical mine (Jotun).

The thesis used field work, petrography, whole-rock and mineral chemistry, and geochronology, and found porphyry indicator trace elements in epidote, supporting a separate porphyry centre within the Guichon Creek batholith.

Positive

• Study reclassifies Craigmont as porphyry-linked skarn
• Two hydrothermal stages dated at ~215 Ma and ~209 Ma
• Exploration narrowed to West Craigmont (Draken) and east (Jotun)
• Epidote chemistry shows porphyry indicator trace elements

Negative

• None.

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Vancouver, British Columbia--(Newsfile Corp. - March 19, 2026) - Nicola Mining Inc. (TSXV: NIM) (OTCQB: HUSIF) (FSE: HLIA) (the "Company" or "Nicola") is pleased to announce that Warren Wagner has completed his Master of Science (M.Sc.) thesis, at the University of British Columbia's (UBC) Mineral Deposit Research Unit (MRDU), on the New Craigmont copper project¹. His thesis is titled The Skarn to Porphyry Transition: Establishing Links Between Skarn and Porphyry-Type Mineralization at New Craigmont British Columbia. The full publication and supplementary data tables are available for download on the UBC website: https://open.library.ubc.ca/soa/cIRcle/collections/ubctheses/24/items/1.0451531

The purpose of the thesis was to examine the potential connection between the historically mined Craigmont skarn and undiscovered porphyry systems in the surrounding area. Using field observations, petrography, whole-rock and mineral chemistry, and integrated geochronology, Warren's thesis has redefined Craigmont as a porphyry-linked skarn system genetically tied to multi-pulsed Late Triassic magmatism within the Guichon Creek batholith's Border Phase.

Mineral ages determined through geochronology lab work defined two discrete hydrothermal stages: massive calcsilicate skarn alteration at ~215 Ma related to the earliest Border Phase intrusions and overprinting, vein-hosted porphyry-type mineralization at ~209 Ma associated with later, oxidized intrusions.

Potassic, phyllic, calc-potassic, and propylitic alteration styles indicate the presence of a larger porphyry system proximal to the skarn deposit. Epidote mineral chemistry from propylitic assemblages further supports this. New Craigmont epidote contains elevated porphyry indicator trace elements consistent with other porphyry deposits in British Columbia and worldwide. Finally, epidote mineral chemistry systematics within the Guichon Creek batholith reveal that New Craigmont contains a separate, porphyry centre, unrelated to those of the Highland Valley district. The study also highlights the importance of structural permeability and reactive Nicola Group host rocks in focusing hydrothermal fluids and controlling the distribution of skarn and porphyry-style mineralization.

Conclusions of the study have positive implications for ongoing exploration at New Craigmont. The study confirms Nicola's ongoing hypothesis that the historical skarn is driven by a nearby porphyry system. Detailed geochemistry work has helped narrow exploration to broadly two regions within the property: West Craigmont (where the Draken target is located), and east of the historical mine (where the Jotun target is located). Nicola is integrating MRDU data into ongoing vectoring work and target generation.

Peter Espig, CEO of Nicola, stated, "We applaud Warren and MRDU on two years of fruitful work at our New Craigmont Copper Project. The thesis' conclusion aligns with our growing confidence in our three years of geological work, mapping and 2025 porphyry vectoring. Given the size of our land package and location, which includes sharing Guichon Batholith with Highland Valley Copper, the prospect of having one or more porphyries at New Craigmont is increasingly compelling, as highlighted in the thesis. We are very encouraged to commence our 2026 Exploration Program."

Qualified Person
The scientific and technical disclosures included in this news release have been reviewed and approved by Will Whitty, P.Geo., who is the Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President, Exploration for the Company.

About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX-V 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 BC-based 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 property that hosts historical high-grade copper mineralization and 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.

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
URL: www.nicolamining.com

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.

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¹ Initially disclosed June 29, 2022

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289165

FAQ

What did the UBC M.Sc. thesis conclude about New Craigmont and HUSIF on March 19, 2026?

The thesis concluded New Craigmont is a porphyry-linked skarn system, not a stand-alone skarn. According to the company, integrated geochronology and geochemistry linked skarn and porphyry-style mineralization and identified two discrete hydrothermal stages.

How do the ~215 Ma and ~209 Ma ages affect Nicola Mining (HUSIF) exploration plans?

Those ages define two separate hydrothermal events tied to porphyry formation and overprinting. According to the company, this timing supports a multi-pulsed magmatic model used to refine target generation on the property.

Which target areas at New Craigmont did the thesis highlight for HUSIF exploration?

The study narrowed target focus to West Craigmont (Draken) and east of the historical mine (Jotun). According to the company, MRDU data are being integrated into vectoring and target-generation work for 2026.

What geological evidence supports a nearby porphyry system at New Craigmont for HUSIF?

Potassic, phyllic, calc-potassic, and propylitic alteration styles plus epidote trace elements support a porphyry system. According to the company, epidote chemistry matches porphyry indicators seen in other BC deposits.

Will the UBC thesis change Nicola Mining's (HUSIF) 2026 exploration program?

Yes; the thesis is being used to refine exploration vectors and targets for 2026. According to the company, MRDU results increase confidence in prioritizing Draken and Jotun within the larger land package.