Nicola Mining Commences Exploration Drilling at Its Flagship New Craigmont Copper Project

Rhea-AI Summary

Nicola Mining (NASDAQ: NICM) has started its 2026 diamond drilling program at the New Craigmont copper project near Merritt, BC, targeting a ZTEM resistivity anomaly called Jotun. The first planned hole targets ~775 metres downhole to test for a causative intrusive related to the historical Craigmont skarn.

The program budget is $1.5M, includes a geophysical and soil campaign, Mobile MT survey and thermal vectoring processing, and drilling is expected to finish in early June before work at Treasure Mountain.

AI-generated analysis. Not financial advice.

Positive

• Diamond drilling to directly test the Jotun ZTEM resistivity anomaly
• Planned target depth of approximately 775 metres downhole
• Program budget of $1.5M covering drilling, geophysics and soil sampling
• Use of Mobile MT and thermal vectoring to refine deep targets and alteration mapping
• Program execution by Dorado Drilling Ltd, enabling field mobilization

Negative

• Jotun target is previously untested; results and mineralization are uncertain
• Single deep hole concentrates budget and leaves limited coverage for additional targets

Key Figures

Target intersection depth: 775 metres downhole Drill hole dip: 80 degrees 2026 program budget: $1.5M +4 more

7 metrics

Target intersection depth 775 metres downhole Planned drill hole to test ZTEM resistivity anomaly

Drill hole dip 80 degrees Assumed drill orientation in current geological model

2026 program budget $1.5M Estimated budget for 2026 Exploration Diamond Drilling Program

Program timing Early June Drilling at New Craigmont expected to conclude by early June

Program year 2026 2026 Exploration Diamond Drilling Program at New Craigmont

ZTEM survey year 2022 Property-wide ZTEM survey that outlined the Jotun target

Follow-up drill year 2023 Subsequent drilling (NC23-005 and NC23-006) south of the anomaly

Market Reality Check

Price: $0.5800 Vol: Volume 2,400 vs 20-day av...

low vol

$0.5800 Last Close

Volume Volume 2,400 vs 20-day average 18,762 indicates relatively muted trading ahead of this update. low

Technical Shares at 0.565 are trading below the 200-day MA near 0.70, reflecting a pre-existing downtrend.

Peers on Argus

HUSIF was down 4.14% while peers showed mixed moves: KLDCF (-0.34%), AMRRY (-3.9...

HUSIF was down 4.14% while peers showed mixed moves: KLDCF (-0.34%), AMRRY (-3.92%), ARRNF (+6.0%), CVVUF (-1.43%), BMOOF (+3.66%). This points to stock‑specific factors rather than a uniform sector rotation.

Common Catalyst A peer, KLDCF, also reported completion of a drill program, suggesting an exploration-focused news cycle among select junior miners but without broad, synchronized price moves.

Historical Context

5 past events · Latest: Apr 14 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 14	Investor relations mandate	Positive	-0.6%	Engaged Global One Media to enhance digital investor communications reach.
Apr 13	Equity offering & listing	Negative	-6.7%	US$6.0M underwritten ADS and warrant offering tied to Nasdaq listing.
Mar 19	Geological thesis result	Positive	-6.1%	UBC thesis concluded Craigmont is a porphyry-linked skarn system, refining targets.
Mar 09	NASDAQ ADR update	Positive	-3.3%	Update on proposed Nasdaq ADR listing and application under Rule IM-5101-3.
Feb 26	Production ramp-up	Positive	-2.4%	Reported higher throughput of high-grade gold-silver feed at Merritt Mill.

Pattern Detected

Across the last five news events, four operational or strategic announcements with positive tone were followed by negative 24‑hour price moves, while a dilutive offering coincided with a decline consistent with its negative sentiment.

Recent Company History

Over recent months, Nicola reported multiple developments linked to New Craigmont and its broader growth plans. On Feb 26, 2026, it highlighted increased high‑grade gold and silver concentrate production, yet shares fell 2.44%. A NASDAQ ADR listing update on Mar 9, 2026 and a thesis confirming a porphyry‑linked skarn system on Mar 19, 2026 were followed by declines of 3.34% and 6.06%, respectively. The US$6.0M offering on Apr 13, 2026 saw a 6.7% drop, while an investor communications engagement on Apr 14, 2026 preceded a 0.58% pullback.

Market Pulse Summary

This announcement details the 2026 diamond drilling program at New Craigmont, targeting the Jotun ZT...

Analysis

This announcement details the 2026 diamond drilling program at New Craigmont, targeting the Jotun ZTEM resistivity anomaly at roughly 775 metres depth with a budget of $1.5M. It advances prior work that outlined a porphyry-linked skarn system and aims to refine geological understanding through drilling, soil sampling, and Mobile MT surveys. Investors may track subsequent assays, geophysical results, and how these programs integrate with earlier academic and technical studies to clarify the project’s longer-term potential.

Key Terms

z-axis tipper electromagnetic (ztem), porphyry-style alteration assemblages, porphyry-skarn system, diamond drilling, +4 more

8 terms

z-axis tipper electromagnetic (ztem) technical

"completed a property-wide Z-axis Tipper Electromagnetic (ZTEM) survey"

A z-axis tipper electromagnetic (zTEM) system is a ground-based surveying method that measures tiny changes in the vertical component of the Earth's magnetic field caused by underground electrical differences. Think of it like scanning with a metal detector that senses how easily electricity flows below the surface; the results create maps of conductive and resistive zones useful for locating minerals, groundwater, or buried structures. For investors, zTEM can lower exploration risk and help prioritize drilling targets, potentially shortening discovery timelines and affecting project value.

porphyry-style alteration assemblages technical

"intersected encouraging porphyry-style alteration assemblages, supporting the potential"

Porphyry-style alteration assemblages are the distinctive patterns of minerals and rock changes formed when hot, metal-rich fluids from deep magma alter surrounding rock around a porphyry deposit. Like discoloration around a cooling hot cup, these alteration zones act as a visible fingerprint that helps geologists find and estimate the size and richness of buried copper, gold or molybdenum deposits. For investors, their presence guides exploration, affects discovery risk, and can materially change a mine’s potential value.

porphyry-skarn system technical

"as a core of a porphyry-skarn system; however, it should be noted"

A porphyry-skarn system is a linked set of underground rock bodies where a deep, slowly cooled igneous intrusion (porphyry) and its contact-altered surrounding rocks (skarn) have concentrated metals like copper, gold and molybdenum. Think of it as a plumbing system where a hot, mineral-rich fluid rises and alters surrounding layers, creating both large low-grade zones and denser high-grade pockets; investors care because it affects the size, richness and mining approach of a potential metal deposit.

diamond drilling technical

"Exploration plans for the 2026 Program include diamond drilling at the Jotun target"

Diamond drilling is a method that uses a rotating drill with industrial diamonds on the bit to cut and retrieve cylindrical rock samples (cores) that preserve the sequence of underground layers. For investors, these cores act like a geological “biopsy,” providing direct, verifiable information about mineral presence, grade and continuity—data that underpins resource estimates, project valuation, drilling risk and financing decisions.

mobile magnetotelluric (mobile mt) technical

"plans to complete a comprehensive Mobile Magnetotelluric (Mobile MT) survey"

Mobile magnetotelluric (mobile MT) is a field method that uses portable sensors to record natural variations in the Earth’s magnetic and electric fields and turns those readings into a map of underground electrical properties, which indicate rock types, fluids and potential ore or fluid-filled zones. For investors, it’s a way to ‘x-ray’ the ground before drilling—helping locate and size mineral, geothermal or hydrocarbon targets, focus spending, and reduce exploration risk and surprise costs.

thermal vectoring technical

"expects to have its thermal vectoring dataset fully processed during the season"

Thermal vectoring is a method or system that controls and directs where heat moves within a device, building, or product so that warm areas are moved away from sensitive parts and toward places where heat can be handled or dissipated. For investors, it matters because effective thermal management improves product performance, energy efficiency, safety and lifespan—reducing operating costs, warranty claims and regulatory risk in industries from electronics to industrial equipment, much like gutters channel rain away from a house to prevent damage.

hydrothermal alteration technical

"support further interpretation of hydrothermal alteration patterns and help guide"

Hydrothermal alteration is the chemical change in rocks caused by hot, mineral-bearing fluids moving through them, similar to how boiling water can change the color and texture of food. For investors, it matters because these altered rocks often mark where valuable minerals like gold, copper or other metals have been deposited, so evidence of alteration can signal that a property has potential for economically important mineral resources.

ni 43-101 regulatory

"Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - April 28, 2026) - Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) (the "Company" or "Nicola") is pleased to announce commencement of the 2026 Exploration Diamond Drilling Program (the "2026 Program") at its New Craigmont Copper Project ("New Craigmont"), near Merritt, BC.

Exploration Target

In 2022, Nicola Mining Inc. completed a property-wide Z-axis Tipper Electromagnetic (ZTEM) survey conducted by Geotech Ltd. Interpretation of the dataset identified a prominent resistivity anomaly located immediately north of the historical Craigmont open pit (Figure 1). Subsequent drilling completed in 2023 (holes NC23-005 and NC23-006), positioned to the south of this anomaly, intersected encouraging porphyry-style alteration assemblages, supporting the potential for a larger mineralized system at depth. Nicola has designated this geophysical feature as the "Jotun" target (pronounced Yoten).

The Company considers the Jotun target to be a compelling exploration opportunity that may represent the causative intrusive source responsible for the high-grade copper skarn historically mined at Craigmont. Nicola's 2026 plans include drilling an exploration hole to directly test the ZTEM anomaly and evaluate its potential as a core of a porphyry-skarn system; however, it should be noted that New Craigmont has the potential of hosting multiple porphyries, as highlighted by the adjacent Highland Valley Copper.

Figure 1. Location Map of the Planned Drill Hole and Geological Setting

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/294396_7986e39784ab6960_001full.jpg

Diamond Drilling Plans

Exploration plans for the 2026 Program include diamond drilling at the Jotun target area, a previously untested zone within the New Craigmont Project. The Company will be working with Dorado Drilling Ltd. to execute the program.

The planned drill hole is designed to test the interpreted ZTEM resistivity anomaly at depth, with the target zone expected to be intersected at approximately 775 metres downhole, based on the current geological model and assuming a drill orientation of approximately 80 degrees dip and the planned azimuth. This hole is intended to evaluate the potential presence of a causative intrusive body associated with the historical Craigmont copper skarn system.

Drilling at the Jotun target will open a new exploration area at New Craigmont and is expected to provide valuable geological information to support ongoing target development, including improved understanding of alteration assemblages, structural controls, lithological contacts, and mineralization, which are critical components in advancing exploration of a potential porphyry copper system at New Craigmont.

Figure 2. Cross section (and plan view) of the Jotun target: untested ZTEM resistivity high.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/294396_nicola2.jpg

The estimated budget for the 2026 Program is $1.5M, which includes a geophysical survey and a soil sampling campaign. Nicola anticipates drilling to conclude in early June before commencing another diamond drilling program at its Treasure Mountain silver project.

Soil sampling will be conducted in the northwestern portion of the property to support target generation in underexplored areas. In addition, the Company plans to complete a comprehensive Mobile Magnetotelluric (Mobile MT) survey to further refine deep geophysical targets across the property. Details of these programs will be shared as the field season advances.

The Company also expects to have its thermal vectoring dataset fully processed during the season, which will support further interpretation of hydrothermal alteration patterns and help guide decisions on whether to continue expanding this work with additional data collection in the following year.

The Company expects to provide additional updates on exploration activities and results as the field season progresses.

Qualified Person
The scientific and technical disclosure 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 historic 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294396

FAQ

What is Nicola Mining (NICM) drilling for at New Craigmont in 2026?

They are drilling to test the Jotun ZTEM resistivity anomaly for a possible porphyry‑skarn intrusive. According to the company, the hole is designed to evaluate a potential causative intrusive linked to historical Craigmont copper skarn.

How deep is the planned drill hole for NICM's Jotun target?

The planned hole is expected to intersect the target at about 775 metres downhole. According to the company, that depth is based on the current geological model and the proposed ~80° dip orientation and planned azimuth.

What is the budget and scope of Nicola Mining's 2026 exploration program (NICM)?

The 2026 Program has an estimated budget of $1.5M covering drilling, a geophysical survey, and soil sampling. According to the company, it also includes Mobile MT work and thermal vectoring data processing to refine targets.

When will NICM finish drilling at New Craigmont and what comes next?

Drilling at New Craigmont is expected to conclude in early June 2026, after which the company plans another diamond drilling program at Treasure Mountain. According to the company, further updates will follow as the field season advances.

What geophysical methods is Nicola Mining using to refine targets at New Craigmont?

The company plans Mobile MT, ZTEM interpretation, and thermal vectoring to refine deep geophysical targets and alteration patterns. According to the company, these datasets will guide target generation and possible additional data collection next year.