Nicola Mining Receives Multi-Year Area Based Exploration Permit for Its Mine-Permitted Treasure Mountain Silver Project

Rhea-AI Summary

Nicola Mining (HUSIF) has secured a significant multi-year area-based exploration permit (MYAB Permit MX-15-121) for its Treasure Mountain Silver Project, a fully permitted silver mine located 30 km northeast of Hope, British Columbia. This permit, received on June 4th, 2025, follows the company's ten-year mining lease extension obtained in August 2024, valid through April 2032. The MYAB Permit authorizes extensive exploration activities over five years, including 30 drill holes, 1,400m of trenching, 4,500m of trail building, and 20km of geophysical surveys. The project's MB Zone, located 800m northwest of current mine workings, previously yielded impressive surface samples with up to 9,221g/t Ag, along with copper, lead, and zinc content. Previous exploration programs between 2019-2021 identified a promising 2km soil anomaly coinciding with a vein system.

Positive

• Received multi-year area-based exploration permit allowing extensive exploration activities
• Recently obtained ten-year mining lease extension valid through April 2032
• Historical high-grade silver samples of up to 9,221g/t Ag with additional Cu, Pb, and Zn content
• Previous exploration identified a significant 2km soil anomaly coinciding with vein system

Negative

• No exploration conducted on the property for over a decade
• Project appears to have been overlooked by investors according to CEO's comments

Vancouver, British Columbia--(Newsfile Corp. - June 9, 2025) - Nicola Mining Inc. (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) (the "Company" or "Nicola") is pleased to announce that it has received a multi-year area-based exploration permit, Permit Number MX-15-121 (the "MYAB Permit") on June 4^th, 2025. The MYAB Permit allows Nicola to conduct extensive exploration on its wholly owned Treasure Mountain Silver Project¹ (the "Treasure Mountain"), a fully permitted silver mine (Permit 239) located 30 km northeast of Hope and about a 3-hour drive from Vancouver, British Columbia (Fig. 1).

Figure 1. Treasure Mountain location

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/254869_f589e05a049e09e2_001full.jpg

Receipt of the MYAB Permit, follows the Company's August 30^th, 2024, announcement that it had received a ten-year mining lease extension (the "Extension") for Treasure Mountain² under its M-239 permit. The Extension is valid through April 26, 2032, and receipt of the MYAB Permit positions the Company to leverage both mining and exploration options.

Treasure Mountain consists of an historic underground silver mine with a resource estimate in accordance with CIM definition standards³ and exploration upside to the north and west of the historic mine. The MB Zone is approximately 800 m northwest of the current mine workings on undrilled northern flank of the mountain. The Cal Vein was discovered at this location in 2010 and return a surface sample grading as high as 9,221g/t Ag, 1.02% Cu, 1.14% Pb and 1.03% Zn⁴. Subsequent soil sampling was conducted in 2011/2012 and 2013 with encouraging results.⁵ Small exploration programs conducted between 2019 and 2021 on the northwestern side of the mountain included soil sampling, rock sampling, mapping, and shallow drilling campaigns. These programs successfully identified a 2 km soil anomaly which appears to be related to a vein system of roughly the same strike length. Drill testing of the exposed vein confirmed continuity of mineralization coincidental with the soil anomaly.⁶

The MYAB Permit allows the Company to carry out the following exploration activities over the next five years in the areas shown below (Fig. 2):

30 drill holes 1,400 m of trenching

4,500 m of trail building 20 km of geophysical surveys with exposed electrodes

 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/254869_f589e05a049e09e2_003full.jpg

Figure 2. Site map with MYAB Permit boundaries

Peter Espig, CEO of Nicola Mining Inc., commented, "Receipt of the MYAB under Permit Number MX-15-121 coupled with our recently received ten-year mine life extension under Permit M-239, puts Nicola into an envious position as the confluence of mine and exploration potential brings forth a project that most investors have forgotten. Bolstered by solid silver prices and with permits in hand, we are very excited about its potential and look forward to exploring our Treasure Mountain Project for the first time in over a decade"

Qualified Person
William Whitty, P. Geo., the Company's VP Exploration, is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and supervised the preparation of, and has reviewed and approved the technical information in this release.

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.

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¹ Treasure Mountain Silver Project / Mine: Link
² August 30, 2024, News: Link
³ Ostensoe, E. A., Giroux, G. H. and Beaton, A. J., 2009, Technical Report, Resource Estimation, Mining and Reclamation Plan and Economic Evaluation, Treasure Mountain Property, Tulameen River Area, B. C., Canada.
⁴ August 25, 2010, News: Link
⁵ October 7, 2013, News: Link
⁶ Assessment Report for 2021 Exploration

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254869

FAQ

What permits did Nicola Mining (HUSIF) receive for its Treasure Mountain Silver Project?

Nicola Mining received a multi-year area-based exploration permit (MYAB Permit MX-15-121) on June 4th, 2025, and previously obtained a ten-year mining lease extension valid through April 2032.

What exploration activities are authorized under HUSIF's new MYAB Permit?

The permit authorizes 30 drill holes, 1,400m of trenching, 4,500m of trail building, and 20km of geophysical surveys with exposed electrodes over five years.

Where is Nicola Mining's Treasure Mountain Silver Project located?

The Treasure Mountain Silver Project is located 30 km northeast of Hope, approximately a 3-hour drive from Vancouver, British Columbia.

What were the historical exploration results at HUSIF's Treasure Mountain MB Zone?

The MB Zone, located 800m northwest of current mine workings, yielded surface samples grading up to 9,221g/t Ag, 1.02% Cu, 1.14% Pb, and 1.03% Zn.

What recent exploration work has been conducted at Treasure Mountain?

Between 2019 and 2021, exploration programs included soil sampling, rock sampling, mapping, and shallow drilling campaigns, which identified a 2km soil anomaly related to a vein system.