Nicola Mining Commences First-Ever Drill Program at Treasure Mountain's MB Zone and Reports Intense Mineralization

Nicola Mining advances Treasure Mountain from care and maintenance to a four-hole drill test of the high-potential MB Zone.

Rhea-AI Summary

Nicola Mining (NICM) has started its 2026 diamond drilling program at the MB Zone on the Treasure Mountain silver property in British Columbia. The four-hole program totals approximately 800 m and is the first-ever drill test of the MB Zone, located about 1 km northwest of the historical Treasure Mountain mine, which has been on care and maintenance since 2013. Prior surface sampling from 2019–2022 returned high-grade values, including up to 1,300 g/t silver, 2.59 g/t gold, 27.4% lead and 27.2% zinc from a vein sample. Core from the first hole has visually shown intense pyrite-pyrrhotite-sphalerite mineralization, though the company stresses that only assays will confirm grades. Drilling is expected to finish by the end of September, with multi-element assay results targeted for release by year-end.

Positive

• Four-hole, 800 m drill program launched to test the undrilled MB Zone at Treasure Mountain
• Historical surface sampling returned up to 1,300 g/t Ag, 2.59 g/t Au, 27.4% Pb and 27.2% Zn from a vein sample
• Initial core logging shows visually intense pyrite-pyrrhotite-sphalerite mineralization in the first hole
• Assay timeline drilling completion targeted by end of September and results by year-end

Negative

• None.

News Explained

The first-hole core is being sampled and submitted to AGAT Laboratories for multi-element analysis; Nicola says assay results will be reported only after receipt, verification and review.

Market Context

On Sep 09, NICM fell 1.65% after an inspection found Treasure Mountain accessible, providing a relev...

Analysis

On Sep 09, NICM fell 1.65% after an inspection found Treasure Mountain accessible, providing a relevant pre-headline record as the current announcement advances exploration at the same property.

Key Figures

Drill holes: 4 holes Planned drilling: approximately 800 m Sample 2100151 mineralization: 813 g/t Ag; 0.52 g/t Au; 19% Zn; 4.66% Cu +3 more

Drill holes

4 holes

2026 Treasure Mountain drilling program

Planned drilling

approximately 800 m

MB Zone

Sample 2100151 mineralization

813 g/t Ag; 0.52 g/t Au; 19% Zn; 4.66% Cu

2019/2020 surface sampling

Sample 2100152 mineralization

105 g/t Ag; 1.18% Cu

2019/2020 surface sampling

Sample 2100207 mineralization

1,300 g/t Ag; 2.59 g/t Au; 1.16% Cu; 27.4% Pb; 27.2% Zn

Exposed vein surface sampling

Expected assay timing

By year-end

2026 drilling program assay results

Historical Context

1 past event · Latest: Sep 09

1 event

1. Sep 09

   Treasure Mountain reopening

   24h Move

   -1.6%

   Inspection found accessible portals and infrastructure while evaluating a potential 2027 restart

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

diamond drilling, assay results, multi-element analysis, sphalerite, +2 more

6 terms

diamond drilling technical

"includes diamond drilling at the MB target area"

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.

assay results technical

"with assay results expected to be released by year-end"

Assay results are the measured outcomes from laboratory tests that determine how much of a substance is present or how well a drug, vaccine, or product performs. For investors, these results are a snapshot of scientific progress and product quality—like a report card or lab grade—that can affect a company’s regulatory approval odds, market potential, manufacturing consistency, and likely future revenues or risks.

multi-element analysis technical

"submitted to AGAT Laboratories for multi-element analysis"

A laboratory method that measures the amounts of many chemical elements—like metals or minerals—in a single sample at once, similar to a nutrition label that lists several nutrients together. Investors care because the results affect how valuable or risky an asset is: they inform mineral resource estimates, product safety and compliance, environmental liabilities, and the likelihood of costly cleanup or regulatory action.

sphalerite technical

"subordinate sphalerite occurring as coarse, silvery-grey blebs"

Sphalerite is a mineral made mostly of zinc sulfide and is the main source of zinc mined worldwide; it can contain varying amounts of iron and appears in a range of colors. Investors care because the quantity and quality of sphalerite in a deposit determine how much zinc can be produced and at what cost, which influences zinc supply, industrial demand and commodity prices — similar to how the size and quality of an apple crop affect juice producers' costs.

pyrrhotite technical

"Pyrrhotite and pyrite are predominant"

Pyrrhotite is a naturally occurring iron‑sulfur mineral often found in rock and ore deposits. It can slowly change when exposed to air and water, producing expansion and corrosive byproducts that damage concrete, foundations and buried infrastructure. For investors, pyrrhotite is important because its presence can reduce the value of real estate, raise construction or remediation costs, and affect mining project economics — like finding hidden termites in a building that can trigger large, unexpected repairs.

national instrument 43-101 regulatory

"as defined by National Instrument 43-101"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Vancouver, British Columbia--(Newsfile Corp. - September 18, 2026) - Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) (the "Company" or "Nicola") is pleased to announce that it has commenced its 2026 exploration drilling program (the "2026 TM Program") at Treasure Mountain. Treasure Mountain is a permitted silver mine located approximately 30 km northeast of Hope, British Columbia, and roughly a three-hour drive from Vancouver. The mine was placed on care and maintenance in 2013 during a period of depressed silver prices. Notwithstanding the suspension of mining operations, Treasure Mountain has remained a core asset within Nicola's portfolio, with the Company maintaining the project in anticipation of a more constructive silver-price environment and an appropriate opportunity to advance systematic exploration.

The 2026 TM Program includes diamond drilling at the MB target area, a previously undrilled zone approximately 1 km northwest of the historical Treasure Mountain silver mine (Figure 1). The Company considers the MB target area a compelling exploration target for high-grade silver-lead-zinc mineralization similar to that encountered at the historical mine, with the additional presence of copper and gold. From 2019 to 2022, Nicola carried out soil and surface rock sampling that returned encouraging results indicating silver-lead-zinc-copper-gold mineralization along a vein system exposed at several locations along strike.

Figure 1: Location Map of the Planned Drill Holes and Geological Setting

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/314839_c9cb36f0a4778bd1_001full.jpg

Encouraging results from the 2019/2020 sampling programs include:

• Sample 2100151: 813 g/t Ag, 0.52 g/t Au, 19% Zn and 4.66% Cu;
• Sample 2100152: 105 g/t Ag and 1.18% Cu; and
• Sample 2100207 (taken from the exposed vein): 1,300 g/t Ag, 2.59 g/t Au, 1.16% Cu, 27.4% Pb and 27.2% Zn.

Drilling for the 2026 season is expected to be completed by the end of September, with assay results expected to be released by year-end.

The 2026 TM Program comprises four drill holes totaling approximately 800 m and targeting the MB Zone, an area characterized by mineralized veins at surface that has not previously been drill-tested at depth. The Company is working with Western Exploration Diamond Drilling Ltd. to execute the 2026 TM Program. The holes are designed to intersect and test previously sampled quartz-sulphide veins trending northeast-southwest along the length of the valley.

Core from the first hole is being sampled and submitted to AGAT Laboratories for multi-element analysis. Visual examination of the core has identified intervals exhibiting intense mineralization, examples of which are shown in Figure 2. While these observations are geologically encouraging, visual estimates are not a substitute for analytical results. The Company will report assay results following receipt, verification and review in accordance with its disclosure procedures.

TM26-001 Core Photos

Figure 2: Semi-massive pyrite-pyrrhotite-sphalerite mineralization occurring as irregular blebs, patches and sulphide-rich aggregates throughout the host rock. Pyrrhotite and pyrite are predominant, with subordinate sphalerite occurring as coarse, silvery-grey blebs and aggregates.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/314839_nicola2.jpg

CEO COMMENT

Peter Espig, Chief Executive Officer of Nicola Mining, commented: "Treasure Mountain has remained a vital component of Nicola's asset portfolio throughout a prolonged period in which silver-market conditions did not justify aggressive capital deployment. Commencing drilling at the MB Zone marks a deliberate transition from asset preservation to value-oriented exploration. We are particularly encouraged by the intensity of mineralization observed in the first drill core; however, our interpretation will remain disciplined, and assay driven. The 2026 TM Program was designed to test whether mineralized surface veins demonstrate continuity and scale at depth. Positive analytical results would materially enhance our geological understanding of the MB Zone and help define the next phase of exploration at Treasure Mountain."

Qualified Person

The scientific and technical disclosures contained in this news release have been reviewed and approved by Will Whitty, P.Geo., Vice President of Exploration for the Company and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the Nasdaq Stock Market, the TSX Venture Exchange and the Frankfurt Stock Exchange. The Company owns a 100% interest in a permitted mill and tailings facility located near Merritt, British Columbia, and has entered into Mining and Milling Profit Share Agreements with high-grade gold projects. Nicola's fully permitted mill can process both gold and silver mill feed using gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property covering more than 10,800 hectares along the southern end of the Guichon Batholith and adjacent to Highland Valley Copper, Canada's largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which comprises 30 mineral claims and a mineral lease spanning more than 2,200 hectares.

On behalf of the Board of Directors
"Peter Espig"

Peter Espig
CEO & Director
For additional information, contact: Bill Cawker
Phone: (604) 649-0080
Email: info@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/314839

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the objective of the 2026 Treasure Mountain (TM) drilling program?

The 2026 TM Program is designed to test whether mineralized quartz-sulphide surface veins at the MB Zone demonstrate continuity and scale at depth. The company said positive analytical results would improve the geological understanding of the MB Zone and help define the next phase of exploration at Treasure Mountain.

How many drill holes are planned and what area are they targeting?

The program comprises four diamond drill holes totaling about 800 m. All holes are targeting the MB Zone, an area with mineralized veins at surface located approximately 1 km northwest of the historical Treasure Mountain silver mine.

Which contractors and laboratories are involved in the 2026 TM Program?

Western Exploration Diamond Drilling Ltd. is executing the drilling, and core from the first hole is being sampled and submitted to AGAT Laboratories for multi-element analysis.

What notable historical sampling results support drilling at the MB Zone?

From 2019 to 2022, soil and rock sampling at the MB target returned encouraging results, including sample 2100151 with 813 g/t Ag, 0.52 g/t Au, 19% Zn and 4.66% Cu, and sample 2100207 from the exposed vein with 1,300 g/t Ag, 2.59 g/t Au, 1.16% Cu, 27.4% Pb and 27.2% Zn.

Who is the Qualified Person responsible for the technical information?

The scientific and technical disclosures have been reviewed and approved by Will Whitty, P.Geo., Vice President of Exploration for Nicola Mining and a Qualified Person as defined by National Instrument 43-101.

What other core assets does Nicola Mining own besides Treasure Mountain?

Nicola owns a 100% interest in a permitted mill and tailings facility near Merritt, British Columbia, with profit share agreements on high-grade gold projects. It also owns 100% of the New Craigmont Project, a high-grade copper property of more than 10,800 hectares, and 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease covering more than 2,200 hectares.