Nicola Mining Receives Positive Silver and Gold Initial Assay Results from Red Eye Project
Rhea-AI Summary
Nicola Mining (NASDAQ: NICM, TSXV: NIM) reported initial gold and silver assay results from two mill feed stockpiles comprised of material from Red Eye Resources stockpiles under a previously announced profit-share arrangement. A total of 47.82 kg of representative samples were collected from a larger (~1,200 tonne) and a smaller (~300 tonne) stockpile.
The samples, analyzed by Paragon Geochemical using PhotonAssay, returned a weighted average grade of 2.83 grams Au and 753.41 grams Ag. Nicola will proceed with laboratory simulations to optimize recovery. The company cautioned that results are based on limited surface sampling, with high grade variability and additional material added after sampling, so grades may not represent the entire piles.
Positive
- Weighted average assay 2.83 grams Au and 753.41 grams Ag from stockpile samples
- 47.82 kg of representative samples collected from ~1,500 tonnes of Red Eye material
- Independent ISO 17025:2017 accredited lab Paragon Geochemical completed PhotonAssay gold and silver analyses
- Nicola plans laboratory simulations to evaluate and potentially maximize metal recovery at Merritt Mill
Negative
- Grades based on limited surface sampling; buried material not tested and more material added later
- Company notes high variability in assay results, increasing uncertainty in grade distribution and pile representativeness
News Market Reaction – NICM
In the Aug 31 session, NICM declined 5.23%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Vancouver, British Columbia--(Newsfile Corp. - August 31, 2026) - Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA), (the "Company" or "Nicola") is pleased to announce that it has received initial assays results two mill feed stockpiles comprised of material originating from Red Eye Resources Ltd. ("Red Eye Resources") stockpiles. The Company announced in its August 17th, 2026, news release that the two parties had entered into a profit share agreement1.
A total of 47.82 kilograms representative of two stockpiles; 34.31 kilograms from the larger stockpile (approximately 1200 tonnes) and 14.87 kilograms from the smaller stockpile (approximately 300 tonnes), respectively.
Table 1: Samples taken from large and small stockpiles
| Sample | Kg | Au / ppm | Ag / ppm | |
| Small Stockpile | ||||
| RE-01 | 3.57 | 0.224 | 242.87 | |
| RE-02 | 5.46 | 0.375 | - | |
| RE-03 | 5.84 | 0.096 | - | |
| Large Stockpile | ||||
| RE-04 | 6.65 | 18.148 | 4817.38 | |
| RE-05 | 3.55 | 0.182 | 70.44 | |
| RE-06 | 5.85 | 0.646 | 180.19 | |
| RE-07 | 3.84 | 0.698 | 219.96 | |
| RE-08 | 3.47 | 0.234 | 29.26 | |
| RE-09 | 5.26 | 0.103 | 18.11 | |
| RE-10 | 4.33 | 0.631 | 180.05 | |
| Total Sample Kg | 47.82 | |||
The above representative results indicate an overall weighted average grade of 2.83 grams Au and 753.41 grams Ag2. The Company will now move forward with laboratory simulations to maximize recovery.
Sampling Program
The purpose of this sampling program was to characterize the grades within the two piles to determine whether to process the material at Nicolas's Merritt Mill. The small pile measured approximately 27m by 8m by 1.5m and consists of a single source of material. The larger pile measured approximately 18m by 13m by 3.5m (at the time of sampling) and consists of multiple sources of material.
Sampling was carried out by Nicola geologists. The samples were collected from the surface of the piles to best represent the accessible material. Samples were collected by hand, placed in a poly bag, labeled on the outside, and secured with a zip tie. Samples averaged 3 to 6 kilograms each and included fine material up to slightly larger than fist-sized chunks. Each sample was a composite of material from within an area of a few metres by a few metres. The samples were then transported by Nicola geologists to Paragon Geochemical laboratory in Surrey BC, an independent ISO 17025:2017 accredited geochemical testing laboratory. Samples where crushed and pulverized (lab code PREP) then analyzed for gold and silver using 2-cycle PhotonAssayTM (lab code (PA-AU02/AG02 Au and Ag).
Results of this program should not be considered representative of the entire volume of material contained within the piles, since buried material was not accessible for sampling, and more material was added to the larger pile after the samples were collected. As well, the high variability of results adds uncertainty to the grade distribution.
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 of Exploration for the Company.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the NASDAQ, the TSX Venture 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: 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.
1 August 17, 2026, news release: Link
2 It should be noted that grades are based on limited results and may not be accurate.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312048