VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 23, 2017) - Nicola Mining Inc. (TSX
VENTURE:NIM) (the "Company") is pleased to announce results of historic and resampled diamond drill core from
hole S-100. Hole S-100 was originally drilled in January 1978 on the Embayment target located on the Thule property 10 km west of
Merritt, B.C.
Early in January 2017, Nicola Mining Inc. geologists re-sampled S-100, an historic surface drill hole from the Craigmont
Mine. This hole was drilled into the Embayment target; a target that was drill tested by Nicola Mining in their 2016 drill
program with hole THU-002. The Company's news release dated September 7, 2016 includes one Embayment Zone hole, THU-002
that intersected 1.11% Cu over 85.92m. Hole S-100 was collared approximately 65 metres southeast of THU-002 and drilled
a total of 590.70 metres (1938.0 feet). Nicola Mining sampled an additional 64.49 metres (228 feet) of altered and weakly
mineralized core from where original sampling stopped at 421.23 metres (1382 feet). The results of the historic sampling
of S-100 include sections of 0.92% Cu over 61.9 metres within a section of 116.7 metres grading 0.54%.
Re-sampling S-100 entailed locating and recovering the core in from the original Craigmont core racks, re-establishing drill
core depths using box footage labels and original footage blocks that remained in the core boxes. The last available core was
from a hole depth of 490.73 metres (1610 feet) as indicated on the core box marking. This depth was used to verify depths from
block markings on preceding core and confidently establish downhole depths of samples collected at 2 metre intervals. Hole S-100
was drilled on an azimuth 053 degrees and a dip of -52 degrees. Core Sizes were HQ from 184.10 metres (604 feet) to 277.37 metres
(910 feet) and NQ from 277.37 metres (910 feet) to the end of hole at 590.70 metres (1938 feet).
The end of S-100 is approximately 143.00 metres northwest and 140.0m below the end of hole for THU-002, this indicates
an area of untested potential mineralization.
Nicola Mining sampled the interval from 414.30 to 490.70 metres (1359.25-1610.00 feet), overlapping the original samples by
6.94 metres (22.77 feet).
|
Historic (1978 Sampling) |
Hole |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
S-100 |
271.9 |
388.6 |
116.7 |
0.54 |
Including |
292.0 |
388.6 |
96.6 |
0.63 |
Including |
325.5 |
387.4 |
61.9 |
0.92 |
Including |
328.6 |
374.0 |
45.4 |
1.01 |
January 2017 Re-Sampling |
S-100 |
462.0 |
472.0 |
10.0 |
0.51 |
Peter Espig, CEO of Nicola Mining Inc., commented, "We are very encouraged by these results as the 140-metre distance between
the two drill holes highlights the potential of an exciting mineralized zone. The Company will conduct work during 2017 to
delineate and define the zone, which is open in multiple directions."
Qualified Person
The scientific and technical content of this press release was reviewed by Mr. Chris LeClair G.I.T. and verified by Mr. Kevin
Wells, P.Geo., who is classified as a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for
Mineral Projects.
Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange, and has a fully-permitted
200 tonne per day custom mill that recommenced operations in June 2016. Its 100% owned state-of-the-art mill and tailing
facility, located near Merritt, British Columbia, is capable of processing both gold and silver mill feed via gravity and
floatation processes. The Company has 100% of the Thule Copper property covering 10,084 hectares along the southern end of the
Guichon Batholith. In addition, the Company also owns 100% of Treasure Mountain, its high-grade silver property, and a gravel
pit, which is located adjacent to its milling operations.
On behalf of the Board of Directors,
Peter Espig, CEO & Director
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.