Nicola Mining Inc. has secured five-year extensions for six mining leases at its New Craigmont Property, covering more than 10,800 hectares adjacent to Teck Resources' Highland Valley Copper Mine, the largest copper operation in Canada. The lease extensions provide long-term security for the company's exploration and development activities in this strategically important mining region. This move solidifies the company's position in a prolific copper district and allows for sustained investment in defining the mineral potential of the property, which is situated along the southern end of the Guichon Batholith.
Concurrently, Nicola Mining reported shipping 707 ounces of gold concentrate in partnership with Talisker Resources Ltd., generating gross proceeds of approximately US$2.3 million. This revenue stream has been supported by recent upgrades to the company's Merritt Mill facility, enhancing its processing capabilities for both gold and silver mill feed through gravity and flotation processes. The company's fully permitted mill and tailings facility near Merritt, British Columbia, provides critical infrastructure support for current and future operations, enabling efficient processing of mined materials.
The company has also initiated a substantial 4,000-to-5,000-meter diamond drill program at New Craigmont, which began on June 1. This exploration program represents a significant investment in defining the property's mineral potential, particularly given its location along the southern end of the Guichon Batholith and adjacency to Canada's largest copper mine. The drilling aims to systematically test geological targets and build upon existing data to assess the economic viability of mineral deposits within the leased area.
The combination of extended mineral leases, active drilling programs, and revenue generation from gold shipments demonstrates Nicola Mining's progress in advancing its portfolio of mining assets. These developments highlight the company's multi-faceted strategy of securing long-term resource access, conducting aggressive exploration, and generating operational cash flow. Coverage of these developments was provided by Mark Reichman, Managing Director and Equity Research Analyst at Noble Capital Markets. Investors seeking detailed analysis can access the full report through https://ibn.fm/WedjL for comprehensive market insights.
Additional information and updates relating to Nicola Mining are available through the company's newsroom at https://ibn.fm/HUSIF, providing stakeholders with ongoing access to corporate developments and operational milestones. The lease extensions at New Craigmont are particularly significant as they ensure the company maintains control over a substantial land package in a region with established mining infrastructure and proven mineral endowment, reducing near-term regulatory uncertainty and facilitating longer-term planning for resource development.
