Nicola Mining and High Range Exploration Commence Work at Dominion Creek High Grade Gold / Silver Project

Rhea-AI Summary

Nicola Mining and High Range Exploration have initiated work at the Dominion Creek Gold/Silver Project. Nicola Mining has provided $50,000 in funding to High Range Exploration for road construction, which will support bulk sample exploration after a permit is obtained. Nicola holds a 75% economic interest in Dominion. High Range received support from First Nations and submitted a revised 10,000-tonne bulk sample application to the Ministry of Energy, Mines and Low Carbon Innovation. Past sampling at Dominion revealed high-grade gold and silver results but progress was delayed due to COVID-19 and permit adjustments. Work began in early June 2024.

Positive

• Nicola Mining holds a 75% economic interest in Dominion Creek Project.
• Funding of $50,000 was provided to High Range Exploration for road work.
• High Range received First Nations support for bulk sampling.
• High-grade assays from past sampling: 62.1 g/t Au, 320 g/t Ag, 23.4% Pb, 12.4% Zn.
• Work at Dominion Creek Project commenced in early June 2024.

Negative

• Project progress was previously delayed due to COVID-19.
• Permit application required revisions, slowing down operations.
• No current information on production timelines or financial outlook.

Vancouver, British Columbia--(Newsfile Corp. - June 3, 2024) - Nicola Mining Inc. (TSXV: NIM) (FSE: HLI) (OTCQB: HUSIF) (the "Company" or "Nicola") is pleased to announce that it has forwarded funds to High Range Exploration ("High Range") allowing the latter to commence road work at the Dominion Creek Gold / Silver Project ("Dominion").

Nicola forwarded High Range $50,000 on May 24^th, 2024, to expedite road work, which is expected to augment bulk sample¹ exploration work upon receipt of a Bulk Sample Permit. Nicola maintains a 75% economic interest in Dominion.

High Range received a Letter of Support from First Nations for the bulk sample on June 27, 2023. Subsequently, High Range summitted revised engineering reports to the Ministry of Energy, Mines and Low Carbon Innovation in conjunction with its revised 10,000-tonne bulk sample application.

The Company announced in its October 14, 2020, news release that it had conducted a 9.7 kg surface sample which returned the following grades:

• 62.1 grams per tonne Au
• 320 grams per tonne Ag
• 23.4% Pb, 12.4% Zn

Chip sampling from the vein's surface outcropping also returned high grade gold and silver assays (October 26, 2020 news release). The Dominion Project was slowed down because of COVID and due to submission of a revised Bulk Sample Permit application, which included engineering adjustments to the foot and hanging walls. Work will commence in early June.

Qualified Person

William Whitty, P. Geo., VP of Exploration for the Company, is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the 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 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 high-grade copper property, which 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 include 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

Forward-Looking Information

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 Bulk Sample: An exploration and development activity conducted on a mineral claim to investigate the metallurgical properties of an ore body, to test extractive milling methods, mill equipment, and potential markets.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211381

FAQ

What recent funding did Nicola Mining provide for Dominion Creek?

Nicola Mining provided $50,000 to High Range Exploration for road construction at Dominion Creek.

What is Nicola Mining's economic interest in Dominion Creek?

Nicola Mining holds a 75% economic interest in the Dominion Creek Project.

When did High Range Exploration receive support from First Nations?

High Range Exploration received support from First Nations on June 27, 2023.

What were the assay results from previous sampling at Dominion Creek?

Previous sampling at Dominion Creek showed 62.1 g/t Au, 320 g/t Ag, 23.4% Pb, and 12.4% Zn.

When did work commence at the Dominion Creek Project?

Work at the Dominion Creek Project commenced in early June 2024.

What caused delays in the Dominion Creek Project?

Delays were caused by COVID-19 and required revisions to the bulk sample permit application.