Nicola Mining Provides Operations and Exploration Update

Rhea-AI Summary

Nicola Mining has shipped approximately 55 dry tonnes (64 wet tonnes) of concentrate produced jointly with Talisker Resources, containing an estimated grade of 97.75 grams gold per tonne. The concentrate grades have improved during the milling process due to enhanced gold capture through gravity and tabling processes. The processing occurs at Nicola's Merritt Mill, a $30.0 million facility that is uniquely positioned as the only facility in British Columbia permitted to accept third-party gold and silver mill feed province-wide. The Company has secured an offtake agreement with Ocean Partners UK for concentrate sales. Additionally, Nicola is currently conducting drilling operations at the Embayment Zone, following drilling at West Craigmont-WP and MARB-CAS targets.

Positive

• Successfully shipped high-grade concentrate containing 97.75 g/t gold
• Improved concentrate grades through enhanced processing methods
• Secured offtake agreement with Ocean Partners UK
• Owns unique $30M mill facility with exclusive provincial third-party processing rights

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 23, 2024) - Nicola Mining Inc. (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) (the "Company" or "Nicola") is pleased to announce that it has shipped concentrate produced jointly with Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) ("Talisker"). The initial shipment of concentrate was for approximately 55 dry tonnes (64 wet tonnes) that contained an estimated grade of 97.75 grams gold per tonne. The Company is also pleased that concentrate grades have increased during the milling process, mainly attributed to the capturing of free gold via gravity and tabling processes. The Company had announced on April 9, 2024, that it had signed a Milling Agreement with Talisker for the processing of mill feed at Nicola's mill site, located near Merritt, British Columbia. Nicola's Merritt Mill is a unique $30.0 million plus milling and processing facility constructed on free-hold industrial-zoned land owned 100% by the Company. The Company has secured an offtake agreement¹ with Ocean Partners UK Limited ("Ocean Partners") to sell the concentrate on behalf of Nicola and Talisker.

Figure 1: Talisker Material Concentrate (left). Figure 2: Initial Shipment (right)

Nicola's Merritt Mill is the only facility in the Province of British Columbia permitted to accept third party gold and silver mill feed from throughout the province.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/227458_1.jpg

The Company also announces that it is currently drilling at the Embayment Zone, after having drilled at both the West Craigmont-WP and MARB-CAS targets of the 2024 drilling exploration program. Given the significance of the program the Company will issue an update and results upon completion.

Qualified Person
William Whitty, P. Geo., the Company's VP Exploration, is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and supervised the preparation of, and has reviewed and approved, the technical information in this 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 includes 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
URL: www.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.

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¹ See April 30, 2021 news release: https://nicolamining.com/nicola-mining-signs-purchase-contract-for-gold-and-silver-concentrate-with-ocean-partners-holdings/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227458

FAQ

What is the gold grade of Nicola Mining's (HUSIF) recent concentrate shipment?

Nicola Mining's recent concentrate shipment contained an estimated grade of 97.75 grams gold per tonne.

How many tonnes of concentrate did Nicola Mining (HUSIF) ship in October 2024?

Nicola Mining shipped approximately 55 dry tonnes (64 wet tonnes) of concentrate.

What is unique about Nicola Mining's (HUSIF) Merritt Mill facility?

The Merritt Mill is the only facility in British Columbia permitted to accept third-party gold and silver mill feed from throughout the province, with a facility value of over $30 million.