Nicola Mining Commences Exploration Drilling at Its Flagship New Craigmont Copper Project
Rhea-AI Summary
Nicola Mining (NASDAQ: NICM) has started its 2026 diamond drilling program at the New Craigmont copper project near Merritt, BC, targeting a ZTEM resistivity anomaly called Jotun. The first planned hole targets ~775 metres downhole to test for a causative intrusive related to the historical Craigmont skarn.
The program budget is $1.5M, includes a geophysical and soil campaign, Mobile MT survey and thermal vectoring processing, and drilling is expected to finish in early June before work at Treasure Mountain.
AI-generated analysis. Not financial advice.
Positive
- Diamond drilling to directly test the Jotun ZTEM resistivity anomaly
- Planned target depth of approximately 775 metres downhole
- Program budget of $1.5M covering drilling, geophysics and soil sampling
- Use of Mobile MT and thermal vectoring to refine deep targets and alteration mapping
- Program execution by Dorado Drilling Ltd, enabling field mobilization
Negative
- Jotun target is previously untested; results and mineralization are uncertain
- Single deep hole concentrates budget and leaves limited coverage for additional targets
News Market Reaction – NICM
On the day this news was published, NICM gained 7.77%, reflecting a notable positive market reaction. Argus tracked a peak move of +4.7% during that session. Argus tracked a trough of -2.3% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $9M to the company's valuation, bringing the market cap to $121.61M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
No peers in momentum scanners and no same-day peer headlines provided, so the setup ahead of this exploration update appears stock-specific based on available data.
Market Pulse Summary
The stock moved +7.8% in the session following this news. A strong positive reaction aligns with the strategically important nature of advancing drilling at New Craigmont. With shares at 6.18, below the 200-day MA of 6.57 and 41.7% under the 52-week high, the stock had been in a weaker technical position ahead of this update. The modest pre-news volume of 28,069 versus a 961,509 20-day average suggests the move could be sensitive to changes in liquidity.
Key Terms
z-axis tipper electromagnetic (ztem) technical
porphyry medical
skarn medical
diamond drilling technical
geophysical survey technical
mobile magnetotelluric (mobile mt) technical
AI-generated analysis. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - April 28, 2026) - Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) (the "Company" or "Nicola") is pleased to announce commencement of the 2026 Exploration Diamond Drilling Program (the "2026 Program") at its New Craigmont Copper Project ("New Craigmont"), near Merritt, BC.
Exploration Target
In 2022, Nicola Mining Inc. completed a property-wide Z-axis Tipper Electromagnetic (ZTEM) survey conducted by Geotech Ltd. Interpretation of the dataset identified a prominent resistivity anomaly located immediately north of the historical Craigmont open pit (Figure 1). Subsequent drilling completed in 2023 (holes NC23-005 and NC23-006), positioned to the south of this anomaly, intersected encouraging porphyry-style alteration assemblages, supporting the potential for a larger mineralized system at depth. Nicola has designated this geophysical feature as the "Jotun" target (pronounced Yoten).
The Company considers the Jotun target to be a compelling exploration opportunity that may represent the causative intrusive source responsible for the high-grade copper skarn historically mined at Craigmont. Nicola's 2026 plans include drilling an exploration hole to directly test the ZTEM anomaly and evaluate its potential as a core of a porphyry-skarn system; however, it should be noted that New Craigmont has the potential of hosting multiple porphyries, as highlighted by the adjacent Highland Valley Copper.
Figure 1. Location Map of the Planned Drill Hole and Geological Setting
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/294396_7986e39784ab6960_001full.jpg
Diamond Drilling Plans
Exploration plans for the 2026 Program include diamond drilling at the Jotun target area, a previously untested zone within the New Craigmont Project. The Company will be working with Dorado Drilling Ltd. to execute the program.
The planned drill hole is designed to test the interpreted ZTEM resistivity anomaly at depth, with the target zone expected to be intersected at approximately 775 metres downhole, based on the current geological model and assuming a drill orientation of approximately 80 degrees dip and the planned azimuth. This hole is intended to evaluate the potential presence of a causative intrusive body associated with the historical Craigmont copper skarn system.
Drilling at the Jotun target will open a new exploration area at New Craigmont and is expected to provide valuable geological information to support ongoing target development, including improved understanding of alteration assemblages, structural controls, lithological contacts, and mineralization, which are critical components in advancing exploration of a potential porphyry copper system at New Craigmont.
Figure 2. Cross section (and plan view) of the Jotun target: untested ZTEM resistivity high.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4873/294396_nicola2.jpg
The estimated budget for the 2026 Program is
Soil sampling will be conducted in the northwestern portion of the property to support target generation in underexplored areas. In addition, the Company plans to complete a comprehensive Mobile Magnetotelluric (Mobile MT) survey to further refine deep geophysical targets across the property. Details of these programs will be shared as the field season advances.
The Company also expects to have its thermal vectoring dataset fully processed during the season, which will support further interpretation of hydrothermal alteration patterns and help guide decisions on whether to continue expanding this work with additional data collection in the following year.
The Company expects to provide additional updates on exploration activities and results as the field season progresses.
Qualified Person
The scientific and technical disclosure 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, Exploration for the Company.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX-V 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: 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294396