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Nicola Mining and High Range Submit Bulk Sample Permit Application and Commence Road Work at the High-Grade Dominion Creek Gold Project
Vancouver, British Columbia--(Newsfile Corp. - August 3, 2023) - Nicola Mining Inc. ( TSXV: NIM )...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Nicola Mining and High Range Submit Bulk Sample Permit Application and Commence Road Work at the High-Grade Dominion Creek Gold ProjectVancouver, British Columbia--(Newsfile Corp. - August 3, 2023) - Nicola Mining Inc. (TSXV: NIM) (FSE: HLI) (the \"Company\" or \"Nicola\") is pleased to provide the following updates on the Dominion Creek Property (the \"Gold Project\"), which is located 43 kilometers northeast of the Town of Wells and approximately 110 kilometers east-southeast of Prince George. The Company has previously announced two key agreements that it has entered in with High Range Exploration Ltd. (\"High Range\"). Strategic Milling and Profit Share Agreement1 (\"Profit Share Agreement\") that provides a 50/50 profit split between the Miner, High Range, and Miller, Nicola.Mineral Purchase Agreement2 (\"Purchase Agreement\") in which the Company invested into the Gold Project for a 50% interest.Combined the Profit Share Agreement and Purchase Agreement provide Nicola with a 75% economic interest in the Gold Project.Since signing the Purchase Agreement, High Range and Nicola, (the \"Parties\") have worked together to successfully submit a 10,000 tonne bulk sample permit (\"Bulk Sample Permit\") application to the Ministry of Energy, Mines and Low Carbon Innovation (\"EMLI\") and completed First Nations consultation. On July 16, 2023, Alan Raven, representing the Gold Project, consulted with Chief and Council of the Lheidli T'enneh First Nation and on June 27, 2023, received a full letter of support that has been forwarded to EMLI.As explained in the June 2, 2021, news release, the Parties had allocated a budget of up to $300,000 for road construction and infrastructure upgrades; however, a significant amount of road work has since been completed by other projects, thereby decreasing the expected budget required for roadwork. Nicola has agreed to fund up to $100,000 to commence roadwork upgrades, which is expected to expedite work on the Gold Project once the Bulk Sample Permit has been approved. ABOUT DOMINION CREEK PROPERTYThe Dominion Creek Property consists of 8 mineral claims (55 units) totaling approximately 1,040 hectares. A 1,180 tonne bulk sample from the South Zone was excavated in 1992 and limited drilling has occurred. The site was owned by Noranda Exploration Company Ltd., who initially completed a sm...