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Nicola Mining Announces Results of Reverse Circulation Drilling on 3060-Craigmont Portal Wastepiles
VANCOUVER, B.C., Sept. 26, 2017 (GLOBE NEWSWIRE) -- Nicola Mining Inc. (TSX-V:NIM) (the “Company”) is pleased to announce the results of a Reverse Circulation d
About this update from Nicola Mining Inc.
[{"type":"text","content":"VANCOUVER, B.C., Sept. 26, 2017 (GLOBE NEWSWIRE) -- Nicola Mining Inc. (TSX-V:NIM) (the “Company”) is pleased to announce the results of a Reverse Circulation drill program (“RC Program”). The program was designed to evaluate the copper grade and volume of historical material excavated from underground workings of the Craigmont Mine, located near Merritt, British Columbia. The material is located adjacent to the 3060-Portal (figure 1). Results of the RC Program confirm significant copper mineralization in the material sampled by drilling. A RC drill rig operated by Boart Longyear Ltd. was mobilized to site on July 24 and drilling continued until August 1, 2017. The program was temporarily suspended due to poor air quality resulting from forest fire smoke, which affected the BC Interior this year. The material tested accounted for approximately 65% of the area occupied by the excavated material. Assay results from the drill program are summarized in Table 1. Highlights of the results are: An average grade of 2391 ppm Cu (0.24% Cu) for the first 9 metres of the 29 drill holes. An average grade of 10,322 ppm Cu (1.03% Cu) in Hole P-34 and an average grade of 8632 ppm Cu (0.86% Cu) in Hole P-72. Table 1. Composite of RC Drill Hole Results On October 3, 2016, the Company announced that it had entered into an Exploration and Material Purchase Agreement with Teck Highland Valley Copper Partnership (“HVCP”), a wholly owned subsidiary of Teck Resources Limited involving approximately 80 - 90 million tonnes of mine strip material (refer to Oct. 3, 2016 news release) surrounding the historic Craigmont open pit. As described in the Oct. 3, 2016 news release, the historic cut off grade of the open pit was 0.7%. Figure 1. Map of Historic Stockpile and 3060-Portal Location As Figure 1 illustrates, the RC Program tested material outside of the HVCP agreement. In addition to 3060 Portal, the Company had planned to conduct RC drilling at Portal 3500, prior to postponing the RC Program due to air quality issues caused by forest fires. Future RC drilling is expected to focus on the approximate 80 - 90 million tonnes of stockpiles surrounding the pit area. The Company recognizes that the quantity and grade is conceptual as there is insufficient data to conclude a NI 43-101 resource; however, the RC Program ...