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Nicola Mining Commences Phase 2 RC Drill Program to Review Copper and Magnetite Grades in Historic Waste Piles
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2018) - Nicola Mining Inc. (TSXV: N...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Nicola Mining Commences Phase 2 RC Drill Program to Review Copper and Magnetite Grades in Historic Waste PilesVancouver, British Columbia--(Newsfile Corp. - October 30, 2018) - Nicola Mining Inc. (TSXV: NIM), (the “Company” or “Nicola”) is pleased to announce that it has commenced an extensive Reverse Circulation (“RC”) drilling program on the historic Craigmont Copper Mine waste piles (“Waste Piles”) and the 3060 Ore Portal. The approximate 80-90 million tonnes of Waste Piles and 3060 Portal surround the historic Craigmont pit, which is located 3km southeast of Merritt, BC. The Waste Piles are part of the Company’s wholly-owned New Craigmont Project. In addition to RC drilling of the Waste Piles, the Company is currently conducting a diamond drilling program to actively explore a mineralized halo that is known to exist around the pit.This current program is part of Nicola’s second phase (“Phase 2”) of RC drilling on both the Waste Piles and the 3060 Portal and is designed as a follow-up to positive results during the Phase 1 RC programs completed in the Spring on 2018 (released August 10, 2018) and 2017 Ore Portal program (released September 26, 2017).In addition to the 49 holes drilled between 2017 and early 2018, Nicola has planned an additional 60 RC holes (Figure 1), focused on the South Waste Piles and Ore Portal to test the economic viability of the crushed rock. Highlights from previous RC drilling in these areas include:An average grade of 0.24% Copper for the first 9 meters of the 29 drill holes at the 3060 Portal.An average grade of 1.03% Copper, 8.5% magnetite / iron in hole P-34 and 0.86% Copper, 9.5% magnetite / iron in hole P-72.An average grade of 0.25% Copper, 6.5% magnetite / iron over 40 metres in CC-RC-18-12.Combining Economic Potential of Both Copper and MagnetiteIn addition to analyzing copper grades, the Company will also review magnetite grades. Approximately a decade after the Craigmont Copper Mine closed in 1982, mining operations of magnetite (Fe304) began on the approximate 27,000,000 tonnes of historic tailings. Magnetite operations began in 1993 and continued until 2014, at which time Nicola took over sole usage of the tailings. On November 19, 2015 Nicola announced that it had garnered full ownership of all the hist...