Business
Nicola Mining Inc. CEO Letter to Shareholders
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2022) - Nicola Mining Inc. (TSXV: NIM...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Nicola Mining Inc. CEO Letter to ShareholdersVancouver, British Columbia--(Newsfile Corp. - March 25, 2022) - Nicola Mining Inc. (TSXV: NIM) (FSE: HLI).Dear Shareholders and Investors,Over the past year, Nicola Mining Inc. (TSXV: NIM) (FSE: HLI) (the \"Company\" or \"Nicola\") has released several news releases providing updates on the Company's New Craigmont copper project (the \"New Craigmont\"), Treasure Mountain silver project (\"Treasure Mountain\"), and Dominion Gold project, as well as operations at its Merritt Mill gold and silver milling facility (\"Merritt Mill Site\"). While the diversity of news may cause confusion as to the Company's near, mid, and long term goals, our long term goals remain the same and our near term goals reflect opportunistic flexibility that supports our vision. This letter is intended to provide further clarity and provide a road map for the Company's near term development to become a self-funded exploration and resource company.New Craigmont Copper ProjectMine Permit M-68: 10,913 hectares of mineral claimsThe Mining Journal recently published its Copper Outlook[1] Report that echoes Wall Street's consensus that under investment / underdevelopment bodes well for the metal and that by 2030, the market observers expect to see a 5.0 million tonne per year shortfall of the green metal. There are several reasons core to management's believe that New Craigmont is our crown asset. Added to this, the wholly-owned New Craigmont is more than a brownfield exploration project, it maintains Mine Permit M-68, is a adjacent to the largest copper mine in Canada, is the site of one of North America's highest grade historic copper mines, and is largely unexplored.. The mine closed in 1982, due to low copper prices, and exploration was limited to the Kingsvale capping that made it difficult to conduct induced polarization surveys, as well as for drilling exploration. The significant difference between maintaining a mine permit vs. \"exploration project\" cannot be underemphasized. For reference, it takes approximately 13 years[2] in British Columbia to graduate from discovery phase to a mine permit.One may ask….If Craigmont is the crown asset, why hasn't the Company invested more over the past two years on exploration?The Company's January 18, 2021 news release, Nicola Mining Announces 2021 Exploration Obj...