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Nicola Mining Inc. Provides Update on Letter of Intent with Nitettsu Mining
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Nicola Mining Inc. ( TSXV: NI...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Nicola Mining Inc. Provides Update on Letter of Intent with Nitettsu MiningVancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Nicola Mining Inc. (TSXV: NIM) (FSE: HLI), (the \"Company\" or \"Nicola\") announces the suspension to the process of entering into a definitive agreement with Nittetsu Mining Co. Ltd. (\"Nittetsu\") with respect of the Company's wholly-owned New Craigmont Copper Property (the \"Property\").The Company announced that it had entered into a non-binding letter of intent (\"LOI\") on September 6, 2023, which was subsequently followed by a two-week site visit by Nittetsu's geological team.During the site visit, Nittetsu and Nicola worked on mapping, evaluating recent and historic drill core, and compilation of historical data. Two key factors limited the evaluation process: Over 90% of the Property is covered with overburden or post-mineral rocks, thereby limiting the ability to see mineralization via outcroppings.The Property, other than areas associated with the historic mine, remains largely unexplored and lacks drill data. While the outcropping at the WP MINFILE showing displays strong copper mineralization, the source of such mineralization remains unclear and will require additional exploration to confirm, as the area has never been drilled or had an induced polarization survey (\"IP Survey\"). During the site visit, Nicola and Nittetsu concluded that there are two key zones of high interest, the WP Zone and the western area between the historic pit and West Craigmont Zone, the second of which has high grade copper drill results in skarn. Nicola will be able to leverage its operating cash flow to conduct its 2024 exploration, which the Company will release upon completion of the plan.In addition to Nittetsu, the Company is concurrently working with the University of British Columbia's (\"UBC\") and UBC Mineral Deposit Research Unit (\"MDRU\") to research the potential and existence of copper porphyry systems. MDRU in its \"New Porphyry Signatures at North America's Highest Grade Historic Copper Mine\" poster, which will be released in December outlines key research objectives and methods for next year and will continue to work with Nicola on the Property. This work is part of a Natural Sciences and Engineering Research Council of Canada (\"NSERC\") Alliance supported research project.Pet...