Nicholas Mining Inc. ships concentrate produced in collaboration with Osisko Development and begins joint exploration preparations with UBC

Vancouver, British Columbia–(Newsfile Corp. – Jul 5, 2023) – Nicola Mining Inc. (TSXV: NIM) (FSE: HLI) (OTCQB: HUSIF) (the “Company” or “Nikla“) is pleased to announce that it has begun shipping concentrate produced in partnership with Osisko Development Corp. (NYSE:ODV) (TSXV:ODV) (“Osisko“). To date, approximately 160 dry metric tons of gold concentrate with an estimated grade of 90 g/t Au have been shipped from the site. The company has entered into an off-take agreement¹ of Ocean Partners UK Limited² (“Ocean Partners“) to sell the concentrate on behalf of Nicola and Osisko.

The company has also completed the first four wells in its diamond drilling exploration program in 2023 (the “Program 2023“) at its wholly owned New Craigmont Copper Project and is preparing to ship the core to the lab for analysis. Initial drilling targeted the Skarn mineralization about 500 meters east of the historic well, but that was never drilled or surveyed. The company announced in its press release dated May 2, 2023 that the first drillings have been carried out to better understand the lithologies of the Nicola Group. The mineralization of Skarn is expected to follow a trend associated with calcareous sediments within the Nicola Group range and adjacent to the contact with the border phase of the Guichon Creek Batholith.

In addition to Nicola’s geological team, the University of British Columbia (“UBC“) Research Unit for Mineral Deposits³ will investigate the potential and existence of copper porphyry systems on the Craigmont property from August. Copper-bearing propylitic outcrops will be studied for propagation to any porphyry centers on site.

Suitable person

Kevin Wells, P.Geo, a consulting geologist to the Company, is the independent qualified person as defined by National Instrument 43-101 – Disclosure Standards for Mineral Projects for the technical disclosure in this press release.

About Nicola Mining

Nicholas Mining Inc. is a junior mining company listed on the TSX Venture and Frankfurt Exchanges that maintains a wholly owned milling and waste facility located near Merritt, British Columbia. It has signed Mining and Milling Profit Sharing Agreements with high value gold projects. Nicola’s fully licensed mill can process both gold and silver mill feed through gravity and flotation processes.

The company owns 100% of the New Craigmont Project, a high-performance copper project, which covers an area of 10,913 hectares along the southern end of the Guichon Batholith and is adjacent to Teck Resources Ltd.’s Highland Valley Copper, Canada’s largest copper mine. The company also owns 100% of the Treasure Mountain property, which consists of 51 mineral property rights, 21 inheritance claims: 100 cell units, and five crown grants for a total of approximately 2,850 acres.

On behalf of the Board

“Peter Espig”

Peter Espig
CEO & Director

For additional information

Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com
URL: www.nicolamining.com

Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the TSX Venture Exchange’s policies) assumes responsibility for the adequacy or accuracy of this release.

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¹ See press release dated April 30, 2021: https://nicolamining.com/nicola-mining-signs-purchase-contract-for-gold-and-silver-concentrate-with-ocean-partners-holdings/
² Ocean Partners operates globally and maintains a strong network of relationships and contacts in the mining and base metal smelting industry.
³ Partnership between UBC Mineral Deposit Research Unit, Lakehead University and Universities of Alberta and Calgary, and 15 partner organizations including Nicola Mining Inc