Nicola Mining Inc. [NIM-TSXV] reported that significant copper mineralization has been intersected on the Thule Copper Property located 14 km northwest of Merritt, British Columbia. The Thule Copper Property covers 10,084 hectares along the southern end of the Guichon Batholith and is 100% owned by Nicola.
The diamond drilling program was designed to test 3 distinct zones on the Thule Copper Property, referred to as Embayment, Titan Queen, and Eric. Total diamond drilling meterage for the 2016 program at the property was 1,084 metres in five holes. Copper mineralization was intersected in all five holes, highlighted by an intersection of 1.11% copper over 85.92 metres in THU-002, through the Embayment Zone, located approximately 1 km northwest of the past-producing Craigmont Mine.
Results from the drilling program support the Embayment Zone as a fault-offset, westward continuation of the skarn zone that hosts the Craigmont deposit. A follow-up drill program will be designed to determine continuity of mineralization further west along strike and at depth from THU-002. In addition, drilling at Titan Queen Zone encountered alteration and mineralization features commonly observed in association with porphyry-style copper deposits, including the Highland Valley porphyry complex located 50 km north of Thule Property. Follow-up work will be planned to outline drill targets over a broader area and further test porphyry-style mineralization potential.
Peter Espig, CEO, said, “We are extremely encouraged with the results from our 2016 exploration program on the Thule Copper Property. The 1.11% copper over 85.92 metres, including 13.83 metres grading 2.71% copper, highlight the high-grade mineralization of the property. Our team is also very excited with key features observed at the Titan Queen Zone, which is more indicative of a porphyry-style copper deposit. It is well known that the historic Craigmont Mine is a prolific skarn, but the source of the mineralization has yet to be confirmed. In addition to the significant results, the project is further augmented because Nicola’s Thule Copper Project is already associated with a current mine permit.”
Three priority target areas were identified from Nicola’s compilation of historical data. The 2016 drilling program was designed to obtain preliminary information in order to establish the geological context of previous work and better understand exploration potential.
Nicola Mining has a fully-permitted 200 tonne per day custom mill that recommenced operations in June 2016. Its 100%-owned state-of-the-art mill and tailing facility near Merritt is capable of processing both gold and silver mill feed via gravity and floatation processes. The company also owns 100% of Treasure Mountain, its high grade silver property between Hope and Merritt and a gravel pit located adjacent to its milling operations.