Nicola Mining granted multi-year exploration permit for Treasure Mountain Silver Project, British Columbia
Nicola Mining Inc. [TSX: NIM; OTCQB: HUSIF; FSE: HLIA] reported that it received a multi-year area-based exploration permit, Permit Number MX-15-121 (MYAB Permit) on June 4, 2025. The MYAB Permit allows Nicola to conduct extensive exploration on its wholly owned Treasure Mountain Silver Project, a fully permitted silver mine (Permit 239) located 30 km northeast of Hope and about a 3-hour drive from Vancouver, British Columbia.
Receipt of the MYAB Permit follows the company’s August 30, 2024, announcement that it had received a ten-year mining lease extension for Treasure Mountain under its M-239 permit. The extension is valid through April 26, 2032, and receipt of the MYAB Permit positions the Company to leverage both mining and exploration options.
Treasure Mountain consists of an historic underground silver mine with a resource estimate in accordance with CIM definition standards and exploration upside to the north and west of the historic mine. The MB Zone is approximately 800 metres northwest of the current mine workings on undrilled northern flank of the mountain. The Cal Vein was discovered at this location in 2010 and return a surface sample grading as high as 9,221 g/t Ag, 1.02% Cu, 1.14% Pb and 1.03% Zn. Subsequent soil sampling was conducted in 2011/2012 and 2013 with encouraging results.
Small exploration programs conducted between 2019 and 2021 on the northwestern side of the mountain included soil sampling, rock sampling, mapping, and shallow drilling campaigns. These programs successfully identified a 2-km soil anomaly which appears to be related to a vein system of roughly the same strike length. Drill testing of the exposed vein confirmed continuity of mineralization coincidental with the soil anomaly.
The MYAB Permit allows the company to carry out the following exploration activities over the next five years in the areas shown below: 30 drill holes, 1,400 metres of trenching, 4,500 metres of trail building and 20 km of geophysical surveys with exposed electrodes.
Peter Espig, CEO of Nicola Mining Inc., commented, “Receipt of the MYAB under Permit Number MX-15-121 coupled with our recently received ten-year mine life extension under Permit M-239, puts Nicola into an envious position as the confluence of mine and exploration potential brings forth a project that most investors have forgotten.”
Nicola Mining maintains a 100%-owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high-grade BC-based gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.
The company also owns 100% of the New Craigmont Project, a property that hosts historic high-grade copper mineralization and covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Treasure Mountain Property includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.