Nicola Mining Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  3329 Aberdeen Road
Lower Nicola, BC
Canada V0K 1Y0
Tel No.: 778-385-1213
Web Site:
Contact Person: Peter Espig
Position: CEO

Company Data

Traded Market: TSX-V
Traded Symbol: NIM
Outstanding Shares: 177,877,750
52 Week High: $ 0.30
52 Week Low: $ 0.14
Present Price: Click Here








Nicola Mining Inc. is a public resource mining company with both cash flow and significant exploration upside. The Company is in the process of recommencing mill feed processing operations at its 100% owned modern mill and tailings facility, located near Merritt, British Columbia, Canada. The fully-permitted mill is able to process both gold and silver mill feed via gravity and floatation processes. The Company has 100% of the Thule Copper property covering 10,084 hectares along the southern end of the prolific copper-rich Guichon Batholith. In addition, the Company also owns 100% of Treasure Mountain, its high-grade silver property, and a gravel pit, which is located adjacent to its milling operations.

The Merritt Mill and the Thule Property have the potential of becoming British Columbia's leading milling hub and emerging copper play.


The Company's portfolio consists of high-potential assets:

  • $22.0 MM fully-permitted Merritt Mill is a 200 tonne per day crushing, grinding and flotation mill located 14 km northwest of Merritt, B.C., and is capable of processing both gold and silver concentrates
  • $2.0 MM fully-lined tailings facility
  • The Merritt Mill is constructed on a freehold 1-3 Industrial Zoned $8.0 MM site capable of multiple industrial uses
  • The Company's wholly-owned Thule Copper Property provides significant exploration upside on a permitted mine site
  • Over $10.0 MM invested in exploration and infrastructure at its wholly-owned Treasure Mountain high-grade silver mine that is located approximately 90 minutes from its Merritt Mill site


  • Successfully amended Mine permit M-68 to allow processing of gold and silver mill feed from anywhere in BC, subject to providing 10 days notice to Ministry of Mining
    • The Company has signed 5 partnerships (50/50) profit split with 5 gold miners
    • Shipped 610 troy ounces Au and 3,702 troy ounces Ag in September 2016
    • Shipped approximately 925.3 troy ounces Au and 5,102.1 troy ounces Ag in December 2016
  • Entered into "Exploration and Material Purchase Agreement" with Teck Resources Limited's (TSX:TCK) Highland Valley Copper Partnership to explore the Company's approximately 80-90 MM tonnes of copper-bearing historic mine dump material
  • Nicola Mining Inc. intersected 1.11% Copper over 85.92 metres at its wholly-owned Thule Copper Property and discovered potential copper porphyry zone highlights the sites blue sky potential
  • Assayed historic hole S-100 that intersected 0.91% Copper over 61.9 metres (0.54% Copper over 116.7 metres)
  • Reviewing options of reopening its fully-permitted high grade silver mine, Treasure Mountain, in 2017

Merritt Mill and Tailings Facility

The Company has continued to upgrade its approximate $22.0 million mill processing facility, which was completed in 2013, with the intention of increasing throughput capacity. The modern facility is constructed with the intention of minimal environmental impact.

Thule Copper Project

The Company continues to increase the emphasis on its wholly-owned Thule Copper property. It has submitted a notice of work for its 2017 drill program that will focus primarily on the Embayment and Titan Queen Zones. In its 2016 Exploration Program the Company intersected 1.11% copper over 85.92 metres in the Embayment Zone. Nicola also continues to prepare for exploration on its waste dumps and has entered into an Exploration and Material Purchase Agreement with Teck Highland Valley Copper Partnership, a wholly owned subsidiary of Teck Resources Limited, as announced in the Oct. 3, 2016 news release.

Treasure Mountain Project

Nicola continues to monitor the option of opening and commencing mining activity on its wholly-owned Treasure Mountain Mine. Mining activity would commence by extracting 14,000 tonnes of material from Level 1 Stope 2. Per the technical report entitled "Technical Report, Project Update Treasure Mountain Property, Tulameen River Area, BC, Canada" dated June 7, 2012, Level 1 Stope 2 contains a resource of 430,000 oz. Ag, 1,590,000 lbs. Pb, and 940,000 lbs. Zn. The Mill has the permit capacity to process the material from both Treasure Mountain and Gavin Mines and is considering further mill modifications to allow it to process two material sources concurrently.


Management and Directors

Peter Espig, MBA, B.A., President, Chief Executive Officer and Director

Mr. Espig is a global turnaround specialist that has spearheaded projects on a global scale. Over the past ten years, Mr. Espig has structured and raised funds for over US$2.5 billion in private equity and pre-IPO investment transactions from the principal side. Mr. Espig served as Vice-President of the Principal Finance and Securitization Group and Asia Special Situations Group for Goldman Sachs Japan, and was Vice-President of Olympus Capital.

Warwick Bay, CA, Chief Financial Officer & Corporate Secretary

Mr. Bay practiced for over 10 years with one of the big four public accounting firms and is specialized in the audit of public mining companies. Prior to joining Nicola Mining Inc., he spent 17 years in the financial services industry where he focused on raising capital for junior mining companies and exploration projects.

Frank Hogel, Chairman & Director

Mr. Hogel is an Asset Manager actively involved in the financial evaluation of companies and convertible debenture restructuring, and sits on the advisory board of Concept Capital Management. He has more than 13 years of direct experience in the mining industry, expertise as an international financier/investor and successful track record stock consultant and stock broker in London, England.

Doug Robinson, Q.C., Director

Mr. Robinson has served as a Director of the Law Institute of B.C., founding director of the B.C. Mediation Society, and founding Chair of the Canadian Forum for Civil Justice. Mr. Robinson is recognized by LEXPERT as one of the leaders in construction and product liability litigation.

Dr. Paul Johnston, P.Geo., Director

Dr. Johnston is a geologist with more than 25 years experience in the mining industry. Since 1996 Dr. Johnston has worked in a variety of international positions at Teck Resources, including Regional Chief Geoscientist for South America. He has accumulated extensive international experience in early to advanced stage exploration for gold, copper, and zinc.

News Update

On September 25, 2018, Nicola Mining Inc. announced and confirmed the presence of a previously unexplored mineralized zone north of the historic Craigmont open pit.

Intercepts from CC-18-02 include:

  • 150 metres grading 0.54% Cu, including
    • 73.6 metres grading 1.05% Cu
    • 30.7 metres grading 2.1% Cu
    • 1.5 metres grading 9.6% Cu and 1.5 metres grading 9.8% Cu

On August 10, 2018, Nicola Mining Inc. has released results on its 20-hole phase 1 reverse circulation drill program completed between May 23 and June 8, 2018, at its wholly owned New Craigmont project, located near Merritt, B.C.

Highlights of the results include:

  • An average grade of 2,463 parts per million copper (0.25 per cent copper) over 40 metres for the deepest reverse circulation hole in the program (CC-RC-18-12);
  • Indication of potential high-grade copper mineralization in the southern side of the waste piles that is believed to also contain the greatest volume.

On July 23, 2018, Nicola Mining Inc. announced that it has completed its non-brokered private placement financing as further described in its news release of June 25, 2018. In connection with the closing, the Company sold an aggregate of 9,333,329 units, at a price of 15 cents per unit, for gross proceeds of $1,399,999.35.

On July 19, 2018, Nicola Mining Inc. announced that it has received all required permits and has commenced the 2018 diamond drilling program at its wholly owned New Craigmont project in British Columbia.

The 2018 diamond drill program will consist of approximately 5,500 metres, encompassing 10 initial holes in three sections: Craigmont Central, Craigmont West and East Promontory. In addition, the Company will conduct geochemical sampling and IP ground geophysics over the North Promontory zone.

On May 01, 2018, Nicola Mining Inc. has provided an update on the 2018 exploration plan at the company's 100-per-cent-owned New Craigmont project, located near Merritt, B.C. Nicola's geological team is finalizing the 2018 exploration plan, which will comprise four drilling programs and a field sampling program:

  • Waste piles -- reverse circulation drilling;
  • Promontory Hill -- diamond drilling;
  • Craigmont Central -- diamond drilling;
  • Craigmont West -- diamond drilling;
  • Marb zone -- mapping and channel sampling.

The finalized plan and a schedule will be released shortly upon completion.

On April 25, 2018, Nicola Mining completed the $250,000 debenture private placement. The TSX Venture Exchange has accepted for filing documentation with respect to amending a non-brokered private placement announced May 19, 2015..

On April 23, 2018, Nicola Mining Inc. intends to amend the secured convertible debentures in the aggregate principal amount of $250,000 issued to certain subscribers as previously announced in its news releases of Nov. 24, 2014, Aug. 8, 2014, May 19, 2015, and May 20, 2015

On April 2, 2018, Nicola Mining Inc. has provided the results of its latest drill hole as well as a summary of results on its 2017/2018 winter drilling program. The program focused on extending and defining boundaries on the Craigmont West zone, previously referred to as the Embayment zone, at the Company's 100-per-cent-owned New Craigmont project in British Columbia.

Hole NC-2018-03 highlights:

  • 100.6 metres at 1.33 per cent copper, including:
  • 40.2 metres at 2.52 per cent copper; and
  • 15.0 metres grading 5.18 per cent copper.

On January 12, 2018, Nicola Mining Inc. announced that it has received the required permitting to commence reverse circulation drilling on the approximate 80 million to 90 million tonnes of waste piles surrounding the historic Craigmont mine. The Company also announced that the 2017 Embayment zone exploration program has expanded the embayment skarn zone to 400 metres in strike length (east to west).

On December 27, 2017, Nicola Mining Inc. announced that it has completed its non-brokered private placement as further described in its news releases of Dec. 8, 2017, and Dec. 15, 2017. In connection with the closing of the financing, the Company sold an aggregate of 10,262,500 shares at a price of 20 cents per share for gross proceeds of $2,052,500.

On December 21, 2017, Nicola Mining Inc. has provided an update on its 2017 exploration program focused on copper exploration at its wholly owned New Craigmont property. The first four holes all successfully intersected skarn alteration. As a result, the strike length of the Embayment zone has increased by 150 metres, bringing the total strike length of the zone to over 250 metres and it remains open to the west and at depth.


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