Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) has announced that an independent underground assessment of its Treasure Mountain Silver Mine in British Columbia indicates the mine is in better-than-anticipated condition after roughly 13 years of inactivity. The evaluation, conducted by McElhanney Ltd., an independent Canadian engineering firm, found that both principal portals are accessible, significant portions of underground development remain open, natural ventilation is functioning, and much of the historical infrastructure is still in place. No conditions were observed that would prevent the project from advancing to the next stage of evaluation, potentially expediting the timeline for recommencing mining activities.
The assessment also identified accessible underground drill stations, partially developed headings, unexplored areas, and potential unprocessed material that could offer exploration opportunities. Nicola Mining plans to conduct a detailed geotechnical and rehabilitation assessment, followed by surveying and mapping. This work is expected to support subsequent mine planning, ventilation design, rehabilitation, and the recommencement of mineral extraction. CEO Peter Espig noted that the existing underground development, combined with Nicola's permitted Merritt milling infrastructure, could provide a disciplined and capital-efficient pathway toward renewed silver production.
The Treasure Mountain Property includes 30 mineral claims and a mineral lease, spanning more than 2,200 hectares. Nicola Mining is a junior mining company that owns a 100% mill and tailings facility near Merritt, British Columbia, which can process both gold and silver mill feed via gravity and flotation processes. The company also owns 100% of the New Craigmont Project, a high-grade copper property adjacent to Highland Valley Copper, Canada's largest copper mine.
This positive assessment is significant as it reduces the uncertainty and potential costs associated with reopening a dormant mine. The intact infrastructure and accessible workings could shorten the pre-production timeline, allowing Nicola Mining to capitalize on silver market conditions sooner. The company's strategy of leveraging existing assets, including the permitted mill, enhances the economic feasibility of the project. Investors and stakeholders will be watching closely as Nicola advances its geotechnical studies and moves toward a targeted 2027 restart.
For more details, visit the full press release at https://ibn.fm/HdSg9. Latest news and updates on Nicola Mining are available at https://ibn.fm/NICM.
