Nicola Mining Inc. (NASDAQ: NICM) (TSX.V: NIM) (FSE: HLIA) has commenced its 2026 exploration drilling program at Treasure Mountain, a fully permitted silver mine located approximately 30 km northeast of Hope, British Columbia. The program consists of four drill holes totaling approximately 800 meters at the previously undrilled MB Zone. The company is targeting high-grade silver-lead-zinc mineralization with additional copper and gold. Previous surface sampling at the MB Zone returned impressive results, including up to 1,300 g/t silver, 2.59 g/t gold, 1.16% copper, 27.4% lead, and 27.2% zinc. These grades are exceptionally high by industry standards, and if confirmed at depth, could indicate a significant new discovery.
The drilling is expected to be completed by the end of September, with assay results anticipated by year-end. Core from the first hole is being submitted to AGAT Laboratories for multi-element analysis. Visual examination of the core has identified intervals of intense mineralization, though the company cautioned that visual observations are not a substitute for analytical results. The program is designed to determine whether mineralized surface veins at the MB Zone demonstrate continuity and scale at depth. This is a critical step in assessing the economic potential of the zone and could lead to a maiden resource estimate.
Treasure Mountain is one of Nicola Mining's key assets. The company owns 100% of the property, which includes 30 mineral claims and a mineral lease spanning an area exceeding 2,200 hectares. In addition to Treasure Mountain, Nicola owns 100% of the New Craigmont Project, a high-grade copper property covering 10,913 hectares along the southern end of the Guichon Batholith, adjacent to Highland Valley Copper, Canada's largest copper mine. The company also maintains a 100% owned mill and tailings facility near Merritt, British Columbia, which is fully permitted to process both gold and silver mill feed via gravity and flotation processes. This infrastructure could provide a significant advantage if Treasure Mountain yields a viable deposit.
The commencement of drilling at the MB Zone is important for several reasons. First, it represents the first-ever drill test of a zone with exceptional surface grades, which could lead to a new high-grade silver discovery. Second, successful results could enhance the economic viability of the Treasure Mountain project and potentially attract further investment. Third, it demonstrates Nicola Mining's commitment to advancing its exploration portfolio and creating shareholder value. The company has signed Mining and Milling Profit Share Agreements with high-grade gold projects, further indicating its strategic focus on becoming a producer.
Investors and industry observers will be watching closely for the assay results, expected by year-end. If the drilling confirms the continuity and scale of mineralization at depth, it could significantly de-risk the project and pave the way for future development. For more information, visit the full press release at https://ibn.fm/HLLaK. The latest news and updates relating to NICM are available in the company's newsroom at https://ibn.fm/NICM.
