Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) has released results from an independent underground inspection of its Treasure Mountain Silver Mine in British Columbia, revealing that the mine is in better-than-anticipated condition after roughly 13 years of inactivity. The assessment, conducted by McElhanney Ltd., an independent Canadian engineering and consulting firm, found that both principal portals remain accessible, significant portions of underground development are open, natural ventilation is functioning, and much of the historical infrastructure remains in place. No conditions were observed that would prevent the project from advancing to the next stage of evaluation, according to the company.
The findings could expedite the timeline for recommencing mining activities, as Nicola had previously planned a restart in 2027. The positive condition of the mine reduces the need for extensive rehabilitation, potentially lowering upfront capital costs and shortening the pre-production phase. CEO Peter Espig emphasized 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 assessment also identified accessible underground drill stations, partially developed headings, unexplored areas, and potential unprocessed material that could offer exploration opportunities. Nicola plans to advance 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.
The Treasure Mountain Property includes 30 mineral claims and a mineral lease spanning over 2,200 hectares. Nicola Mining is a junior mining company that maintains a 100% owned mill and tailings facility near Merritt, British Columbia. The 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 high-grade copper property adjacent to Highland Valley Copper, Canada's largest copper mine.
For more information on the full press release, visit https://ibn.fm/HdSg9. The latest news and updates relating to NICM are available in the company's newsroom at https://ibn.fm/NICM.
This announcement is significant as it indicates that the Treasure Mountain Mine may require less capital and time to restart than previously expected, potentially strengthening Nicola Mining's position in the silver market and providing a faster return on investment. The identification of unexplored areas and potential unprocessed material also suggests possible resource expansion opportunities that could increase the mine's long-term value.
