Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) has released the results of 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 the mine's infrastructure is largely intact, which could expedite the timeline for recommencing mining operations as the company evaluates a potential restart in 2027.
According to the findings, both principal portals remain accessible, significant portions of the underground development are still open, natural ventilation is functioning, and much of the historical infrastructure remains in place. Importantly, the assessment identified no conditions that would prevent the project from advancing to the next stage of evaluation. The report also highlighted accessible underground drill stations, partially developed headings, unexplored areas, and potential unprocessed material that could offer exploration opportunities.
Peter Espig, CEO of Nicola Mining, commented on the results, stating that the existing underground development, combined with the company's permitted Merritt milling infrastructure, could provide a disciplined and capital-efficient pathway toward renewed silver production. The Merritt mill, which Nicola owns 100%, is fully permitted and can process both gold and silver mill feed via gravity and flotation processes.
Nicola Mining plans to advance a detailed geotechnical and rehabilitation assessment, followed by surveying and mapping. These efforts are 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.
The company's portfolio also includes 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. Additionally, Nicola has signed Mining and Milling Profit Share Agreements with high-grade gold projects, further diversifying its revenue streams.
The positive assessment of Treasure Mountain underscores the potential for Nicola Mining to restart silver production in a cost-effective manner, leveraging existing infrastructure. This development is significant for the company and its investors, as it reduces the capital expenditure typically required for mine restarts and shortens the timeline to potential cash flow. With silver prices remaining robust, the restart could position Nicola Mining to capitalize on favorable market conditions.
Investors and stakeholders can access the full press release for more details at https://ibn.fm/HdSg9. For the latest news and updates on Nicola Mining, visit the company's newsroom at https://ibn.fm/NICM.
