Nicola Mining Provides Clarity on Tomra Testing in Which the Company Was Able to Upgrade Copper Material up to Ten-Fold with High Recovery
Vancouver, British Columbia--(Newsfile Corp. - November 29, 2019) - Nicola Mining Inc. (TSXV:NIM) (the "Company"), at the request of IIROC the Company wishes to clarify certain disclosure in its news release titled "Nicola Mining Announces up to Ten-Fold Copper Upgrading and Solid Copper Recovery from Its Ore Sorting Testing" dated November 27, 2019. Specifically, the Company wishes to clarify the following disclosure(s):
The 80-90 million tonnes of historic waste piles surrounding the pit is not meant to be viewed as material within a deposit. The news release makes several references to "Ore," which is a restricted term only to be used when referencing mineral reserves The Company would like to clarify that the XRT Sorter Conveyor ("XRT Sorter") successfully sorted copper material from lower grade material, but that this cannot be defined as "ore." No delineated reserves have been on the property. The Company is currently finalizing a NI 43-101 on the historic waste piles, which it will issue soon. No current mineral resources supported by a NI 43-101 compliant technical report or mineral reserves supported by a PFS or FS have been estimated on the Company's Craigmont Project. As a result, the disclosure constitutes restricted disclosure per NI 43-101, 2.3(1)(a) - Restricted Disclosure. The news release had not been prepared by or approved by a qualified person. Several references were made to "mining." No PEA, PFS or FS supporting the Company's ability to exploit this mineralized material has been filed. The RC Drilling Program and ALS Laboratory assays and upgrading results are the first steps towards achieving these. The Company has conducted additional tests to better understand floatation recovery and magnetite contribution, which will be provided once results are received from ALS Laboratories.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It has already signed four mill profit share agreements with high grade gold producers. The fully permitted mill can process both gold and silver mill feed via gravity and flotation processes. The Company also owns 100% of Treasure Mountain, a high-grade silver property, and an active gravel pit that is located adjacent to its milling operations.
On behalf of the Board of Directors
CEO & Director
For additional information contact:
Telephone: (778) 385-1213
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50232