Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) has announced that an independent underground inspection of its Treasure Mountain Silver Mine in British Columbia found the mine in generally better condition than expected after approximately 13 years of inactivity, potentially accelerating the timeline for recommencing mining operations. The assessment, conducted by McElhanney Ltd., an independent Canadian engineering and consulting firm, indicates that both principal portals remain accessible, significant portions of underground development are still open, natural ventilation is functioning, and much of the historical infrastructure remains intact. No conditions were observed that would prevent the project from advancing to the next stage of evaluation.
The Treasure Mountain mine, which is 100% owned by Nicola, includes 30 mineral claims and a mineral lease spanning over 2,200 hectares. The company is evaluating a restart in 2027. According to the press release, the assessment also identified accessible underground drill stations, partially developed headings, unexplored areas, and potential unprocessed material that could provide exploration opportunities. These findings suggest that the mine's existing infrastructure could significantly reduce the capital and time required to bring the mine back into production.
Peter Espig, CEO of Nicola Mining, emphasized 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 is fully permitted and can process both gold and silver via gravity and flotation processes, is located near the mine and is already operational under profit share agreements with high-grade gold projects.
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 positive condition of the mine could also open up additional exploration opportunities, potentially increasing the resource base and extending the mine's life.
The announcement is significant for the mining industry and investors as it suggests that the Treasure Mountain Mine could be brought back into production more quickly and at a lower cost than originally projected. This could have positive implications for Nicola Mining's financial outlook and for the local economy in British Columbia, potentially creating jobs and stimulating economic activity in the region.
Nicola Mining is a junior mining company listed on the TSX Venture Exchange and Frankfurt Exchange. In addition to the Treasure Mountain property, the company owns 100% of the New Craigmont Project, a high-grade copper property adjacent to Canada's largest copper mine, Highland Valley Copper. The company's diversified portfolio of assets positions it to benefit from rising demand for metals used in green technologies and infrastructure.
The full press release is available at https://ibn.fm/HdSg9. For the latest news and updates on Nicola Mining, visit their newsroom at https://ibn.fm/NICM.
