Nicola Mining Inc. (TSXV: NIM | NASDAQ: NICM | FSE: HLIA) has commenced its 2026 exploration drilling program at its Treasure Mountain silver property in British Columbia, marking the first time the MB Zone has been drill-tested. The company reports visually intense sulphide mineralization in core from the first hole, with assay results expected by year-end. The program targets high-grade silver-lead-zinc-copper-gold mineralization at a previously undrilled zone approximately one kilometre northwest of the historical Treasure Mountain mine.

Key Points

  • Nicola Mining Inc. (TSXV: NIM | NASDAQ: NICM)
  • First-ever diamond drill program launched at the MB Zone, Treasure Mountain, BC — a previously undrilled target
  • Four drill holes totalling approximately 800 m planned; drilling expected complete by end of September 2026, assays by year-end
  • Investors will be watching for analytical results from AGAT Laboratories to confirm whether surface mineralization extends at depth

MB Zone Drill Program Targets Undrilled Silver-Lead-Zinc System at Treasure Mountain

The 2026 TM Program consists of four diamond drill holes totalling approximately 800 metres, designed to intersect quartz-sulphide veins trending northeast-southwest at the MB Zone. Western Exploration Diamond Drilling Ltd. is executing the program. The MB Zone sits roughly one kilometre northwest of the historical Treasure Mountain mine, which was placed on care and maintenance in 2013 amid depressed silver prices. The company states the zone is considered a compelling exploration target for high-grade silver-lead-zinc mineralization, with additional copper and gold potential identified through earlier surface work.

Historical Sampling Returned High-Grade Silver and Base Metal Results at Surface

Between 2019 and 2022, Nicola conducted soil and surface rock sampling at the MB Zone that returned significant multi-element values. The release highlights sample 2100207, collected from an exposed vein, which returned 1,300 g/t silver, 2.59 g/t gold, 1.16% copper, 27.4% lead, and 27.2% zinc. Sample 2100151 returned 813 g/t silver, 0.52 g/t gold, 19% zinc, and 4.66% copper. These surface results underpinned the decision to conduct the first drill test at depth, with the 2026 program specifically designed to assess whether the mineralised veins demonstrate continuity below surface.

First Drill Core Shows Intense Sulphide Mineralization Pending Laboratory Confirmation

Core from the first hole, TM26-001, has been submitted to AGAT Laboratories for multi-element analysis. Visual examination identified intervals of semi-massive pyrite-pyrrhotite-sphalerite mineralization, described in the release as occurring as irregular blebs, patches, and sulphide-rich aggregates. CEO Peter Espig stated the company found the intensity of mineralization encouraging while emphasising that interpretation would remain "disciplined and assay driven." The company noted explicitly that visual estimates are not a substitute for analytical results, and that assay data will be reported following receipt, verification, and review.

Treasure Mountain Property and Nicola's Broader BC Asset Base

Treasure Mountain comprises 30 mineral claims and a mineral lease spanning more than 2,200 hectares, located approximately 30 kilometres northeast of Hope, BC. Nicola also holds 100% of the New Craigmont copper project, covering more than 10,800 hectares adjacent to Highland Valley Copper, and operates a fully permitted mill and tailings facility near Merritt, BC. The immediate share price impact was not clear from available public information. The qualified person for the technical disclosure is Will Whitty, P.Geo., Vice President of Exploration.