Nicola Mining Inc. (NIM:TSX.V; NICM:NASDAQ; HUSIF:OTCQB; HLIA:FSE) commenced its 2026 exploration drilling program at the Treasure Mountain silver mine in British Columbia, including the first drilling at the MB target area, a previously undrilled zone approximately one kilometer northwest of the historical mine.
The 2026 program comprised four drill holes totaling approximately 800 meters at the MB zone. The holes were designed to intersect and test previously sampled quartz-sulphide veins trending northeast-southwest along the length of the valley.
Treasure Mountain was placed on care and maintenance in 2013 during a period of depressed silver prices. The MB target area had not previously been drill tested at depth. From 2019 to 2022, Nicola conducted soil and surface rock sampling that indicated silver-lead-zinc-copper-gold mineralization along a vein system exposed at several locations along strike.
Results from the 2019 and 2020 sampling programs included sample 2100151, which returned 813 grams per tonne silver, 0.52 gram per tonne gold, 19% zinc, and 4.66% copper. Sample 2100152 returned 105 g/t silver and 1.18% copper. Sample 2100207, taken from the exposed vein, returned 1,300 g/t silver, 2.59 g/t gold, 1.16% copper, 27.4% lead, and 27.2% zinc.
Core from the first hole was being sampled and submitted to Agat Laboratories for multielement analysis. Visual examination identified intervals exhibiting intense mineralization, although the company cautioned that visual estimates were not a substitute for analytical results.
"We are particularly encouraged by the intensity of mineralization observed in the first drill core; however, our interpretation will remain disciplined and assay driven," Chief Executive Officer Peter Espig said. "The 2026 TM program was designed to test whether mineralized surface veins demonstrate continuity and scale at depth."
Drilling for the 2026 season was expected to be completed by the end of September, with assay results expected to be released by year-end.
Exploration, Mine Reopening, and Expansion Work Define Upcoming Activity
At Treasure Mountain, Nicola's September 2026 corporate presentation described an ongoing drill program and a 2027 production target following the reopening of Portals 1 and 2. The project had a mine permit, M-239, allowing up to 60,000 tonnes of ore per year. The presentation also identified a mineral lease extension through April 26, 2032.
The company had received a multi-year exploration permit in June 2025. The permit allowed Nicola to carry out 20 drill sites, 4,500 meters of trail building, 1,400 meters of trenching, and 20 kilometers of geophysical surveys over five years. The presentation also described multiple veins exposed along the MB Zone.
The presentation outlined additional work required to upgrade or verify Treasure Mountain's historical resource estimate as a current resource estimate. That work included reviewing as-built mine plans to determine what portion of the historical resource remained in situ and reconciling grade control and production data with the historical resource estimate. It also included an audit of core logs, assay certificates, and drill core, along with a review of sampling methodology and documentation.
Additional work described for the historical resource included re-interpolation using the original assumptions and parameters to verify repeatability. The presentation also called for the design and implementation of a more comprehensive exploration and drill program to verify, infill, and upgrade the historical resource as required.
Outside Treasure Mountain, Nicola's New Craigmont Project had several exploration developments underway. At the Jotun Zone, the first hole drilled into the zone had been completed, and results were pending. The company described Jotun as a prospective porphyry copper target and said a follow-up drilling program was in the planning stage. The presentation also identified porphyry mineralization discovered at the Draken Zone during the 2025 drill program.
At the Merritt Mill, Nicola reported more than 200 tonnes per day of installed capacity and said the facility was in the process of moving to 500 tonnes per day. The mill included conventional crushing and grinding, three separate flotation circuits, and a gravity concentrator for free-gold capture that was installed in 2025. The presentation stated that all required expansion equipment was on site, with its 2026 execution summary saying all required equipment had been delivered in September 2026.
At the Dominion Creek Project, the presentation said Nicola had commenced bulk sample production in the third quarter under a permitted 10,000-tonne bulk sample program. Nicola held a 75% economic interest through a 50% land interest and a 50% Mining and Milling Profit Share Agreement for the first 10,000 tonnes, with High Range Exploration Ltd. as its joint venture partner. Ore from Dominion Creek was extracted and processed at the Merritt Mill site. The presentation stated that Nicola would own 100% of the Dominion Project after the completion of the first 10,000-tonne bulk sample.
Streetwise Ownership Overview*
Nicola Mining Inc. (NIM:TSX.V;NICM:NASDAQ;HUSIF:OTCQB;HLIA:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 12/18/23 | HUSID:OTCQB | 1 | HUSIF:OTCQB | 1 |
| 11/17/23 | NIM:TSXV | 2 | NIM:TSXV | 1 |
| 11/17/23 | HUSIF:OTCQB | 2 | HUSID:OTCQB | 1 |
| 06/01/15 | HDA:TSXV | 5 | NIM:TSXV | 1 |
| 07/17/14 | HDA:TSXV | 2 | HDA:TSXV | 1 |
Ownership and Share Structure1
Management and insiders own 2.79% of Nicola Mining. Strategic entities hold 18.91% while Institutions own 15.63%.
Nicola's market cap is CA$159 million. They have 229.53 million outstanding shares and a 52-week range of CA$0.63–CA$1.35.
Frequently Asked Questions
What is Nicola Mining's 2026 Treasure Mountain drilling program?
Nicola Mining Inc. commenced its 2026 exploration drilling program at the Treasure Mountain silver project in British Columbia. The program included four diamond drill holes totaling approximately 800 meters and targeted the MB Zone, a previously undrilled area approximately one kilometer northwest of the historical Treasure Mountain silver mine.
What is the Treasure Mountain MB Zone?
The MB Zone is a previously undrilled target containing a silver-lead-zinc vein system exposed at surface along a northeast-southwest trend, with copper and gold also present. The 2026 drilling program was designed to test previously sampled quartz-sulphide veins below surface.
What were the historical silver, lead, zinc, copper, and gold results from the Treasure Mountain MB Zone?
Sampling conducted from 2019 to 2022 identified silver-lead-zinc-copper-gold mineralization. Results from the 2019 and 2020 programs included sample 2100207, 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.
When will Nicola Mining release Treasure Mountain drill results?
Drilling for the 2026 Treasure Mountain program was expected to be completed by the end of September, with assay results expected by year-end. Core from the first hole was being sampled and submitted to Agat Laboratories for multielement analysis.
What did Nicola Mining observe in the first Treasure Mountain drill core?
Visual examination of the first drill core identified intervals exhibiting intense mineralization. The company stated that visual estimates were not a substitute for analytical results and said assay results would be reported following receipt, verification, and review.
Is Treasure Mountain a silver-lead-zinc project?
Treasure Mountain is a permitted silver mine, and Nicola's corporate presentation described it as a historic high-grade silver-lead-zinc mine. The MB Zone drilling targeted silver-lead-zinc mineralization with the additional presence of copper and gold.
What is the Treasure Mountain mine permit?
Treasure Mountain's M-239 mine permit allows up to 60,000 tonnes of ore per year. Nicola's September corporate presentation also identified a 2027 production target following the reopening of Portals 1 and 2.
What exploration work is permitted at Treasure Mountain?
A multi-year exploration permit received in June 2025 allows Nicola to carry out 20 drill sites, 4,500 meters of trail building, 1,400 meters of trenching, and 20 kilometers of geophysical surveys over five years. The mineral lease was extended through April 26, 2032.
What did Atrium Research say about Nicola Mining and Treasure Mountain?
Atrium Research analysts Ben Pirie and Nicholas Cortellucci maintained a "Buy" rating and increased their target price to CA$1.60 per share from CA$1.50. They wrote that the announcement "moves Treasure Mountain from preservation to active exploration, with the first holes ever drilled at the MB Zone."
What valuation did Atrium Research assign to the Treasure Mountain Silver Mine?
Atrium Research increased its valuation of Treasure Mountain to CA$25 million from CA$9.8 million, citing the reopening of Portals 1 and 2 and the start of drilling at the MB Zone. The research firm also raised its overall Nicola Mining target price to CA$1.60 per share.
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Important Disclosures:
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
