Nicola Mining Inc. (NASDAQ: NICM) (TSX.V: NIM) (FSE: HLIA) has commenced its 2026 exploration drilling program at Treasure Mountain, a permitted silver mine located approximately 30 km northeast of Hope, British Columbia. The program comprises four drill holes totaling approximately 800 meters at the previously undrilled MB Zone, where the company is targeting high-grade silver-lead-zinc mineralization with additional copper and gold. Previous surface sampling at the MB Zone returned results of up to 1,300 g/t silver, 2.59 g/t gold, 1.16% copper, 27.4% lead and 27.2% zinc. These grades are exceptionally high by industry standards, and the drill program is designed to determine whether the mineralized surface veins demonstrate continuity and scale at depth.
The importance of this announcement lies in its potential to validate a new high-grade zone at an already permitted silver mine. If drilling confirms that the surface mineralization extends at depth, Nicola Mining could significantly expand its resource base and enhance the economic viability of Treasure Mountain. The presence of multiple metals—silver, lead, zinc, copper, and gold—adds further value, as polymetallic deposits can offer more robust economics through diversified revenue streams. Investors will be watching closely because successful results could lead to a maiden resource estimate for the MB Zone, which would be a key catalyst for the company's valuation.
Drilling is expected to be completed by the end of September, with assay results anticipated by year-end. Core from the first hole is being submitted to AGAT Laboratories for multi-element analysis. Visual examination has identified intervals of intense mineralization, though the company cautioned that visual observations are not a substitute for analytical results. This caveat is standard in the industry, but it also underscores the speculative nature of early-stage exploration. The market will ultimately rely on the assay numbers to gauge the true potential of the MB Zone.
Treasure Mountain is one of two key assets for Nicola Mining. The company also owns 100% of 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. In addition, Nicola maintains a 100% owned mill and tailings facility near Merritt, British Columbia, which is fully permitted to process both gold and silver mill feed via gravity and flotation processes. This integrated setup could allow the company to process any future mineralized material from Treasure Mountain at its own facility, potentially reducing costs and improving project economics.
The commencement of the 2026 drill program at Treasure Mountain is a significant step for Nicola Mining as it seeks to unlock value from a permitted silver mine in a stable jurisdiction. With high-grade surface samples and a clear exploration target, the company is positioning itself to potentially delineate a new mineralized zone that could attract further investor interest. For more details, the full press release is available at https://ibn.fm/HLLaK. The latest news and updates relating to NICM are available in the company's newsroom at https://ibn.fm/NICM.
