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Pedro Resources Announces Appointment of New Director

TORONTO, ON / ACCESSWIRE / January 14, 2022 / Pedro Resources Ltd. (CSE:VBN) ("Pedro" or the "Company") is pleased to announce that Mr. Stuart Adair has…

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TORONTO, ON / ACCESSWIRE / January 14, 2022 / Pedro Resources Ltd. (CSE:VBN) (“Pedro” or the “Company”) is pleased to announce that Mr. Stuart Adair has been appointed to the Company’s Board of Directors effective January 13, 2022 and will Chair its Audit and Compensation Committees.

Mr. Stuart Adair, CPA, CA, is a seasoned finance executive who has been investing in the junior mining sector for over 25 years. Mr. Adair is currently a director of MacDonald Mines Exploration Ltd. (TSXV: BMK) and Chair of its Audit Committee, as well as its Interim CEO. Stuart is also CFO of Accord Financial Corp. (TSX: ACD), a TSX-listed commercial finance company, a position he has held since 2002. At Accord Financial Stuart is involved in capital and risk management, strategic planning, acquisitions, corporate taxes, as well as financial management and reporting. Stuart holds a B.A. from Sheffield University, U.K., and an M.A. in Economics from Queens University, Canada.

About Pedro Resources Ltd.

Pedro Resources Ltd. is a Canadian exploration company focused on mineral exploration and development, in particular the exploration of its Voisey’s Bay West property, which comprises 1,005 claims (25,125 hectares), 4.5 km south of Vale’s Voisey’s Bay Mine in the province of Newfoundland and Labrador, Canada.

Pedro Resources’ main focus is exploring for critical minerals to supply a new green economy, in particular, nickel, copper and cobalt, all of which can be found in Voisey’s Bay, Labrador, Canada – a mining friendly jurisdiction. Nickel, copper and cobalt are key commodities for a “Green Future” and their use in Electric Vehicle (EV) batteries. Pedro is aware of the increasing need and demand for EV battery metals and feel that the VBW area will provide part of the solution.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Brian Stecyk
Chief Executive Officer
Tel: 780-953-0111

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future exploration work or drilling, and the expansion of the mineralization. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Pedro Resources Ltd., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

SOURCE: Pedro Resources Ltd.

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ArcWest Provides an Exploration Update for its Todd Creek Copper-Gold Project, Situated on Adjoining Ground to Newcrest Mining’s Recently Acquired Brucejack Mine Property

Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to provide an update for…

Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – ArcWest Exploration Inc. (TSXV: AWX) (“ArcWest”) is pleased to provide an update for partner funded exploration of its Todd Creek copper-gold (“Cu-Au”) project, situated in British Columbia’s renowned Golden Triangle (Fig. 1). Exploration conducted on the Todd Creek property in 2021 by partner P2 Gold Inc. included a large scale magnetotellurics (“MT”) geophysical survey and a geological mapping and sampling program. Following the release of final reports on the program, P2 has relinquished its option to earn an interest in the Todd Creek project. ArcWest is now considering new funding partners in order to advance the project. ArcWest’s recommended targets for porphyry Cu-Au, volcanogenic massive sulfide (“VMS”), and epithermal-like Cu-Au mineralization on the Todd Creek project remain to be drill tested.

ArcWest’s 100% owned Todd Creek project adjoins Pretium’s Brucejack mine property; Newcrest Mining recently announced the acquisition of Pretium in a transaction valued at CAD $3.5 billion (Fig. 1). Todd Creek is also situated approximately 40 km southeast of Seabridge Gold‘s giant KSM-Iron Cap porphyry Cu-Au deposits and Tudor Gold‘s Treaty Creek Au-Ag project. Collectively, the KSM-Iron Cap and Treaty Creek deposits represent one of the largest Au-Cu concentrations in North America. Contained metal within Proven plus Probable Reserves at KSM-Iron Cap total 38.8 million ounces (oz) Au, 183 million oz Ag and 10.2 billion pounds of copper (www.seabridgegold.com). Tudor recently released a measured plus indicated resource estimate of 17 million oz Au and 93 million oz Ag (www.tudor-gold.com).

Highlights

  • The west side of Todd Creek valley on the 32,000 hectare Todd Creek property hosts a 12 km long highly gossanous north-south corridor which contains one of the largest underexplored porphyry Cu-Au systems in the Golden Triangle. A large scale magnetotelluric (“MT”) survey of the this highly prospective area has identified multiple undrilled conductive bodies with resistivity values similar to those at Seabridge Gold‘s nearby high grade Deep Kerr porphyry Cu-Au deposit.
  • Low elevations on the west side of Todd Creek valley host multiple Cu-Au bearing jasperoidal silica-hematite enriched epithermal-like systems at the South and Fall Creek zones that warrant additional exploration. Similar jasperoidal silica and hematite enriched systems are associated with gold bearing quartz-chalcopyrite veins and breccias at Sandstorm Gold Royalties’ Hod Maden project and K92 Mining‘s Kora North project. Historical exploration of South and Fall Creek include grab samples with assays up to 37.7 grams per tonne (g/t) Au and 5.3% Cu (Fall Creek) and drill holes returning assays up to 3.47 g/t Au and 0.73% Cu over 31.85 m (NTC88-022, Fall Creek zone) and 3.61 g/t Au and 0.27% Cu over 29.75m (NTC88-019, South zone).
  • Submarine volcanic and sedimentary rocks of interpreted Eskay Creek age are situated on the southeast side of Todd Creek valley and host volcanogenic massive sulfide (VMS) occurrences with significant copper, zinc, gold, silver and lead grades; these occurrences outcrop over an area greater than 1 km long and up to 800 metres wide. This prospective target area (VMS zone) remains virtually unexplored.
  • Mapping and sampling at the Ice Creek target area discovered a new zone of Cu-Au mineralization. Multiple grab samples returned assays in excess of 1% Cu and up to 5.58 g/t Au. Shallow inclined historical drill holes situated several hundred metres downhill from this discovery contain significant Cu-Au mineralization and previously unrecognized porphyry Cu-Au like veins.
  • Data from a 2020 hyperspectral survey outlined several large zones of sericite alteration and coincident colour anomalies which to date have yet to see even first pass prospecting. These zones include the southwestern extension of the Yellow Bowl zone, a 2+ km long alteration zone west of Orange Mountain, and a large zone two km southeast of the VMS zone.

Tyler Ruks, President and CEO of ArcWest commented, “ArcWest thanks our partner P2 Gold for advancing our Todd Creek project. Our wholly owned Todd Creek property contains some of the most exciting porphyry Cu-Au and VMS exploration targets in BC’s Golden Triangle, all in close proximity to Newcrest Mining‘s recently acquired Brucejack mine. We are resuming negotiations with potential partners who have previously evaluated Todd Creek, in addition to introducing the project to new potential partners. Our goal is to secure a partner for Todd Creek as soon as possible in order to aggressively explore the project in 2022 and beyond. ArcWest has a cash position of just over $2.5 million, in addition to significant share positions in partner companies worth nearly $600,000. The company has a low warrant overhang of 9.6 million shares and currently has a market capitalization of $7 million. This values our eight BC copper-gold projects, including our highly prospective Golden Triangle projects, at only $3.9 million. We are looking forward to an exciting 2022 exploration season, with partner funded drill programs planned for multiple ArcWest copper-gold projects.”

An updated technical presentation for ArcWest’s Todd Creek Cu-Au project is available for download here.

ArcWest’s 32,000 Ha Todd Creek property is host to highly underexplored porphyry Cu-Au, volcanogenic massive sulfide (“VMS”) and epithermal-like Cu-Au systems. A 12 km long N-S corridor along the west side of Todd Creek valley hosts highly gossanous, variably altered volcanic rocks, intrusive rocks and associated breccias of Early Jurassic age; similar aged volcanic and intrusive rocks host the nearby KSM-Iron Cap porphyry Cu-Au (Seabridge Gold) and Brucejack high grade Au-Ag (Newcrest Mining) deposits. Cu-Au occurrences are prevalent throughout this prospective corridor at Todd Creek, which contains one of the largest underexplored porphyry Cu-Au systems in BC’s Golden Triangle. Shallow inclined drill holes have tested only small parts of this very large target area, with multiple holes intercepting Cu-Au mineralization and previously unrecognized porphyry Cu-Au like veins (e.g., banded quartz-magnetite-chalcopyrite veins at the Orange Mountain zone). Also within the corridor, large gossanous areas with coincident satellite short wave infrared (“SWIR”) sericite anomalies have yet to undergo basic prospecting and sampling. Multiple geophysical anomalies throughout the corridor remain to be ground-truthed.

Low elevations on the west side of Todd Creek valley are also host to an epithermal-like Cu-Au system of uncertain origin. Here, abundant jasperoidal silica and hematite is associated with Au bearing quartz-chalcopyrite veins and associated breccias, a characteristic shared with Sandstorm Gold Royalties’ high grade Hod Maden project in Turkey and K92 Mining‘s high grade Kora North project in Papua New Guinea. Epithermal-like Cu-Au mineralization at Todd Creek is present in several zones (South Zone and Fall Creek). A historical (non 43-101 compliant) resource at the South Zone authored by Hemlo Gold Mines in 1988 reports 207,000 t grading 5.48 g/t Au which includes drill intercepts returning up to 0.27% Cu and 3.61 g/t Au over 29.75m. Copper-gold mineralization at the South Zone is open along strike and down dip and is underlain by an untested strong chargeability geophysical anomaly. Grab samples of similar epithermal Cu-Au mineralization from the Fall Creek zone returned assays up to 37.7 g/t Au and 5.3% Cu. Multiple historical drill holes at Fall Creek intercepted significant Cu-Au mineralization including assays up to 0.73% Cu and 3.47 g/t Au over 31.85 m from drill hole NTC88-22. Epithermal Cu-Au mineralization at Todd Creek may be related to nearby porphyry Cu-Au systems as suggested by the presence of hydrothermal biotite documented in thin section petrography from Fall Creek.

Three kilometres to the southeast of South Zone, on the east side of Todd Creek valley, submarine volcanic and sedimentary rocks of interpreted Eskay Creek age host a nearly unexplored VMS system. Outcrops of massive sulfide with significant polymetallic grades, initially discovered in 2008 and more recently in 2019, are present over an area greater than 1 km long and up to 800 metres wide. A single shallow inclined drill hole tested the western part of the zone in 2020 and intercepted strongly altered submarine volcanic rocks with multiple massive sulfide clast bearing intervals. The presence of massive sulfide clasts suggests close proximity to an undiscovered massive sulfide lens.

Exploration on the Todd Creek property in 2021 by partner P2 Gold included a large scale magnetotellurics (“MT”) survey and a limited geological mapping and sampling program. The MT survey identified multiple highly conductive bodies within the 12 km long, highly gossanous and variably Cu-Au mineralized corridor on the west side of Todd Creek valley which is prospective for porphyry Cu-Au mineralization. At Seabridge’s nearby KSM-Iron Cap project, drill testing of conductors with similar resistivity values led to the discovery of the high grade Deep Kerr porphyry Cu-Au deposit in 2013.

P2 field crews collected 104 rock samples in various unworked zones across the property during 2021. The most notable results were returned from a previously unsampled and undrilled portion of the Ice Creek zone. Here, five grab samples collected over a 330 m strike length returned assays in excess of 1% Cu and up to 5.58 g/t Au. These samples augment historic results and significantly expand the Cu-Au mineralized footprint of the Ice Creek zone. Ice Creek sample results are summarized in Table 1. Historic shallow inclined drill holes from the Ice Creek zone returned assays up to 0.59% Cu and 2.73 g/t Au over 13 m (NTC88-047); previously unrecognized porphyry Cu-Au like veins are associated with Cu-Au mineralization.

Table 1: Ice Creek Rock Sample Results

Sample ID Easting Northing Au (ppm) Cu (ppm)
C965586 451850 6235414 1.44 7450
C965587 451853 6235434 2.15 5770
C965588 451865 6235438 0.006 27.1
C965589 451857 6235470 2.42 15100
C965590 451939 6235517 2.08 13000
C965591 451869 6235532 5.58 6700
C965592 451968 6235707 0.007 29.7
C965593 451974 6235711 0.071 10300

 

Methods and QAQC

Rock samples collected by P2 are of a reconnaissance nature, including chip, grab and select samples and may not be representative of a larger volume of rock. The samples were analyzed by ALS Geochemistry of North Vancouver, British Columbia. They were prepared for analysis according to ALS method Prep-31A: each sample was crushed to 70% passing -2mm and a 250g split was pulverized to better than 85% passing 75 micron mesh. Gold was tested by fire assay with ICP-AES finish on a 30g nominal sample (method Au-AA23). An additional 48 elements were tested by ICP-AES using four acid digestion (method ME-MS61). Quality assurance and control (QAQC) is maintained at the lab through rigorous use of internal standards, blanks and duplicates.

About ArcWest Exploration Inc.

ArcWest Exploration is a project generator focused on porphyry copper-gold exploration opportunities throughout western North America. The company is in possession of eight 100% owned copper-gold projects throughout BC’s premier porphyry copper-gold districts. These include ArcWest’s Todd Creek and Oweegee Dome projects, which are two of the largest and most prospective land positions for copper-gold exploration in BC’s prolific Golden Triangle. Oweegee Dome neighbours Seabridge Gold‘s supergiant KSM-Iron Cap-Snowfield porphyry copper-gold deposit and Todd Creek neighbours Pretium’s Brucejack mine property. Newcrest Mining recently announced the acquisition of Pretium and its high grade Brucejack gold-silver mine in a transaction valued at $3.5 billion. Three ArcWest projects are currently being advanced by partners through earn-in and joint venture agreements; multiple ArcWest copper-gold projects are scheduled to undergo partner funded drill testing in 2022. By conducting partner funded exploration on multiple exploration projects simultaneously, ArcWest’s chances of discovery are enhanced while exposing shareholders to minimal dilution. The company is managed by an experienced technical team with a track record of discovery and a reputation for attracting well-funded senior partners, including Freeport McMoRan, Robert Friedland group companies, ITOCHU, Antofagasta and Teck.

Qualified Person

ArcWest’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Jeff Kyba, PGeo, VP Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101.

For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695.

Investors are cautioned that ArcWest Exploration Inc. has not verified the data from the KSM-Iron Cap, Treaty Creek, Brucejack, Eskay Creek, Hod Maden and Kora North deposits. Further, the presence and style of mineralization on these properties is not necessarily indicative of similar mineralization on the ArcWest Exploration Inc. property. Historical assays from exploration programs on its properties have not been verified by ArcWest but have been cited from sources believed to be reliable.

This news release contains statements about ArcWest’s expectations and are forward-looking in nature. As a result, they are subject to certain risks and uncertainties. Although ArcWest believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and ArcWest undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

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8,000m Drill Program Initiated on MAS Gold’s Preview-North Property and Comstock’s Preview SW Property

Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – MAS Gold Corp. (TSXV: MAS) ("MAS Gold") and Comstock Metals Ltd. (TSXV: CSL) ("Comstock")…

Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – MAS Gold Corp. (TSXV: MAS) (“MAS Gold”) and Comstock Metals Ltd. (TSXV: CSL) (“Comstock”) are pleased to announce the commencement of a drill program on MAS Gold’s Preview-North Property and Comstock’s Preview SW Property in the La Ronge Gold Belt, Saskatchewan (Figure 1). The 8,000-meter (m) program was initiated on the North Lake Deposit and will also include drilling at both the Preview SW Deposit and the Point Deposit later in the program.

Drilling on the Preview SW Property is subject to a proposed agreement to which Comstock has agreed to sell 100% of its interest in its Preview SW gold deposit and property (“Preview SW Property”) to MAS Gold in consideration of the issuance of 30,000,000 common shares in MAS Gold (see MAS Gold Corp news release dated January 17, 2022). The agreement was subject to a number of conditions, including the execution of a binding definitive agreement relating to the Proposed Transaction (complete) and Final TSX Venture Exchange acceptance and shareholder approval (pending).

Comstock has also been able to obtain the signed support agreements in favour of this sale transaction from its shareholders representing an aggregate of 69.2% of Comstock’s outstanding shares.

Winter Drilling Program Summary

North Lake Deposit (MAS Gold)

The 4,500 meter (m) drill program at the North Lake deposit is designed to:

  • Follow up on promising near surface mineralization intersected in NL21-064 (850 m).
  • Extend mineralization to the Northeast with aggressive drill strategy (550 m).
  • Infill drilling with a 50 m x 25 m spacing targeting near surface gaps in the resource (2,400 m).
  • Twin up to four historic drill holes with robust QAQC protocols to upgrade the resource (700 m).

Preview SW Property (Comstock)

The drill program at the Preview SW Property is anticipated to complete 2,700 meters which will include expenditures from Comstock. The program is designed to:

  • Further define the resource at the Preview SW Deposit.
  • Extend mineralization at the North Zone.
  • Test historical mineralization at the C Zone.
  • Test mineralization at the A Zone.

Point Deposit (MAS Gold)

The 800 meter drill program at the Point Deposit is designed to:

  • Test three high-priority targets identified during 2019 drilling program.
  • Test high priority anomaly identified in the 2021 summer field program.
  • Extend mineralization to the south with strategically planned drill holes.

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Figure 1: MAS Gold Corp. and Comstock Metals Ltd. claim holdings, La Ronge Gold Belt, Saskatchewan

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Qualified Person

The scientific and technical information contained in this news release has been prepared, reviewed and approved by David Tupper, P.Geo. (British Columbia), MAS Gold’s VP Exploration and Darren Slugoski, P.Geo. (Saskatchewan and Ontario), of Axiom Exploration Group Ltd., and Kristopher J. Raffle, P.Geo.(British Columbia) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, each a Qualified Person within the context of Canadian Securities Administrators’ National Instrument 43-101; Standards of Disclosure for Mineral Projects (NI 43-101).

About MAS Gold Corp.

MAS Gold Corp. is a Canadian mineral exploration company focused on gold exploration projects in the prospective La Ronge Gold Belt of Saskatchewan. MAS Gold operates four properties in the belt, including the Preview-North, Greywacke Lake, Elizabeth Lake and Henry Lake Properties that extend along segments totaling roughly 60 kilometres of the geologically prospective La Ronge, Kisseynew and Glennie Domains that make up the La Ronge Gold Belt.

MAS Gold’s current projects include the North Lake, Greywacke North, Bakos (Contact Lake) and Point gold deposits and the historically defined Elizabeth Lake copper-gold volcanic-hosted massive sulphide deposit within four properties totalling 34,703.4 hectares (85,753.8 acres).

The North Lake deposit located at the Preview-North Property is estimated to contain an Inferred Mineral Resource of 18,100,000 t grading 0.85 g/t Au, hence 494,000 contained ounces of gold (Godden, S, Thomas, D. Tupper, D. Technical Report on the Mineral Resource Updates, North Lake and Greywacke North Gold Projects, La Ronge Gold Belt, Saskatchewan, Canada.; effective date December 1, 2021)*. The Technical Report about the updated Mineral Resource estimate was filed on SEDAR January, 12, 2022.

The Greywacke North deposit, which hosts multiple known stratabound, high-grade gold-bearing zones, has an updated, combined open pit and underground Indicated Mineral Resource of 645,000 t averaging 4.90 g/t Au for 101,000 insitu ounces of gold (600,000 t at 4.89 g/t Au, and 45,000t at 5.03 g/t Au, respectively), plus a combined open pit and underground Inferred Mineral Resource of 410,000 t averaging 4.12 g/t Au for 55,000 insitu ounces of gold (35,000 t at 1.97 g/t Au, and 375,000 t at 4.33 g/t Au, respectively). The Indicated and Inferred Mineral Resources were estimated using open pit and underground cut-off grades of 0.65 g/t Au and 1.75 g/t Au, respectively (Godden, S, Thomas, D. Tupper, D. Technical Report on the Mineral Resource Updates, North Lake and Greywacke North Gold Projects, La Ronge Gold Belt, Saskatchewan, Canada.; effective date December 1, 2021)*. The Technical Report about the updated Mineral Resource estimate was filed on SEDAR January 12, 2022.

About Comstock Metals Ltd.

Comstock Metals has been advancing the Preview SW Gold Project, a resource-stage gold project in the La Ronge district of Saskatchewan (see Figure 1). The Preview SW deposit hosts a historical Indicated Mineral Resource containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and a historical Inferred Mineral Resource containing 270,800 ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both based on a 0.50 g/t Au cut-off grade (see Comstock news release dated December 14, 2021). During 2017 and 2018, Comstock completed diamond drilling campaigns targeting the Preview-North zone and the Preview SW deposit comprising 24 holes totaling 4,700 metres. Several additional, relatively untested targets remain on the Property, including the A, B, C, and Clearwater zones.

Comstock has filed on SEDAR the 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan, prepared for Comstock Metals Ltd. by Ronald G. Simpson, P.Geo., Geosim Services Inc., Effective Date September 27, 2016.

MAS Gold Corp.
Jim Engdahl
President & CEO

For further information about MAS Gold please visit www.masgoldcorp.com or contact: Lubica Keighery, (778) 889-5476, [email protected].

Comstock Metals Ltd.
Steven H. Goldman
President, CEO & Director

For further information about Comstock Metals please visit www.comstock-metals.com or contact Steve Goldman, (416)-917-1533, [email protected].

Caution Regarding Forward-Looking Information and Statements:

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. MAS Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to MAS Gold’s limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on their projects and those risks and uncertainties identified in each of their annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, MAS Gold undertakes no obligation to publicly update or revise forward-looking information.

Neither 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 news release.

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Nicola Mining Provides Exploration Updates for New Craigmont and Treasure Mountain Projects and Operational Update for Merritt Mill

Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – Nicola Mining Inc. (TSXV: NIM) (FSE: HLI), (the "Company" or "Nicola") is pleased to…

Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – Nicola Mining Inc. (TSXV: NIM) (FSE: HLI), (the “Company” or “Nicola“) is pleased to provide a preliminary 2022 exploration plan (“2022 Exploration Plan“) on its New Craigmont Project, as well as provide a summary of 2021 exploration activities at both its New Craigmont Project and Treasure Mountain Project, both of which are wholly-owned. In addition to exploration summaries, the Company will also provide a brief operational update on its wholly-owned Merritt Mill.

Exploration Plans for 2022

The Company has contracted Geotech Ltd. to perform a 998-line kilometer Z‐Tipper Axis Electromagnetic survey (“ZTEM Survey1“) across the entire New Craigmont Project, which is scheduled to be completed in the late spring of 2022. Geotech Ltd.’s proprietary deep penetrating ZTEM survey will probe for new untested conductive and resistive targets.

The historic Craigmont deposit is a high-grade Cu-Fe skarn deposit that previously produced approximately 34Mt grading 1.3% Cu. The ZTEM survey will probe for potential fluid sources that precipitated the copper that was previously extracted. As skarns are known to be genetically and temporally related to porphyry deposits, the Company will be examining for this potential.

Results from the ZTEM Survey are expected to be received by early summer. After reviewing ZTEM Survey results, the Company will conduct surface mapping and sampling programs, as well as evaluating the potential for future induced polarization surveys2 (“IP Survey“), which may be used to follow up any geophysical anomalies identified from the ZTEM Survey.

By paying close attention to the alteration mineralogy and alteration sequences and combining results from the ZTEM Survey, mapping, sampling and IP Surveys, Nicola hopes to identify several diamond drill exploration targets. Nicola has already submitted a multi-year area-based (“MYAB“) application to the Ministry of Energy, Mines and Low Carbon Innovation (“EMLI“). The MYAB, which covers subsections of the Property, will allow the Company to conduct exploration for five years, upon approval.

Exploration Updates

New Craigmont
Following the Phase l Exploration Program in 2021, Nicola conducted a small soil sampling campaign that was completed at the Titan Queen and the Promontory Hills zones. The campaign was designed to test the limits of anomalous copper found in soils from a soil survey completed at New Craigmont in 2019. A total of 110 original soil samples were taken; 18 of these samples were anomalous in copper (>100ppm Cu). One of these samples contained 1010ppm Cu and two others contained values of 656ppm and 686ppm Cu and are considered highly anomalous. These anomalies found in the 2021 soil survey extends anomalous copper at the Titan Queen zone in an east-west trend and warrants additional follow up work.

Relogging of diamond drill core, with an emphasis on alteration mineralogy and sequences, began in 2021 and will be ongoing throughout the winter.

Treasure Mountain
A LiDAR survey was completed by Eagle Mapping Ltd. during the summer of 2021 on the Treasure Mountain property over an approximate area of 22 km2. The data has since been processed and received by the Company. The Company is in the process of applying for a MYAB for the Treasure Mountain Project, which will includes IP Survey and diamond drilling targets. The highest priority target is the MB Zone, which is located approximately 1.5 km from the underground mine workings to the north and on backside of the mountain. This target has not yet been diamond drill tested.

Dominion Creek
Nicola is pleased that the Dominion Gold Project, which the Company owns a 75% economic interest, has submitted its Cariboo Mitigation Plan to the EMLI. The Company’s partner in the project, High Range Exploration, is currently working on an updated pit plan, which is the last required submission for its Bulk Sample Permit.

Merritt Mill Operations Update
As announced in its December 22, 2021, Operational Update news release, the Mill Site was not adversely affected by recent southern BC flooding. In fact, the Company is in the process of applying for EMLI approval to provide riprap from the New Craigmont Site to help facilitate infrastructure repairs, including highways, in the region. Nicola plans to work with a First Nations’ affiliated company to provide gravel and riprap for the repair efforts.

The Company is also planning to ship 103 dry metric tonnes of concentrate, that is stored inside the mill, as soon as possible.

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Figure 1

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Figure 2

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Scientific and Technical Information

Kevin Wells, P.Geo, a consulting geologist to the Company, is the independent qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX Venture and Frankfurt Exchanges that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully-permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of 10,913 hectares along the southern end of the Guichon Batholith and is adjacent to Teck Resources Ltd.’s Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, consisting of 30 mineral tenures covering 2513 hectares (ha) and a mining lease covering 335 ha.

On behalf of the Board of Directors
Peter Espig

Peter Espig
CEO & Director

For additional information

Contact: Peter Espig
Phone: (778) 385-1213
Email: [email protected]

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.


1 Airborne electromagnetic survey system which detects anomalies in the earth’s natural magnetic field. These disruptions are caused by zones of rock that conduct or resist electrical current more than the surrounding rock, like ore deposits.
2 A geophysical imaging technique used to identify the electrical chargeability of subsurface materials.

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