Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) has announced the results of an independent underground inspection and factual assessment of its Treasure Mountain Silver Mine in British Columbia, revealing that the mine is in better-than-anticipated condition after approximately 13 years of inactivity. This development could potentially expedite the timeline for recommencing mining activities, with the company evaluating a restart in 2027.
McElhanney Ltd., an independent Canadian engineering and consulting firm, conducted the assessment and found that both principal portals remain accessible, significant portions of the underground development remain open, natural ventilation is functioning, and much of the historical infrastructure remains in place. Notably, no conditions were observed that would prevent the project from advancing to the next stage of evaluation. The assessment also identified accessible underground drill stations, partially developed headings, unexplored areas, and potential unprocessed material that could provide exploration opportunities.
Nicola Mining 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. CEO Peter Espig commented that the existing underground development, combined with Nicola's permitted Merritt milling infrastructure, could provide a disciplined and capital-efficient pathway toward renewed silver production.
The Treasure Mountain Property, which Nicola Mining owns 100% of, includes 30 mineral claims and a mineral lease spanning an area exceeding 2,200 hectares. The company also maintains a fully permitted mill and tailings facility near Merritt, British Columbia, capable of processing both gold and silver mill feed via gravity and flotation processes. Additionally, Nicola owns 100% of the New Craigmont Project, a high-grade copper property adjacent to Highland Valley Copper, Canada's largest copper mine.
This positive assessment is a significant step forward for Nicola Mining as it seeks to bring the Treasure Mountain Mine back into production. The condition of the mine's infrastructure and the presence of unexplored areas suggest potential for cost savings and accelerated development, which could enhance the project's economic viability. With silver prices showing strength, the restart of the mine could contribute to the company's growth and provide value to shareholders.
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