Nicola Mining notes master's thesis on New Craigmont

Executive Summary

• Nicola Mining announced the completion of a University of British Columbia (UBC) Master’s thesis by Warren Wagner, which concludes that the New Craigmont copper project is part of a porphyry-linked skarn system.
• The study redefines Craigmont as genetically tied to multipulsed Late Triassic magmatism, identifying two discrete hydrothermal stages: massive calcsilicate skarn alteration (~215 million years ago) and vein-hosted porphyry-type mineralization (~209 million years ago).
• The findings support the hypothesis that a larger porphyry system exists proximal to the historical skarn, narrowing future exploration targets to West Craigmont (Draken target) and east of the historical mine (Jotun target).

Key Details

• Thesis Title: "The Skarn to Porphyry Transition: Establishing Links Between Skarn and Porphyry-Type Mineralization at New Craigmont British Columbia."
• Researcher: Warren Wagner, University of British Columbia’s Mineral Deposit Research Unit (MRDU).
• Geological Findings:
  • Craigmont is redefined as a porphyry-linked skarn system associated with the Guichon Creek batholith's Border phase.
  • Hydrothermal Stage 1: Massive calcsilicate skarn alteration at approximately 215 million years, related to earliest Border phase intrusions.
  • Hydrothermal Stage 2: Overprinting, vein-hosted porphyry-type mineralization at approximately 209 million years, associated with later, oxidized intrusions.
• Alteration Styles: Identified potassic, phyllic, calc-potassic, and propylitic alteration styles indicate a larger proximal porphyry system.
• Geochemical Evidence:
  • Epidote mineral chemistry from propylitic assemblages supports the porphyry hypothesis.
  • New Craigmont epidote contains elevated porphyry indicator trace elements consistent with other porphyry deposits in British Columbia and worldwide.
  • Systematics reveal New Craigmont contains a separate porphyry centre, unrelated to those of the Highland Valley district.
• Exploration Implications:
  • The study confirms the company's hypothesis that the historical skarn is driven by a nearby porphyry system.
  • Exploration focus has been narrowed to two regions:
    1. West Craigmont (Draken target).
    2. East of the historical mine (Jotun target).
  • Nicola is integrating MRDU data into continuing vectoring work and target generation.
• Qualified Person: Will Whitty, PGeo, Vice-President, Exploration, reviewed and approved the technical disclosures.

Notable Quotes

• Peter Espig, CEO: "We applaud Warren and MRDU on two years of fruitful work at our New Craigmont copper project. The thesis's conclusion aligns with our growing confidence in our three years of geological work, mapping and 2025 porphyry vectoring. Given the size of our land package and location, which includes sharing Guichon batholith with Highland Valley Copper, the prospect of having one or more porphyries at New Craigmont is increasingly compelling, as highlighted in the thesis. We are very encouraged to commence our 2026 exploration program."