Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA) announced that an independent inspection of its Treasure Mountain Silver Mine in British Columbia has revealed the mine is in better condition than expected after roughly 13 years of inactivity. The assessment, conducted by McElhanney Ltd., an independent Canadian engineering and consulting firm, found that both principal portals are accessible, significant portions of underground development remain open, natural ventilation is functioning, and much of the historical infrastructure is in place. No conditions were observed that would prevent the project from advancing to the next stage of evaluation.
The company is evaluating reopening the mine in 2027, and the findings could expedite the timeline for recommencing mining activities. The inspection also identified accessible underground drill stations, partially developed headings, unexplored areas, and potential unprocessed material that could offer exploration opportunities. Nicola plans to conduct a detailed geotechnical and rehabilitation assessment, followed by surveying and mapping, which will support mine planning, ventilation design, rehabilitation, and the recommencement of mineral extraction.
CEO Peter Espig noted 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 Merritt mill is fully permitted and can process both gold and silver feed via gravity and flotation processes, and the company has signed profit share agreements with high-grade gold projects.
Treasure Mountain Property spans over 2,200 hectares and includes 30 mineral claims and a mineral lease. This assessment is a positive indicator for the company’s strategic plan to restart silver production, which could have significant implications for the mining industry and the local economy in British Columbia.
The news is particularly relevant for investors and stakeholders tracking Nicola Mining’s progress. The company also owns 100% of the New Craigmont Project, a high-grade copper property covering 10,913 hectares adjacent to Highland Valley Copper, Canada’s largest copper mine. The positive condition of the Treasure Mountain Mine suggests that the restart may require less capital and time than initially projected, potentially enhancing the project's economic viability.
For more details on the inspection results and the company's plans, view the full press release at https://ibn.fm/HdSg9.
This development comes as Nicola Mining continues to leverage its existing infrastructure to maximize shareholder value. The company's fully owned mill and tailings facility near Merritt, British Columbia, positions it well to process ore from the Treasure Mountain Mine once operations resume. The exploration potential identified during the inspection could also lead to expanded resource estimates, further strengthening the case for the restart.
Industry observers will be watching how the detailed geotechnical assessment progresses and whether the 2027 timeline remains feasible. If successful, the restart could contribute to silver supply in the region and create jobs, aligning with broader trends in mining revitalization.
For ongoing updates on Nicola Mining, visit their newsroom at https://ibn.fm/NICM.
