Nicola Mining Inc. (NASDAQ:NICM) (TSXV:NIM) has begun its 2026 diamond drilling campaign at the New Craigmont Copper Project, located near Merritt in British Columbia.
The programme will focus on the Jotun target, an area not previously drilled and identified through a 2022 Z-axis Tipper Electromagnetic survey conducted by Geotech Ltd.. The survey highlighted a resistivity anomaly located north of the historic Craigmont open pit.
The initial drill hole is planned to reach a depth of around 775 metres, based on current geological interpretations and a drill angle of approximately 80 degrees. The objective is to test for a potential intrusive body linked to the historic Craigmont copper skarn system.
Earlier drilling in 2023, including holes NC23-005 and NC23-006 located south of the anomaly, intersected porphyry-style alteration zones, according to the company.
Nicola Mining has allocated $1.5 million for its 2026 exploration programme, which includes drilling, additional geophysical work, and soil sampling. With a current ratio of 2.17 as of the last twelve months ending Q3 2025, the company maintains sufficient liquidity to support these activities.
Drilling is expected to wrap up in early June, after which the company plans to launch another diamond drilling campaign at its Treasure Mountain silver project.
The drilling work will be carried out by Dorado Drilling Ltd.. Nicola Mining also intends to conduct a Mobile Magnetotelluric survey to better define deeper targets across the property.
The New Craigmont Project spans more than 10,800 hectares along the southern edge of the Guichon Batholith and sits adjacent to Highland Valley Copper. Nicola Mining holds a 100% interest in the asset.
With a market capitalisation of around $134 million, the company is not yet profitable, although analysts expect it to move into profitability this year.
The technical disclosure in the announcement was reviewed and approved by Will Whitty, a Professional Geoscientist.
Market Activity and Liquidity Initiative
In a separate development, Nicola Mining has entered into an agreement with ICP Securities Inc. to provide automated market-making services for its shares.
The arrangement will begin with an initial four-month term and will renew automatically on a monthly basis unless terminated with 30 days’ notice. Under the agreement, ICP Securities will receive a monthly fee of C$7,500 plus applicable taxes.
The partnership is aimed at improving trading liquidity and market efficiency for Nicola Mining’s shares, aligning with the company’s broader strategy to enhance investor accessibility and market presence.