Nicola Mining Reports 2.83 g/t Gold, 753 g/t Silver in Red Eye Stockpile Assays
NICM sits 29% above its 52-week low of $5.316.
Summary
Initial assays from two Red Eye Resources stockpiles show a weighted average of 2.83 g/t gold and 753.41 g/t silver, with one large-stockpile sample hitting 18.148 g/t gold and 4,817 g/t silver. The company will now run laboratory simulations to optimize recovery before deciding whether to process the material at its Merritt Mill. This follows the 50/50 profit share agreement signed with Red Eye Resources on August 26 and the August 17 announcement of the deal. The high-grade silver numbers are notable, but the company cautions that surface samples may not represent the full pile volume and grades are based on limited results. Next step is the recovery simulation work, which will determine whether this material is economic to process.
At the time of this announcement, NICM was trading at $6.88 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $132M. The 52-week trading range was $5.32 to $10.60. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: TMX Newsfile.