Nicola Mining Inc. has received initial assay results from a sampling program at two mill feed stockpiles originating from Red Eye Resources Ltd., returning an overall weighted average grade of 2.83 grams of gold and 753.41 grams of silver per tonne.

The sampling program comprised a total sample weight of 47.82 kilograms collected across two separate stockpiles. Nicola geologists recovered 34.31 kilograms from the larger stockpile, which measures approximately 18 metres by 13 metres by 3.5 metres and consists of multiple material sources, and 14.87 kilograms from the smaller stockpile, which measures approximately 27 metres by 8 metres by 1.5 metres and represents a single source of material.

Individual assay results showed notable variability between the piles. Samples from the smaller stockpile returned gold grades ranging from 0.096 ppm to 0.375 ppm, with silver recorded at 242.87 ppm in sample RE-01. The larger stockpile yielded wider grade ranges, including sample RE-04 returning 18.148 ppm gold and 4,817.38 ppm silver, while other samples across the pile ranged from 0.103 ppm to 0.698 ppm gold and 18.11 ppm to 219.96 ppm silver.

Nicola geologists collected the surface samples by hand, packaging composites taken from areas measuring a few metres across. The samples were transported to Paragon Geochemical laboratory in Surrey, British Columbia, for preparation and analysis using two-cycle PhotonAssay for gold and silver.

The sampling characterizes material under a profit-share agreement entered into by Nicola and Red Eye Resources on August 17, 2026. Under the terms of the arrangement, the two companies will share profits equally from qualifying precious-metal material.

The Merritt Mill is a 100% owned, fully permitted facility located near Merritt, British Columbia, authorized to accept third-party gold and silver mill feed. Nicola will now conduct laboratory simulations to maximize recovery for the Red Eye Project stockpiles at the facility.

The company noted that the results should not be considered fully representative of the entire volume contained within the piles, as buried material remained inaccessible during sampling and additional material was subsequently added to the larger pile. High grade variability also contributes to distribution uncertainty.

Read the full announcement: Nicola Mining Receives Positive Silver and Gold Initial Assay Results from Red Eye Project