Nicola Mining Inc. (NASDAQ: NICM) (TSX.V: NIM) (FSE: HLIA) and Ocean Partners UK Limited have each committed $5 million, totaling $10 million, to Blue Lagoon Resources (CSE: BLLG) to support the continued development and production ramp-up of the Dome Mountain Gold and Silver Project near Smithers, British Columbia. The project, which is 100% owned by Blue Lagoon, is targeting a production rate of 150 to 200 tonnes per day.
Nicola completed its investment through a private placement at $0.60 per share, acquiring 8,333,333 common shares. This latest investment builds on Nicola’s previous $1 million investment in Blue Lagoon completed in January 2024. Ocean Partners has now committed a total of $8 million to Blue Lagoon, reflecting a deepening partnership.
The financing is strategically significant as it strengthens the relationship among mine development, concentrate marketing, and milling infrastructure. Nicola’s wholly owned Merritt Mill, located near Merritt, British Columbia, is expected to play an increasingly important role as Blue Lagoon advances production. The mill, which is fully permitted, can process both gold and silver mill feed via gravity and flotation processes.
This collaboration highlights the synergies between junior mining companies and their partners in optimizing resource development. By securing funding and leveraging existing infrastructure, Blue Lagoon is better positioned to accelerate its path to production, which could contribute to local economic growth and the regional mining sector.
Nicola Mining, a junior mining company listed on the TSX Venture Exchange and Frankfurt Exchange, maintains a 100% owned mill and tailings facility and has signed Mining and Milling Profit Share Agreements with high-grade gold projects. 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, and the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease spanning over 2,200 hectares.
The investment underscores the confidence that established industry players have in Blue Lagoon’s project and management. For more details on the financing, the full press release is available at https://ibn.fm/1dWlK. For the latest news and updates on Nicola Mining, visit https://ibn.fm/NICM.
