Ore is reported to occur in limestone of the Mississippian to Lower Permian Milford Group. The Nicolet is a mineralized fracture comparable to the Lakeshore mine (082FNE018) to the north. The Nicolet mineralization is along a single mineralized fracture that strikes 285 degrees and dips 80 degrees south. It contains galena, sphalerite, pyrite, pyrrhotite and minor chalcopyrite, locally associated with siderite. Pieces of ore from the dump also contain some quartz, calcite and knebelite. The fracture has been traced for about 100 metres to the east, and throughout its exposed length the sulphides are only several centimetres thick, locally expanding along the foliation or subsidiary fractures.

The Nicolet claim was Crown-granted in 1897. The Nicolet was added to the Kootenay Florence group (082FNE016) in the late 1920s. The principal work recorded was done in 1916 and 1917 and between 1950 and 1952 when a total of 607 tonnes of ore was mined (571 tonnes mined in 1952 alone). From this ore, 46,438 grams of silver, 37,069 kilograms of lead and 19,244 kilograms of zinc were recovered.