Teams of dogs helped locate the 20 miners, and rescue workers were labouring to get them out, said Milagros Solorzano of the ruling Sandinista Party in the community of Bonanza.
Soloranzo told local Channel 8 that the 20 miners were located in a cave inside the mine and have been able to communicate with rescue workers. They said they didn't know the whereabouts of the other four.
The slide occurred yesterday at the El Comal gold and silver mine operated by Hemco in the town of Bonanza, about 260 miles north east of Managua.
A government website, El 19 Digital, reported that one of the 26 originally trapped miners escaped last night and another was rescued this morning,
The miners are believed to be about 165 feet below the surface.
Mining company spokesman Gregorio Downs told the government's news website that 26 miners were trapped, and the company initially had contact with them. But he said apparently there were more slides inside after the initial one.
According to the website of Nicaragua-based Hemco, the company has mined in the north Atlantic municipality since 1995 and employs 532 workers, who process 700 tons of material a day.
Mr Downs said the trapped miners are not employees of the company, but are allowed to work areas in Hemco's concession if they sell the gold they find to the firm.
He said the company had warned miners about the danger of working in the El Comal area, especially after two miners died in a rain-caused landslide there last month.