September 13, 2012 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce the latest step-out and expansion drill results from its 100% owned Pumpkin Hollow Property located near Yerington, Nevada. Ninety four (94) drill holes totaling 47,000 meters have been completed. The results for the remaining few drill holes are pending and will be released as they become available.
The drill results reported below include six (6) holes drilled in the open-pittable North and South deposits (the "Western Deposits"). Assays for all holes except for drill hole NC12-31 were received after the recently released updated resource. As previously reported on September 7, 2012 the updated measured and indicated copper resource in the Western Deposits increased by over 1.1 billion pounds to 5.4 billion pounds.
In the North deposit, five holes were drilled, drill holes; NC12-28, 30, 31, 33, and 34. Results continue to expand mineralization along the southern edge and at depth. Drill hole NC12-34 targeted the expansion of the main mineralized zone, intersecting 690 feet (210.3 meters), 625.3 feet (190.6 meters) true thickness, grading 1.17% copper. Mineralization still remains open in several directions.
Drill holes NC12-28 and NC12-33 were also drilled along the south edge of the deposit. NC12-33 was drilled approximately 300 feet (91 meters) northeast of drill hole NC12-34 and intersected the main mineralized zone. The mineralization remains open to the south. Drill hole NC12-28 intersected limited mineralization. Drill hole NC12-31 targeted deeper mineralization and intersected several zones, confirming the shallower zones and expanding the lower mineralized zone.
Drill hole NC12-30 was drilled to test the down dip extension of mineralization along the northwest edge of the North deposit. The zone was intersected and mineralization remains open.
One hole was drilled in the South deposit. Drill hole NC12-32 was drilled in the center of the deposit where drill spacing was wide and mineralization needed better definition. The hole confirmed both the copper and iron mineralization. Several zones were encountered with the lower zone intersecting 230.0 feet (70.1 meters), 179.5 feet (54.7 meters) true thickness grading 0.23% copper just within, and also outside, the current feasibility ultimate pit limit.
Gregory French, Vice President, Senior Project Manager, commented, "The south edge of the North deposit continues to produce great results in both grade and thickness. Intersecting almost 700 feet of high grade mineralization in NC12-34 is extremely positive as we previously intersected 127 feet at 3.96% copper in hole NC12-03 which is located approximately 300 feet to the north. These results now open up a large prospective area between those holes that has not yet been drill tested. The nearest holes to the south and east are approximately 600 to 800 feet away. When drilling resumes, this area will be a top priority."
NORTH DEPOSIT -- Assays greater than 0.15% Cu
|Drill Hole #||From||To||Length||Length||True Length||Copper||Gold||Silver||Mo|
SOUTH DEPOSIT -- Assays greater than 0.15% Cu
|Drill Hole #||From||To||Length||Length||True Length||Copper||Gold||Silver||Fe|
Plan maps with the respective drill locations will be made available at http://www.nevadacopper.com/site/assets/files/5555/2012-09-12_nrm.pdf
Feasibility Study Update
Feasibility study work continues on schedule for a stand-alone high grade underground mine and mill as described in the News Release dated June 20, 2012. The production rate has now been established at 6,500 tons per day, sufficient for a 12 year initial mine life. Release of the feasibility study results is anticipated for October 2012.
A separate, updated feasibility study for an integrated project development will incorporate the new mineral resource estimate announced on September 7, 2012 for the Western Deposits. This study is scheduled for completion in January 2013.
The Pumpkin Hollow drilling program is under the supervision of Gregory French, CPG #10708, and a Qualified Person as defined in Canadian National Instrument 43-101, who is responsible for the preparation of the technical information in this news release. All assaying and whole rock geochemistry is processed at the American Assay Laboratories (AAL) in Reno, Nevada. Samples are delivered from the project core logging facility to AAL by Nevada Copper or AAL personnel. A Quality Assurance and Quality Control Assay Protocol have been implemented whereby blanks and standards are inserted into the assay stream and check samples are sent to Chemex-Reno and Inspectorate-Reno laboratories. For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including the likelihood of commercial mining, securing as strategic partner, expanding the mineral resources and reserves and possible future financings are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: Nevada Copper Corp. (the "Company") plans at the Pumpkin Hollow Project; the timing of granting of key permits; from the Feasibility Study: the estimated metal production and the timing thereof; capital and operating costs, future metal prices and cash flow estimates derived from the foregoing.
Forward-looking statements or information relate to future events and future performance and include statements regarding the expectations and beliefs of management and include, but are not limited to, statements with respect to the estimation of mineral resources and reserves, the realization of mineral resources and reserve estimates, the timing and amount of estimated future production, capital costs, costs of production, capital expenditures, success of mining operations, environmental risks and other mining related matters. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "potential", "is expected", "anticipated", "is targeted", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: history of losses; requirements for additional capital; dilution; loss of its material properties; interest rates increase; global economy; no history of production; future metals price fluctuations, speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates may differ from what is indicated and the difference may be material; legal and regulatory proceedings and community actions; accidents, title matters; regulatory restrictions; permitting and licensing; volatility of the market price of Common Shares; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form dated September 26, 2011. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper's annual filings that are available at www.sedar.com.
The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information call:
VP, Investor Relations & Communications
Toll free: 1-877-648-8266
|Robert McKnight, P.Eng., MBA|
Executive Vice President