March 11, 2013 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce drill results from its 100% owned Pumpkin Hollow Property located near Yerington, Nevada. Three (3) drill holes of the current follow-up 2013 drill program have been completed with further drilling results pending.
The drill results reported below represent drilling along the southern edge of the open-pittable North deposit. The current follow-up drill program targets new mineralization discovered at the end of last year's drilling program, which lies just outside the current feasibility pit limits. As previously reported, the updated measured and indicated copper resource in the North and South Deposits (together the "Western Deposits") increased by over 1.1 billion pounds to 5.4 billion pounds. An optimized feasibility study for an integrated open pit and underground project development ("Integrated Operation") incorporating the new mineral resource estimate and expanded mine is scheduled for completion in April 2013.
The majority of mineralization in the North deposit is disseminated within hornfels, silicate skarn and skarn breccia. The mineralization discovered along the southern edge of the deposit is different. Mineralization like that encountered in drill hole NC-12-34 (690 feet grading 1.17% copper) is mainly hosted by endoskarn. The new endoskarn-hosted mineralization opens up a very large prospective area between the North and South deposits for further exploration.
Two of the three recent holes drilled intersected significant thicknesses of mineralization along the south edge of the North deposit. Drill holes NC13-01 and NC13-04 intersected multiple zones of mineralization. The mineralization in NC13-04 totaled 587.5 feet (179.1 meters) averaging 0.54% copper. The highest grade zone intersected 72.5 feet (22.1 meters), 65.6 feet (20.0 meters) true thickness, and grading 1.50% copper. Mineralization remains open to the south and southeast.
Gregory French, Vice President, Senior Project Manager, commented, "The results from drill holes NC13-01, NC13-04 and the earlier reported NC12-34 which intersected 690 feet grading 1.17% copper, continue to demonstrate the potential to further expand the mineralization between the North and South deposit. The expansion of mineralization is expected to enhance future pits designs and economics of the project. Expanding the mineralization in the NC12-34 area is the priority in our current drilling program and we are very pleased with the initial results."
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A plan map with the respective drill locations is available at http://www.nevadacopper.com/site/assets/files/5567/north_map_2013-03-11.pdf.
Shaft and Infrastructure Update
Work by Clark/Atkinson Construction on the production-sized exploration shaft continues with a focus on completing the surface facilities. The head frame steel and back-leg supports are in place. The hoist and hoist house have been installed and the electrical installation is in progress. Dump chutes and related equipment have arrived on site and installation will begin upon completion of the head frame.
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, 2012. 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 & CFO