July 15, 2015 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or the "Company") is pleased to announce drill results at the Company's 100%-owned Pumpkin Hollow project located near Yerington Nevada.
The primary objective of the drilling was to obtain additional samples for iron metallurgical testwork. The assay results however also contained several notable high grade copper intersections in the South open pit, including 230 feet (188 feet true thickness) grading 1.49% copper within a broader zone of 448 feet (367 feet true thickness) grading 1.0% copper. The copper- and iron-dominated intersections are shown in separate tables below.
Drilling in the South open pit area for the iron metallurgical test bulk sample has been completed. In April 2015, the Company announced a Memorandum of Understanding ("MOU") with a large multi-national steel producer to assess opportunities to exploit Pumpkin Hollow's iron resource. The assessments would include drill sampling consisting of six holes for a total of 8,500 feet (2,600 meters). Drill results have now been received with results reported for both iron and copper dominated zones.
Additionally mine planning, engineering studies and metallurgical work will be completed. These studies will determine if a byproduct magnetite (iron oxide) stream from the copper tailings at a future Pumpkin Hollow concentrator would be suitable as feed for downstream iron ore processing for use in steelmaking.
Six holes, holes S-01 and S-03 through S-07, were drilled in the South deposit. The holes targeted both high and low grade iron areas within the pit limits of the deposit. In addition to the iron mineralization, the holes intersected the copper zones including areas of higher grade copper mineralization.
Several of the drill holes intersected multiple zones of iron mineralization. The largest zones of iron mineralization are found in S-03 and S-04, located in the center of the South deposit. The large zone in S-03 intersected, 117.0 meters (580.8 feet) 106.0 meters true thickness, averaging 40.0% iron. S-04 intersected, 224.9 meters (738.0 feet) 172.3 meters true thickness, averaging 48.4% iron.
All of the drill holes intersected multiple zones of copper mineralization. Located within the center of the deposit, holes S-01 and S03 both intersected mineralized zones that total over 800 feet in thickness. The largest zone in S-01 intersected 74.7 meters (245.0 feet) 61.2 meters true thickness at a grade of 0.62% copper.
Drill hole S-07 was drilled in the southeastern part of the deposit, in an area of higher copper grades and moderate iron. The hole intersected several zones of mineralization with the largest intersecting 136.6 meters (448.0 feet) 111.9 meters true thickness averaging 1.0% copper.
Greg French, Vice President of Project Development & Exploration, commented, "In addition to obtaining the material necessary to complete the iron metallurgical test work, the drilling has increased the continuity of both copper and iron mineralization. Drill hole S-03, within the core of the main iron mineralization, intersected 738 feet grading 48.4% iron."
"The copper results are also extremely positive, as the high grade copper core of the South deposit has been expanded. Within the broader zone of 1.0% copper in drill hole S-07 there is a high grade intercept of 230 feet averaging 1.49% copper. The results from recently completed open pit drilling which has expanded the South deposit and the metallurgical drilling are expected to have a positive effect on the resource and future mine designs."
The tables below summarize the results received and have been grouped in copper-and iron-dominated zones.
A plan map showing the metallurgical drill holes in the South Deposit is shown below:
For further information please visit the Nevada Copper corporate website (www.nevadacopper.com) and visit our Pumpkin Hollow virtual tour.
The technical information in this release has been reviewed and approved by Gregory French, P.G., Vice-President, Exploration & Project Development, and Robert McKnight, P. Eng., Executive Vice-President and CFO of Nevada Copper, all of whom are Non-independent Qualified Persons within the meaning of NI 43-101.
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 are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: management's expectations of completion of the permitting and land acquisition by Q3-2015, expectations as to the results of the planned underground and surface drilling programs, as well as the Company's plans in general at the Pumpkin Hollow Project.
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 mineral 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: requirements for additional capital; 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; unanticipated political events in the United States, 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 March 17, 2015. 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