February 16, 2010 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper”) is very pleased to announce drill results from the East, E-2, and North Deposits which still remain open in several directions. The current drilling continues to demonstrate continuity of mineralization and expand an already significant copper resource at the 100% owned Pumpkin Hollow Property located in Nevada. The five holes presented below are the latest results from a 25,000 meter drill program that is part of a Pre-Feasibility Study currently underway and scheduled for completion by the beginning of the third quarter. Currently five drills rigs including four core rigs are operating at the Pumpkin Hollow Property.
Drill hole NC09-05 was drilled to infill the East Deposit and delineate the high-grade copper mineralization found in adjacent holes. Drill hole NC09-05 was collared 60 meters west of NC08-49, previously reported, where two mineralized zones were intersected, 38.1 meters (125.0ft) averaging 3.24% copper along with 7.3 meters (24.0ft) averaging 1.69% copper. Drill hole NC09-05 also intersected two zones of 34.9 meters (114.5 ft) averaging 3.20% copper and a lower zone of 18.5 meters (60.5ft) averaging 2.26% copper.
Drill hole NC09-03 was also drilled in the East Deposit along the eastern margin where drilling was wide spaced. The hole currently bounds mineralization in that area.
Drill results announced here represent true thicknesses and are summarized below:
|Drill Hole #||From (m)||To (m)||Length (m)||Length (ft)||Copper (%)||Gold (g/t)||Silver (g/t)||Iron (%)|
Drill holes NC09-08 and NC09-09 were drilled along the southern margin of the open pittable North Deposit where mineralization still remains open.
Drill hole NC09-08 intersected multiple intercepts of copper mineralization from 161.4 meters to 470.3 meters greater than 0.30% copper. The larger intercepts include 21.3 meters (70.0 ft) averaging 0.56% copper and 13.7 meters (45.0ft) averaging 0.76% copper.
NC09-08 confirmed the continuity of mineralization with the adjacent drill holes. Results show that Drill hole NC09-09 bounded mineralization along the southern margin of the North Deposit in that area.
|Drill Hole #||From (m)||To (m)||Length (m)||Length (ft)||Copper (%)||Gold (g/t)||Silver (g/t)||Mo (ppm)|
Drill hole NC09-10 was drilled as a step-out hole to delineate and improve the resource classifications in the E-2 deposit. The hole intersected multiple zones of high-grade mineralization, 16.7 meters (55.0 ft), 9.5 meters true thickness, averaging 2.08% copper and 8.1 meters (26.5ft), 4.6 meters true thickness, averaging 3.88% copper.
The mineralization encountered in NC09-10 is higher grade than adjacent hole NC08-55 collared 30 meters to the East and C-4 collared 40 meters to the South. Drill hole NC08-55 averaged 1.2% Copper over 10.7 meters and Drill hole C-4 averaged 1.52% copper over 12.2 meters.
|Drill Hole #||From (m)||To (m)||Length (m)||Length (ft)||True Length|
|Copper (%)||Gold (g/t)||Silver (g/t)||Fe (%)|
Maps for the East, North and E-2 deposits are available at www.nevadacopper.com.
About Nevada Copper
Nevada Copper is an emerging copper company, responsibly developing its advanced stage Pumpkin Hollow copper-gold-silver-iron property into Nevada’s next copper mine. Concurrent with a resource delineation drilling program, metallurgical, geotechnical, hydrological, and environmental baseline data are being collected and processed for inclusion in a Pre-Feasibility Study currently in progress.
To date over 530 drill holes containing in excess of 223,000 meters of drilling have been incorporated into the resource database. In December 2009, Nevada Copper updated its National Instrument 43-101 Preliminary Economic Assessment (“PEA”) for its 100% owned Pumpkin Hollow IOGC Property in Nevada which incorporated a High Grade Case. This is an update to the PEA results published on March 17, 2008. The updated PEA evaluates an integrated underground and open pit mining operation with a standard milling and floatation plant that will produce high grade copper concentrates. Highlights from the PEA high grade case at copper prices from $2.00 to $3.00 per lb. copper are as follows:
- Net Present Value $211 Million to $784 Million with an 8% discount rate;
- Internal Rate of Return 25.3% to 60.4%;
- Operating Cost $1.06/lb total, net of by-product credits;
- Capital Cost Estimate $192 Million including contingencies and working capital;
- Project payback from start of construction 1.9 to 3.6 years
The designed mining operation would have a 7,500 ton per day concentrator throughput. Metallurgical recoveries are estimated at 89% for copper, 70% for gold and 68% for silver.
The Pumpkin Hollow drilling program is under the supervision of Gregory French, CPG #10708, 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.
In other business, Capstone Mining Corp. has recently increased its ownership percentage in Nevada Copper to 12%. Nevada Copper currently has 45.3 million shares outstanding.
NEVADA COPPER CORP.
Giulio T. Bonifacio
President & CEO
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available at www.sedar.com
For further information call:
Eugene Toffolo, Corporate Communications