November 3, 2015 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to announce results from its diamond drilling program on the East underground deposit at the Company’s 100% owned Pumpkin Hollow project (“the Project”) located near Yerington Nevada.
Underground Drill Program
The first phase of underground drilling has been completed from two underground drilling stations located on the 1,900 foot production haulage level. Several of the holes had significant intervals reporting over 2.5% copper. Ten development holes, and one shaft geotechnical hole, were drilled for a total of 2,965 meters (9,728 feet). The program focused on enhancing the mineralized zones within the current mineral reserve, especially in areas planned for mining in the early years. Additional detailed geotechnical data was also collected for refining the mine designs. Summary assay results for 10 holes are reported below.
A second phase of follow-up drilling will be planned for 2016 once data compilation is completed.
NC15U-02 encountered several zones of high grade mineralization, the largest intersecting 26.4 meters (86.6 feet @ 2.79% Cu) 24.8 meters true thickness.
NC15U-03 intersected several higher grade zones within a large zone of mineralization, the larger zone intersected 120.1 meters (394.0 feet @ 1.21% Cu) true thickness.
NC15U-06 intersected a very broad zone of mineralization intersecting 176.8 meters (580.0 feet @ 1.01% Cu) 166.1 meters true thickness that extended beyond the existing designed stopes. The mineralization remains open as the hole ended in mineralization.
NC15U-08 and NC15U-09 encountered multiple mineralized zones of varying thickness. NC15U-08 intersected a thick zone 75.1 meters (246.5 feet) grading over 1.0% copper that also included higher-grade intervals. The widest zone in NC15U-09 intersected 40.2 meters (132.0 feet @ 1.60% Cu) true thickness. The hole did not completely go through the stope area and ended in mineralization. Several new zones were also intersected (see figure 1).
NC15U-10 also intersected multiple zones of mineralization including 32.1 meters (105.4 feet @ 2.55% Cu) 31.6 meters true thickness and 46.2 meters (151.5 feet @ 1.48% Cu) 45.5 meters true thickness. Over 290 feet of intercepted mineralization was above the average underground reserve grade (1.29% copper from May 2015 NI 43-101 Technical Report). Mineralization was also expanded outside the present stope designs.
Several of the drill holes did not reach the targeted zones. Holes NC15U-01, NC15U-05 and NC15U-07 deviated out of the target area, and hole NCU-04 was lost.
Greg French, Vice President of Project Development & Exploration, commented, “The initial phase underground drilling by way of two drill stations has proven to be successful in intersecting and expanding previously- defined mineralization. These are the first underground holes drilled at Pumpkin Hollow and we gained considerable knowledge regarding geotechnical and drilling conditions that will be useful in our next phase of drilling.
“Multiple zones of high grade copper mineralization with good gold and silver credits were intersected in the holes. For example hole NC15U-02 intersected 26.4 meters @ 2.79% Cu (86.6 feet @ 2.87% CuEq) and NC15U-10 intersected 18.3 meters @ 2.60% Cu (60.0 feet @ 2.89% CuEq) with several individual assay intervals exceeding 1 gram/ton gold.
“It should also be noted that in drill hole NC15U-06, with a very long zone of mineralization, 176.8 meters (580.0 feet @ 1.01% Cu) also ended in mineralization.
“Hole NC15-09 ended in mineralization as it only partially drilled through the stope area, intersecting 40.2 meters (132.0 feet @ 1.60% Cu). The first part of the hole expanded several high grade zones closer to the shaft (see figure 1).
“Both NC15U-06 and NC15U-10 intersected mineralization that extended well beyond the current designed stopes. The new mineralization is expected to enhance the currently-defined resource.”
The table below summarizes the recent assay results.
|Hole #||From||To||Length||True Length||Length||Cu||Gold||Silver||Cu Equiv.*|
* Cu Equiv. used Cu $3.00, Au $1,200 and Ag $18; recoveries 89.3%, 67.3% and 57.3% respectively.
About Nevada Copper
Nevada Copper controls the 100%-owned Pumpkin Hollow copper project located near Yerington Nevada (“the Project”). The Project is located entirely on private land owned or controlled by the Company, and is fully permitted for construction and operations. The Project currently has proven and probable reserves of 5.05 billion pounds of copper, 760,585 ounce ounces of gold and 27.6 million ounces of silver (See Note 1). In June 2015 the Company completed an Integrated Feasibility Study to construct and operate a 70,000 tons per day open pit and underground mine. The Company continues to advance its project financing options and expects that its fully-permitted status, and continued exploration success, will further enhance financing opportunities.
For further information please visit the Nevada Copper corporate website (www.nevadacopper.com).
The technical information in this release has been reviewed and approved by Gregory French, P.G., Vice-President, Exploration & Project Development, Timothy D. Arnold, P.E., Vice President Operations, 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
NOTE 1:Proven and Probable Mineral Reserves, including open pit and underground mineable, are 572 million tons of ore grading 0.47% copper equivalent, containing 5.05 billion pounds of copper, 761,000 ounces of gold and 27.6 million ounces of silver. The copper grade equivalency was determined using Base Case metals prices and metallurgical recoveries of 89.3%, 67.3% and 56.3% for copper, gold and silver respectively.
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: 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