June 1, 2015 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to announce additional results of diamond drilling on the North and South open pit deposits and provide a project update at the Company’s 100% owned Pumpkin Hollow project located near Yerington Nevada.
Open Pit Drilling Results
Drilling continues to test the open extent of mineralization in the North and South open pit deposits including areas that may have economic copper mineralization but are currently categorized as inferred, or waste, due to limited drill data. The drill program which started in late February currently consists of up to 74,000 feet (22,600 meters) of drilling. There are currently three drill rigs which have completed 13 holes for a total of 24,300 feet (7,400 meters).
The results for the first 3 holes were released April 23, 2015. This news release provides the results for the latest seven drill holes, bringing the total holes released to 10. The results for the remaining 3 holes are pending. All of the latest seven holes were drilled in the North deposit and the Connector zone between the North and South deposits. All holes have been successful in intersecting mineralization. Drill holes NC15-03, NC15-07 and NC 15-13 expanded mineralization in the Connector zone. Drill holes NC15-05 & 06 and NC15-09 expanded mineralization on the edges of the North deposit but still within the current pit limits. NC15-04, drilled in the center of the North deposit, was also successful in expanding mineralization below the main zone.
Drill holes NC15-03, NC 15-07 and NC15-13 are located in the Connector zone between the North and South open pit deposits. In all three holes mineralization correlated with adjacent holes. NC15-13 drilled on the bridge of the pits intersected shallow mineralization 63.9 meters (209.5 feet @ 1.39% Cu), true thickness. Just northwest of NC15-13, drill hole NC15-03 intersected over 42.8 meters (158.0 feet @ 0.79% Cu), true thickness. Additional drilling is planned to follow up this new high grade zone.
Drill holes NC15-05 & NC15-06 are located along the western edge and within the designed North pit limit. The mineralization has narrowed in NC15-05. Mineralization seems to be thickening to the southwest where NC15-06 intersected 58.0 meters (190.4 feet) true thickness averaging 0.40% copper. Follow up drilling of NC15-06 is currently planned.
Drill hole NC15-04, located in the center of the North deposit, intersected multiple zones of mineralization totalling over 1,000 feet in the center of the deposit. The upper zones correlate well with existing mineralization. The new lower zones helps fill in area where drill density is limited and the rock is classified as waste or inferred. Additional drilling is currently planned.
Drill hole NC15-09 is located along the eastern edge and within the designed North pit limit intersected 70.3 meters (230.7 feet @ 0.37% Cu), true thickness. The mineralization is continuous with adjacent holes and remains open and expected to convert inferred and waste material. Additional off set holes are planned.
Greg French, Vice President of Project Development & Exploration, commented, “We are very pleased that our drilling continues to be successful in intersecting and expanding the mineralization within the current pit and the Connector zone.
“In the Connector zone, we expect that the positive results we are achieving in this area will not only upgrade what is currently classified as waste, but also improve future pit designs. Three holes were drilled in the area and multiple zones of mineralization were encountered. The shallow mineralization in drill hole NC15-13 was higher grade than expected at 209.5 feet averaging 1.39% copper. We continue to keep one of the drill rigs focused on expanding this significant area.
“In the center of the North deposit, below the main zone, mineralization had been geologically projected but could not be included in the mineral reserve due to limited deeper drilling. Drill hole NC15-04 helped confirm the mineralization by intersecting multiple zones. Additional drilling in this area is being planned. Following up open mineralization on the eastern and western edges of the North deposit has also been successful. On the eastern edge, drill hole NC15-09 intersected 230.7 feet averaging 0.37% copper. This hole will be off set.”
The tables below summarize the results received. Assays for the remaining drill holes will be posted as results are received.
* Cu Equiv. used Cu $3.00, Au $1,200 and Ag $18; recoveries 89.3%, 67.3% and 57.3% respectively.
A map showing drill holes location is shown below:
Underground Drill Program
The first underground drill station at the 1,900 foot production level is complete and drilling has commenced. The program will consist of up to 26,000 feet (7,900 meters) of delineation and development drilling which will focus on further enhancing the high grade zones within the current mineral reserve, especially in areas planned for mining in the early years.
Management believes the program has the potential to improve the copper production grades in the early years and continue to expand mineralization which remains open in several directions. This drilling will also provide additional geotechnical data for updated mine designs.
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, 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
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