VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 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.
To view Figure 1, please click the following link: http://media3.marketwire.com/docs/1030933a.pdf
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.
“We seek safe harbour”.
VP, Investor Relations & Communications
604-683-8266 or Toll free: 1-877-648-8266
Nevada Copper Corp.
Robert McKnight, P.Eng., MBA
Executive Vice President & CFO