Nevada Copper Hits with 19 Mineralized Holes: Enhances Potential of Open Pit Economics
VANCOUVER, Sept. 24, 2018 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or the “Company”) is pleased to announce results from 19 holes in and near the open pit project (the “Open Pit Project”) which is located 4km from the Company’s underground mine, both situated at its 100% owned Pumpkin Hollow copper project (“Pumpkin Hollow”). All of the 19 holes have hit copper mineralization, with 9 holes hitting high-grade mineralization, including hole NC18-22, located outside of the current pit limits, which intercepted 6.9 meters true thickness averaging 4.12% copper between 175.7m and 187.0m. In total, 26 holes were drilled during the 2018 Open Pit Project expansion work program and the results indicate a new high-grade zone, new lenses of mineralization and the continued success of the waste-to-ore conversion program. None of these holes were included in the recent preliminary economic assessment (“PEA”) study (see news release dated September 10, 2018). These 26 holes will be included in the upcoming pre-feasibility (“PFS”) study anticipated Q1, 2019 and have the potential to enhance the size and economics of the Open Pit Project.
Results Highlights
- A total of 26 Holes over 9,800 meters have been drilled this year, including 19 New Mineralized Drill Holes: All 26 holes encountered multiple zones of mineralization. Results include:
- Hole NC18-06 intersected 9.2 meters true thickness averaging 1.09% copper
- Hole NC18-14 intersected 13.0 meters true thickness averaging 2.42% copper
- Hole NC18-23 intersected 29.4 meters true thickness averaging 0.71% copper, including 5.7 meters true thickness averaging 2.60% copper.
- Demonstrates potential for waste to ore conversion and upgrading of inferred-category ore: The program intersected strong mineralization in the Northern Extension target area outside and within the walls of the Open Pit Project mine plan that have been classified as waste rock. It also targeted areas classified as inferred category ore with the goal of upgrading to indicated category. Converting the waste rock may reduce stripping costs and extend the ore body.
- New High-Grade Zone discovered outside of the existing Open Pit Project1 boundaries: Three of the holes encountered high-grade mineralization outside of the walls of the existing Open Pit Project plan. Drill hole NC18-19 intersected 9.9 meters true thickness averaging 3.48% copper. NC18-09 also targeted down dip expansion and intersected 28.0 meters true thickness averaging 1.97% copper. The mineralization remains open. The Company intends to further delineate this new zone of high-grade mineralization.
- Enhancing the Scale and Potential Economics of the Open Pit Project: As outlined in the recent PEA study, the Open Pit Project has the potential for robust economics and the option to expand in stages. Following the dissemination of the PEA technical report, the results of the 26 mineralized drill holes will be included in the resource model of the PFS study, expected Q1, 2019 with the potential to improve the grade and size of the resource estimate.
Matt Gili, President and CEO, of Nevada Copper, commented, “We are very encouraged by this extensive set of drilling results, which includes the discovery of a new high-grade zone and new lenses of mineralization. We are also pleased to see the continued, strong progression of our waste-to-ore conversion program. Overall, the success of this program has the potential to improve the size and the economics of the open pit development at Pumpkin Hollow and we look forward to the PFS that is planned for Q1, 2019.”
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