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| | January 14, 2008
NEVADA COPPER - High Grade Copper Intercepts Further Expand Resources
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| | January 14, 2008 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce additional high grade drilling results at its 100% owned Pumpkin Hollow Copper Property located in Nevada. Drilling results continue to demonstrate the continuity of the large mineralized system and further expand the copper resources.
Results from the following drill holes were not received prior to the recently announced updated resource estimate of 4.0 billion pounds in Measured & Indicated and 3.9 billion pounds in Inferred of contained copper; 1.3 million ounces of gold; 57 million ounces of silver; and 144 million tons of iron therefore these results were not incorporated. For details on the updated resource estimate please refer to Nevada Copper's news release dated November 2, 2007. The very encouraging results in 2007 will be followed up with a drilling program planned to commence in early 2008.
In the high grade E-2 underground deposit, both NC07-26 and NC07-31 intersected high-grade mineralization. NC07-26 intersected 35.5 meters (116.5 ft) averaging 2.59 % copper, 0.23 g/t gold, 6.1 g/t silver, including a very high grade zone of 4.1 meters (13.5 ft) averaging 8.17% copper, 0.91 g/t gold and 14.6 g/t silver. NC07-31 intersected 9.1 meters (30 ft) averaging 1.46% copper, 0.10 g/t gold, 5.2 g/t silver. The E-2 mineralization continues to be open down dip and along strike. These results are expected to significantly expand the copper resource in the E-2 deposit.
NC07-29 was drilled in the underground East deposit. The hole targeted the southern extension of a NE-SW high grade trend in the East deposit. The drill hole encountered several zones of high-grade mineralization. NC07-29 intersected a high grade zone of 23.3 meters (76.5 ft) averaging 1.88% copper, including a zone of 8.9 meters (29 ft) averaging 2.88% copper, 0.46 g/t gold, 11.6 g/t silver. NC07-25 & 28 bound mineralization to the north.
NC07-34 was drilled in the North deposit to test the extension of mineralization encountered in the previously reported drill hole NC07-7, 11.9 meters (39ft) averaging 3.1% and encountered 8.5 meters (28 ft) of 3.66% copper, 0.32 g/t gold and 4.2 g/t silver. These results confirm continuity and will positively impact the resource estimate in the open-pittable North deposit. Mineralization remains open to the northeast.
Drill results announced here represent true thicknesses unless otherwise stated.
E-2 DEPOSIT -- Assays greater than 1% Cu
Drill Hole # |
From
(m) |
To
(m) |
Length
(m) |
Length
(ft) |
True
Length
(m) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
Iron
(%) |
NC07-26 |
684.9 |
688.8 |
3.9 |
13 |
2.8 |
1.60 |
0.08 |
6.0 |
7.2 |
|
753.6 |
789.1 |
35.5 |
116.5 |
25.1 |
2.59 |
0.23 |
6.1 |
15.6 |
Including |
785.0 |
789.1 |
4.1 |
13.5 |
2.9 |
8.17 |
0.91 |
14.6 |
45.4 |
|
797.1 |
813.8 |
16.7 |
55 |
11.8 |
1.02 |
0.07 |
2.9 |
9.5 |
NC07-31 |
563.3 |
572.4 |
9.1 |
30 |
6.4 |
1.46 |
0.10 |
5.2 |
15.8 |
|
599.8 |
601.3 |
1.5 |
5 |
1.1 |
1.20 |
0.09 |
2.9 |
30.5 |
|
632.3 |
635.2 |
2.9 |
9.5 |
2.1 |
2.39 |
0.31 |
6.9 |
18.7 |
|
670.1 |
676.2 |
6.1 |
20 |
4.3 |
1.37 |
0.21 |
4.4 |
11.8 |
EAST DEPOSIT -- Assays greater than 1% Cu
Drill Hole # |
From
(m) |
To
(m) |
Length
(m) |
Length
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
Iron
(%) |
NC07-24 |
508.9 |
525.8 |
16.9 |
55.5 |
1.04 |
0.20 |
6.3 |
34.7 |
NC07-25 |
474.0 |
475.5 |
1.5 |
5.0 |
1.02 |
0.12 |
1.2 |
10.5 |
NC07-28 |
No mineralization > 1.0% Cu Intersected |
NC07-29 |
470.5 |
493.8 |
23.3 |
76.5 |
1.88 |
0.31 |
7.0 |
22.9 |
Including |
471.8 |
480.7 |
8.9 |
29 |
2.88 |
0.46 |
11.6 |
22.4 |
|
588.9 |
600.2 |
11.3 |
37 |
1.50 |
0.28 |
5.4 |
9.8 |
NORTH DEPOSIT -- Assays greater than 0.3% Cu
Drill Hole # |
From
(m) |
To
(m) |
Length
(m) |
Length
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
NC07-34 |
86.6 |
88.1 |
1.5 |
5 |
0.61 |
0.03 |
4.4 |
|
196.1 |
205.1 |
8.5 |
28 |
3.66 |
0.32 |
4.2 |
SOUTH DEPOSIT -- Assays greater than 0.3% Cu
Drill Hole # |
From
(m) |
To
(m) |
Length
(m) |
Length
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
NC07-33 |
No mineralization > 0.3% Cu Intersected |
Results from thirty five (35) of thirty seven (37) holes drilled in the 19,000 meter 2006-2007 program have been reported. The remaining holes are awaiting assay lab results and will be reported as they become available. Updated plan maps for the deposits are available at www.nevadacopper.com.
Nevada Copper will commence its next phase of drilling in early 2008 and will focus on following up the several areas where copper mineralization remains open. They include the west and northeast extensions of the East deposit, the southwest extension of the E-2 deposit, several open areas in the North deposit and the favorable area between the North and South deposits.
About Nevada Copper
Nevada Copper is an emerging copper company, responsibly developing its advanced stage Pumpkin Hollow copper-iron property into Nevada's next copper mine.
In November 2007, Nevada updated its National Instrument 43-101 compliant resource estimate. At a 0.2% copper cutoff grade, the measured and indicated copper resource is 3.96 billion pounds of copper, contained in 343 million tons grading 0.58% copper and 635 thousand ounces of gold and 26.6 million ounces of silver. An inferred copper resource of 3.91 billion pounds of copper is contained in 438 million tons grading 0.45% copper and 647 thousand ounces of gold and 30.1 million ounces of silver. Additionally, there are also potentially open-pittable iron resources of 144 million tons of contained iron in 656 million tons at an average grade of 22 per cent iron at an iron cut-off of 10 per cent.
Within these large resources is a significant high grade copper resource in the East and E2 deposits. Using a 0.75% copper cutoff grade, the measured and indicated resources contain 1.2 billion pounds of copper in 41.6 million tons of material grading 1.46% copper and, in addition, the inferred resource contains 635 million pounds of copper within 25.3 million tons grading 1.25% copper.
Nevada Copper has embarked on a systematic fast-track program to develop its advanced stage Pumpkin Hollow Property with the resource delineation drilling program, metallurgical, geotechnical, hydrological, condemnation data and environmental baseline data for purposes of a feasibility study planned to commence in 2008.
The Pumpkin Hollow project 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.
Nevada Copper has 36.5 million shares outstanding and is well financed with no debt. For additional information about Nevada Copper please visit our website at www.nevadacopper.com
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. 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
Phone: 604-681-5755
Tollfree: 1-877-687-5755
OR:
Giulio T. Bonifacio, President & CEO
Phone: 604-699-0023
Email: info@nevadacopper.com |
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| | You can view the Next News Releases item: Wed Jan 30, 2008, NEVADA COPPER - Designs 15,000 Meter Drilling Program to Expand Resource AND Increases Land Position to 21 Square Miles
You can view the Previous News Releases item: Tue Dec 18, 2007, Nevada Copper Files NI 43-101 Technical Report on Sedar
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