Pumpkin Hollow is located in Yerington, a world-class copper district with a large metal endowment in deposits controlled by a number of companies. Several opportunities for resource expansion within Nevada Copper's extensive 28.8 square mile land package have been identified and will be systematically tested. These currently include:
Entire Project Area
Based on the results of the 2007 to 2013, drilling and the re-assaying program Nevada Copper has been successful in expanding the copper, gold and silver resources within the property. The database now consists of over 769 drill holes containing in excess of 345,000 meters (1,142,000 feet) of drilling and over 89,000 assays. In 2015, Nevada Copper commenced a targeted 100,000 feet drilling program designed to test open extent of open pit and further enhance the underground grade profile. Initial results are positive.
While the best drilled and understood, the North Deposit still remains open even after extensive drilling. Drilling in 2011 and 2012 demonstrated the expansion potential with a 1.1 billion pound increase in M&I copper resources primarily in the North deposits (see September 2012 mineral resource and 2013 feasibility resource update).
The area between the North and South Deposits was previously under-drilled, but drilling in both 2012 and 2013 yielded additional mineralization between the deposits. In the 2013 stand alone open pit feasibility the North and South pits merged. The mineralization discovered in this area remains open in several directions. Drill hole NC12-34 intersecting 690 feet (210.3 meters), 625.3 feet (190.6 meters) true thickness, grading 1.17% copper. Continued expansion of mineralization in this area will have a positive influence on future pit designs.
In 2015, 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 2015 currently consists of up to 74,000 feet (22,600 meters) of drilling. Three holes were drilled in the connector area (between the North and South open pits) 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.
The North Deposit remains open on its eastern and southeastern boundaries. Drill hole NC10-29, drilled as a step-out to the northeast, intersected 40.4 meters (132.5 ft), averaging 0.75% copper. NC11-33 and NC11-34 were drilled along the eastern border of the North Deposit. Both holes intersected multiple zones of mineralization. Hole NC11-33 intersected 156 feet (47.4 meters) averaging 0.41% copper and NC11-34 intersected 195 feet (59.4 meters) averaging 0.48% copper.
Mineralization also remains open at depth and western boundary of the North Deposit. Located just outside the western pit boundary of the deposit, NC13-05 intersected multiple zones of mineralization totaling 368.0 feet (112.2meters) averaging 0.92% copper.
The South Deposit was originally drilled for the iron resource where widely spaced drilling was insufficient to define the copper mineralization. Nevada Copper targeted these areas and was highly successful in confirming and expanding the resource and reserves of the deposit. A good example of the successful infill drilling is drill hole NC08-25 which intersected 89.6 meters (294.0 ft), 77.7 meters true thickness, averaging 1.03% copper. Copper mineralization remains open to the southwest and down dip along the northern boundaries.
Though not considered in the Integrated Feasibility Study, the Pumpkin Hollow project also has considerable resources of iron in the form of magnetite. The South Deposit contains the bulk of the iron mineralization but mining of the iron--rich material has been delayed until year 14 as the result of the increased resources in the North deposit. While this represents a significant opportunity, the Company has determined that this study will be deferred as the North deposit still warrants additional drilling which may further delay access to the iron-rich South deposit.
Updated costs, mine design, marketability, and additional iron metallurgical testing will be reviewed in the future.
The exploration drilling in the Southeast deposit has delineated a small resource that is relatively shallow and is open to the southwest. Additional exploration drilling is planned to determine if the resource will be included in future mine plans.
East and E2 Deposits:
The East and E2 Deposits contain the higher-grade copper and gold mineralization within the property. Drilling by Nevada Copper has expanded significantly the classified resources to the East and E2. The mineralization in the East deposit occurs as large manto-like bodies that contain several high grade trends (cores). Several of these trends remain open. One such open trend located along the southwestern boundary of the East deposit is hole NC11-09, which intersected, 38.4 meters (126.0 ft), averaging 1.75% copper. Current exploration plans include additional delineation and expansion drilling to be conducted from underground.
Like the East deposit the E-2 mineralization is also manto-like with a high grade core. The deposit has been rotated to where the beds are steeply dipping at 70 degrees. The open mineralization is down dip and along strike to the southwest. A good example of open mineralization down dip is NC09-10 which intersected 33.5 meters (110.0 ft) averaging 1.75 % copper, 0.25 g/t gold, 5.9 g/t silver.
Between the East and E2 Deposits, lies the JK-34 area. Widely spaced drilling has intersected high-grade mineralization that could be continuous with the East Deposit. Additional surface or underground drilling has the potential to increase the underground resource.
The claim block still contains significant areas that have little or no exploration to date. The geologic conditions are present that would support finding additional copper, gold, and silver mineralization. As the present known resources are large, exploration is currently secondary to development of the known deposits.