April 11, 2019 – Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company’’) is pleased to announce plans for a $3 million exploration program in 2019 at its 100%-owned Pumpkin Hollow copper project in Nevada, USA. The program has the following goals:
- Newly-staked land exploration: drill-test high-priority areas including Tedeboy and East targets where areas of both porphyry and skarn-style copper mineralization have been identified at surface
- Open pit exploration: drill-test open extensions to the Open Pit ore body and follow up on successful 2018 results
- Open pit advancement: Infill drilling of in-pit Inferred resource material1 with objective to increase resource tonnage and grade
Matt Gili, Chief Executive Officer of Nevada Copper, stated “While our operations team focuses on putting our underground mine into production in Q4, 2019, our experienced geological team is executing on our exploration and expansion goals. The new program has been designed in line with our corporate philosophy of pursuing smart, low-cost growth options. It will encompass drilling some of the high-priority targets in underexplored areas of the Pumpkin Hollow project, including newly-staked ground that has encouraging copper showings on surface. In addition, we will also be targeting areas of potential growth in and around the open pit via exploration and expansion drilling.”
2019 Exploration Program Details
Newly-Staked Land Exploration and East Target (see news release dated February 22, 2019)
In February 2019, the Company expanded its land position by 32% with the staking of 5,700 acres of Federal Land to the northwest of its prior land position (shown below Figure 1), known as the Tedeboy Area. This area contains porphyry-style alteration and copper oxide mineralization at surface with multiple zones of copper mineralization sampled in outcrops and trenches.
- Objective: Demonstrate the potential of both existing and newly-staked lands and test multiple new targets, including both porphyry and skarn mineralization
- Key activities:
- Airborne geophysics survey, and mapping and sampling
- Drill test Tedeboy and East Targets (see Figure 1.)
Figure 1. New Ground Exploration Activity
Figure 2. New Ground – Surface Outcrops
Open Pit Exploration
Following on the success of the 2018 drilling program, the Company has identified several directions of open mineralization around the current Open Pit, notably to the north and the west. Additionally, the Company intends to increase its understanding of the area immediately between the North and South pit boundaries, known as the “Connector Zone”.
- Objective: Continue to test open extensions to the Open Pit ore body, following the successful extensions identified in 2018
- Key activities:
- Drill test the new, shallow mineralization in the Northern & NW Extension areas, discovered during the summer 2018 drill program (see news release dated September 24, 2018)
- Drill test a possible offset of mineralization west of the Open Pit
- Drill test the connector zone between the north and south pits
Figure 3. Open Pit Exploration Activity
Open Pit Advancement
Current work on the resource model has identified several areas within the Open Pit shell where increased drilling density may add to the resource model as well as potentially convert some of the Inferred Resource to the Indicated Resource category. Additionally, as we go into detailed engineering, the Company recognizes the need to drill test areas of potential future infrastructure locations to verify no mineralization will be sterilized by their positioning.
- Objective: Infill areas of in-pit inferred material, with the aim of increasing the Open Pit resource tonnage and grade
- Key activities:
- Drill areas classified as waste and Inferred Resources with goal to convert to Indicated Resources zones in pit
- Drill areas classified as waste and Inferred Resources to Indicated Resources with goal to convert in open areas along the open pit borders.
- Drill mineralized areas with goal to upgrade areas of poor core recovery
- Drill-test targets that fall within proposed infrastructure
Figure 4. Open Pit Advancement Activity
Underground In-Fill Drilling
While not part of the current year exploration budget, the underground near-mine exploration continues to hold significant potential for adding new mineral resources and extending the mine life of the Underground Project through in-fill drilling. We plan on initiating this drilling commensurate with underground mine activities as the underground drilling platforms are developed.
Please visit our website at www.nevadacopper.com for updated construction progress photos and additional project information.
The information and data in this news release was reviewed by Greg French, P.G., VP Exploration and Project Development for Nevada Copper, who is a non-independent Qualified Person within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper’s (TSX: NCU) Pumpkin Hollow underground project is in construction with a view to commencement of copper production in Q4, 2019. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully-permitted projects include a high-grade underground project (under construction) and a large-scale open pit project.
For further information please visit the Nevada Copper corporate website
NEVADA COPPER CORP.
Matthew Gili, President and CEO
For further information call:
VP Investor Relations
Toll free: 1-877-648-8266
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: the ongoing construction of the underground mine, the commencement of production at the underground mine, and other plans of Nevada Copper with respect to the development, construction and commercial production at the Pumpkin Hollow project, ongoing exploration activities and the objectives and results thereof.
Often, but not always, forward-looking statements and forward-looking information can be identified using 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 and information are subject to known or unknown risks, uncertainties and other factors which may cause the actual results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and information.
Forward-looking statements and 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: history of losses; requirements for additional capital; dilution; adverse events relating to construction and development; cost overruns; loss of 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 the Company’s common shares; insurance; competition; hedging activities; currency fluctuations; loss of key employees; 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 29, 2019. 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. Readers 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.
1 References to Inferred, Indicated and Measured Resources are based on the Canadian Institute of Mining (CIM) definitions