The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Nevada Copper Intersects 470 Feet at 0.73% Copper in the North Deposit

Tuesday, May 29, 2012

Nevada Copper Intersects 470 Feet at 0.73% Copper in the North Deposit08:30 EDT Tuesday, May 29, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2012) -Nevada Copper Corp. (TSX:NCU) ("Nevada Copper") is pleased to announce additional step-out drill results from its 100% owned Pumpkin Hollow Property located near Yerington, Nevada. The drill holes reported below represent results from the on-going 50,000 meter step-out and expansion drilling program. To date 85 holes totaling 44,000 meters have been drilled. Two exploration drill rigs are currently active at the Pumpkin Hollow project. Additional drill results will be released as they become available.On February 6, 2012, Nevada Copper SEDAR-filed a National Instrument 43-101 Technical Report Feasibility Study for the Pumpkin Hollow Copper project based on a mineral resource developed from drilling results to October 2010. Drilling results since October 2010 which have been extremely positive will be incorporated into an updated mineral resource to be released in July 2012. From this updated resource, a new mineral reserve and related mining plans will be developed as part of a feasibility study update, targeted to be released in October 2012. The updated feasibility study will also incorporate the benefits of magnetite recovery and sales from the project's iron magnetite resource. The dual benefits of the iron resource and the anticipated expansion of the project's copper reserves are expected to have a positive impact on already favorable project economics. The drill results reported below represent holes drilled in the open pittable Western deposits: five holes drilled on the edges of the North deposit and two holes between the North and South deposit. The holes have intersected new mineralization within or just outside the outside the current NI 43-101 Feasibility Study ultimate open pit limits. Drilling along the southwest edge of the North deposit, Drill hole NC11-51 intersected mineralization at the boundary of the current designed pit, several zones were intersected, the largest zone, 470 feet (143.2 meters), 407 feet (124.0 meters) true thickness grading 0.73% copper. Additional step out drilling continues in this area and still remains open in several directions. Drill hole NC11-47 was drilled in the northeast sector of the North deposit where multiple zones of mineralization were intersected. The mineralized zones are just outside and within the present ultimate pit limit. Mineralization along the northeast border remains open and follow up drilling is in progress.Drill hole NC11-41, 42, and 46 targeted the mineralization along the southeastern portion of the North Deposit and drill hole NC11-44 along the southwestern portion of the deposit. Mineralization continues to be intersected. Drilling continues to extend and confirm the continuity of mineralization along the southern border of the North deposit.Drilling continues to intersect mineralization between the North and South deposits. Drill holes NC11-40; NC11-45; and NC12-02 all intersected mineralization. Drill hole NC11-40 intersected, 191 feet (58.2 meters), 146.3 feet (44.6 meters) true thickness grading 0.25% copper. The mineralization remains open and additional drilling is planned.Gregory French, Vice President, Senior Project Manager, commented, "Drilling continues to focus on expanding mineralization along the edges of the open pit deposits, and expanding the mineralized zones previously discovered between the North and South open pits. In addition to finding mineralization just outside the current Feasibility Study open pit limits, drilling has also encountered new mineralization within the pit boundaries - in areas previously modeled as waste. We believe the continued success of the expansion drilling suggests that the North and South pits will eventually merge, with positive implications for lowering strip ratios, improving overall mining efficiencies and lowering costs."NORTH DEPOSIT - Assays greater than 0.15% CuDrill Hole #FromToLengthLengthTrue LengthCopperGoldSilverMo(m)(m)(m)(ft)(m)%(g/t)(g/t)(g/t)NC11-41235.0249.914.949.011.40.360.0250.80.003265.2271.<0.001NC11-42234.7239.34.615.<0.001NC11-44370.3387.116.855.015.50.340.0541.70.009405.4420.615.<0.001NC11-47186.5190.23.712.<0.001357.8364.26.421.06.20.370.0181.0<0.001374.3379.<0.001527.3554.727.490.<0.001NC11-51161.5167. Significant InterceptsBETWEEN NORTH & SOUTH DEPOSITS - Assays greater than 0.15% CuDrill Hole #FromToLengthLengthTrue LengthCopperGoldSilverMo(m)(m)(m)(ft)(m)%(g/t)(g/t)(g/t)NC11-40150.9209.158.2191.<0.001NC11-45129.5192.062.5205.<0.001NC12-02171.3217.946.6153.<0.001228.6242.513.945.510.70.200.0270.80.001Plan maps with the respective drill locations will be made available at Pumpkin Hollow drilling program is under the supervision of Gregory French, CPG #10708, and 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. About Nevada Copper Nevada Copper has 73 million shares outstanding and is well funded with no debt and approximately $60 million in cash. For additional information about Nevada Copper please visit our website at COPPER CORP.Giulio T. Bonifacio, President & CEO We seek safe harbour.FOR FURTHER INFORMATION PLEASE CONTACT: Eugene ToffoloNevada Copper Corp.Corporate Communications604-683-8266 or Toll free: 1-877-648-8266etoffolo@nevadacopper.comORRobert McKnight, P.Eng.Nevada Copper Corp.Executive Vice