Toronto-listed Nevada Copper 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 in Nevada, US.
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.
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.”
Nevada Copper’sPumpkin Hollow project is the only major, shovel-ready and fully-permitted copper project in North America. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver.
Its two fully-permitted projects include: the high-grade Pumpkin Hollow underground mine which is already under construction with a view to near-term commencement of copper production; and the Pumpkin Hollow open pit, a large-scale copper deposit which is currently undergoing an optimization program to target a reduced-capex, staged-development approach.