Nevada Copper Corp. (TSX: NCU) (“
Nevada
Copper” or the “
Company’’) is pleased to
announce the identification of multiple new copper targets at its
Pumpkin Hollow Project and the intersection of shallow copper
mineralization of grades up to 0.9% Cu in structural reconnaissance
drill results, including indicators of a potential porphyry-style
target and grab samples as high as 6.2% Cu at surface.
Exploration Program
Highlights:
- Significant expansion and consolidation of strong land
position in re-emerging copper camp: Increased land
holdings by over 30%, adding over 5,700 hectares to Nevada Copper’s
strong land position;
- Identification of multiple new copper targets:
Multiple targets have been identified across Company’s land
holdings, including surface and near surface copper samples and
drill hole intersections;
- Indicators of porphyry potential in previously untested
areas: Initial reconnaissance drilling intended to provide
information on structural geology has intercepted significant
copper grades with porphyritic signatures. Drilling has occurred
within 2km from current underground mine. The porphyry system
signatures are important, as the existing underground and open pit
deposits are skarn/IOCG-style1 deposits, the source of which is
expected to be an undiscovered porphyry system; and
- Ongoing systematic brownfield exploration plan
advancing: Recently completed aero-mag survey and surface
reconnaissance continues to direct activities for coming months in
order to further advance high-potential targets from this work as
well as broader understanding of the geophysical results from known
deposits across Nevada Copper’s large land package.
Matt Gili, Chief Executive Officer of Nevada
Copper, stated, “Having transitioned to producer status our primary
focus in the first half of 2020 will be ramping up to full
commercial production, however, we will also continue advancing our
regional growth strategy. Exploration results to-date have been
extremely encouraging, with multiple new targets identified across
our large property, and we have increased our land position
significantly. Although our exploration program is at an early
stage, we are very encouraged to have hit mineralization with
porphyritic signatures in multiple holes.”
Gili added, “Our exploration approach is
designed to leverage our substantial organic growth profile and our
strong position in the re-emerging Yerington copper district. It is
pleasing to continue to see that our successes to date are in line
with this strategy and we look forward to working closely with our
community as we invest in the development of Yerington,
Nevada.”
Exploration Program Further
Details
Consolidation of Strategic Land package
During the course of 2019, NCU has continued to
consolidate its strong land position across the Yerington district,
guided by regional geological analysis.
The Company’s land package has been increased by
over 30% and now encapsulates a majority of the Eastern Yerington
district - a re-emerging US copper camp.
As previously announced, Nevada Copper has now
completed construction of the only mineral processing facility in
the Yerington district, and is permitted for production of up to
70,000 tpd.
A photo accompanying this announcement is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7573c5da-d0cf-4088-8ec3-96d99faf1edd
Multiple New Copper Targets Identified
The Company has identified multiple copper
targets on its expanded land package including high-grade,
near-surface skarn mineralization in multiple locations and,
significantly, copper mineralization with porphyritic signatures in
a previously untested area.
Photos accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/23521ad1-8c34-40b3-8504-e6dabd7587a6
https://www.globenewswire.com/NewsRoom/AttachmentNg/1aa1dcea-ef6a-4f0f-80a7-0accba9dc932
The Tedeboy surface sample summary can be viewed
here on the Nevada Copper website.
Indicators of Porphyry Potential Identified
The reconnaissance drilling undertaken recently
with a focus on defining structure for targeting future drilling
programs has already intersected high-grade copper near surface.
Importantly, these structures contain porphyritic signatures.
This initial drilling and was not optimized for
identifying widths and grade or potential resources, and the
results are highly encouraging and will be followed-up in the
coming months with targeted drilling on various identified
structures and areas of interest to aid interpretation.
The new area is typified by a low-lying basin
area with ground cover, shielding the deeper targets. Figure 3
shows the recently completed drone magnetic survey that provides
target detail on the new ground as well as around the existing
deposits. The new area is encircled by multiple copper and gold
occurrences.
These results are consistent with the thesis
that the Pumpkin Hollow skarns that form the basis for the
underground mine and open pit project are associated with a
porphyry feeder zone and hence this exploration work provides clear
direction for porphyry target generation and future drilling.
Reconnaissance Drilling
As part of a broader reconnaissance program in
the new claim areas, a seven hole shallow handful of holes was
drilled that intersected copper mineralization, including 0.93% Cu
over 9.1 meters. The seven shallow holes totaled 937m.
Table: Drill Results
Hole # |
From |
To |
Length |
True Length |
Length |
Cu |
Gold |
Silver |
|
(m) |
(m) |
(m) |
(m) |
(ft) |
% |
(g/t) |
(g/t) |
TB19-01 |
1.5 |
9.1 |
7.6 |
6.6 |
25 |
0.33 |
0.011 |
<0.2 |
TB19-02 |
1.5 |
10.6 |
9.1 |
7.9 |
30 |
0.39 |
0.003 |
<0.2 |
|
16.8 |
18.3 |
1.5 |
1.3 |
5 |
0.12 |
0.113 |
<0.2 |
TB19-03 |
Anomalous |
TB19-04 |
0 |
9.1 |
9.1 |
9.0 |
30 |
0.93 |
0.092 |
0.4 |
|
29 |
30.5 |
1.5 |
1.5 |
5 |
0.14 |
0.020 |
0.3 |
TB19-05 |
Anomalous |
BC19-01 |
230.1 |
231.6 |
1.5 |
1.5 |
5 |
0.11 |
0.036 |
2.4 |
BC19-02 |
146.3 |
147.8 |
1.5 |
1.5 |
5 |
0.17 |
0.015 |
0.4 |
The potential grade presented in the above table
is conceptual in nature. Insufficient exploration has been done to
define a mineral resource in these new claim areas and it is
uncertain if further exploration will result in the delineation of
a mineral resource. The grade presented above was determined in
accordance with the QA/QC procedures described below.
Planned Activities for 2020
- Multiple targets that require follow-up with drilling
- Interpretation of geophysics results
- Updated target generation and exploration, targeting porphyry
source as well as skarn deposits
- Continued extension and infill drilling of the open pit
project
- Continued extension and inferred conversion at the underground
project with drilling
Quality Assurance and Quality
Control
The analytical work was performed by American
Assay Labs (AAL) located in Sparks, Nevada. AAL is an ISO/IEC 17025
accredited laboratory. RC drill samples were crushed so that
>80% passes 10 mesh, followed by pulverizing of a 1000 gram
split to >90% passes 75 < 150 mesh. Prepared samples were run
using a three acid digestion process and conventional ICP-AES
analysis. Gold determination was via standard atomic absorption
(AA) finish 30 gram fire-assay (FA) analysis. Blank, standard and
duplicate samples were routinely inserted and monitored for quality
assurance and quality control. Nevada Copper detected no
significant QA/QC issues during review of the data and is not aware
of any drilling, sampling, recovery or other factors that could
materially affect the accuracy or reliability of the data referred
to herein.
Qualified Persons
The information and data in this news release
was reviewed by Greg French, P. Geol., VP, Head of Exploration for
Nevada Copper, who is a non-independent Qualified Person within the
meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer
and owner of the Pumpkin Hollow copper project. 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 Underground Mine, and a large-scale open pit
project which is advancing towards feasibility status.
Additional Information
For further information please visit the Nevada
Copper corporate website (www.nevadacopper.com).
NEVADA COPPER CORP.
Matthew Gili, President and
CEO
For further information
call:Rich Matthews,VP Investor RelationsPhone:
604-355-7179Toll free: 1-877-648-8266Email:
rmatthews@nevadacopper.com
We seek safe harbour.
1 Iron oxide copper gold
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