Nevada Copper Corp. (TSX: NCU) (“
Nevada
Copper” or the “
Company”) is pleased to
provide an operations update, including the ongoing ramp-up of the
Pumpkin Hollow Underground Mine in Yerington, Nevada, USA.
Operational Highlights
- Underground mining: Continued delivery of mine
ramp-up milestones, including• Completion of East North Vent
Shaft sinking;• Commencement of blasting in first production
stope; and• Ongoing growth of run-of-mine ore stockpile from
development ore.
- Processing:• Processing plant continues
to ramp-up;• Ongoing resolution of plant commissioning items
and process optimization; and• Concentrate grade trending
towards target specifications.
- Open Pit
Project:• Work continuing on Pumpkin Hollow Open Pit
Project, with feasibility study planned for completion this year;
and• Tender process underway to select preferred engineering
partner for Open Pit Project feasibility study
completion.
-
Exploration:• Ongoing interpretation of
high-value targets identified through recently announced
aero-magnetic survey results; and• Targeting of planned 2020
drilling program, including further exploration of new Tedeboy
targets and potential near-mine extensions to the Underground
Mine.
Matt Gili, Chief Executive Officer, commented:
“I am pleased with the progress of the ongoing ramp-up of the
underground mine and process plant. Our team has continued to show
dedication through the commissioning period, in particular process
plant commissioning and optimization over the Holiday period.
Continuing to deliver ramp-up milestones on the underground
mine remains the first priority for Nevada Copper, but we continue
to advance our other mineral assets including the Open Pit Project
and our growing regional exploration targets.”
Operational Update Further
Details
Underground Mining Activities
Sinking of the East North Vent Shaft has
completed, with activities now focused on shaft preparation and
commissioning. Once commissioned, the East North Vent Shaft
represents a further milestone towards steady-state production.
Blasting in the first production stope has
commenced, allowing for the start of delivery of production stoping
ore to the process plant. Current definition drilling of planned
stopes has identified a positive correlation of copper grades
compared against the resource model.
During December and January, the run-of-mine ore
stockpile continued to grow through ongoing deliveries of
development ore, with the stockpile tonnage now sitting at over
130,000 tons.
Processing Activities
As previously announced, the Company commenced
production at the Pumpkin Hollow process plant as planned in
December. Following commencement of production, the Company has
continued to progress through various commissioning items during
concentrate production ramp-up and further refine its product
specifications before delivering to offtakers. Improvements
include:
- Instrumentation and controls integration;
- Optimization of the crushing and grinding circuits to ensure
proper particle sizing to ensure planned recoveries;
- Commissioning and optimization of tailings and concentrate
filter presses;
- High voltage power supply programming adjustments; and
- Optimization of plant water balance.
With these improvements, the Company expects the
resumption of concentrate shipments to its rail loading facility
for delivery to offtakers in January, and the continued positive
ramp-up of processing operations.
Open Pit and Exploration Activities
The Company has gone through an extensive
bidding process for the open pit feasibility study and has narrowed
down the remaining well qualified engineering firms to three
groups. The Company is on track to meet its scheduled expectations
for completion of the Open Pit feasibility study this year.
Regional and near-mine exploration activities
continue. In particular, geophysical analysis is continuing on the
targets identified as a result of the recent aero-magnetic survey
announced on 30 December 2019. This analysis will define the
priorities for planned follow-up drilling activities in 2020. A
follow-up drilling program is expected to include high-potential
targets identified around the Tedeboy deposits and associated
porphyry potential, in addition continued definition drilling and
testing of potential near-mine extensions to the Underground Mine
works.
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
Cautionary Language
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 that relate to: the ongoing commissioning
and ramp-up of the Company’s underground mine and process
facilities, the resumption of
concentrate shipments, the timing of the Open Pit
feasibility study and plans for ongoing exploration
activities.
Often, but not always, forward-looking
statements and forward-looking information can be identified by the
use of 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 or 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 or 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: delayed shipments
of concentrate and the success of process improvements for
concentrate production to achieve higher copper content; contractor
disputes and litigation surrounding those disputes; history of
losses; requirements for additional capital and availability of
additional draws under the credit facility; dilution; adverse
events relating to construction, development and ramp-up; ground
conditions; cost overruns relating to development, completion and
ramp-up of the Company’s underground mine; loss of material
properties; interest rates increase; global economy; no history of
production; future metals price fluctuations and the continuation
of the current low copper price environment; 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 forward-information and statements are dated as of the date
hereof. 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.
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