Nevada Copper Intersects 9.08% Copper in Open Pittable North Deposit
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/12 -- Nevada Copper Corp. (TSX: NCU) ('Nevada Copper') is pleased to announce positive step-out drill results from its 100% owned Pumpkin Hollow project located near Yerington, Nevada. The drill holes reported below represent results from a 50,000 meter step-out and expansion drilling program. Three exploration drill rigs are currently active at the Pumpkin Hollow project.
Six drill holes have been recently completed in the North Deposit. Drill hole NC12-03 drilled along the deposit's south border intersected high grade mineralization outside the open pit limits as outlined in the recently published Feasibility Study, intersecting 122.7 feet (37.4 meters) true thickness grading 3.96% copper, 0.384 grams/tonne gold, and 14.2 grams/tonne silver. Included within this zone is a higher grade intercept of 33.8 feet (10.3 meters) true thickness grading 9.08% copper, 0.764 grams/tonne gold, and 29.4 grams/tonne silver. In view of these positive results, follow up drilling is already in progress.
Drill holes NC11-36 and NC11-37 were drilled along the deposit's southwest border and intersected multiple zones of mineralization. The mineralized zones in NC11-36 together totaled 585 feet grading 0.38% copper and the zones in NC11-37 totaled 614.5 feet grading 0.42% copper.
Drill hole NC11-50 targeted the deeper stacked mineralized zones in the western portion of the North Deposit. In addition to intersecting the deeper zones, the upper zone was confirmed and higher grades were intersected than the nearby adjacent holes. Drill Hole NC11-50 was drilled 80 feet northwest of drill hole NC07-22 (276 feet grading 0.49% copper). By comparison, Drill hole NC11-50 intersected 272.0 feet (82.9 meters) true thickness grading 0.73% copper. Drill hole NC11-50 hole continues to expand and further confirm the continuity of mineralization.
Drill holes NC11-38 and NC11-39 were drilled along the northeastern border of the North Deposit. The mineralizations intersected in NC11-39 falls within the current open pit limits where the material was modeled as waste in the recently published Feasibility Study. The mineralization remains open and additional drilling is currently being planned.
Gregory French, Vice President, Senior Project Manager, CPG, M.Sc., commented: 'The North Deposit continues to produce exciting drilling results. Drill holes along the south and north boundaries continue to intersect mineralization just outside the open pit limits as included in the Feasibility Study. While NC12-03 was drilled as a step-out hole, the unexpectedly thick zone of high grade mineralization, of approximately 4% copper, was well beyond our expectations. Follow up drilling to delineate this new zone of new mineralization is currently in progress. These high grade intersections and previous drill results, at the southern boundaries of the North deposit open pit limits suggest that the North and South pits will eventually merge.
Drilling to expand the deeper mineralization in the North Deposit has produced several additional benefits. Besides confirming the continuity of shallower mineralization several holes have intersected higher copper grades. The upper zone of NC11-50 intersected grades 30% higher than the nearby adjacent hole 80 feet to the southeast.'
NORTH DEPOSIT - Assays greater than 0.15% Cu
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True
Drill From To Length Length Length Copper Gold Silver Mo
Hole # (m) (m) (m) (ft) (m) % (g/t) (g/t) (g/t)
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NC11-36 312.4 373.4 61.0 200.0 56.2 0.40 0.016 1.7 0.016
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417.6 484.6 67.0 220.0 61.7 0.38 0.029 1.0 0.005
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498.4 533.4 35.0 115.0 32.2 0.40 0.063 1.1 0.007
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705.6 714.7 9.1 30.0 8.4 0.22 0.017 0.6 0.004
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784.9 791.0 6.1 20.0 5.6 0.22 0.030 0.5 0.001
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NC11-37 280.1 296.0 15.9 52.0 14.6 0.55 0.060 2.3 0.018
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334.7 339.9 5.2 17.0 4.8 0.40 0.069 1.2 0.035
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373.4 390.1 16.7 55.0 15.4 0.33 0.053 1.1 0.009
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400.8 478.2 77.4 254.0 71.3 0.37 0.036 1.8 0.006
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510.5 529.6 19.1 62.5 17.6 0.75 0.038 2.7 0.009
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591.6 644.6 53.0 174.0 48.8 0.37 0.024 1.3 0.003
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NC11-38 228.6 237.7 9.1 30.0 7.0 0.39 0.037 2.4 0.002
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262.1 268.2 6.1 20.0 4.7 0.37 0.051 2.2 0.001
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309.4 318.5 9.1 30.0 7.0 0.30 0.042 1.8 less
than
0.001
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NC11-39 187.4 230.4 43.0 141.0 35.2 0.45 0.093 3.2 0.009
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288.0 294.1 6.1 20.0 5.0 0.22 0.049 1.4 5.3
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355.2 360.5 5.3 17.5 4.3 0.41 0.069 3.1 less
than
0.001
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NC11-50 184.4 197.8 13.4 44.0 13.4 0.46 0.049 1.1 0.003
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212.8 295.7 82.9 272.0 82.9 0.73 0.078 2.0 0.003
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307.9 329.2 21.3 70.0 21.0 0.29 0.041 1.3 0.010
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381.0 397.8 16.8 55.0 15.2 0.30 0.038 1.0 0.004
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408.4 416.0 7.6 25.0 6.9 0.50 0.040 1.7 0.003
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458.7 478.5 19.8 65.0 19.8 0.46 0.111 1.4 0.003
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490.7 515.1 24.4 80.0 24.4 0.22 0.011 0.8 0.004
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541.0 545.6 4.6 15.0 4.6 0.56 0.007 2.0 0.002
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553.2 573.0 19.8 65.0 19.8 0.54 0.041 1.4 0.003
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NC12-03 196.6 202.7 6.1 20.0 5.9 0.62 0.012 0.7 less
than
0.001
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311.8 350.5 38.7 127.0 37.4 3.96 0.384 14.2 0.007
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Including 335.3 346.0 10.7 35.0 10.3 9.08 0.764 29.4 0.007
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545.6 554.7 9.1 30.0 9.0 0.56 0.034 2.7 0.001
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A cross section and a plan map with the respective drill locations will be made available at http://www.nevadacopper.com/i/pdf/2012-03-12_NR-Media.pdf.
The 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 72.8 million shares outstanding and is well funded with no debt and approximately $65 million in cash. Remaining drilling results from the 50,000 meter step-out and expansion drilling program will continue to be released as they become available.
Nevada Copper has recently filed a Technical Report-Feasibility Study on SEDAR (www.sedar.com) for the Pumpkin Hollow Copper project in accordance with National Instrument 43-101. An updated feasibility study targeted to be released later this year will incorporate the benefits of magnetite recovery and sales from the iron magnetite resource. Additionally, all drilling since October 2010 will also be incorporated into an updated mineral resource, mineral reserve and related mining plans. The duel benefits of the iron resource and results from the current drilling program are expected to have a further positive impact on already robust project economics.
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
We seek safe harbour.
Contacts:
Nevada Copper Corp.
Eugene Toffolo
Corporate Communications
604-683-8266 or Toll Free: 1-877-648-8266
etoffolo@nevadacopper.com
Nevada Copper Corp.
Robert McKnight, P.Eng.
Executive Vice President
604-683-1309
bmcknight@nevadacopper.com
www.nevadacopper.com
