Nevada Copper Corp.: North Deposit Mineralization Continues to Expand Intersecting 588 Feet at 0.54% Copper
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/11/13 -- Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce drill results from its 100% owned Pumpkin Hollow Property located near Yerington, Nevada. Three (3) drill holes of the current follow-up 2013 drill program have been completed with further drilling results pending.
The drill results reported below represent drilling along the southern edge of the open-pittable North deposit. The current follow-up drill program targets new mineralization discovered at the end of last year's drilling program, which lies just outside the current feasibility pit limits. As previously reported, the updated measured and indicated copper resource in the North and South Deposits (together the "Western Deposits") increased by over 1.1 billion pounds to 5.4 billion pounds. An optimized feasibility study for an integrated open pit and underground project development ("Integrated Operation") incorporating the new mineral resource estimate and expanded mine is scheduled for completion in April 2013.
The majority of mineralization in the North deposit is disseminated within hornfels, silicate skarn and skarn breccia. The mineralization discovered along the southern edge of the deposit is different. Mineralization like that encountered in drill hole NC-12-34 (690 feet grading 1.17% copper) is mainly hosted by endoskarn. The new endoskarn-hosted mineralization opens up a very large prospective area between the North and South deposits for further exploration.
Two of the three recent holes drilled intersected significant thicknesses of mineralization along the south edge of the North deposit. Drill holes NC13-01 and NC13-04 intersected multiple zones of mineralization. The mineralization in NC13-04 totaled 587.5 feet (179.1 meters) averaging 0.54% copper. The highest grade zone intersected 72.5 feet (22.1 meters), 65.6 feet (20.0 meters) true thickness, and grading 1.50% copper. Mineralization remains open to the south and southeast.
Gregory French, Vice President, Senior Project Manager, commented, "The results from drill holes NC13-01, NC13-04 and the earlier reported NC12-34 which intersected 690 feet grading 1.17% copper, continue to demonstrate the potential to further expand the mineralization between the North and South deposit. The expansion of mineralization is expected to enhance future pits designs and economics of the project. Expanding the mineralization in the NC12-34 area is the priority in our current drilling program and we are very pleased with the initial results."
NORTH DEPOSIT - Assays greater than 0.15% Cu
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True
Drill Hole # From To Length Length Length Copper Gold Silver Mo
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(m) (m) (m) (ft) (m) % (g/t) (g/t) %
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NC13-04 363.8 385.9 22.1 72.5 20.0 1.50 0.084 4.4 0.009
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424.0 506.3 82.3 270.0 74.8 0.50 0.072 2.1 0.002
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555.0 597.7 42.7 140.0 38.7 0.34 0.064 1.5 0.001
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655.6 687.6 32.0 105.0 29.0 0.25 0.039 1.0 0.001
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NC13-01 481.6 490.7 9.1 30.0 8.2 0.26 0.041 1.3 less
than
0.001
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501.4 507.5 6.1 20.0 5.5 0.19 0.024 1.1 less
than
0.001
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557.8 635.5 77.7 255.0 70.4 0.44 0.106 1.6 less
than
0.001
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647.7 681.2 33.5 110.0 30.4 0.32 0.047 1.2 less
than
0.001
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690.2 696.5 6.3 20.5 5.7 0.34 0.078 1.3 less
than
0.001
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NC13-02 477.3 495.3 18.0 59.0 16.3 0.17 0.013 0.9 less
than
0.001
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A plan map with the respective drill locations is available at http://www.nevadacopper.com/i/pdf/North_Map_2013-03-11.pdf.
Shaft and Infrastructure Update
Work by Clark/Atkinson Construction on the production-sized exploration shaft continues with a focus on completing the surface facilities. The head frame steel and back-leg supports are in place. The hoist and hoist house have been installed and the electrical installation is in progress. Dump chutes and related equipment have arrived on site and installation will begin upon completion of the head frame.
Qualification Statement
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.
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
VP, Investor Relations & Communications
604-683-8266 or Toll free: 1-877-648-8266
etoffolo@nevadacopper.com
Nevada Copper Corp.
Robert McKnight, P.Eng., MBA
Executive Vice President & CFO
604-683-1309
bmcknight@nevadacopper.com
www.nevadacopper.com
