Nevada Copper's North Deposit Continues to Expand With Mineralization Intersecting Between the North and South
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/29/12 -- Nevada Copper Corp. (TSX: NCU) ('Nevada Copper') is pleased to announce additional positive step-out drill results from its 100% owned Pumpkin Hollow Property located in Yerington, Nevada. The eight holes reported below represent results from a 50,000 meter step-out and expansion drilling program. Nevada Copper has completed 66 holes for 34,000 meters of the current drill program. Three exploration drill rigs are currently active at the Pumpkin Hollow project.
Five holes were completed along the east and south edges of the North Deposit. Multiple zones of mineralization were intersected in all holes. The holes continue to expand and confirm the continuity of mineralization. NC11-29 drilled along the Deposit's southwest border intersected multiple zones of mineralization which total 568 feet (173.1 meters) grading 0.38% copper. Also drilled along the south border was hole NC11-35 which intersected a large zone of low grade mineralization at 624 feet (190.2 meters) grading 0.15% copper. Follow up drilling is currently in progress.
NC11-33 and NC11-34 were drilled along the eastern border of the North Deposit. Both holes intersected multiple zones of mineralization. Hole NC11-33 intersected 156 feet (47.4 meters) averaging 0.41% copper and NC11-34 intersected 195 feet (59.4 meters) averaging 0.48% copper. Additional drilling is planned.
Three holes were drilled to follow up mineralization recently discovered between the North and South Deposits. NC11-32 intersected multiple zones of mineralization including 30 feet (9.1 meters) grading 1.12% copper and 41 feet (12.5 meters) grading 0.34% copper. The mineralization remains open and additional holes are planned in order to delineate the mineralization between the deposits.
Gregory French, Vice President, Senior Project Manager, CPG, M.Sc., commented, 'Drilling continues to produce positive results. In the North deposit, mineralization in these drill holes continues to demonstrate copper above cutoff grades well outside the current NI 43-101 Feasibility Study pit boundary. These results along with mineralized intersections found between the North and South Deposits will have an impact on future pit designs, suggesting that the two pits will ultimately merge. The merged pits could produce both operational and project capital synergies. New pit designs and a mineral resource and reserve update is scheduled to be completed later this year to incorporate all drilling completed since October 2010. Follow up drilling continues in both areas.'
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) (g/t)
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NC11-29 271.3 275.8 4.5 15.0 4.2 0.31 0.013 1.3 0.001
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286.5 304.8 18.3 60.0 17.2 0.28 0.040 1.3 0.005
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316.1 321.6 5.5 18.0 5.2 0.53 0.032 1.9 0.009
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408.4 414.5 6.1 20.0 5.7 1.13 0.083 4.0 0.007
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435.9 457.2 21.3 70.0 21.2 0.30 0.049 1.9 0.003
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502.9 573.0 70.1 230.0 69.8 0.33 0.043 1.7 0.003
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623.3 641.6 18.3 60.0 18.2 0.50 0.048 1.8 0.001
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656.8 685.8 29.0 95.0 28.9 0.40 0.051 1.3 0.003
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NC11-30 234.7 289.6 54.9 180.0 54.9 0.45 0.032 1.2 0.002
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NC11-33 198.1 245.5 47.4 155.5 41.9 0.41 0.057 2.4 0.002
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316.4 321.3 4.9 16.0 4.3 0.48 0.025 2.2 less
than
0.001
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337.1 342.0 4.9 16.0 4.3 0.47 0.017 2.7 less
than
0.001
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356.6 364.5 7.9 26.0 6.9 0.32 0.011 1.6 0.001
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NC11-34 228.6 288.0 59.4 195.0 58.5 0.48 0.080 2.0 0.003
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304.8 315.5 10.7 35.0 10.5 0.23 0.044 1.2 less
than
0.001
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336.8 347.5 10.7 35.0 10.5 0.25 0.035 1.2 0.001
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NC11-35 241.7 253.0 11.3 37.0 10.6 0.29 0.016 1.1 0.003
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277.4 286.5 9.1 30.0 8.6 0.71 0.138 2.2 less
than
0.001
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335.6 525.8 190.2 624.0 178.7 0.15 0.008 0.8 less
than
0.001
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BETWEEN NORTH AND SOUTH DEPOSITS - Assays greater than 0.15% Cu
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True
Drill Hole # From To Length Length Length Copper Gold Silver FE
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(m) (m) (m) (ft) (m) % (g/t) (g/t) %
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NC11-24 No Significant assays
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NC11-31 167.6 172.8 5.2 17.0 4.7 0.18 0.023 0.5 18.3
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NC11-32 199.6 204.2 4.6 15.0 4.2 0.20 0.011 0.6 10.0
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211.8 216.4 4.6 15.0 4.2 0.73 0.016 1.3 12.6
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291.1 297.2 6.1 20.0 5.5 0.26 0.028 0.6 5.4
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329.2 338.3 9.1 30.0 8.2 1.12 0.082 2.4 22.0
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359.4 371.9 12.5 41.0 11.3 0.34 0.021 1.0 23.4
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387.1 396.2 9.1 30.0 8.2 0.34 0.015 1.1 3.1
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Plan maps with the respective drill locations will be made available at: http://www.nevadacopper.com/i/pdf/2012-02-27_NR-Maps.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 $67 million in cash. 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 filed a National Instrument 43-101 Technical Report-Feasibility Study for the Pumpkin Hollow Copper project on SEDAR (www.sedar.com). An updated feasibility study targeted to be released later this year that 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