Nevada Copper Corp.: Mineralization Continues to Expand in the North Deposit; Land Acquisition Bill Progress Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/10/12 -- Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce continued positive step-out drill results from its 100% owned Pumpkin Hollow Property located near Yerington, Nevada, and, an update on progress of the City of Yerington land acquisition bill through the House and Senate.
The holes reported below represent results from the 50,000 meter step-out and expansion drilling program. To date we have drilled 73 holes totaling 37,000 meters with additional drill results to be released as they become available. Three exploration drill rigs are currently active at the Pumpkin Hollow project.
The results reported below represent the latest holes drilled in the open-pittable Western deposits: five holes drilled on the edges of the North deposit and two holes between the North and South deposit. The holes have intersected new mineralization within or just outside the outside the current NI 43-101 Feasibility Study ultimate pit limits. The current holes, along with the holes drilled since October 2010, will be incorporated into an updated mineral resource that will be released in Q3 2012 followed by an updated mineral reserve that will be incorporated into an updated feasibility study discussed below.
Drilling along the southwest edge of the North deposit, NC11-51 intersected mineralization at the boundary of the current designed pit, several zones were intersected, the largest zone, 470 feet (143.2 meters), 407 feet (124.0 meters) true thickness, grading 0.73% copper. Additional step out drilling continues in this area where the mineralized zones remain open in several directions.
NC11-47 was drilled in the northeast sector of the North deposit were multiple zones of mineralization were intersected. The mineralized zones are both outside, and within, the present ultimate pit limit. Mineralization along the northeast border remains open and follow up drilling is in progress.
NC11-41, 42, and 46 targeted the mineralization along the southeastern portion of the North Deposit. Mineralization continues to be intersected. Drilling continues to extend and confirm the continuity of mineralization along the southern border of the North deposit.
Drilling continues to intersect mineralization between the North and South deposits. NC11-40 and NC11-45 intersected mineralization. NC11-40 intersected, 191 feet (58.2 meters), 146.3 feet (44.6 meters) true thickness, grading 0.25% copper. The mineralization remains open and additional drilling is planned.
Gregory French, Vice President, Senior Project Manager, commented, "Drilling continues to focus on expanding mineralization along the edges of the open pit deposits as well as mineralization found between the two pits. In addition to intersecting mineralization just outside the current Feasibility Study pit limits, new mineralization has been discovered within the pit boundaries converting areas originally modeled as waste. We believe the continued success of the expansion drilling suggests that the North and South pits will eventually merge, with positive implications for lowering strip ratios, improving overall mining efficiencies and lowering costs."
NORTH DEPOSIT - Assays greater than 0.15% Cu
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Drill True
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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NC11-41 235.0 249.9 14.9 49.0 11.4 0.36 0.025 0.8 0.003
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265.2 271.3 6.1 20.0 4.7 0.78 0.022 0.8 less
than
0.001
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NC11-42 234.7 239.3 4.6 15.0 3.5 0.24 0.020 0.8 less
than
0.001
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NC11-46 182.9 201.2 18.3 60.0 16.6 0.58 0.051 2.2 0.008
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265.2 271.3 6.1 20.0 5.5 0.32 0.030 1.1 0.013
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296.7 307.9 12.2 40.0 9.3 0.18 0.019 0.8 less
than
0.001
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NC11-47 186.5 190.2 3.7 12.0 3.6 0.26 0.051 1.5 0.003
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240.5 253.0 12.5 41.0 12.1 0.51 0.095 1.9 0.003
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295.3 300.2 4.9 16.0 4.7 0.41 0.028 1.9 0.002
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314.5 336.8 22.6 74.0 21.8 0.78 0.117 3.0 less
than
0.001
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357.8 364.2 6.4 21.0 6.2 0.37 0.018 1.0 less
than
0.001
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374.3 379.5 5.2 17.0 5.0 0.19 0.054 1.0 0.002
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490.7 501.4 10.7 35.0 10.3 0.20 0.006 1.3 less
than
0.001
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527.3 554.7 27.4 90.0 26.5 0.26 0.015 1.2 less
than
0.001
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NC11-51 161.5 167.6 6.1 20.0 6.1 0.28 0.028 0.8 0.001
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245.4 253.0 7.6 25.0 6.6 0.59 0.090 2.6 0.013
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341.4 355.1 13.7 45.0 11.9 0.31 0.194 0.9 0.006
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365.8 509.0 143.2 470.0 124.0 0.73 0.119 2.5 0.014
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BETWEEN NORTH & SOUTH DEPOSITS - Assays greater than 0.15% Cu
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Drill True
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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NC11-40 150.9 209.1 58.2 191.0 44.6 0.25 0.023 0.8 less
than
0.001
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NC11-45 129.5 192.0 62.5 205.0 47.9 0.20 0.024 0.8 less
than
0.001
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A cross section and a plan maps with the respective drill locations will be made available at http://www.nevadacopper.com/i/pdf/2012-04-10_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.
City of Yerington Land Acquisition Bill Progress
Nevada Copper is also very pleased to report that the House of Representatives has scheduled a hearing date of the Subcommittee on National Parks, Forests and Public Lands on Tuesday April 17, 2012 to consider House Bill H.R. 4039, "Yerington Land Conveyance and Sustainable Development Act". This bill was sponsored by Congressman Mark Amodei of Nevada (see February 16, 2012 News Release).
The link is: http://naturalresources.house.gov/Calendar/EventSingle.aspx?EventID=289304.
This legislation would convey approximately 10,300 acres of the BLM-administered Federal Lands to the City in order to develop a multiple use economic development, mining, industrial, recreational and open space area. The Federal Lands are interspersed with, and adjacent to, the 1,560 acres of Nevada Copper private patented lands in the proposed mine area. The City of Yerington would be the municipal entity to take title from the federal government. The City would subsequently enter into development agreements with businesses, including Nevada Copper, to develop mining, industrial and commercial businesses. The City would also facilitate development of recreational uses and facilities.
About Nevada Copper
Nevada Copper has 73 million shares outstanding and is well funded with no debt and approximately $60 million in cash.
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, will incorporate the benefits of both magnetite recovery and sales from the project's significant iron magnetite resource in addition to all drilling results received since October 2010. The current drilling program will be incorporated into an updated mineral resource, mineral reserve and related mining plans. The dual benefits of the iron resource and results from the current drilling program are expected to have a further positive impact on 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 harbor.
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