Nevada Copper Corp.: Drilling Continues to Expand Shallow Mineralization in the South Deposit and Lower Zones in the North Deposit
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/09/12 -- Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce the latest step-out and expansion drill results from its 100% owned Pumpkin Hollow Property located near Yerington, Nevada. Additional drill results are pending and will be released as they become available.
An updated resource estimate will be released by September 7, 2012 which is later than initially anticipated. This delay will allow for the inclusion of the positive drill results reported below, as well as the previously-reported assays from the current step-out and expansion drilling program. This program has been ongoing since November 2010 and represents over 47,000 meters of drilling.
The drill results reported below include 12 holes drilled in the open-pittable Western deposits (North, South and Southeast deposits). The drilling continues to expand the lower zone mineralization in the North deposit, between the North and South open pits, and shallow areas of the South deposit. Much of the drilling intersected mineralization within, or just outside the current National Instrument 43-101 Feasibility Study ultimate pit limits for the North and South pits.
In the North deposit, four holes were drilled (NC12-18, 19, 23, and 24). Results continue to expand mineralization along the southern edge and at depth. NC12-23 targeted the expansion of the lower zones intersected 475 feet (144.8 meters), 266.4 feet (81.2 meters) true thickness grading 0.62% copper. NC12-18 and NC12-24 also drilled in the southeast intersected mineralization. NC12-19 was drilled where previous holes were shallow. Mineralization in the North deposit remains open at depth and to the east.
In the South deposit, four holes were also completed (NC12-26, 27, 29, and 37). NC12-29 was drilled in the center of the deposit where drill spacing was wide and mineralization needed better definition. In addition to confirming the main mineralized zone, a much higher grade shallow zone was also intersected. The shallow zone intersected 81.5 feet (24.8 meters), 66.6 feet (20.3 meters) true thickness grading 1.23% copper. NC12-27 and NC12-37 were drilled along the eastern border of the south deposit where older drilling was shallow and the host unit had not been tested. The new mineralization intersected is just within, and also outside, the current feasibility ultimate pit limit. Future drill programs will follow up on the open mineralization. NC12-26 successfully intersected deeper mineralization.
In addition, three holes were drilled in the saddle area between the North and South deposits a (Drill holes NC11-21, NC12-22, and NC12-25). Drilling continues to intersect and expand low grade mineralization between the two deposits. The mineralization remains open in this area.
Drill hole NC12-20 was drilled in the Southeast deposit and intersected two zones of mineralization. The hole expanded the lower mineralized zone and confirmed the shallow upper zone.
Gregory French, Vice President, Senior Project Manager, commented, "The latest step out drilling in the South deposit has been successful in expanding shallow mineralization. Higher grades intersected in the center of the deposit and open mineralization discovered along the southeast border should have positive affect on future mine designs. The North deposit drilling also continues to expand mineralization, especially in the deeper zones. Bringing the new drill results into the database is expected to have a very positive effect on the upcoming resource estimate and future mine designs."
NORTH DEPOSIT - Assays greater than 0.15% Cu
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From To Length Length Length Copper Gold Silver Mo
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Drill Hole # (m) (m) (m) (ft) (m) % (g/t) (g/t) (g/t)
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NC12-18 202.1 213.4 11.3 37.0 8.0 0.50 0.005 0.8 0.001
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368.8 385.6 16.8 55.0 8.4 0.22 0.035 1.0 0.007
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476.9 500.8 23.9 78.5 12.0 0.39 0.035 1.9 0.005
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NC12-19 185.9 201.4 15.5 51.0 14.0 0.24 0.014 1.3 0.001
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270.8 307.8 37.0 121.5 32.0 0.45 0.053 1.5 0.002
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NC12-23 224.0 259.1 35.1 115.0 24.8 0.93 0.087 3.1 0.011
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278.9 286.5 7.6 25.0 5.4 0.87 0.520 2.1 0.005
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332.2 447.0 144.8 475.0 81.2 0.62 0.106 2.0 0.008
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491.3 502.9 11.6 38.0 8.9 0.64 0.081 1.8 0.016
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516.9 527.6 10.7 35.0 9.3 0.42 0.048 0.9 0.015
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NC12-24 312.4 327.6 15.2 50.0 11.6 0.23 0.012 0.8 0.010
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441.1 449.6 8.5 28.0 5.4 0.28 0.021 1.2 0.014
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461.8 469.2 7.5 24.5 4.3 0.62 0.082 2.4 0.011
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477.9 513.6 35.7 117.0 22.9 0.66 0.087 2.1 0.016
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SOUTH DEPOSIT - Assays greater than 0.15% Cu
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From To Length Length Length Copper Gold Silver Fe
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Drill Hole # (m) (m) (m) (ft) (m) % (g/t) (g/t) (%)
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NC12-26 181.4 189.0 7.6 25.0 4.4 0.28 0.138 1.7 6.5
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234.7 283.8 49.1 161.0 31.6 0.22 0.014 1.2 27.1
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329.2 389.4 60.2 197.5 38.7 0.32 0.030 1.0 34.9
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NC12-27 76.4 106.7 30.3 99.5 28.4 0.33 0.036 1.8 39.6
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128.0 196.6 68.6 225.0 64.3 0.30 0.015 0.6 27.9
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207.3 221.9 14.6 48.0 9.4 0.17 0.027 0.9 44.7
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245.3 265.9 20.6 67.5 10.3 0.21 0.028 1.0 16.6
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270.7 299.3 28.6 94.0 14.3 0.19 0.035 1.1 18.7
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NC12-29 146.3 171.1 24.8 81.5 20.3 1.23 0.105 6.9 8.4
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184.4 200.7 16.3 53.5 13.4 0.19 0.003 0.6 10.5
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216.4 228.6 12.2 40.0 10.0 0.21 0.019 1.2 5.2
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244.5 309.4 64.9 213.0 53.2 0.38 0.054 2.7 16.6
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341.4 395..0 53.6 176.0 43.9 0.40 0.050 2.1 26.9
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401.0 410.0 9.0 29.5 7.4 0.19 0.051 0.7 46.2
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NC12-37 95.9 106.7 10.8 35.5 10.1 0.18 0.036 1.4 24.7
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131.1 172.2 41.1 135.0 38.5 0.42 0.034 2.4 6.0
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BETWEEN NORTH & SOUTH DEPOSITS - Assays greater than 0.15% Cu
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From To Length Length Length Copper Gold Silver Fe
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Drill Hole # (m) (m) (m) (ft) (m) % (g/t) (g/t) (%)
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NC12-21 158.5 169.2 10.7 35.0 8.8 0.18 0.020 0.7 20.4
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262.1 269.7 7.6 25.0 7.1 0.19 0.026 0.5 5.6
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283.5 292.6 9.1 30.0 8.6 0.25 0.011 0.6 6.2
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NC12-22 358.2 367.3 9.1 30.0 7.5 0.24 0.006 0.6 2.9
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than
NC12-25 189.0 198.6 9.6 31.5 8.7 0.28 0.048 1.2 0.001
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SOUTHEAST DEPOSIT - Assays greater than 0.15% Cu
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From To Length Length Length Copper Gold Silver Fe
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Drill Hole # (m) (m) (m) (ft) (m) % (g/t) (g/t) (%)
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NC12-20 86.9 160.0 73.1 240.0 56.0 0.41 0.085 1.1 51.0
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184.4 239.3 54.9 180.0 45.0 0.22 0.043 1.0 12.0
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Plan maps with the respective drill locations will be made available at http://www.nevadacopper.com/i/pdf/NCU-Maps-Aug2012.pdf.
Iron Metallurgical Testwork Update
Iron metallurgical testing commenced in February and is ongoing with initial flotation testing of iron concentrates producing encouraging results which reduce the levels of sulphur in the high-Fe magnetite concentrates. Additional testing is now focused on different flotation collectors and grind size to further improve these results. These results will be incorporated into an updated feasibility study for an Integrated open pit and underground mine that will include the benefits from the project's iron magnetite resource.
Feasibility Study Update
Feasibility study work continues on track for a stand-alone 5,000 to 7,500 ton per day high grade underground mine and mill as described in News Release dated June 20, 2012. Release of this feasibility study is anticipated for October 2012.
An updated feasibility study for an Integrated open pit and underground mine with a single 67,500 ton per day processing facility which will incorporate the benefits of an updated resource estimate and iron magnetite resource is scheduled for completion in late December 2012.
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.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
Cautionary Language
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