Nevada Copper provides a positive update on drill program
Nevada Copper Corp has announced results from the first two holes of its 2018 open pit diamond drill program, at the Company's 100%-owned, fully-permitted Pumpkin Hollow Project in Nevada.
The previously announced program aims to expand the North Pit deposit and convert previously untested areas, historically classified as waste, to ore.
Both holes have encountered multiple zones of wide mineralisation at shallow depth. Hole NC18-01, located in the previously undrilled Northern Extension Zone of the North Pit, intersected multiple zones of copper mineralisation, including 42.7 meters true thickness averaging 2.05% copper. This mineralisation is wider and of a higher grade than adjacent holes and extends mineralisation into areas previously classified as waste.
The company has had a strong start to its 2018 drill program. The first two holes encountered multiple zones of mineralisation, including intersections that are both wider and higher grade than adjacent holes. Includes hole NC18-01, with zones such as 42.7 meters true thickness averaging 2.05% copper. Further drilling is ongoing in Northern Extension and Core Area Zones.
Mineralisation expanded at high-grade North Pit: Hole NC18-01 expands mineralisation to the north into previously undrilled areas, and Hole NC18-02 has encountered multiple new zones of mineralisation below the existing deposit.
Demonstrates waste-to-ore conversion: The Northern Extension Zone is currently classified as waste due to the absence of any prior drilling. The 2018 drill program aims to successfully convert waste to mineralisation, which has the potential to reduce stripping costs and extend the ore body. Hole NC18-01 supports the thesis of converting material currently defined as waste to ore.
Upgrading inferred category ore: Portions of the core area of the North Pit were previously classified as an inferred resource due to wide drill spacing. The 2018 drill program also aims to successfully upgrade inferred mineralisation to indicated category and above in order to enhance project economics. Hole NC18-02 supports the future ability to upgrade resource classification in certain zones.
The Importance of the Northern Extension Zone: The Northern Extension Zone covers a large area adjacent to existing North Pit mineralisation. The Northern Extension Zone was not previously drilled due to the now completed land transfer process. As a result, this large area within the existing North Pit shell was classified as waste in previous technical studies. Subsequent geological analysis has shown the Northern Extension Zone to be a highly-prospective area. The 2018 drill program aims to add mineralisation to the open pit deposit, which has the potential to further enhance open pit economics by reducing stripping costs and extending the ore body.
Matt Gili, President and CEO, commented, "We are pleased to see this successful start to the 2018 open pit drill program. These first holes both expand mineralisation to the north and in the core of the North Pit, and are part of an ongoing drill program with the objective of extending mineralisation and converting waste to ore in the open pit."
Drill hole NC18-01, located in the Northern Extension Zone, intersected multiple zones of mineralisation along the hole. Mineralisation is expanded to the north with the largest and shallowest zone intersecting 42.7 meters true thickness averaging 2.05% copper. Not only is this mineralisation higher grade and thicker than adjacent holes it also extends into material previously classified as waste. Additional offset holes are planned as part of the ongoing drill program.
Drill hole NC18-02 is located in the core area of the North Pit. The drill hole targeted areas below existing mineralisation, and within the pit limits, that were previously classified as inferred and waste due to drill spacing. The hole successfully intersected new zones of mineralisation. The upper intersections confirmed existing mineralisation, with intersections such as 84.4m at 0.57% Cu, and the lower intersections defined three new zones of mineralisation below the existing deposit.
The 2018 drill program complements the open pit optimisation work currently being undertaken by Golder Associates. The open pit optimisation study will leverage existing feasibility-level work on the open pit and incorporate the drilling program completed by the Company in 2015, with the aim of defining a reduced-capex, staged-development approach to the open pit project.