Nevada Copper Announces 1.1 Billion Pound Increase in Measured and Indicated Resource
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/07/12 -- Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or the "Company") is very pleased to announce it has completed an updated National Instrument ("NI") 43-101 mineral resource estimate for its 100% owned Pumpkin Hollow Property in Nevada. The updated mineral resource estimate includes the results of approximately 44,000 meters of resource delineation drilling completed since October, 2010. This program focused on expanding the Measured and Indicated ("M&I") copper resource primarily in the North and South open-pittable deposits (the "Western Deposits").
The following are highlights of the new mineral resource estimate, compared to the previously published January 2011 resource estimate. The new resource estimate is based on drill results from October 2010 to August 2012. The details of tonnage and grades are contained in the resource tables below.
Since October 2010 the Eastern Deposits received limited drilling mainly along the edges of the deposits representing only 6% of the total drilling completed. As a result, the Eastern Deposits mineral resources have not been updated and are reported below as previously published.
On completion of the 2,200 foot, 24 foot diameter production-sized shaft currently underway, Nevada Copper anticipates commencement of an underground drilling program that will focus on several open areas of the East Deposit and the JK-34 target area.
In considering the cutoff grades in the tables below, it should be noted that the cutoff grades for the Eastern deposits and the Western Deposits are different due to differing mining methods and costs. The cutoff grade ranges in the resource tables below are specific to the individual deposits.
In preparing economic analyses, appropriate cut-off grades are determined for use for the mining plans, either underground or open pit, developed as part of any feasibility study. The cut-off grades used in resource tables below are indicative of those used in Nevada Copper's National Instrument 43-101 Technical Report-Feasibility Study filed on SEDAR () in February 2012.
The Pumpkin Hollow mineral resource summary, by deposit area, is as follows:
Tonnage, grades and totals in the tables above may not total due to rounding.
Iron Resources
Nevada Copper has also updated the standalone estimate of the iron resource at Pumpkin Hollow. Nevada Copper is continuing to assess the commercial viability of the large iron by-product found within, and contiguous to, the copper-gold-silver deposits at Pumpkin Hollow.
The following tables summarize only those iron resources amenable to open-pit mining methods in the Western deposits:
Drill-Hole Database
The updated resource is based on a database that now consists of over 740 drill holes containing in excess of 335,200 meters (1,100,000 feet) of drilling and over 89,000 assays. The 2011 and 2012 program consisted of 94 resource holes totaling 47,700 meters (156,500 feet) and 10 hydrological, and geotechnical holes that totaled 3,900 meters (12,800 feet).
Gregory French, CPG, M.Sc., VP, Senior Project Manager, commented, "The drilling program since late 2010 has proved to be extremely successful in expanding the M&I resources in the North and South Deposits which focused primarily on the North Deposit and increased by over 800 million pounds or 32%. We are extremely pleased that these results have exceeded our initial expectations while mineralization still remains open in both the North and South Deposits.
The addition of more than 1.1 billion pounds of copper to the previous 4.3 billion pounds of copper in the M&I category is expected to have a very positive impact on already robust project economics. The combination of converting waste and inferred material within the current feasibility open pit designs to M&I and the new mineralization discovered in the North Deposit is expected to yield a larger and deeper ultimate North Pit. Based on limited pit design work by Tetra Tech, we believe that this will significantly increase mineable reserves within the designed pits, subject to the results of an updated feasibility study encompassing the Western deposits. This study is targeted for release in January 2013. Additionally, the updated resource estimate further supports our expectation that the North and South pits will merge. We anticipate that merged pits should produce both operational and project capital synergies, whilst extending the mine life of the North Deposit by several years."
Qualified Person
The completed updated mineral resource estimate was prepared by the mineral resource and mining division of Tetra Tech Inc. an industry leading international engineering firm by, or under the direction of, Dr. Rex Bryan, SME Registered Member, an independent Qualified Person as set forth by Canadian National Instrument 43-101.
The Pumpkin Hollow drilling program is under the supervision of Gregory French, CPG, M.Sc., Vice President, Senior Project Manager of Nevada Copper Corp. Mr. French is a non-independent Qualified Person as defined in Canadian National Instrument 43-101 and is responsible for the preparation of the technical information in this news release.
A National Instrument 43-101 technical report, including the updated mineral resource estimate, will be filed on SEDAR within the next 45 days and will also be available on the company's website.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
Cautionary Language
We seek safe harbour.
Contacts:
Nevada Copper Corp.
Eugene Toffolo
VP, Investor Relations & Communications
604-683-8266 or Toll free: 1-877-648-8266
Nevada Copper Corp.
Robert McKnight, P.Eng.
Executive Vice President
604-683-1309
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 07.09.2012 - 11:00 Uhr
Sprache: Deutsch
News-ID 181316
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 182 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Nevada Copper Announces 1.1 Billion Pound Increase in Measured and Indicated Resource"
steht unter der journalistisch-redaktionellen Verantwortung von
Nevada Copper Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
