Significant high grade intercepts including 46 Meters (152 ft) of 2.5% copper and 0.5 g/t gold; and 36 meters (119 ft) of 2.44% copper and 0.2 g/t gold
VANCOUVER, BRITISH COLUMBIA, Nov 07, 2008 (MARKET WIRE via COMTEX) -- Nevada Copper Corp. (CA:NCU) ("Nevada Copper" or "Company") is pleased to announce exceptionally high grade copper-gold drilling results from the Company's E2 and East Deposits at its Pumpkin Hollow Copper Development Property located in Nevada. These results represent initial assays from the Company's recently completed 2008 drilling program which totaled over 26,000 meters of resource, geotechnical and hydrological drilling. To date, results from only 23 of 71 holes drilled have been received and reported. An updated resource estimate is scheduled to be completed by the first quarter of 2009.
"Nevada Copper's Project Team continues to deliver exceptional stepout and infill drilling results at Pumpkin Hollow," stated Joe Kircher, Vice President and COO of Nevada Copper "The high grade copper and gold results reported here from the E2 and East underground deposits demonstrates strong continuity, thickness, expansion potential and high grade nature of the deposits. These characteristics will positively contribute to the already robust economics of the project."
Specifically drill hole NC08-28 intersected 46.5 meters (152.5 ft), 32.6 meters true thickness, averaging 2.50% copper and 0.514 g/t gold. NC08-28 was drilled to test the up-dip extension of KM-44 (48.5 meters averaging 3.41% copper). Within this intercept, NC08-28 contained 29.2 meters (96 ft), 20.5 meters true thickness, with mineralization averaging 3.36% copper and 0.720 g/t gold. The drill hole confirmed copper mineralization continuity and will result in resource expansion up dip.
E-2 DEPOSIT - Underground: Assays greater than 1.0% Cu
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True
Drill From To Length Length Length Copper Gold Silver Fe
Hole # (m) (m) (m) (ft) (m) (%) (g/t) (g/t) (%)
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NC08-28 357.4 403.9 46.5 152.5 32.6 2.50 0.514 11.3 24.1
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Including 374.0 403.2 29.2 96.0 20.5 3.33 0.720 14.8 28.8
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Drill holes NC08-13 and 14 were drilled in the southern portion of the underground East Deposit. NC08-14 was designed as an infill hole to establish continuity and convert inferred resources to measured and indicated resources. Hole NC08-14 intersected 36.2 meters (119 ft) averaging 2.44% copper and 0.22 g/t gold. The hole was drilled between drill holes C-5 and C-8, 45 meters east and 36 meters west respectively. Hole C-5 intersected 19 meters averaging 6.5% copper and hole C-8 intersected 6 meters averaging 2.2% copper. Drill results announced here represent true thicknesses.
EAST DEPOSIT - Underground: Assays greater than 1.0% Cu
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Drill From To Length Length Copper Gold Silver Fe
Hole # (m) (m) (m) (ft) (%) (g/t) (g/t) (%)
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NC08-13 502.9 504.4 1.5 5.0 1.8 0.055 2.0 18.0
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642.8 649.1 6.3 20.7 2.08 0.193 4.8 18.4
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681.2 681.5 0.3 0.9 6.41 0.254 11.0 8.1
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NC08-14 546.8 560.8 14.0 46.0 1.78 0.196 8.3 20.5
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572.7 574.2 1.5 5.0 2.21 0.316 10.6 37.2
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628.0 664.2 36.2 119.0 2.44 0.223 4.8 21.0
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The E2 and East deposits can be mined concurrently utilizing common underground access. As of October, 2007 the combined NI 43-101 compliant resource classifications and average copper grades at a 1% copper cutoff for the deposits stood at: Measured, 6.5 million at 1.91% copper; Indicated, 19.6 million at 1.78% copper; and Inferred, 13.7 million at 1.58% copper. Management expects this resource estimate to measurably expand based on the positive 2008 drilling results to date.
A plan map and cross section for the E2 and East deposits is available at: http://www.nevadacopper.com/s/PumpkinHollow.asp?ReportID=186139.
To date 71 exploration, hydrologic, and geotechnical holes have been drilled for a total of 26,000 meters. Further drill results will be released as they become available throughout the remainder of 2008 and prior to the updated resource estimate scheduled for release in the first quarter of 2009.
About Nevada Copper
Nevada Copper is an emerging copper company, responsibly developing its advanced stage Pumpkin Hollow copper-iron property into Nevada's next copper mine.
Nevada Copper announced robust economic results from an NI43-101 compliant Preliminary Economic Assessment ("PEA") in March, 2008. The PEA evaluates an integrated underground and open pit mining operation with a standard milling and floatation plant that will produce high-grade copper concentrates. Annual production will average 95,000 tons of copper per year over a mine life exceeding 20 years. Highlights from the PEA at copper prices from $1.75 to $3.00 per lb. copper are as follows:
- Net present Value $784 Million to $1.9 Billion with an 8%
discount rate;
- Internal Rate of Return 20.6% to 29.4%;
- Operating Cost $0.57/lb of copper, direct and $1.02/lb
total, net of by-product credits;
- Capital Cost Estimate $665 Million before contingencies and
working capital, $780 inclusive;
- Project payback from
start of construction 3.1 to 4.8 years
The designed mining operation would have a 60,000 ton per day concentrator throughput. Metallurgical recoveries are estimated at 89% for copper, 70% for gold and 68% for silver.
In November 2007, Nevada Copper updated its National Instrument 43-101 compliant resource estimate. At a 0.2% copper cutoff grade, the measured and indicated copper resource is 3.96 billion pounds of copper, contained in 343 million tons grading 0.58% copper and 635 thousand ounces of gold and 26.6 million ounces of silver. An inferred copper resource of 3.91 billion pounds of copper is contained in 438 million tons grading 0.45% copper and 647 thousand ounces of gold and 30.1 million ounces of silver. Additionally, there are also potentially open-pittable iron resources of 144 million tons of contained iron in 656 million tons at an average grade of 22% iron at an iron cut-off of 10%.
Within these large resources is a significant high grade copper resource in the East and E2 deposits. Using a 0.75% copper cutoff grade, the measured and indicated resources contain 1.2 billion pounds of copper in 41.6 million tons of material grading 1.46% copper and, in addition, the inferred resource contains 635 million pounds of copper within 25.3 million tons grading 1.25% copper.
Nevada Copper continues its systematic fast-track program to develop its advanced stage Pumpkin Hollow Property with the resource delineation drilling program, metallurgical, geotechnical, hydrological, condemnation data and environmental baseline data for purposes of a Feasibility Study planned to commence in 2009.
The Pumpkin Hollow project is under the supervision of Gregory French, CPG #10708, 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 has 40.6 million shares outstanding and is well financed with no debt. For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio, President & CEO
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.
Contacts:
Nevada Copper Corp.
Giulio T. Bonifacio
President & CEO
(604) 699-0023
Email: info@nevadacopper.com
Website: www.nevadacopper.com
SOURCE: Nevada Copper Corp.
mailto:info@nevadacopper.com
http://www.nevadacopper.com
Copyright 2008 Market Wire, All rights reserved.
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