Nevada Copper shares results from recent drilling programme

According to the results, all of the 19 holes have hit copper mineralisation, with 9 holes hitting high-grade mineralisation, including hole NC18-22, located outside of the current pit limits, which intercepted 6.9 m true thickness averaging 4.12% copper between 175.7 m and 187 m. In total, 26 holes were drilled during the 2018 opencast project expansion work programme and the results indicate a new high-grade zone, new lenses of mineralisation and the continued success of the waste-to-ore conversion programme. None of these holes were included in the recent preliminary economic assessment (PEA) study. These 26 holes will be included in the upcoming pre-feasibility (PFS) study anticipated 1Q19 and have the potential to enhance the size and economics of the opencast project.

Results Highlights

A total of 26 holes over 9800 m have been drilled this year, including 19 new mineralised drill holes: All 26 holes reportedly encountered multiple zones of mineralisation. Results include:

• Hole NC18-06 intersected 9.2 m true thickness averaging 1.09% copper.
• Hole NC18-14 intersected 13 m true thickness averaging 2.42% copper.
• Hole NC18-23 intersected 29.4 m true thickness averaging 0.71% copper, including 5.7 m true thickness averaging 2.60% copper.

The programme reportedly intersected strong mineralisation in the Northern Extension target area outside and within the walls of the opencast project mine plan that have been classified as waste rock. It also targeted areas classified as inferred category ore with the goal of upgrading to indicated category. Converting the waste rock may reduce stripping costs and extend the ore body.

Three of the holes reportedly encountered high-grade mineralisation outside of the walls of the existing opencast project plan. Drill hole NC18-19 intersected 9.9 m true thickness averaging 3.48% copper. NC18-09 also targeted down dip expansion and intersected 28 m true thickness averaging 1.97% copper. The mineralisation remains open. The company intends to further delineate this new zone of high-grade mineralisation.

As outlined in the recent PEA study, the opencast project has the potential for robust economics and the option to expand in stages. Following the dissemination of the PEA technical report, the results of the 26 mineralised drill holes will be included in the resource model of the PFS study, expected 1Q19 with the potential to improve the grade and size of the resource estimate.

President and CEO of Nevada Copper, Matt Gili, commented: “We are very encouraged by this extensive set of drilling results, which includes the discovery of a new high-grade zone and new lenses of mineralisation. We are also pleased to see the continued, strong progression of our waste-to-ore conversion programme. Overall, the success of this programme has the potential to improve the size and the economics of the opencast development at Pumpkin Hollow and we look forward to the PFS that is planned for 1Q19.”

Located adjacent to and in the North Pit and covering an area of approximately 26 ha, the Northern Extension Zone was not previously drilled due to the now-completed land transfer process. As a result, the Northern Extension Zone was classified as waste rock or inferred material in the Existing Technical Report. Subsequent field work and analysis has shown the Northern Extension to be a highly-prospective area and the 2018 drilling included a waste-to-ore conversion programme which has successfully intersected significant mineralisation in this high priority target area.

A new drilling programme is expected in 1H19 as well as exploration to locate the source of the mineralisation at Pumpkin Hollow In addition, a new PFS, encompassing the new drill holes and further expanding on the PEA results, is expected 1Q19. The underground mine is expected to commence production in 4Q19.

Read the article online at: https://www.globalminingreview.com/exploration-development/25092018/nevada-copper-shares-results-from-recent-drilling-programme/