A 20,000-metre step-out and expansion drill program at Nevada Copper‘s (NCU-T) Pumpkin Hollow copper project in Nevada continues to expand mineralization in the North deposit, the company says.
The drill program is targeting areas of the North deposit where mineralization remains open, specifically the shallow northeast and southwest border, Gregory French, the company’s vice-president and senior project manager, noted in a press release.
There are currently three drill rigs turning on the property. On Sept. 7, Nevada Copper released results from drill hole 11-14, which intersected 99 metres averaging 1.82% copper. These and other recent drill results will be folded into a future updated resource and mine plan.
A definitive feasibility study, which got underway in last year’s fourth quarter, is expected to be completed in the third quarter of this year.
The project is 13 km southeast of the small town of Yerington in Lyon County, about a 1.5-hour drive southeast of Reno. Across the valley from Pumpkin Hollow, Anaconda Copper operated an open-pit mine between 1953 and 1978 that produced 2 billion lbs. copper at a grade of 0.6%.
Nevada Copper acquired Pumpkin Hollow in 2005 when the price of copper was US$1.40 per lb.
Located in Nevada’s productive Walker Lane mineralized belt, the deposit is a high-grade iron oxide, copper and gold chalcopyrite-magnetite skarn situated along the flanks of the copper-producing Yerington batholith.
At presstime the junior traded at $4.69 per share within a 52-week range of $3.15-$6.42. The company has 72.7 million shares outstanding.
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