Drill results from Nevada Copper‘s (NCU-T) Pumpkin Hollow copper property in Nevada lit the fuse for its share’s strong market performance.
The latest results come from the open pittable South and Southeast deposits and were highlighted by drill hole NC08-19 hitting 116.3 meters true thickness, averaging 0.58% copper and drill hole NC08-16 hitting 77.3 meters averaging 0.55% copper.
The news further helped the Vancouver-based company partake in the market rally on Oct. 14 as its shares climbed roughly 36% or 16 to 60 on roughly 49,000 shares traded.
The company also reports that two infill holes hit shallow copper mineralization but due to drill problems one hole wasn’t completed and bottomed in high-graded iron mineralization of 15.9 meters grading 44.5% iron.
It says an updated resource estimate for the project is slated to begin this quarter and will be finished by January of next year. To expedite the process, the company is suspending its drill program at the end of this month.
It says, however, that permitting, metallurgical, engineering and feasibility activities will continue.
While the Southeast deposit is smaller then the massive North and South deposits it will likely become the starter pit because of the shallowness of mineralization.
In November of last year Nevada Copper released a resource estimate showing a measured resource of 9.4 million tonnes grading 0.46% copper, indicated resource of 77.8 million tonnes at 0.46% copper, and an additional inferred resource of 75.9 million tonnes grading 0.37% copper, for at total contained copper resource of 1.4 billion lbs.
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