Nevada Copper Provides Update on Operational Advances
November 30 2021 - 05:36PM
Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF)
(FSE: ZYTA) (“
Nevada Copper” or
the “
Company”) today provided an update on its
operations, including advances at the Company’s underground mine at
its Pumpkin Hollow Project (the “Underground Mine”) and an update
on its 2022 development plan.
Underground Mine Operations Highlights
- Lateral Development Rates Continue to Rise.
The Company has advanced approximately 760 lateral equivalent feet
in the past 30 days, a 20% increase in average daily footage from
the previous 30 days. Lateral development continues on multiple
headings, providing access to ore mining zones in the East South
orebody and advancing development towards the East North
orebody.
- Sugar Cube to be Blasted Shortly. The
high-grade Sugar Cube zone is planned to be drilled in December and
mining is expected to commence in early Q1 2022. This will be the
first stope mined in the East North orebody, which is expected to
have higher quality ground conditions and significantly larger
stope sizes.
- Processing Plant Operating Well. The mill
continues to run at design specifications with the grinding,
flotation, thickening, and concentrate filtration circuits
performing well mechanically. The Company anticipates increased
production and recovery rates with the addition of the Sugar Cube
zone to the processing plant’s ore feed in Q1 2022.
- Surface Ventilation Fans on Schedule. The
surface ventilation fans are on schedule to arrive on site in
approximately 3 weeks with installation and commissioning expected
to be completed on time in line with the demands of the mine
plan.
2022 Development Plan Update
- Open Pit
Drilling and Progressing. With additional funding received
from the Company’s recent public equity offering, the Company
intends to undertake an infill drilling campaign and to update its
open pit studies to reflect opportunities for increased scale,
larger resource and other optimization workstreams. Further updates
on the Company’s 2022 development plan will be released
shortly.
“I am pleased with the operational advances we
have achieved this month, as we build on the progress from Q3,”
stated Randy Buffington, President and Chief Executive Officer.
“Our development rates continue to increase on a weekly basis and
will soon provide access to the larger high-grade stopes, which is
expected to result in increased ore feed delivered to our fully
operational processing plant for a step further in our ramp-up
progression.”
Qualified PersonsThe technical information and
data in this news release was reviewed by Greg French, C.P.G., VP
Head of Exploration of Nevada Copper, and Neil Schunke, P.Eng., a
consultant to Nevada Copper, who are non-independent Qualified
Persons within the meaning of NI 43-101.
About Nevada CopperNevada
Copper (TSX: NCU) is a copper producer and owner of the Pumpkin
Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has
substantial reserves and resources including copper, gold and
silver. Its two fully permitted projects include the high-grade
Underground Mine and processing facility, which is now in the
production stage, and a large-scale open pit project, which is
advancing towards feasibility status.
NEVADA COPPER CORP.www.nevadacopper.com
Randy Buffington, President and CEO
For further information contact:Rich Matthews,
Investor RelationsIntegrous Communicationsrmatthews@integcom.us+1
604 757 7179
Cautionary Language
This news release includes certain statements
and information that constitute forward-looking information within
the meaning of applicable Canadian securities laws. All statements
in this news release, other than statements of historical facts are
forward-looking statements. Such forward-looking statements and
forward-looking information specifically include, but are not
limited to, statements that relate to mine development, production
and ramp-up objectives, equipment installation, drilling programs
and the completion of a new feasibility study.
Forward-looking statements and information
include statements regarding the expectations and beliefs of
management. Often, but not always, forward-looking statements and
forward-looking information can be identified by the use of words
such as “plans”, “expects”, “potential”, “is expected”,
“anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates”, or “believes” or the
negatives thereof or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information should not be read as
guarantees of future performance and results. They are subject to
known and unknown risks, uncertainties and other factors which may
cause the actual results and events to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements or information.
Such risks and uncertainties include, without
limitation, those relating to: the ability of the Company to
complete the ramp-up of the Underground Mine within the expected
cost estimates and timeframe; requirements for additional capital
and no assurance can be given regarding the availability thereof;
the impact of the COVID-19 pandemic on the business and operations
of the Company; the state of financial markets; history of losses;
dilution; adverse events relating to milling operations,
construction, development and ramp-up, including the ability of the
Company to address underground development and process plant
issues; ground conditions; cost overruns relating to development,
construction and ramp-up of the Underground Mine; loss of material
properties; interest rates increase; global economy; limited
history of production; future metals price fluctuations;
speculative nature of exploration activities; periodic
interruptions to exploration, development and mining activities;
environmental hazards and liability; industrial accidents; failure
of processing and mining equipment to perform as expected; labor
disputes; supply problems; uncertainty of production and cost
estimates; the interpretation of drill results and the estimation
of mineral resources and reserves; changes in project parameters as
plans continue to be refined; possible variations in ore reserves,
grade of mineralization or recovery rates from management’s
expectations and the difference may be material; legal and
regulatory proceedings and community actions; accidents; title
matters; regulatory approvals and restrictions; increased costs and
physical risks relating to climate change, including extreme
weather events, and new or revised regulations relating to climate
change; permitting and licensing; volatility of the market price of
the Company’s securities; insurance; competition; hedging
activities; currency fluctuations; loss of key employees; other
risks of the mining industry as well as those risks discussed in
the Company’s Management’s Discussion and Analysis in respect of
the year ended December 31, 2020 and in the section entitled “Risk
Factors” in the Company’s Annual Information Form dated March 18,
2021. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking statements or information. The forward-looking
information or statements are stated as of the date hereof. Nevada
Copper disclaims any intent or obligation to update forward-looking
statements or information except as required by law. Readers are
referred to the additional information regarding Nevada Copper’s
business contained in Nevada Copper’s reports filed with the
securities regulatory authorities in Canada. Although the Company
has attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking statements, there may be other factors
that could cause actions, events or results not to be as
anticipated, estimated or intended. For more information on Nevada
Copper and the risks and challenges of its business, investors
should review Nevada Copper’s filings that are available at
www.sedar.com.
Nevada Copper provides no assurance that
forward-looking statements and information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance
on forward-looking statements or information.
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