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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Copper

Nevada Copper finds new exploration target at Pumpkin Hollow property in Nevada

The property had limited exploration in the past as the company prioritized developing mineral resources

Nevada Copper finds new exploration target at Pumpkin Hollow property in Nevada
Image via Nevada Copper.

Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) identified a new exploration target located south of the open pit in the southern area of the Pumpkin Hollow property in Yerington, Nevada.

The company announced the new target on Wednesday during an update on its 2023 regional and underground exploration plans.

Recent analysis of surface grab samples revealed gold values of up to 61 grams per tonne (gpt) gold (Au). In 2023, the company collected a total of 55 grab samples, with 42 of them showing gold values exceeding 0.1 gpt Au, and 14 samples exhibiting values greater than 1 gpt Au.

In Q1 2023, the company started its underground drilling program at the East North (EN) and East South (ES), with the primary focus on stope definition drilling and expanding resources near the mine. The drilling activities are expected to continue throughout the year in the ES and EN zone. The deposit’s potential extends in all directions, indicating opportunities for further discoveries.

The ongoing drill program encompasses approximately 31,500 feet of drilling, with an estimated cost of around US$5 million. To date, approximately 4,900 feet of drilling has been completed using one drill rig, and a second drill rig has recently been put into action.

The results from the drilling efforts show an extension of mineralization in the ES zone. Hole NC23U-007 revealed encouraging copper values, with a section of 36.5 feet containing 2.46 per cent copper within a larger interval of 99 feet with 1.4 per cent Cu.

The Pumpkin Hollow property had limited exploration in the past, as the company prioritized developing known mineral resources, leading to the establishment of the underground mine and advancement of the open pit project.

New discovery sampling map. Image via Nevada Copper.

Read more: Calibre Mining reports 32% sequential cash balance increase to US$77M

Read more: Gobsmacked by Calibre Mining’s high grades from Palomino, Nevada: Haywood Securities

Surface sampling shows possibility of high-grade copper

Recent drone magnetic surveys have revealed several promising targets of interest. Surface reconnaissance in these high-quality areas suggests that the targets may contain separate mineralized systems, distinct from the existing deposits, and offer potential for additional valuable resources.

“The Pumpkin Hollow property is a significant land package, in a well-known copper belt, in a strong mining jurisdiction and with substantial mineral resources already identified,” said Randy Buffington, president and CEO of Nevada Copper.

Surface sampling in the Copper Ridge area has shown the possibility of high-grade copper, with grades of 5.03 per cent and 5.43 per cent Cu. This property is situated north of the main Pumpkin Hollow area and covers 103 hectares through unpatented and patented claims. In the early 1900s, the target was previously mined for high-grade copper using adits and a 122-meter inclined shaft.

The 2023 program aims to build on the historic reconnaissance work conducted in the early 1990s by a major copper company. The goal is to potentially provide additional high-grade ore for the existing underground mill.

A total of 70 samples, combining historical and new rock samples, were collected to confirm and expand the known mineralization along the vein and dike structures in the Yerington Batholith granodiorites.

Nevada Copper shares rose 2.8 per cent to $0.185 on Wednesday on the Toronto Stock Exchange.

Nevada Copper property map. Image via Nevada Copper.

Read more: Calibre Mining assays at Palomino property in Nevada may improve mineral resource

Read more: Calibre Mining’s Nicaragua operations to accelerate 2023 gold and cash flow: Scotiabank report

Nevada has abundant mineral resources

Nevada is a significant mining hub known for its abundant mineral resources. Among the metals extracted from the state’s rich deposits are gold, silver, copper and molybdenum.

Gold mining plays a prominent role in Nevada’s economy, with several companies involved in extraction, including Calibre Gold (TSX: CXB) (OTCQX: CXBMF), which recently returned high grade gold assay results from its Pan Mine at the Battle Mountain Eureka gold trend.

Silver is another valuable metal mined extensively in the state, and companies like the Hecla Mining Company (NYSE: HL) are actively engaged in its extraction. Additionally, molybdenum, a strategic metal used in engines, drills and blades, is mined in the state by companies such as New Moly LLC.

 

Calibre Mining is a sponsor of Mugglehead news coverage

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