Received this announcement this am from Neveada Copper nearby Ann Mason -
NEVADA COPPER – INTERSECTS 90 METERS (294 feet) OF 1.03% COPPER IN THE OPEN PITTABLE SOUTH DEPOSIT
January 21, 2009 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") continues to report very positive drilling results from its recently completed 2008 drilling program at its Pumpkin Hollow Copper Development Property located in Western Nevada.
In 2008, 73 holes were drilled for a total of 26,600 meters (87,300 feet). To date assay results from 43 holes have been reported with further drilling results being released as they become available throughout the remainder of the first quarter of 2009.
An updated resource estimate to incorporate over 26,600 meters (87,300 feet) of drilling and 16,000 meters (52,500 feet) of historic core that was assayed for gold, silver and molybdenum is scheduled for completion in the first half of 2009.
Mr. Joe Kircher, Nevada Copper’s COO commented, “We are very encouraged with our drilling results to date from the South Deposit drilling and expect them to positively impact both the tenor and total copper resource of this relatively shallow deposit. In fact, the South Deposit may ultimately prove to be the new economic driver of Pumpkin Hollow’s open pit production.”
An updated resource estimate for the entire Pumpkin Hollow Project is currently underway and scheduled for release in the 1st quarter of 2009. In November of 2007, the Company reported a NI 43-101 compliant copper resource estimate for the South/Southeast Deposit, at a 0.2% cutoff, of: Measured 9.4MM tons @ 0.46% copper, Indicated 77.8 MM tons at 0.46% copper, and an additional Inferred resource of 75.9 MM tons @ 0.37% copper, resulting in a total contained copper resource of 1.4 billion pounds.
Drill hole NC08-25 in the South Deposit intersected 89.6 meters (294.0 ft), 77.7 meters true thickness, averaging 1.03% copper. NC08-25 was drilled as an infill hole targeting the up-dip extension of copper mineralization along the southern boundary of the South Deposit. Additionally, drill hole NC08-23, also drilled as an infill hole in the South Deposit, intersected several large zones of copper mineralization: 61.3 meters (201.0 ft), 52.5 meters true thickness, averaging 1.00% copper and 80.1 meters (263.0 ft), 68.7 meters true thickness, averaging 0.66% copper. The mineralized zones confirmed continuity especially with adjacent hole L-88 (61 meters west) which intersected 59.1 meters (194.0 ft), averaging 1.53% copper and 86.3 meters (283 ft), averaging 0.65% copper.
Drill holes NC08-31, 33, and 34 were drilled as infill holes near the southern edge of the copper mineralization and intersected several smaller zones mineralization. A South Deposit plan map and a cross section with holes NC08-25 and 31 are available at http://www.nevadacopper.com/s/PumpkinHollow.asp?ReportID=191564. Drill results announced here represent true thicknesses.
PMH Price at posting:
7.0¢ Sentiment: LT Buy Disclosure: Held
