Nevada Copper Corp. (TSX: T.NCU, Stock Forum) said the first drill results of the current follow-up 2013 drill program have been completed at its 100% owned Pumpkin Hollow property in Nevada with further drilling results pending.
The updated measured and indicated copper resource in the North and South Deposits on the Pumpkin Hollow property, located near Yerington, have a combined estimate of 5.4 billion pounds.
According to the Nevada Copper press release, highlights of the new drill results include 587.5 feet averaging 0.54% copper and 72.5 feet grading 1.50% copper. Mineralization remains open to the south and southeast.
The current follow-up drill program targets new mineralization discovered at the end of last year's drilling program, which lies just outside the current feasibility pit limits.
An optimized feasibility study for an integrated open pit and underground project development incorporating the new mineral resource estimate and expanded mine is scheduled for completion in April 2013.
Nevada copper is and exploration and development company focused on Nevada.
On Monday morning, Nevada Copper was trading at $3.23 a share. The company had a market cap of $260 million, based on 80.5 million shares outstanding. The 52-week high and low was $4.74 and $1.75 respectively.