Nevada Copper Corp. (TSX: T.NCU, Stock Forum) saidit has completed an updated NI 43-101 mineral resource estimate for its Pumpkin Hollow Property in Nevada.
Pumpkin Hollow, located in Walker Lane mineralized belt, is Nevada Copper’s flagship project.
According to the press release, this program focused on expanding the measured and indicated copper resource primarily in the North and South deposits.
Highlights of the new mineral resource estimate include a 26% increase of the measured and indicated copper resources to 5.4 billion pounds in the Western deposit, a 30% Increase of the measured and indicated copper resources to 3.5 billion pounds in the North Deposit and a 20% Increase of the measured and indicated copper resources to 1.9 billion pounds in the South Deposit.
Since October 2010 the Eastern Deposits received limited drilling mainly along the edges of the deposits representing only 6% of the total drilling completed. As a result, the Eastern Deposits mineral resources have not been updated.
On completion of the 2,200 foot, 24 foot diameter production-sized shaft currently underway, Nevada Copper anticipates commencement of an underground drilling program that will focus on several open areas of the East Deposit and the JK-34 target area.
Nevada Copper is a junior mining company with a focus on developing its wholly owned Pumpkin Hollow project.
On Friday morning, Nevada copper was trading at $2.80 a share. The company has a market cap of $204.6 million, based on 73 million shares outstanding. The 52-week high and low was $5.61 and $1.75 respectively.