Shares of Nevada Copper Corp. (TSX: T.NCU, Stock Forum) climbed more than 15% to 89 cents Wednesday morning, as the company announced that it has completed an updated National Instrument 43-101 compliant resource estimate for its Pumpkin Hollow property in Nevada, noting that copper, gold and iron resources have increased significantly.
Nevada Copper says the increase in the total resources is largely the result of the “very successful expansion of open mineralization and focused resource classification drilling during 2008.”
The new resource estimate increased to 9.3 billion pounds of copper at a 0.20% cutoff, an increase of 1.4 billion pounds of copper or 18% from the November 2007 resource of 7.9 billion pounds, says the Vancouver-based miner.
The updated resource estimate, based on a database of 530 drill holes and over 42,000 assays, also includes a 42% increase of the measured and indicated copper resource to 5.6 billion pounds, a 55% increase of the measured and indicated gold resource to 983,000 ounces and a 47% increase of the measured and indicated and inferred iron resource in the Western deposits to 362 million tons averaging 35.8% iron.
On the company’s Bullbaord, tradesmart1 said: “Really excellent news. The timing is also very good as the economy is already showing signs of improvement. This should be a very strong takeover candidate now[sic]”…
While, metalslug added: “…Pumpkin Hollow will become one of the largest copper producing mines in the US, with a planned annual production of apprx 95,000 tons annually over a mine life exceeding 20 years. No wonder the Chinese is entering NCU at these bargain prices[sic]”…
