NEVDF - Nevada Copper Continues Ramp Up of Process Operations; First Concentrate Deliveries in October; Anna Ladd-Kruger Appointed to Board | Benzinga
YERINGTON, Nev., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX:NCU) (OTC:NEVDF) (FSE: ZYTA) ("Nevada Copper" or the "Company") provides updates on recent operational developments at its Pumpkin Hollow underground mine (the "Underground Mine"), including the first deliveries of concentrate in October 2023.
Randy Buffington, President and CEO of Nevada Copper, stated, "The mill has been able to process at nameplate capacity for certain periods exceeding expected recoveries on a number of occasions. With additional refinement, we expect to be achieving nameplate capacity consistently by the end of 2023 meeting all expected operating parameters. The team has worked tirelessly to get us to this point and I appreciate their dedication towards the restart and ramp up of the mine."
Highlights of recent operational achievements include:
- Mill commissioning progressing well – Since the mill restart on October 3, 2023, commissioning activities have demonstrated that the mill can perform at nameplate capacity, with multiple shifts exceeding expected ramp-up capacity. The process team continues to make operational and mechanical improvements in preparation for the mill operating at nameplate capacity by the end of 2023.
- Concentrate shipping in progress – The first concentrate shipments started in October with approximately 446 dry metric tonnes shipped during the month. Concentrate quality shipped to date has met sales specifications.
- First Geho pump online – RAM Enterprise, Inc., a Nevada construction contractor, made significant progress on the life of mine de-watering system. One of the two Geho pumps is operational with the second expected to begin commissioning shortly. The de-watering system is expected to be fully operational in the fourth quarter of 2023 providing an additional 1,000 gallons per minute of dewatering capacity.
- Underground development – During Q3 2023, Small Mining Development continued to ramp-up lateral development, completing 3,366 feet, a 76% increase from the second quarter of 2023. With the assistance of development contractors, twelve ore stopes were fully developed with top and bottom lateral development completed and are now available for extraction once stope mining continues in the fourth quarter of 2023. Total available ore, including developed stopes, development tons, blasted inventory and surface stockpile is 442,089 tons. Ground conditions beyond the dike crossings are proving to be competent and consistent with the geotechnical model, which should enable conventional development and ground support.
- Surface ore stockpile – Approximately 84,364 tons of material was hoisted during Q3 2023, including approximately 62,277 tons of development ore and approximately 7,956 tons of stope ore. Ore stockpiled on surface at the end of Q3 2023 was estimated to be approximately 129,500 tons.
Exploration
As previously announced, the Company completed 2023 drill program with a total of 11 holes (3,305 feet) drilled on the Copper Ridge target and 9 holes (1,653 feet) on the Dimples target. Preliminary assays from the first two holes from the program have indicated that mineralization and alteration found at surface has been intersected in the drill holes. Final assays and QA/QC samples are expected to be received in Q4 2023 and Q1 2024.
Board Changes
The Company has appointed Anna Ladd-Kruger to the Board of Directors of Nevada Copper, effective November 20, 2023.
Stephen Gill, Chairman of the Board of Directors of Nevada Copper, stated, "We are very pleased to have Anna join the Board, adding her operational and financial experience in base and precious metals companies. She has been an integral member of executive management for several companies that have grown from exploration and development to mid-tier producers, gaining key knowledge through all facets of the mining development cycle. She will add a strong strategic presence as we continue to ramp up Pumpkin Hollow and look towards future opportunities including the open pit."
Ms. Ladd-Kruger has over 25 years of industry experience, progressing her career through financial and operational leadership roles at several Canadian publicly listed mining companies. She has experience in various stages of the mining process from exploration to multi-jurisdictional operations. Prior to retiring in 2022, Ms. Ladd-Kruger was the Chief Financial Officer (CFO) of McEwen Mining Inc. where she was brought in to lead financial and operational turnaround strategies and was key to the McEwen Copper spin-out, including serving as its CFO and director. Ms. Ladd-Kruger previously served as the CFO and VP Corporate Development for a number of mining companies and began her career working at Vale S.A.'s Thompson and Sudbury Canadian operations before joining Kinross Gold Corporation as their North American Group Controller. Ms. Ladd-Kruger holds ...