Nevada Copper Provides Operations Update; Announces Filing of Q1 2021 Financial Statements and MD&A
YERINGTON, Nev., May 17, 2021 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) today provided an
operations update and announces filing of its Q1 2021 Financial Statements and the related management’s discussion and analysis.
Q1 2021 Highlights
- Mining of First Stope: The Company successfully initiated stope mining in Q1 with the first stoping area carrying an average grade of 2.5% CuEq. Lateral development continued to ramp-up in the quarter at the Company’s underground mine at its Pumpkin Hollow project (the “Underground Mine”). As previously announced, development progress has been temporarily slowed in the past few weeks due to cautious progress through a water bearing dike with completion expected in the coming weeks.
- Mine Hoisting: Following completion of the Main Shaft material handling system in Q4 2020, the Company achieved a peak daily hoisting rate of over 3,000 tons by February 2021 at the Underground Mine and has achieved a hoisting rate equivalent to 5,000 tons per day (“tpd”) on a shift basis demonstrating that the mine hoisting system is capable of functioning at design specifications. In Q1, the Company completed significant electrical upgrades to provide sufficient power for additional production equipment and ventilation in support of ramp-up at the Underground Mine. As previously reported, certain commissioning items that constrained hoisting rates early in the quarter were rectified. With the installation of additional ventilation as planned and completion of dike grouting in the coming weeks, the Company anticipates sustainable production of 3,000 tpd by the end of Q2 and continuing to ramp-up further to steady state production.
- Ventilation Expansion: To date, the Company has completed the construction of the fan bulkheads and is currently installing the two remaining underground ventilation fans to be completed as scheduled this month. The surface ventilation fans planned for installation in Q3 2021, may now arrive at site a few weeks later than planned due to extended shipping times arising from COVID-19 related delays. Consequently, it is expected that the commissioning of the surface fans will not be completed until Q4 2021, which is anticipated to delay the achievement of full steady state production of 5,000 tpd by a similar period.
- Processing: There were significant improvements made to the processing plant performance and recoveries during the quarter. The Company achieved a weekly average of 4,700 tpd and a maximum daily milling throughput of 5,000 tpd during March, while batch processing ore. 119,000 tons of ore was processed through the concentrator in Q1. Approximately 3,173 tons of concentrate was produced at a 24% average copper grade for Q1 and reaching 26% average copper grade in March. Recoveries improved from 82% in Q4 2020, to recovery levels above 90% in 2021.
“I am pleased with the progress achieved in Q1 at our underground mine and the dedication of our team,” stated Mike Ciricillo, Chief Executive Officer of Nevada Copper. “The operation made significant progress through the ramp-up during the first quarter, and we look forward to the interim milestone of production rates of 3,000 tpd expected in June, 2021 and continuing our ramp-up to steady state production.”