Nevada Copper Continues to Expand Open Pit Mineralization and Provides Positive Project Update

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on 6/21/2018
June 19, 2018 - Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company”) is pleased to provide an operations and drill results update regarding the Underground and Open Pit projects at its 100%-owned, fully-permitted Pumpkin Hollow Project in Nevada.

Highlights

• Early Underground construction works ramping up:
---Early construction works continue to ramp-up at the Pumpkin Hollow Underground project.
---Works ahead of the completion of the final 237 ft of the existing 1,900 ft shaft, and preparations for the ramp-up of development mining, underway by Cementation.
---Project team continues to expand with a number of key hires.

• 2018 drill program already yielding positive results, including potential further extension of the north pit deposit:
---Multiple new zones of mineralization encountered: 20 drill holes completed to-date, with all holes encountering multiple zones of mineralization. Importantly, newly discovered mineralization sits within the existing open pit shell design and may convert areas that have been classified as waste into ore. This has the potential to further reduce waste stripping ratios and enhance project economics.
---Mineralization expanded in Northern Extension Zone:

New zones of mineralization encountered in the Open Pit Northern Extension. Hole NC18-04 intersected multiple zones of copper mineralization, including 38.2 meters true thickness averaging 1.11% copper, with thicker mineralization than adjacent holes.
---Core Zone expanded to west: Drilling to the west of the currently defined limit of the North Pit ore body has intersected new mineralization in areas adjacent to the North Pit Core Zone currently classified as waste, and could indicate a further extension of the ore body to the west.
• Positive Open Pit Study progress:
---Previously announced Golder Associates Open Pit optimization study is progressing well with the target of defining a future phased approach to Open Pit development, via a lower-capex, higher-margin Phase 1 Open Pit with optionality over future expansions.
---Based on the progress of the work completed to-date, the Company is working to prepare a study for release in the coming months.
Matt Gili, President and Chief Executive Officer, commented, “We continue to make solid progress towards our goal of first production from the Pumpkin Hollow Underground Project with continued achievement of timely project milestones. Delivery of the Underground Mine is the first key step in executing on our strategy of sustainable cash generation with capital efficiency and high project returns, while also maximizing our options for phased production expansions.”
“We are also pleased to see continued positive progress in the application of the same ‘margin-over-tonnes’ philosophy to our open pit mine.” Gili added, “The 2018 drill program continues to support our target of converting waste to ore, and the ongoing work by Golder Associates is focused on the strong potential benefits of a phased approach to open pit development at an appropriate time in the future.”
Figure 1 – Plan View Showing Drill Hole Locations and Expansion of Mineralization1

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