Nevada Copper Corp (TSX:NCU) has seen production ramp up and achieved multiple milestones at its Pumpkin Hollow mine during the first quarter, according to results published Monday.
Nevada Copper hoisted roughly 97,518 tons of material in the period, a 66% increase from the fourth quarter of 2021. Specifically, more than 32,000 tons at an average grade of 1.3% copper were mined from three stopes, including from stopes in its Sugar Cube zone.
Additionally, 96,414 tons of ore were processed, a 76% increase from the fourth quarter, and processing plant recovery improved by 5% to 84%. Copper concentrate sales increased by 50% to approximately 2,099 tons of concentrate at an average copper grade of 23%, compared to 1,403 tons of concentrate at an average copper grade of 23% in Q4 2021.
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At Nevada Copper’s Pumpkin Hollow project, underground production continues to ramp up, the company said. Hoisting rates of a combination of stope ore and development material are expected to increase to approximately 3,000 tons per day (tpd) in the second quarter, then up to 4,000-4,500 tpd in the third quarter.
Meanwhile, the underground mine paste plant began wet commissioning and filling of the first stope with paste backfill in April, and initial throughput capacity is expected to be realized by the end of June. The company expects the implementation of paste backfilling to result in quicker stope turnover, leading to improvements in hoisting and production rates.
“I am very pleased with the progress we are making on several fronts at Pumpkin Hollow,” CEO Randy Buffington said in a statement. “We have completed a number of key projects at site that are aimed at improving productivity, stope availability and equipment reliability for the underground mine.”
Nevada Copper has also commenced a 2022-2023 open pit drill program, with one drill arriving on site in late April and a second drill planned to arrive during the second quarter. An open pit prefeasibility study is currently in progress and expected to be completed in the third quarter. The study will include updated mineral reserves and resources and economics based on current metals prices, costs, project development strategy, as well as a contemplated solar project expected to cut power costs.
“The prefeasibility study update for the fully permitted project is well underway and will include important sustainable initiatives, such as the solar project,” Buffington said. “... We are laying the groundwork necessary to demonstrate the potential for this significant copper operation and assembling the right team to execute on these plans for the long-term benefit of our stakeholders.”
Proven and probable mineral reserves at the open pit, as estimated in a 2019 technical report, were 3,590 million pounds of copper (385.7 million tons grading 0.47% copper).
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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