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Nevada Copper Corp. (OTC: NEVDF) has provided a project update for its Pumpkin Hollow underground mine. This week, mining begins in the East South Alphabets zone, which carries an approximate copper equivalent grade of 2.5%. Key developments include completed electrical upgrades for ventilation expansion, enabling a 69% increase in lateral development in March compared to February. The company achieved a weekly milling average of 4,700 tons per day in March, with a target of reaching steady-state production of 5,000 tons per day by Q3 2021.
Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) announced a project update for its Pumpkin Hollow underground mine, highlighting the completion of shaft commissioning and electrical upgrades, facilitating a production ramp-up to 5,000 tons per day. Ongoing improvements include ventilation upgrades and ongoing underground development, with initial stopes expected to be extracted soon. The company aims for steady-state production by Q3 2021. Additionally, Nevada Copper has filed its audited annual financial statements for the year ending December 31, 2020.
Nevada Copper Corp. announces the resignation of Ricardo De Armas as a director, effective March 2, 2021, to focus on other professional commitments. The board expresses gratitude for his contributions and wishes him success. Nevada Copper, operating in Nevada, is a copper producer with significant reserves in the Pumpkin Hollow project. The company has two fully permitted projects: a high-grade underground mine currently in production and a large-scale open pit project moving toward feasibility status.
Nevada Copper Corp. (OTC: NEVDF) has announced its 2021 development objectives for the Pumpkin Hollow project, focusing on optimization and expansion strategies. Key initiatives include advancing the open pit project, exploring near-mine targets, and extending the underground mine. Internal studies suggest significant potential for improved project economics through enhanced production scaling. The company is increasing its land position by approximately 38%, enhancing exploration opportunities. Future resource and reserve updates are anticipated post-drilling.
Nevada Copper Corp. has provided an operations update for its Pumpkin Hollow underground project. In February, the company achieved a peak daily hoisting rate of over 3,000 tons but faced unplanned stoppages leading to lower production levels, averaging around 1,600 tons per day, against a target of 3,000 tons. Milling operations reported strong throughput and high recovery rates. The resolution of mechanical issues is expected to enhance production in Q2 2021. Financially, the company secured a $15 million credit facility amidst anticipated reduced copper sales. Settlements with contractors improved working capital by $16 million.