Aankondiging • Dec 19
Second Motion for Exclusivity Period Extension Approved For Nevada Copper, Inc. The US Bankruptcy Court granted second order for the extension of the exclusivity periods for Nevada Copper, Inc. on December 17, 2024. As per the order, the debtor’s exclusivity period to file its plan has been extended by 62 days i.e. up to January 8, 2025, and to solicit votes on its plan has been extended by 60 days i.e. up to March 10, 2025, respectively. Aankondiging • Oct 10
Southwest Critical Materials, LLC completed the acquisition of Substantially All of the Assets from Nevada Copper Corp. (TSX:NCU). Southwest Critical Materials, LLC agreed to acquire Substantially All of the Assets from Nevada Copper Corp. (TSX:NCU) for approximately $130 million on August 12, 2024. A cash consideration of $128 million will be paid by Southwest Critical Materials, LLC. The purchase price under the Stalking Horse APA is US$128 million plus the Buyer’s obligation to pay certain cure costs with an adjustment for the assumption of certain liabilities. The consummation of the Stalking Horse Bid is subject to closing conditions that are customary for transactions of this nature under Section 363 of the U.S. Bankruptcy Code, including compliance with the Bidding Procedures and approval of the Courts. A sales process in accordance with Section 363 of the U.S. Bankruptcy Code was initiated by the Company with Moelis & Company LLC who was retained to assist with the process. Lara Aryani, Fredric Sosnick, Sara Coelho of Allen & Overy LLP acted as legal advisor to Nevada Copper Corp. Gianluca Bacchiocchi, Adam Goldberg, Daniel Mun, Charles Carpenter and Ben Kaplan of Latham & Watkins LLP acted as legal advisor to Kinterra Capital Corp.
On September 27, 2024, the U.S. Bankruptcy Court entered an order (i) approving the sale of assets free and clear of all encumbrances, and interests, (ii) authorizing the assumption by and assignment to the Buyer of certain executory contracts and unexpired leases, and (iii) granting customary related relief (the “Sale Order”). On October 2, 2024, the Superior Court of Justice (Commercial List) of Ontario granted a Recognition and Vesting Order under the Companies’ Creditors Arrangement Act (Canada), which recognized the Sale Order in all Provinces and Territories of Canada. The Transaction closed following these approvals and the satisfaction of the remaining closing conditions. The proceeds from the Transaction are expected to be administered and distributed to certain creditors, subject to court approval, in the Company’s bankruptcy process. There will not be sufficient proceeds from the Transaction to allow for any payments to the holders of the Company’s common shares.
Southwest Critical Materials, LLC completed the acquisition of Substantially All of the Assets from Nevada Copper Corp. (TSX:NCU) on October 9, 2024. Latham & Watkins LLP acted as legal advisor and bankruptcy counsel to Kinterra, Holland & Hart LLP acted as legal advisor on Nevada specific matters, and Davies Ward Phillips & Vineberg LLP as Canadian counsel. Aankondiging • Oct 05
First Motion for Exclusivity Period Extension Approved For Nevada Copper, Inc. The US Bankruptcy Court granted an order for the extension of the exclusivity periods for Nevada Copper, Inc. on October 3, 2024. As per the order, the debtor’s exclusivity period to file its plan has been extended by 62 days i.e. up to December 9, 2024, and to solicit votes on its plan has been extended by 60 days i.e. up to February 6, 2025, respectively. Aankondiging • Aug 15
TSX to Delist Nevada Copper Shares Effective August 21, 2024 Nevada Copper Corp. announced that it and its subsidiaries (collectively, 'Nevada Copper' or the 'Company') have entered into an asset purchase agreement (the 'Stalking Horse APA') with Southwest Critical Materials LLC (the 'Buyer'), an affiliate of Kinterra Capital Corp., pursuant to which the Buyer has agreed to purchase substantially all of the assets of the Company. As previously announced, the Company was under delisting review by the Toronto Stock Exchange (the 'TSX') as a result of the Chapter 11 proceedings and its shares currently remain halted from trading on the TSX. The TSX has now completed its review and ordered that the Company's shares be delisted effective August 21, 2024. Aankondiging • Jun 22
Motion for Asset Sale Filed by Nevada Copper, Inc. Nevada Copper, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on June 20, 2024. The debtor seeks the Court’s approval for the sale of substantially all its assets to the stalking horse bidder. Stalking horse bidder shall be elected by debtor by no later than August 17, 2024. To qualify as a qualified bidder, interested parties should submit their bids by September 6, 2024, along with good-faith deposit in the amount 10% of the aggregate price. The debtor has scheduled an auction on September 10, 2024. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for September 25, 2024. The sale closing shall occur on or before October 8, 2024. Aankondiging • Jun 10
Nevada Copper, Inc. Filed for Bankruptcy Nevada Copper, Inc., along with its five affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Nevada on June 10, 2024. The debtor listed its assets in the range of $500 million to $1 billion and liabilities in the range of $100 million to $500 million. The debtor is represented by Ryan J. Works of McDonald Carano LLP and Allen Overy Shearman Sterling US LLP as its legal counsels. The debtor also hired AlixPartners, LLP as its financial and restructuring advisor, Torys LLP as its special Canadian and corporate counsel, Moelis & Company LLC as its financial advisor and investment banker, and Epiq Corporate Restructuring, LLC as notice, claims agent and administrative advisor. Aankondiging • Jun 08
Nevada Copper Corp. Announces Resignation of Guillaume de Dardel as Director Nevada Copper Corp. announced that it has received a notice of resignation, effective June 6, 2024, from director Guillaume de Dardel who was a nominee of Mercuria Holdings (Singapore) Pte. Ltd. Aankondiging • Mar 30
Nevada Copper Corp., Annual General Meeting, Jun 12, 2024 Nevada Copper Corp., Annual General Meeting, Jun 12, 2024. Aankondiging • Feb 08
Nevada Copper Corp. Provides Pumpkin Hollow Operations Update Nevada Copper Corp. provided updates on restart activities at its Pumpkin Hollow underground mine (the "Underground Mine"). U unexpected bottlenecks encountered in process plant systems are being mitigated. Third ore pass and temporary use of ore bin from new life-of-mine ("LOM") ore handling system provides material handling capacity to meet plan until underground crusher is installed. Paste plant fully commissioned. Life of Mine Infrastructure. In addition to the completion and commissioning of the Geho dewatering system and the second phase of the ore handling system, other LOM infrastructure improvements include the drilling of a new fuel delivery hole, drilling of a second paste hole that will provide LOM paste delivery for EN Zone stopes and improvements to the water infiltration system on surface to handle excess surge capacity. A scope of work is being issued to potential contractors for the final phase of the ore handling system., which includes installation and commissioning of the crushing system. Aankondiging • Oct 05
Nevada Copper Corp. Announces Resumption of Ore Processing Operations At Pumpkin Hollow Nevada Copper Corp. announced that it has restarted processing operations at its Pumpkin Hollow underground mine with the first ore being fed to the mill. Successful mill restart; processing operations recommenced at an initial feed rate to the mills of 3,000 tons per day (tpd) to allow for the process team to optimize reagent addition and establish and reinforce operating procedures and ensure consistent operations. The mill is being recommissioned on lower grade ore stockpiles and will transition to a combination of mined stope ore and stockpiled ore. By mid-October, throughput is planned to be increased steadily towards a goal of achieving steady state operations of 4,500-5,000 tpd by the end of 2023. Once steady-state operations are achieved, the Company may consider relatively simple optimization opportunities in 2024 to increase mill throughput potential beyond 5,000 tpd. Dike 3 crossing completed; the third dike crossing was completed in September, clearing the way for planned 2024 stope development. Continued development beyond the dike is to ultimately provide a full ventilation circuit for the Lower East North stoping areas, but it also provides additional headings for the development contractor to open targeted 2024 stopes. Rock conditions beyond the dike continue to be as predicted by the geotechnical model. Paste plant commissioned and first stope back filled; the initial stope in the 2023 mining sequence was mined in July and August with 9,000 tons of ore extracted in the Sugarcube area of the East South (ES) Zone. Stope back filling activities began in September and a full stope was backfilled, completing successful testing of both the surface paste plant and the underground paste delivery system. This Sugarcube stope is part of the ES Zone planned stopes and ground conditions encountered during mining were conducive to a successful paste back fill. Drilling and blasting on the next planned stope in the Alphabet area of the ES Zone is in progress and is expected to yield 20,000 tons of ore by the end of October. Remaining capital projects progressing; work on the underground crusher and ore handling system is progressing. The Geho dewatering system is mechanically complete with electrical and piping installation in process and expected to be completed and commissioned by the end of October 2023. Geho Pumps installed and mechanically complete. Grizzly installation and truck ore loading pocket foundation pours. Regional drilling program commences; one reverse circulation drill is planned to be on site starting the week of October 2, 2023. The primary goal of the 5,000-foot drill program is to follow-up on the recent results and historic sampling that are discussed in the Nevada Copper news release dated July 26, 2023. The Copper Ridge and Dimples target areas are outside of the current mineral resources and have the potential to establish additional mineral resources within the Pumpkin Hollow property. Workforce growing at a rapid pace; the Nevada Copper workforce has more than doubled to over 200 employees over the last year with the most significant additions in technical roles as well as mining and process teams. Aankondiging • Sep 06
Nevada Copper Corp. Appoints Dr. Elaine Dorward-King to Board of Directors Nevada Copper Corp. announced the appointment of Dr. Elaine Dorward-King to the Board of Directors of Nevada Copper effective September 1, 2023. Dr. Dorward-King brings over 30 years of experience, primarily developed in international mining companies including Newmont Mining Corp., Rio Tinto and Kennecott Utah Copper Corporation. Prior to retiring in 2019, she served as Newmont’s Executive Vice President of Sustainability and External Relations, driving Social and Governance strategies across the global organization. Prior to that she held various leadership roles focused on environmental and sustainability programs for companies in the mining, environmental and chemical sectors. She is currently a director of NovaGold Resources Inc., Sibanye-Stillwater Limited, and Kenmare Resources plc. Dr. Dorward-King has a B.A. from Maryville College and a Ph.D. in Analytical Chemistry from Colorado State University. Aankondiging • Jul 27
Nevada Copper Corp. Provide an Update on its 2023 Regional and Underground Exploration Plans and Recent Exploration Results At its Approximate 36 Square Mile Pumpkin Hollow Property Located in Yerington, NV Nevada Copper Corp. provided an update on its 2023 regional and underground exploration plans and recent exploration results at its approximate 36 square mile Pumpkin Hollow property located in Yerington, NV. The 2023 East North (EN) and East South (ES) underground drill program began in the first quarter of 2023 and is focused on stope definition drilling and near-mine resource expansion targets. Drilling is expected to continue in the ES and EN zone through the remainder of the year. The deposit remains open in all directions. The Pumpkin Hollow property has not been extensively explored in the past as the Company was focused on developing the known mineral resources, resulting in the development of the underground mine and advancement of the open pit project. Recent drone magnetic surveys have identified several high-quality targets of interest. Surface reconnaissance targeting these high-quality areas demonstrates that these targets have the potential to host additional independent mineralized systems, outside of the existing deposits. Nevada Copper has identified a new exploration target, the Dimples target, located just south of the proposed open pit area in the southern area of the property. Analysis of recent surface grab samples has returned encouraging results including gold values of up to 61 gpt gold (Au). A total of 55 grab samples have been collected in 2023 with 42 of those samples returning gold values greater than 0.1 gpt Au and 14 samples being greater than 1 gpt Au, in quartz rich veins within granodiorite porphyry. Higher-grade copper was identified in eleven samples, with values greater than 1.0% Cu. High-grade copper rich zones are found in the granodiorite porphyry veins as well as skarns within metavolcanics. The Mesozoic rocks in the area are dominated by granodiorite porphyries and metavolcanics. Surface sampling results from surface outcrops and prospect pits in the Copper Ridge area have indicated a potential for high-grade copper, highlighted by grades including 5.03% and 5.43% Cu. The Copper Ridge property is located north of the main Pumpkin Hollow property covered by 103 hectares through unpatented and patented claims. The target was mined for high-grade copper in the early 1900’s through several adits as well as a 122-meter inclined shaft. The 2023 program is designed to follow-up on historic reconnaissance work completed in the early 1990s by a major copper company and has the potential to provide additional high-grade feed for the existing underground mill. A total of 70 historic and new rock samples were collected to confirm and extend the known mineralization along the vein and dike structures in the Yerington Batholith granodiorites. Forty-four samples assayed greater than 0.1% copper.Follow-up trenching and a reverse circulation drill program are planned to further evaluate these high potential targets. Aankondiging • Jun 01
Nevada Copper Corp. has completed a Composite Units Offering. Nevada Copper Corp. has completed a Composite Units Offering.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 173,705,000
Price\Range: CAD 0.27
Discount Per Security: CAD 0.00405 Aankondiging • May 10
Nevada Copper Corp. announced that it expects to receive $115 million in funding Nevada Copper Corp. announced that it will receive $115 million in a round of funding on May 9, 2023. The company will issue common shares in the transaction. Aankondiging • Feb 15
Nevada Copper Provides an Update on Restart and Operational Activities for Its Pumpkin Hollow Underground Copper Mine Nevada Copper provided an update on restart and operational activities for its Pumpkin Hollow underground copper mine. Further Details on Production Restart Underground Development Proceeding as Planned The Nevada Copper operations team continues to make rapid progress on all underground activities including mine development, hoisting, stope preparation, and underground projects. The historically reported dike crossings that provide initial stope top and bottom access into the EN Zone were fully established and completed in December 2022, and development is progressing toward stoping areas. Both key development drives that have crossed the dike have encountered ground conditions at or better than expectation, confirming the geotechnical model that predicted higher quality rock. Definition drilling of the initial stopes to feed the restart of milling operations in Third Quarter 2023 have been completed and assayed, and confirm rock quality, grade and geometry represented by the geologic and reserve models. Underground Development Contractor Update The Company has completed the bid process for the development mining contractor and is in the final stages of negotiations for a unit rate contract with an internationally recognized major mining services contractor. Key components of the development contract include: - 72,000 feet of lateral capital development over a 24-month contract period; - Delivery of full development stopes by Third Quarter 2023 to provide sufficient faces and stopes to restart and maintain nameplate milling operations (approximately 5,000 tpd); and - Nevada Copper's operating team will perform all stope mining starting in Third Quarter 2023. Critical Construction Projects Progressing The Company awarded Dumas Contracting USA Inc. ("Dumas") a $12 million construction contract to complete critical capital projects including the coarse ore bin and installation of an underground jaw crusher, permanent dewatering system, vent shaft stripping and surface fans. Dumas is a leading full-service underground mining contractor providing mine construction, development, production mining, mine services and engineering early-stage projects through well-established operating mines throughout the Americas. Vent Shaft Final stripping of the vent shaft commenced in January in preparation for connection of the surface fans, which are expected to be commissioned in early Second Quarter 2023. The stripping is planned to be completed ahead of development contractor mobilization and the vent shaft is expected to provide the necessary ventilation for the life of the mine. Ore Handling System The additional ore handling system allows for increased ore throughput rates to the shaft hoisting system, enabling operations to ultimately exceed nameplate production. Engineering for ore handling system has been completed, and all long-lead items are on-site including the jaw crusher. Excavation is underway and planning for the installation of the system has already commenced. Dewatering System The pumps for the permanent dewatering system are on site and ready for installation. Once installed, the additional pumps are expected to provide all dewatering requirements for the life of the mine. Regional Exploration Opportunities The Company has completed a thorough review of regional mapping for its Pumpkin Hollow land position and several high-quality targets of interest have been identified. Surface sampling results from the Copper Ridge area have indicated the high-grade potential, highlighted by grades including 5.03% and 5.43% copper that warrant additional investigation. In 2023, detailed mapping, interpretation of recent geophysical analysis and surface sampling are planned to follow-up on other identified high-potential targets on the Nevada Copper land position. The grades identified are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the delineation of a mineral resource. Grades were determined through third-party labs, as detailed below under Quality Assurance and Quality Control. Aankondiging • Feb 14
Nevada Copper Corp. Announces Resignation of Kate Southwell as Member of Board of Directors Effective February 28, 2023 Nevada Copper Corp. announced that Ms. Kate Southwell will be stepping down as a member of the Board of Directors effective February 28, 2023 to pursue other career opportunities. Aankondiging • Jul 14
Nevada Copper Corp. Announces Further Progress with Underground Operations and Strategic Project Development Nevada Copper Corp. provided an update regarding the ramp-up of the Underground Mine and development activities for the Open Pit project at its 100%-owned, fully permitted Pumpkin Hollow Project in Nevada. Production Ramp-Up Update: Safe and effective penetration of dike structure: The Company is in the process of safely completing the dike crossing. As reported on May 17, 2021, ground and hydrological conditions associated with the dike reduced development rates for a temporary period while traversing the dike to allow for grouting and ground control. With the completion of the dike crossing within the next two weeks, the company expects to see lateral development rates increase back to planned rates this month. Underground ventilation commissioned on-schedule: All underground ventilation fans were installed and commissioned during May, as planned. The final surface fans continue to be planned for delivery in third quarter 2021 and commissioning in fourth quarter of 2021. Consequently, achievement of steady-state production continues to be expected in fourth quarter of 2021. Successful completion of process plant C5 Testing: During June, Sedgman successfully completed C5 testing of the processing plant for grind size and moisture. Project Development: Underground Mine Planning supports potential for higher long-term production rates: As part of its project development objectives reported on March 1, 2021, the company has progressed its life-of-mine planning aimed at operating its underground mine at an ultimate production rate in excess of the originally contemplated 5,000 tons per day rate. Mine planning work during Second Quarter 2021 further supports the potential for the mine, once ramped-up to steady-state, to operate at higher long-term rates of 6,500 tons per day milled, increasing long-term annual copper production. This additional production capacity would also support accelerated mining of the significant additional underground copper resources that exist over and above the current underground reserve. Further engineering work will be undertaken during second half of 2021 to support the potential for a higher long-term production rate from the underground operation. Open Pit Solar Power Study indicates potential to further reduce Open Pit power costs: The Company has also progressed the planned feasibility studies for a potential solar project, with renewables consulting group Sprout Associates, with the following initial conclusions. Further updates will be provided upon completion of the next phase of study work: Pumpkin Hollow benefits from ample sun and land to support a large solar project with the capacity to meet a significant portion of the Open Pit project’s power requirements; The solar potential at the site is up to 200MW; Already low grid power costs in Nevada could be materially further reduced through an on-site solar plant; and A third-party solar project provides an option to remove upfront power infrastructure costs from the Open Pit project. Aankondiging • Mar 20
Nevada Copper Corp. Provides A Project Update for the Underground Mine At Its Pumpkin Hollow Project Nevada Copper Corp. provided a project update for the underground mine at its Pumpkin Hollow project (the "Underground Project"). Shaft commissioning and hoisting Commissioning of the Main Shaft hoist is complete; the hoist now has the capacity to hoist material at 5,000 tons per day, as well as move people and equipment as required. The Company is currently in the process of completing the automation of the auxiliary hoist, however, this work is not critical for achieving steady-state production levels of 5,000 tons per day. The repurposing of the East North Ventilation Shaft is on-going and on schedule in support of the installation of the surface ventilation fans. Electrical upgrade In order to enable the ramp-up of production at the Underground Project to 5,000 tons per day, the Company needed to upgrade and expand the electrical system underground. Last week, the Company completed significant electrical upgrades to provide sufficient electricity to power additional production equipment and ventilation in support of ramp up. Additions to the mobile production fleet were deployed in February as planned, with final pieces of equipment to follow on schedule in Second Quarter 2021. Ventilation upgrade The upgrading of the ventilation system of the Underground Project is progressing on schedule. Currently two additional fans are being installed underground with a further two additional underground fans expected to be installed in May 2021. Two large permanent surface
fans have been ordered and are scheduled to be installed in Third Quarter 2021, which will assist the Company in reaching a steady state production rate of 5,000 tons per day. Underground development and mining: Underground development and drilling are ongoing, establishing further access to ore zones and stope access with grades higher than expected in development drives. Grades over 5% have also been encountered in the stope development areas. Ongoing definition drilling continues to support the Company's geotechnical model. First stopes are anticipated to be extracted in the coming weeks, which will likely result in a grade increase from the developmental ore currently being processed. Aankondiging • Mar 04
Nevada Copper Corp. Announces the Resignation of Ricardo De Armas as Director Nevada Copper Corp. announced that Ricardo De Armas has resigned as a director of the company, effective March 2, 2021, in order to devote his attention to other professional commitments. Aankondiging • Mar 03
Nevada Copper Provides Update on Project Development Objectives Nevada Copper Corp. provided an update on its development objectives for its Pumpkin Hollow project. The Company's updated development objectives reflect internal studies regarding project optimization and expansion options, as well as the evolution of the copper market. These development objectives aim to further demonstrate the potential of Nevada Copper's large strategic land holding and organic pipeline. Prioritized development objectives to advance Nevada Copper's three key growth opportunities: Optimization and expansion of the fully permitted Open Pit Project; Exploration of the Company's multiple near-mine targets; Expansion and extension of the producing underground mine. Open Pit Advancement: Internal studies indicate optimized project scaling has potential to significantly improve project economics, including a concurrent phase 1 and phase 2, plus potential larger ultimate production scale; Infill and extension drilling with aim to bring newly defined mineral inventory into reserves - Conversion of known inferred resources also has potential to further improve project economics. Property Exploration: Property has been further expanded to the east, adding multiple targets; Geophysical surveys have identified multiple new targets; Drilling plans defined to follow-up on high-potential targets. Underground Future Extension: Inferred conversion: Significant additional inferred resources to be in-filled as underground mining advances into new zones; Exploration: Multiple underground mine extension targets to be further evaluated, including a new potentially large target to the east of the main shaft that is previously untested; Expansion: Future expansion potential to be studied post achievement of steady-state production. Aankondiging • Feb 20
Nevada Copper Corp. Provides Corporate and Operations Update for the Underground Mine at its Pumpkin Hollow Project Nevada Copper Corp. (‘Nevada Copper’ or the ‘Company’) provides a corporate and operations update for the underground mine at its Pumpkin Hollow project (the ‘Underground Project’). Following completion of the main shaft material handling system, the Company achieved a peak daily hoisting rate of over 3,000 tons in February, and has achieved a hoisting rate equivalent to 5,000 tons per day on a shift basis. Despite the improving hoisting rates, the cumulative impact of a series of unplanned stoppages due to mechanical issues and other incidents in the main shaft has led to lower than expected ore production to date in 2021. Average hoisting rates for February to date were approximately 1,600 tons per day, compared to plan of approximately 3,000 tons per day. Retrofitting work to resolve these issues is expected to be completed in the coming weeks. Mill throughput has performed well at an average of approximately 3,100 tons of ore per day to date in 2021, with a peak of 4,000 tons per day. Recoveries have continued to increase, with average recoveries of approximately 90% in February. Product specifications remain consistent with expectations, with high-grade, clean copper concentrates being delivered to the Company’s offtaker. The mill continues to process development ore, with higher grade stope ore expected to be available in the coming months as planned. As a result of the shaft delays noted above, and delayed upgrade of the underground electrical and ventilation systems, production of copper concentrates during the first half of 2021 is expected to be significantly lower than planned. The resolution of the main shaft commissioning items, the ongoing installation of incremental underground power and ventilation upgrades and the deployment underground of additional mobile fleet equipment is expected to result in increased copper production rates beginning in the second quarter of 2021. The Company expects that, due to the delays noted above, steady state production of 5,000 tons of ore per day will be deferred from mid year into the third quarter of 2021. There can be no assurance that the actual costs to complete the ramp-up will not be greater than expected by the Company. In the event of further cost overruns, the Company will need to seek additional funding. The Company continues to advance its medium and longer-term mine planning analysis, including related costs and timing implications. The information and data in this news release was reviewed by Greg French, C.P.G., and David Sabourin, P.E, for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101. Aankondiging • Jan 08
Nevada Copper Announces Further Ramp-Up Progress Nevada Copper Corp. announced a steady increase in performance from the Pumpkin Hollow underground project (the "Underground Project"). Mine Hoisting: In December, the Company hoisted 36,000 tons of ore, an increase of over 60% from November. During the first week of January 2021, electrical and instrumentation commissioning of the main hoist system was completed, allowing the main hoist to operate at the full production speed of 1,800 ft per minute, with hoisting rates in January targeted to increase by 200% - 300%. Recovery rates: In December, the average concentrate recovery was 86% including a number of days that reached above the Company's target of 90%.
Lateral development: Monthly lateral development for December increased to approximately 1,200 ft, which is an increase of over 37% from November. A significant increase is expected in January with the main shaft online.
Geotechnical Stability: Geotechnical boundaries and properties of the East North orebody have been verified by the recent underground drilling and development drifting. As expected, the resulting geotechnical modeling has confirmed the stability of the East North ore body. Production: The Company expects to reach steady-state production of approximately 5,000tpd by mid-2021. Aankondiging • Dec 30
Nevada Copper Completes Key Underground Milestone Nevada Copper Corp. announced the completion of the underground materials handling system of the main shaft. The materials handling system represents a milestone in the construction of the Company’s underground project which included sinking the vent shaft, sinking the main shaft, and construction of the processing plant. The completion of this milestone allows for a significant increase in hoisting rates, from currently 1000 tpd to ultimately 5000 tpd once commissioning and ramp-up are completed. This is expected to enable the underground mine to deliver substantially higher volumes of ore directly from the mine to the processing plant. Aankondiging • Nov 05
Nevada Copper Provides Operations and Corporate Update Nevada Copper Corp. provided an operations update, including October production and progress with completion of the Main Shaft at its Pumpkin Hollow Underground Mine. Operational Update: The Company’s underground lateral development rates continue to be on schedule, with ore grades encountered in ongoing development reconciling well to resource model grades, and hoisted development ore grades improving as expected with stope development. Average stope development grades in October reached over 2% copper equivalent grades. During October the steelwork in the Main Shaft was completed. Work is ongoing in the Main Shaft to complete the remaining loading pocket. By the middle of November the Company plans to use the Main Shaft to transfer materials, supplies and people, freeing the East North Vent Shaft to be used exclusively for development ore and waste movement, with a resultant expected increase in ore hoisting rates. Staged commissioning of the Main Shaft material handling system has commenced. The Company is testing the communication system and interaction of these sections to ensure ramp-up can be accelerated once the underground conveyor is installed later in the quarter. Processing plant performance continued to improve with recoveries increasing 10% in October from September. Mill throughput rates are continuing to increase as mill optimization is ongoing, reaching throughput rates approaching design. Campaign milling is being utilized to optimize ore stockpile management heading into the commissioning of the Main Shaft materials handling system. In October the Company continued to deliver on-spec copper concentrates to its offtaker, and October concentrate production increased 140% from September 2020. Mine Planning: Further to the Company’s August 6, 2020 and October 5, 2020 updates regarding localized geotechnical changes arising from recent definition drilling in the Upper East South zone, the Company has continued its review of the costs associated with initially smaller stopes during the ramp-up period. Additional geotechnical review and ongoing definition drilling completed in October continues to support the Company’s mine plan which shows production quickly transitioning to predominately larger stopes over First Quarter 2021 and thereafter, supporting sustained mining of larger stopes as previously planned. While the move to initially smaller stopes in the Upper East South zone will further de-risk the project and does not affect the life of mine resource, the change will increase costs in the short term. In light of the additional costs associated with this change in mine plan during the ramp-up period, Management has concluded that the Company will require additional funding over the next four months as it completes the ramp-up and transitions out of the immediate mining area back into originally planned larger stopes which are typical of the broader mine.