Nevada Copper Identifies New Zones Of Copper Mineralization

YERINGTON, NV - Nevada Copper Corp. reported on progress towards the restart of production at its Pumpkin Hollow underground mine, and identification of further new zones of copper mineralization in further expanded land holding. The Company continues preparations for the recommencement of processing operations, suspended due to the impact of COVID-19. Considerable progress has been made with its previously reported accelerated mine plan, including: Vertical Development: With the completion of Main Shaft deepening to the final depth of 2,131 ft., the shaft changeover to production configuration has commenced and is tracking on schedule - Installation of permanent ore handling system at the Main Shaft head-frame is also progressing on schedule; Ongoing Lateral Development Mining: Further increases in rates of lateral development and expedited excavation of key underground infrastructure in preparation to shift focus to development of stope inventory - Further increase of ore stockpile ahead of the process plant restart, sitting at over 114,000 tons as of May 31; & Process Plant: Phased remobilization of plant personnel has commenced - Preparations ongoing for the recommencement of processing operations targeted in August this year.

The Company’s accelerated development plan is progressing well towards the restart of concentrate production in Q3 2020, subject to revision based on impacts of the COVID-19 pandemic and other factors.

The Company has now entered into a long-term mining contract with Redpath USA Corporation. Redpath has been working at Pumpkin Hollow since January 2020 under the previously announced interim services agreement. The signing of the long-term mining contract between Nevada Copper and Redpath further cements their long-term operating relationship.

The Company has recently staked an additional, highly prospective land package covering approximately 680 acres immediately contiguous to its existing Pumpkin Hollow property and along the eastern boundary of the Tedeboy area. Review of historical aero-magnetic survey data has identified a magnetic high which coincides with the identification of anomalous copper mineralization at surface with grab samples returning copper grades confirming the prospectivity of this newly acquired property.

Evan Spencer, Chief Executive Officer said, “We have made accelerated and marked progress on the Company’s restart schedule and planned underground ramp-up to full scale production.  Signing the long-term contract with Redpath is another integral step.  Having excellent partners and mobilizing the workforce are key steps towards re-establishing normal operations and achieving full scale production following recent global shutdowns.”