Nevada Copper (TSX: NCU) is progressing towards the restart of concentrate production in Q3 2020, the owner of the Pumpkin Hollow copper project announced in an update Tuesday.
Production at the underground mine was temporarily halted in early April due to the strict travel and workplace restrictions imposed by the state of Nevada to curb the spread of covid-19.
As part of its restart preparations and accelerated mine development plan, Nevada Copper has completed vertical development of the main shaft to a final depth of 2,131 feet, and is continuing lateral development to increase ore stockpile ahead of the process plant restart. Phased remobilization of plant personnel has also begun, the company said.
Meanwhile, Nevada Copper has recently staked an additional land package covering approximately 680 acres contiguous to the Pumpkin Hollow property and along the eastern boundary of the Tedeboy area.
Review of historical aero-magnetic survey data has identified a magnetic high that coincides with the identification of anomalous copper mineralization at surface with grab samples returning copper grades, confirming the prospectivity of this newly acquired property.
Additionally, shareholder Pala Investments has provided bonding indemnity support to the company with a short-term loan of $5.5 million, providing cash if needed for the development and restart of operations at Pumpkin Hollow.
Shares of Nevada Copper opened the session 10% higher on the TSX. The Vancouver-based copper producer has a market capitalization of C$155.7 million.