Nevada Copper (TSX: NCU) has restarted milling operations at its Pumpkin Hollow underground project, following the temporary suspension of copper production in April due to the covid-19 pandemic.
The operation will process approximately 160,000 tonnes of stockpiled material that are currently available. Additional development and stope ore, accessible via the east-north ventilation shaft (ENVS), will be added to stockpiles.
Material will continue to be hoisted from the ENVS until work on the main shaft has been completed. The company remains on track to begin hoisting from the main shaft in the fourth quarter this year.
The company remains on track to begin hoisting from the main shaft in the fourth quarter this year
Lateral development rates are ahead of the revised plan targets, the focus of which has been to complete key underground infrastructure areas, develop improved access to ore stoping areas, and prepare stopes for production upon commissioning of the main shaft.
“We are encouraged by the processing plant restart at our Pumpkin Hollow mine,” Nevada Copper CEO Evan Spencer stated in a press release. “Our full workforce has been mobilized and we have transitioned our operations back into production smoothly, picking up where we left off in Q1.”
Mine planning is underway to develop detailed production mining layouts and stope sequencing based on an updated geological model and revised geotechnical design parameters.
Following ramp-up at the underground mine, Nevada Copper plans to continue exploration and optimization of the open-pit development, which the company is currently advancing towards feasibility.
Shares of Nevada Copper rose 4.0% by midday Wednesday to C$0.13 per share. The Vancouver-based copper miner has a market capitalization of approximately C$193.3 million.
Analysts at Haywood Securities recently maintained a price target of C$0.25 per share for the stock, citing the commencement of commercial production in Q4 2020 as a key driver for growth.