Nevada Copper Inc. is a subsidiary of Nevada Copper Corp.
On June 10, 2024, Nevada Copper Corp. and its subsidiaries (collectively, “Nevada Copper” or the “Company”) announced that they have filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court of the District of Nevada. The Company has been unable to secure additional interim funding from its key stakeholders. As a result, the Company is unable to continue carrying on business.
Through the restructuring process, the Company does not expect to continue operations, but does intend to take steps to preserve and protect its assets. The Company plans to conduct its activities as a “debtor in possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.
Summary:
North Deposit
The North Deposit of mineralization is located 1,500 ft north of the South Deposit and is centered on a subhorizontal, pipe-like, copper- rich, magnetite-poor skarn and skarn breccia body hosted by hornfels of the Gardnerville Formation (Northwest Deposit). The higher grade mineralization in the skarn breccia grades into a zone of lower copper grade mineralization hosted by granodiorite endoskarn and marble (North Deposit).
The combined Deposit has a 3,500 ft strike length, with true widths of 200 to 900 ft, and a down-dip extent of 1,500 ft and remains open in several directions. Retrograde alteration and sulfide deposition in the North Deposit was focused along fractures at angles to bedding and overprints earlier prograde alteration. Retrograde alteration and mineralization along fractures diminishes away from the breccia core. Chalcopyrite tends to be the last sulfide phase deposited.
South Deposit
The South Deposit, the first discovery on the Property, is a skarn-IOCG magnetite-chalcopyrite body closely associated with an intrusive contact of granodiorite into limestones of the Mason Valley Formation. The deposit is roughly tabular, measuring 3,600 ft along strike, 1,800 ft down- dip, trends northeast, and dips steeply to the northwest. The mineralized section, as defined by USS, can be divided into two zones: a footwall or proximal zone consisting of a 400 to over 1,000 ft thick relatively high grade magnetite with low copper content and a hanging wall or distal zone consisting of a 100 to 800 ft thick low grade iron but with higher copper content.
Southeast Deposit
The Southeast Deposit, located 2,000 ft southeast of the South Deposit, is a 300 ft wide skarn-IOCG lens of chalcopyrite-magnetite-garnet-actinolite developed within limestones of the Mason Valley Formation. The zone is unique for the Pumpkin Hollow Property due to its elevated magnetite grades (locally up to 75%). The zone of mineralization strikes northeast and dips steeply northwest with a strike length of 1,500 ft. Magnetite-garnet-epidote skarn hosts the mineralization with chalcopyrite increasing toward the footwall marble front. The Southeast Deposit has a 600 ft vertical extent and is fault bounded, above and below, by low-angle normal faults.
Geologic similarities between the Southeast and South Deposits strongly suggest that the Southeast Deposit may be the upper portion of the South Deposit which has been displaced 2,000 ft to the southeast along the lower listric fault.