NovaCopper has released an initial NI 43-101-compliant mineral resource estimate for the South Reef zone of its Bornite project in the Ambler mining district in northwestern Alaska. At the base case 1% copper cut-off grade, the South Reef zone is estimated to contain an inferred resource of 43.1 million mt at 2.54% copper, or 2.4 billion lb of contained copper.
The South Reef estimate is the second resource estimate for the Bornite project. In July 2012, NovaCopper released an initial resource estimate for the project’s Ruby Creek zone of 6.8 million mt at 1.19% copper indicated and 47.7 million mt at 0.84% copper inferred at a 0.5% copper cut-off grade.
The South Reef zone is located approximately 500 m southeast of the Ruby Creek zone. The overall South Reef mineralized zone roughly defines an area measuring 800 m by 250 m based on current drilling results. The resource remains open to expansion to the north, northwest, northeast, and southwest.
NovaCopper plans to resume drilling during the second quarter of 2013, with a goal of expanding the resources at the Bornite project and to further delineate zones of higher-grade copper mineralization (>2%).