NovaCopper (NYSEMKT:NCQ;TSX:NCQ) announced its financial results for the second quarter ended May 31, 2016 and provides an update on its 2016 field program.
2016 Field Program Underway
The 2016 field program is underway at the Company’s 100%-owned Upper Kobuk Mineral Projects (“UKMP”) located in Northwest Alaska. With sufficient cash on hand to fund our anticipated activities, the Company is well positioned to continue its plans to advance the Arctic deposit towards pre-feasibility. The Company will invest $5.5 million this year mainly for drilling at the Arctic high-grade copper project during the summer field season as well as to complete in-pit geotechnical, hydrological, metallurgical, environmental and waste rock characterization studies. The Company will also continue community engagement and its efforts on local hiring and education along with continuing to engage with the State of Alaska on the permitting of the Ambler Mining Industrial Access Project (“AMDIAP”).
Our staff efficiently opened the remote camp in mid-June and the first drill started up a week later on June 23, 2016. A planned 3,000 meter drill program using 3 diamond drill rigs from Boart Longyear will continue until mid-August. A significant amount of environmental baseline investigation work is planned for the current year to collect data required for future permitting efforts. Crews have started assembling at camp for the planned environmental work this field season which will include an aquatic survey, an archaeological review, a subsistence resource study, an avian and large mammal survey and further expansion and refinement of our wetlands delineation studies. Third party engineers have also started to arrive at camp to conduct planned engineering activities. This year’s engineering activities include pit slope stability studies, waste rock characterization, hydrological and metallurgical studies. Good weather in June allowed us to complete the LiDAR survey (airborne laser-light survey used for multi-discipline applications) that was initiated in 2015 and unfinished during last year’s field season due to poor weather conditions.