Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) provides an update on its 2023 regional and underground exploration plans and recent exploration results at its approximate 36 square mile Pumpkin Hollow property located in Yerington, NV.

Randy Buffington, President & CEO, commented, “The Pumpkin Hollow property is a significant land package, in a well-known copper belt, in a strong mining jurisdiction and with substantial mineral resources already identified. These recent underground drill results indicate expansion to known copper mineralization. Additionally, our review of historical data, coupled with recent surface sampling and analysis, has identified several targets of interest that warrant follow-up. Our team is currently focused on bringing the underground back into operation, including completion of the remaining capital projects, and advancing development activities, both of which are well underway. The planned start-up of milling operations and concentrate sales in Q3 2023 is on track with targeted nameplate milling rates of 5,000 tons per day expected to be achieved by the end of 2023. With a significant portion of the property located on private land, we are in a rare position to quickly take advantage of growth opportunities once we achieve steady state underground operations.”

2023 Underground Drilling Highlights

• Approximately 31,500 feet of drilling planned (approximately US$5 million program).
• Approximately 4,900 feet drilled to date with one drill rig, and a second drill rig recently deployed.
• Results of drilling indicate mineralization extension in the ES zone (see Figure 1), including 36.5 feet of 2.46% copper within a larger interval of 99 feet of 1.4% copper (Cu) in hole NC23U-007. Other notable results include:

The 2023 East North (EN) and East South (ES) underground drill program began in the first quarter of 2023 and is focused on stope definition drilling and near-mine resource expansion targets. Drilling is expected to continue in the ES and EN zone through the remainder of the year. The deposit remains open in all directions.

The Pumpkin Hollow property has not been extensively explored in the past as the Company was focused on developing the known mineral resources, resulting in the development of the underground mine and advancement of the open pit project. Recent drone magnetic surveys have identified several high-quality targets of interest. Surface reconnaissance targeting these high-quality areas demonstrates that these targets have the potential to host additional independent mineralized systems, outside of the existing deposits.

New Area Identified in Pumpkin Hollow Site Wide Exploration – Dimples

Nevada Copper has identified a new exploration target, the Dimples target, located just south of the proposed open pit area in the southern area of the property (Figure 2). Analysis of recent surface grab samples has returned encouraging results including gold values of up to 61 gpt gold (Au). A total of 55 grab samples have been collected in 2023 with 42 of those samples returning gold values greater than 0.1 gpt Au and 14 samples being greater than 1 gpt Au, in quartz rich veins within granodiorite porphyry (Figure 3). Higher-grade copper was identified in eleven samples, with values greater than 1.0% Cu (Figure 4). High-grade copper rich zones are found in the granodiorite porphyry veins as well as skarns within metavolcanics. The Mesozoic rocks in the area are dominated by granodiorite porphyries and metavolcanics.

Additional News from the Copper Ridge Target

Surface sampling results from surface outcrops and prospect pits in the Copper Ridge area have indicated a potential for high-grade copper, highlighted by grades including 5.03% and 5.43% Cu. The Copper Ridge property is located north of the main Pumpkin Hollow property covered by 103 hectares through unpatented and patented claims. The target was mined for high-grade copper in the early 1900’s through several adits as well as a 122-meter inclined shaft.

The 2023 program is designed to follow-up on historic reconnaissance work completed in the early 1990s by a major copper company and has the potential to provide additional high-grade feed for the existing underground mill. A total of 70 historic and new rock samples were collected to confirm and extend the known mineralization along the vein and dike structures in the Yerington Batholith granodiorites. Forty-four samples assayed greater than 0.1% copper. Samples greater than 2.0% Cu were summarized in Table 1 of the Company’s February 13^th, 2023, news release.

Follow-up trenching and a reverse circulation drill program are planned to further evaluate these high potential targets.

The grades identified in this press release are conceptual in nature as there has not been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the delineation of a mineral resource.

Qualified Person

The technical information and data in this news release has been reviewed by Greg French, C.P.G., VP Exploration of Nevada Copper, who is a non-independent Qualified Person within the meaning of NI 43-101.

Quality Assurance and Quality Control

The analytical work referred to herein was performed by American Assay Labs (AAL) located in Sparks, Nevada.  AAL is an ISO/IEC 17025 accredited laboratory. The Samples were crushed so that >80% passes 10 mesh, followed by pulverizing to >90% passes 75 < 150 mesh. Prepared samples were run using a three-acid digestion process and conventional ICP-AES analysis. Gold determination was via standard atomic absorption (AA) finish 30-gram fire-assay (FA) analysis.  Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

The historic analytical work was performed by Chemex Labs Inc. and ALS Minerals, currently ALS Geochemistry (ALS) located in Nevada.  ALS is an ISO/IEC 17025 accredited laboratory. The samples were crushed so that >80% passes 10 mesh, followed by pulverizing split to < 150 mesh. Prepared samples were run using an acid digestion process and conventional ICP-AES analysis. Gold determination was via standard atomic absorption (AA) finish 30-gram fire-assay (FA) analysis.

Nevada Copper detected no significant QA/QC issues during review of the data and is not aware of any sampling or other factors that could materially affect the accuracy or reliability of the data referred to herein.

About Nevada Copper

Nevada Copper is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is expected to restart milling operations in 2023, and a large-scale open pit PFS stage project.

Figure 1 – Recent Underground Drilling

*Grey holes – assays pending

Figure 2 – Property Map with Exploration Target Locations

Figure 3 – Dimples Sampling (Gold)

Figure 4 – Dimples Sampling (Copper)