NovaCopper announced that field exploration activities have begun on its principal asset, the Upper Kobuk Mineral Project, or UKMP, located in the highly prospective Ambler mining district, northwest Alaska. UKMP's cooperative development is founded upon the progressive agreement entered into by NovaCopper and NANA Regional Corporation Inc., an Alaskan Native Corporation, in October 2011. This year's planned program will focus exploration efforts on the Arctic, Bornite and Sunshine deposits. Exploration efforts have already identified the high-grade Arctic volcanogenic massive sulfide, or VMS, deposit containing 19.4 million tonnes, or Mt, of Indicated Resource grading approximately 4.1% copper, 6% zinc, 1.0% lead, 60 g/t silver and 0.8 g/t gold and 11.4Mt of Inferred Resource grading approximately 3.5% copper, 5% zinc, 0.8% lead, 47 g/t silver and 0.6 g/t gold. Recent 2011 drilling at a new target, or Bornite deposit - South Reef zone, intersected 178 meters grading 4.0% copper, include a 35-meter section grading 12.0% copper.
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?