May 30, 2012 View PDF
VANCOUVER, B.C. Northisle Copper and Gold Inc. (“Northisle” or the “Company”) is pleased to announce the completion of its Phase One drilling and IP survey on its North Island Copper and Gold Project. The original budget of $1.5 million was expanded to allow for an additional 1400 metres of drilling to test the southeast, northwest, and northern extensions of the deposit and for ground follow-up of the Induced Polarization (IP) anomalies detected during this year’s program.
The table below summarizes the results of drilling from results received and compiled to date. Location of the drill holes is shown on the accompanying map.
| Hole | Location |
Dip
|
From
metres |
To
metres |
Interval
metres |
Copper
% |
Gold
gpt |
Moly
% |
Rhenium
gpt |
Copper
equiv. % |
|---|---|---|---|---|---|---|---|---|---|---|
| H12-01* | Southeast |
-70
|
100
|
323.2
|
223.2
|
0.19
|
0.26
|
0.013
|
1.13
|
*0.43
|
| H12-02 | Southeast |
-70
|
37.3
|
64.3
|
27
|
0.11
|
0.29
|
0.004
|
0.29
|
0.32
|
| H12-03* | South |
-70
|
182
|
254
|
72
|
0.16
|
0.13
|
0.021
|
1.27
|
0.36
|
|
427
|
485.1
|
60.1
|
0.28
|
0.38
|
0.100
|
0.52
|
*0.58
|
|||
| H12-04 | Southeast |
-65
|
232.5
|
485
|
252.5
|
0.21
|
0.33
|
0.100
|
0.75
|
0.47
|
| including |
269.8
|
419
|
149.2
|
0.25
|
0.39
|
0.013
|
0.96
|
0.57
|
||
| H12-05 | Southeast |
-70
|
75
|
238.5
|
163.5
|
0.25
|
0.22
|
0.011
|
0.91
|
0.45
|
| including |
104
|
140
|
36
|
0.42
|
0.78
|
0.008
|
0.46
|
0.97
|
||
| including |
158
|
238.5
|
80.5
|
0.26
|
0.44
|
0.013
|
1.08
|
0.61
|
||
| H12-06 | Southwest | Hole lost before target | ||||||||
| H12-07 | Southwest |
113.13
|
143.13
|
30
|
0.12
|
0.15
|
0.016
|
2.34
|
0.22
|
|
| H12-08 | Southwest |
21.7
|
51.65
|
25.67
|
0.01
|
0.35
|
0.016
|
0.05
|
0.31
|
|
| H12-09 | Northwest |
254
|
282.40
|
28.40
|
0.12
|
0.18
|
0.007
|
0.60
|
0.28
|
|
|
296
|
366.50
|
70.50
|
0.10
|
0.25
|
0.005
|
0.44
|
0.29
|
|||
| H12-10 | North |
84.10
|
197
|
112.90
|
0.21
|
0.20
|
0.005
|
0.20
|
0.37
|
|
| including |
140.50
|
184
|
43.50
|
0.28
|
0.25
|
0.005
|
0.25
|
0.47
|
||
| H12-11 | North | Hole lost before target | ||||||||
| Copper equivalent metal prices US$2.50 copper, US$1100 gold and US$14 molybdenum. No discount for metallurgical recovery used in calculation. Rhenium not used in calculating copper equivalence. Intervals reported are core lengths * Holes lost in mineralization | ||||||||||
Seven holes drilled to test the still open northern side of the deposit will be released once the results have been received and compiled.
The Phase One program has successfully shown the deposit is open to the southeast for a minimum of 200 metres and possibly over 500 metres. Drill hole H12-09 shows the deposit remains open to the northwest where this year’s IP survey located a chargeability anomaly extending northwesterly for 2km from this hole. Drill holes H12-07 and H12-08 indicate the mineralization on the southwest side is open, but weakening in this direction.
The results of the drill program continue to indicate significant amounts of both molybdenum and rhenium associated with the copper and gold mineralization. Rhenium is a metal used to increase the melting temperature of stainless steel. Its current market price is $4 per gram. Neither of these two metals is included in the now historical 2005 resource calculation. These metals will be included in the next resource calculation to be carried out later in the year.
Jack McClintock, President and CEO, stated: “We are pleased and encouraged with the results of both the IP survey and drilling. Drilling is demonstrating the potential to expand the historical resource while the IP has identified a number of key target areas both adjacent to the known deposit as well as in the NW Expo area of the property that may indicate areas of additional porphyry copper — gold and molybdenum mineralization”.
Analysis of core samples was carried out at ALS Group’s North Vancouver facility. Gold analysis was by fire assay methods with atomic absorption finish. Analysis for copper, molybdenum and rhenium was by four acid digestion with ICP finish. QA / QC included insertion of standards and blanks in to the sample stream and duplicate samples on quartered core. Five percent of sample pulps were sent to ACME Analytical for check analysis.
About Northisle
Northisle is a Vancouver based junior resource company committed to the exploration and development of the North Island Project on Northern Vancouver Island. The North Island Project is situated approximately 15-40 kilometres southwest of Port Hardy and contains the Hushamu Deposit and five other partially explored copper-gold porphyry occurrences.
Jack McClintock, P. Eng is the Qualified Person responsible for the technical content of this release.
For more information on Northisle and the Hushamu Deposit please visit the Company’s website at www.Northisle.ca.
On behalf of Northisle Copper and Gold Inc.
“John McClintock”
John McClintock
President, CEO and Director
www.northisle.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements. These forward-looking statements are based upon the reasonable beliefs of Northisle and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Northisle. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Northisle may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Northisle does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements. These forward-looking statements are based upon the reasonable beliefs of Northisle and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Northisle. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Northisle may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Northisle does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.