Vancouver, B.C. – Northisle Copper and Gold Inc. (“Northisle” or the “Company”) has commenced a 2,400 metre diamond drill program on its wholly owned North Island Copper-Gold project on Vancouver Island, British Columbia. The drill program is designed to test the southeastern extension of the Hushamu deposit, where it remains open beyond the current boundary of the NI 43-101 resource estimate. In addition to the holes planned for Hushamu, one drill hole will be targeted to evaluate the potential for a deeply buried copper-gold porphyry system south of the Red Dog Deposit. The deep target in this area is defined by a combination of favourable geology and improving copper grades with depth in shallow historical drill holes. The drilling is expected to be completed in about six weeks.
The Company also reports that detailed engineering studies continue as part of the Preliminary Economic Assessment (PEA) on a project that combines the Hushamu and Red Dog deposits into a single mining project. The completion of the PEA is targeted for the end of August.
The Company recently held its Annual General Meeting in Vancouver. Resolutions passed at the meeting included the appointment of Hay and Watson as auditors, approval of the Company’s incentive stock option plan, and the re-election of John McClintock, David Douglas, Brandon Macdonald, Larry Yau and Dale Corman as Directors.
The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy and contains the Hushamu and Red Dog deposits and five other partially explored copper-gold porphyry occurrences. The project is 100% owned by Northisle.
The Hushamu Resource
The Company has a current resource estimate of the Hushamu Deposit which has been filed on SEDAR.
|Resource Grade||Contained Metal|
Kg x 1000
** Copper equivalent calculated using US$2.50/lb Cu, US$1100/oz Au and US$14.00/lb Mo and is not adjusted for mining and metallurgical recoveries as these remain uncertain. The formula used is as follows: CuEQ = (Cu% x 22.0462 x 2.50) + (Au g/t x 1100.00/ 31.1035) + (Mo% x 22.0462 x 14.00). Rhenium values have not been used in the cut-off grade or Cu Equivalent calculations
The Red Dog Resource
The Red Dog Resource is located 8km northwest of the Hushamu Deposit and hosts a NI 43-101 Indicated Resource of 23.6 million tonnes grading 0.32% copper, 0.46gpt gold and 0.007% molybdenum.
For more information on Northisle and the Hushamu and Red Dog deposits please visit the Company’s website at www.Northisle.ca
John McClintock, P. Eng is the Qualified Person responsible for the technical content of this release.
On behalf of Northisle Copper and Gold Inc.
President, CEO and Director
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.