NorthIsle announces the positive results from a Preliminary Economic Assessment

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Jun 08, 2016

NORTHISLE COPPER AND GOLD INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENTS

Vancouver, B.C. — Northisle Copper and Gold Inc. (“Northisle” or the “Company”) announces that it has closed the private placements announced May 4, 2016. Closing consisted of the issuance of:

  • 5,000,000 units at a price of $0.025 per unit, for total consideration of $125,000, with each unit consisting of one common share and one-half (1/2) of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.05 until June 6, 2018; and
  • 4,375,000 flow-through common shares at a price of $0.04 per share, for total consideration of $175,000.

Northisle paid a finder’s fee of 120,000 common shares to PI Financial Corp. of Vancouver, B.C., in connection with this private placement.

All of the securities issued pursuant to this private placement, including any shares issued pursuant to the exercise of the share purchase warrants forming part of the units, are subject to a hold period which expires on October 7, 2016.

About Northisle

Northisle is a Vancouver based junior resource company committed to the exploration and development of the North Island Copper-Gold Project on Northern Vancouver Island. The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy on Vancouver Island and contains the Hushamu and Red Dog Deposits and five other partially explored copper-gold porphyry occurrences.

The Company has a current resource estimate of the Hushamu Deposit which has been filed on Sedar. The project is 100% owned by Northisle.

Resource Grade Contained Metal
Tonnes
(x1000)
Copper
%
Gold
g/t
Mo
%
Re
ppm
Cu Eq
%
Copper
B lb
Gold
M oz
Mo
M lb
Re
Kg x
1000
Indicated 304,000 0.21 0.29 .010 0.55 0.45 1.4 2.8 65.7 167.4
Inferred 205,600 0.18 0.26 .008 0.38 0.39 0.8 1.7 34.9 78.1

** 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 cutoff grade or Cu Equivalent calculations

In addition to the Hushamu Deposit, the Red Dog Property hosts a historical mineral resource of 20 million tonnes grading 0.30% copper, 0.55gpt gold and 0.012% molybdenum. The reader is cautioned that a qualified person has not done sufficient work to classify the historical estimate as current resources and Northisle is not treating the historical estimate as current mineral resources.

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.

“John McClintock”

John McClintock
President, CEO and Director
info@northisle.ca