Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it has filed on SEDAR an independent technical report (the “Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) titled “North Island Copper and Gold Project NI 43-101 Technical Report Preliminary Economic Assessment” supporting the results of a Preliminary Economic Assessment (the “2021 PEA”) on the Company’s North Island Project. The results of the 2021 PEA were previously reported in the Company’s news release dated February 4, 2021 and there are no material differences in the Report from those results. The effective date of the Report is March 18, 2021.
2021 PEA Highlights
The 2021 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the project described in the 2021 PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Key performance indicators are summarized in Table 1 below.
Table 1: Summary Project Metrics
|Production||AISC||After-tax Avg. Free Cash Flow||After-tax NPV (8%)||After-tax IRR||GHG Emissions (kg CO2e/lb)|
|Cu ($/lb)||Cu Eq. ($/lb)||$ mm||$ mm||%||Cu||Cu Eq.|
|First 6 years average||112.1||111.8||177.5||$0.77||$2.01||321||1,059||19.0||0.66||0.41|
|Life of mine (“LOM”) average||95.9||99.9||155.9||$0.90||$2.14||224|
Note: Cu Eq. based on Base Case metal prices and includes molybdenum and rhenium.
The full Report can be found on SEDAR at www.sedar.com under the Company’s profile, or on the Company’s website at https://www.northisle.ca/north-island-project/technical-reports/.
The following Qualified Persons have reviewed and approved the scientific, technical and economic information contained in the Report:
Cameron M. Brown, P.Eng, as a technical consultant to Northisle and as a Qualified Person, defined by National Instrument 43-101, has approved the scientific and technical disclosure contained in this news release.
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.