Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it has commenced a surface exploration program on the North Island Project (the “Project”). The program covers the Pemberton Hills and Northwest Expo targets, as well as the Red Dog deposit and adjacent Goodspeed target. In addition, Northisle has identified a new target area identified as Downward Dog which has been added to the survey. The program is now underway with completion targeted for December 2022 and results available during the first quarter of 2023.
Sam Lee, President and CEO of Northisle commented, “Our fall surface exploration programs are intended to target the highest potential opportunities across our camp-scale property including Pemberton Hills, Northwest Expo, Red Dog and Goodspeed. The program is anticipated to generate drill targets from both near surface and deeper opportunities all within very close proximity to the existing deposits on the North Island Project. Our goal through our surface exploration program is to add value through enhancing existing targets as well as identifying new targets and we are well capitalized to pursue these programs.”
Details of Fall 2022 Exploration Programs
The Company’s fall surface exploration program includes a mapping and sampling program at several new and existing targets on the North Island Project. In addition, Simcoe Geoscience is now on site and has commenced the previously described ground-based Alpha IP® wireless induced polarization and magnetometer surveys at Pemberton Hills, Northwest Expo, Red Dog and Goodspeed, as announced earlier in 2022. The survey commenced at Pemberton Hills on October 20 and is anticipated to take approximately 40 days, with results available in Q1 2023.
Figure 1: North Island Project Deposits and Targets
At Pemberton Hills (see Figure 2), the geophysical survey will be along 23.6 line-kilometres covering an area of 3km by 4km northeast of a 6.5km by 1.5km lithocap interpreted to be tilted to the southwest. Clay mineral analyses in drill core and at surface, as well as pyrite vectoring indicate that the hydrothermal flow source that created this extensive lithocap is to the northeast under the area that will be surveyed.
Figure 2: Pemberton Hills Geophysical Survey
At Northwest Expo (see Figure 3), the geophysical survey will total 11.3 line-kilometres covering an area of 2.6km by 1km northeast of the Zone 1 area where Northisle carried out drilling in 2021 and where Northisle intersected 84.8m grading 0.19% Cu and 0.92g/t Au, and historical drilling intersected several additional significant intervals of mineralization as further detailed in Northisle’s January 25, 2022 press release. These drill holes in Zone 1 outline an area of copper-gold porphyry mineralization 480m by 360m by 86m thick, which is planned for a resource definition drilling program, anticipated during H1 2023.
Figure 3: Northwest Expo 2023 Geophysical Survey
The geophysical survey will cover the existing gold-rich Zone 1 as well as the area northeast of this zone, including an area where historical drill hole EC-236 intersected 158.4m grading 0.12% Cu, 0.09g/t Au and EC-242 intersected 91.5m grading 0.18% Cu and 0.15g/t Au. Other holes in the area failed to penetrate overburden. It is hypothesized that the porphyry system which created the mineralization found in Zone 1 may be found in this area, referred to as Zone 3.
Red Dog and Goodspeed
At Red Dog and Goodspeed, a geophysical survey totalling 12.7 line-kilometres will be carried out over an area of 3,000m by 700m from the Red Dog deposit (see Figure 4) extending east 1,500m to Goodspeed, where a stockwork of chlorite-magnetite alteration (CMG) occurs at surface (see Figure 5), and four historic, shallow drill holes intersected significant copper mineralization (see Table 1).
Recent structural mapping at Goodspeed has outlined a large area of silica-clay-pyrite (SCP) alteration with a 500m by 350m core of CMG alteration containing quartz-magnetite veining and minor chalcopyrite-bornite. The CMG alteration and copper mineralization is analogous to other known occurrences in the area, and historical drilling in the 1960 and 1990s intersected encouraging copper values.
Table 1: Goodspeed Drill Holes with >0.1% Copper
Figure 4: Red Dog and Goodspeed 2023 Geophysical Survey
Figure 5: Goodspeed Outcrop on Road with CMG Alteration and Copper Mineralization
During analysis of historic IP geophysics and soil geochemistry it was observed that north and northwest of the Red Dog Deposit (see Figure 6) the south and southeast limit of a previous IP survey indicated >17.5 mV/V chargeability anomalies at 40m and 100m depths. A 2005 soil geochemistry survey in this area of no outcrop was found to exhibit coincident anomalies (95th percentile) of >128ppm Cu, >87ppb Au, >34ppm Mo with a peripheral anomalous zone of >194ppm Zn.
Figure 6: Downward Dog 2012 IP Anomaly, 2005 Soil Geochem Anomaly, 2022 IP / Mag Lines
This geochemical pattern of coincident Cu, Au, Mo and peripheral Zn anomalies is commonly seen in mineralized porphyry areas. The coincident geochemical anomalies are not thought to be caused by drainage from the Red Dog Deposit as this area is separated from the Red Dog Deposit by a ridge of barren diorite and the streams from Red Dog do not drain in this direction. An IP survey will be carried out to the south of the previous survey to fill in the gap between the two historic IP chargeability anomalies. If these are found to be connected a drill program may be recommended. This prospective area is now called the Downward Dog target.
Robin Tolbert, P.Geo., Vice President Exploration of Northisle and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the scientific and technical disclosure contained in this news release.
Northisle Copper and Gold Inc. is a Vancouver-based company whose mission is to become Canada’s leading sustainable mineral resource company for the future. Northisle owns the North Island Project, which is one of the most promising copper and gold porphyry deposits in Canada. The North Island Project is located near Port Hardy, British Columbia on a more than 34,000-hectare block of mineral titles 100% owned by Northisle stretching 50 kilometres northwest from the now closed Island Copper Mine operated by BHP Billiton. Northisle completed an updated preliminary economic assessment for the North Island Project in 2021 and is now focused on advancement of the project through a prefeasibility study while continuing exploration within this highly prospective land package.
For more information on Northisle please visit the Company’s website at www.northisle.ca.
On behalf of Northisle Copper and Gold Inc.
Cautionary Statements regarding Forward-Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to outcome of exploration programs as well as any other future plans, objectives or expectations of Northisle. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, Northisle’s ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; stakeholder engagement; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release represent the expectations of management of Northisle as of the date of this news release, and, accordingly, are subject to change after such date. Northisle does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities 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.