Northisle granted Freeport McMoran Minerals Canada Inc. (“Freeport”) an option to earn an initial 49 percent interest and up to a 65 percent interest in the Pemberton Hills Property by funding a total of $24 million in exploration expenditures. On February 4, 2021, Northisle regained control of 100% of Pemberton Hills and announced a $1 million drill program on the target.
The Pemberton Hills target is a 3.5km by 1.5km area of high-level, advanced argillic alteration with in Mesozoic-age andesitic volcanic rocks. Extensive Terraspec Xray diffraction studies of the altered rock within the zone confirm the alteration is advanced argillic and similar to that at both Hushamu and Red Dog. This type of alteration is commonly found overlying porphyry copper deposits. Further evidence of a buried porphyry copper deposit is the presence of anomalous copper at the end of a 200m deep drill hole with in the altered area.
The 2021 exploration program consists of three deep drill holes to test for a copper – gold porphyry deposit beneath the advanced argillic alteration. The drill holes will run to at least 600m depth and will continue to the limit of the drill should they intersect prospective mineralization.
NorthIsle announced on February 4, 2021 that it had allocated $1 million to fund drilling at Pemberton Hills. The first drill hole is anticipated to commence on or about March 15, 2021.