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The initial drilling program was completed on the Pemberton Hills target after a farm-out agreement was entered into earlier this year with Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”)
The Pemberton Hills target is a 3.5km by 1.5km area of advanced argillic alteration similar to that observed at Northisle’s 100%-owned Hushamu and Red Dog copper-gold deposits
A total of 3,400m drilled at 6 sites, compared to the initial plan of 1,500m at 3 sites
The program tested a portion of the 3.5 by 1.5 km area of advanced argillic alteration located within the same geological terrain that extends west-northwest from BHP Billiton’s past producing Island Copper Mine
Several holes intersected advanced argillic alteration which may be associated with porphyry copper occurrences
Additional drilling will be considered once the drill results are received and in conjunction with the results from this year’s geophysical and surface clay studies
VANCOUVER, British Columbia, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Northisle Copper and Gold Inc. (NCX.V)(“Northisle” or the “Company”) is pleased to announce the completion of its initial drilling program on its Pemberton Hills Property located on Vancouver Island, in British Columbia. Northisle entered into a farm-out agreement with Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”) earlier this year.
As shown in the figure below, the program tested a 2,000 metre portion of the 3.5 by 1.5 km area of advanced argillic alteration located within the same geological terrain that extends west-northwest from BHP Billiton’s past producing Island Copper Mine. The alteration at Pemberton is very similar to that at the nearby Hushamu and Red Dog deposits and in porphyry copper systems found elsewhere in the world.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9267e79f-9e09-421a-840d-01ceca890a15
A total of 3,400 metres of drilling at 6 sites between 200 and 750 metres apart was completed. The furthest west of the successfully completed holes continued in advanced argillic alteration to its final depth of 700 metres. A drill hole located 350 metres to the north east of this hole intersected advanced argillic alteration until entering a weakly altered intrusive rock believed to be a dyke. This hole was stopped when it became apparent the hole may be drilling down the dip of the dyke. Two holes completed at the eastern end, approximately 750 metres from the other two holes, both cut faults that separated advanced argillically altered volcanic rocks above the fault from propylitically to weakly potassic altered granitic rocks; an alteration and rock type often occurring on the margin of porphyry copper deposits. Difficult drilling conditions resulted in only four of the holes reaching the targeted depth of 500 metres.
Once the analytical results are received, and in conjunction with this year’s geophysical and surface clay studies, the data will be analysed to define targets for a subsequent phase of exploration.
ABOUT THE PEMBERTON HILLS PROPERTY FARM-OUT AGREEMENT
A farm-out agreement was entered into with Freeport earlier this year, dividing the initial property held by Northisle as illustrated in the figure above. Under the terms of the agreement, as announced on February 26, 2018, Freeport may, at its election, earn up to a 65% interest in the Pemberton Hills Property by funding a total of $23.9 million in exploration expenditures, while Northisle retains a 100% interest in its Hushamu and Red Dog copper-gold deposits and surrounding areas, for which a Preliminary Economic Assessment was published on September 13, 2017.
For more information on Northisle please visit the Company’s website at www.Northisle.ca.
John McClintock, P. Eng is the Qualified Person who reviewed and approved the scientific and technical disclosure in this news release.
On behalf of Northisle Copper and Gold Inc.
John McClintock, P. Eng
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.