VANCOUVER, BC--(Marketwired - July 27, 2017) - Northisle Copper and Gold Inc. (TSX VENTURE: NCX) ("Northisle" or the "Company") is pleased to report the completion of a 1,846 metre diamond drilling program on its wholly owned North Island Copper-Gold project on Vancouver Island, British Columbia.
The program consisted of six holes, five targeting three exploration targets and one directed at collecting a metallurgical sample for future testing.
Core samples from this year's drill program have been sent to BVL Minerals' laboratory in Vancouver. Results will be announced once analyses from all holes have been received and compiled.
The exploration drilling focused primarily on three target areas:
- The southeastern extension of the Hushamu deposit outside of the current resource boundary.
- A 300 metre diameter area within the current Hushamu resource where historical widely-spaced vertical drill holes indicated very low-grade or no mineralization was present.
- A test for deeply buried porphyry copper and gold mineralization to the south of the Red Dog Deposit.
The hole testing the southeastern extension intersected porphyry-type alteration and sulphide mineralization over its entire length of 225 metres. In addition, the 3 angled holes drilled within the 300 metre diameter zone previously classified as "barren" confirmed that the previous historical holes had been drilled down relatively narrow post mineralization dykes.
The single hole testing the deep porphyry target at the Red Dog Deposit encountered high-level porphyry copper alteration from bedrock to 290 metres where the hole was lost due to caving material from a fault higher in the hole.
The Company also reports that detailed engineering studies are nearing completion, and the Preliminary Economic Assessment (PEA) on the combined Hushamu and Red Dog deposits is anticipated to be completed by the end of August.
The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy, BC near the formerly producing Island Copper Deposit on the north end of Vancouver Island. The deposit contains the Hushamu and Red Dog deposits and five other partially explored copper-gold porphyry occurrences. The project is 100% owned by Northisle.
The Hushamu Resource
The Company has a current resource estimate of the Hushamu Deposit which has been filed on SEDAR.
|Resource Grade||Contained Metal|
|Cu Eq |
** 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 cut-off grade or Cu Equivalent calculations
The Red Dog Resource
The Red Dog Resource is located 8km northwest of the Hushamu Deposit and hosts a NI 43-101 Indicated Resource of 23.6 million tonnes grading 0.32% copper, 0.46gpt gold and 0.007% molybdenum.
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.
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.