VANCOUVER, BC--(Marketwired - September 13, 2016) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE: NCX) is pleased to report that the initial drill hole (RD 16-01) from its recently completed resource verification diamond drill program on the Red Dog deposit was successful in verifying results from a nearby historical drill-hole. Red Dog is located eight kilometres northwest of the Hushamu Deposit within Northisle's 100% owned North Island Project on Vancouver Island, British Columbia. Results for the remaining three verification holes will be released as they become available.
- Hole RD 16-10 intersected 0.31% copper and 0.47 gpt gold over a core length of 198.5 metres, verifying the data recorded from the adjacent historic drill hole.
As previously reported in the Company's news releases of June 28th and August 18th, 2016 the primary objective of the four-hole drill program was to confirm the historical Red Dog resource, which if successful would allow Red Dog to be included in the Preliminary Economic Assessment (PEA) that is currently underway for the Hushamu deposit.
Jack McClintock, P. Eng, President of Northisle commented, "We are very encouraged by the close comparison between the first drill hole and the historical hole drilled nearby. This is an important step towards verifying the resource and being able to include Red Dog in the PEA as a potential source of higher-grade feed during the initial start-up period for Hushamu."
Reported widths are drilled widths. True widths have not been determined.
Drill-hole RD 16-01 was a vertical hole collared six metres from historical drill-hole DDH 90-03 drilled by Moraga Resources Ltd. Hole 90-03 assayed 0.36% copper and 0.61gpt over a similar interval length of 198 metres. A difference between the assays in the two holes was a six metre section of leached core present in RD 16-01, but not present in DDH 90-03.
Given the inherent variability of mineralization in breccia-type zones, the difference in grades between the holes are within that expected in such mineralization. Duplicate samples from RD 16-01, where the half of the core for sampling was split into two equal quarters, sample variation up to 7% between the two sample halves provides an indication of the normal variability of the mineralization.
Drill-hole results from the verification drilling will be announced as assay results including those of QA/QC are received. It is anticipated the results from the second hole, RD 16-02, will be released next week.
Analysis of core samples was carried out at BVL Minerals' (formerly ACME Analytical) Vancouver facility. Gold analysis is by fire assay methods with atomic absorption finish. Analysis for copper and other metals is by a four acid digestion with ICP finish. Quality Assurance and Control (QA/QC) included insertion of standards and blanks in to the sample stream and duplicate samples on quartered core.
The North Island Copper-Gold Project
The Hushamu Resource
The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy and contains the Hushamu Deposit and five other partially explored copper-gold porphyry occurrences. The Company has a current resource estimate of the Hushamu Deposit which has been filed on Sedar. The project is 100% owned by Northisle.
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| ||Cu Eq
Kg x 1000
** 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 cutoff grade or Cu Equivalent calculations
Red Dog Property
The Red Dog Property is located 8km northwest of the Hushamu Deposit and hosts a historical mineral resource of 20 million tonnes grading 0.30% copper, 0.5gpt gold and 0.012% molybdenum. The reader is cautioned that a qualified person has not done sufficient work to classify the historical estimate as current resources and Northisle is not treating the historical estimate as current mineral resources.
John McClintock, P. Eng is the Qualified Person responsible for the technical content of this release.
For more information on Northisle and the Hushamu Deposit please visit the Company's website at www.northisle.ca.
On behalf of Northisle Copper and Gold Inc.
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.