VANCOUVER, BC--(Marketwired - October 05, 2016) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") is pleased to announce that results for all four holes from the summer verification drill program on the Company's Red Dog deposit have now been received. Collectively, the four holes support the historical drill data and confirm that the Red Dog resource qualifies for inclusion in the overall Hushamu project.
The Company will now complete a NI-43-101 resource calculation for Red Dog and push ahead with work on the Preliminary Economic Assessment (PEA).
Jack McClintock, P. Eng, President of Northisle commented: "With all four verification holes supporting the validity of the Red Dog resource, we can now move ahead with the PEA that incorporates Red Dog and Hushamu. As we have said before, inclusion of Red Dog has the potential to significantly benefit the overall scope and economics of the project."
- The fourth verification hole, RD 16-06 intersected 0.30% copper and 0.41 gpt gold over a core length of 122 metres confirms the result recorded in the nearby historical hole.
Verification Drill Results
| || || || || || |
Reported widths are drilled widths. True widths have not been determined.
*Previously reported on September 13th, 20thand 27th 2016.
Drill-hole RD 16-06, drilled at -45 degrees to the south, was collared seven metres from and parallel to historical drill hole EC 133 drilled by Utah Mines Ltd. in 1982. The historical hole assayed 0.31% copper and 0.46 gpt over 121.9 metres.
In addition to the four resource verification holes, three holes, RD16-04, RD16-05 and RD16-05A, were drilled to test for deeply-buried porphyry copper mineralization to the south of the Red Dog deposit. Due to poor ground conditions all three holes were lost at depths of 151, 124 and 206 metres, respectively, well before the targeted depth of 500 metres. Holes RD 16-04 and RD16-05A intersected anomalous levels of copper, in the 200 to 1500ppm range, over the final 50 metres of the holes, indicating that the deep porphyry target remains to be tested as a priority target in the next drill program.
Red Dog is located eight kilometres northwest of the Hushamu Deposit within Northisle's 100% owned North Island Project on Vancouver Island, British Columbia.
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.
|| ||Resource Grade
|| ||Contained Metal
|| ||Re ppm
|| ||Cu Eq%
| ||Gold M oz
|| ||Mo M lb
|| ||Re Kg x1000
| || || || || || || || || || || || || || || || || || || || || |
** 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 who reviewed and approved the scientific and technical disclosure in this news 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.