Drilling Underway at Pemberton Hills
TSX Venture Exchange Symbol: NCX
VANCOUVER, BC, March 29, 2021 /CNW/ - Northisle Copper and Gold Inc. (TSXV: NCX) ("Northisle" or the "Company") is pleased to provide an update on its 2021 exploration program for the 100% owned North Island Project. The exploration program includes a total of approximately 10,000m of drilling in 20 holes across four key targets, as well as geochemical and geological surveys in several high priority areas along the 50km extent of the North Island Project.
Sam Lee, CEO of Northisle commented, "We are now fully funded for our 2021 field program and are excited that drilling and surface exploration has now commenced at the North Island Project. With drilling targeted at Pemberton Hills, Red Dog, NW Expo and Hushamu, as well as additional surface work planned across the extent of our 50km of prospective exploration property, we have a range of opportunities to create shareholder value on the ground at any of these targeted areas."
2021 Exploration Program
The initial 2021 exploration program has been approved and will test several high priority targets including drilling at Pemberton Hills, Red Dog, NW Expo and Hushamu and drill target generation at Good Speed and South Mount MacIntosh. The Company will define additional exploration activities for the second half of 2021 based on the results from the first half of the year.
As previously disclosed, the first drilling of 2021 is at the Pemberton Hills target, where drilling is now underway. The exploration target at Pemberton is a deeply buried copper-gold porphyry deposit.
Extensive Terraspec X-ray 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 within the altered area.
Exploration in 2018 and 2019, including scout drilling, clay studies and induced polarization chargeability anomalies helped narrow the Company's focus to an approximately 1.5 by 1.0-kilometre portion of the larger 3.5 by 1.5-kilometre porphyry lithocap. The company has budgeted for an initial 3 holes, each having a minimum length of 600 metres.
Figure 1 shows a plan view of the Pemberton Hills target with historical and planned drill collar locations.
Figure 2 shows the drill being assembled at the location of the first hole of 2021.
Drilling of approximately 2,400 metres in 4 core holes will target both the northwest extension of the higher-grade Red Dog deposit and test for the down faulted south side of the deposit. The northwest extension is highlighted by a 1 km diameter induced polarization ("IP") anomaly while the southern extension of the deposit is suggested by a broad area of high-level porphyry alteration where shallow (less than 200 metres) historical drill holes ended in mineralization with copper and gold grades in the 0.1% and 0.1 g/t range, respectively, as well as a coincident copper in soil anomaly. This program is targeted for commencement during the latter part of Q2 2021.
Exploration carried out from 2008 to 2011 identified a 1.5km long IP chargeability anomaly. Two previously drilled holes in one part of the anomaly intersected 175 metres grading 0.12% Cu and 0.09 g/t Au, and 61 metres of grading 0.16% Cu and 0.14 g/t Au. The untested part of the anomaly will be tested with 4 holes in 2021. This program is anticipated to commence upon completion of the drilling at Red Dog during early Q3 2021.
Figure 3 shows the proposed locations for drill holes at Red Dog and NW Expo.
The Hushamu Deposit is a high level telescoped porphyry copper-gold-molybdenum system containing significant rhenium content. The deposit forms a tabular northerly dipping body approximately 1.5km long by 0.7km wide with a thickness of 200m. In addition to Red Dog, the Hushamu deposit forms the core of the resource which informs the Company's recently completed preliminary economic assessment.
The Company has submitted a Notice of Work in respect of a multi-year exploration program for Hushamu, which includes both step-out and in-fill drilling targeted at upgrading Inferred Resources to Indicated, as well as increasing the overall mineral inventory at Hushamu in preparation for the commencement of a pre-feasibility study. The southeast and northwest ends of the deposit remain open and require additional drilling to determine the full extent. Based on surface mapping and peripheral historical holes, the southeast end of the deposit could extend for as much as 300 metres. During 2021, the immediate priority is to complete step out drilling which will demonstrate the full extent of the deposit, with 8 to 10 core holes anticipated totalling approximately 3,200 metres, as shown in Figure 4.
In addition to the defined drill targets there are several partially tested copper-in soil anomalies and known porphyry occurrences that require additional work to better define drill targets. Of these areas, the priorities are the Goodspeed area and South MacIntosh. The surface exploration program on the property is already underway with a soil sampling program at the Goodspeed target to the east of the Red Dog deposit. Drilling at the Goodspeed target in the 1960s and 1990s intersected encouraging copper values including 0.32% over 24 metres, 0.19% over 72 metres and 0.16% over 42m. At South MacIntosh, recent logging roads exposed a large area of previously unknown high-level porphyry alteration.
John McClintock, P.Eng, Vice President Exploration of Northisle and a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical disclosure contained in this news release.
Northisle Copper and Gold Inc. is a Vancouver based company whose mission is to become a leading sustainable mineral resource company for the future. Northisle owns the North Island Project, which is one of the most promising copper and gold porphyry deposits in Canada. The North Island Project is located near Port Hardy, British Columbia on a 33,149-hectare block of mineral titles 100% owned by Northisle stretching 50 kilometres northwest from the now closed Island Copper Mine operated by BHP Billiton. The Company is completing a preliminary economic assessment which will provide an updated view on the potential of the Red Dog and Hushamu deposits and is targeted for completion in Q1 2021.
For more information on Northisle please visit the Company's website at www.northisle.ca.
On behalf of Northisle Copper and Gold Inc.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statements regarding Forward-Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to the 2021 PEA results, anticipated 2021 activities, the Company's plans for advancement of the North Island Project, including the potential use of existing infrastructure, expectations regarding the 2021 exploration program; the Company's plans for engagement with Indigenous nations, communities and key stakeholders, and the Company's anticipated exploration activities. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, Northisle's ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; stakeholder engagement; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release represent the expectations of management of Northisle as of the date of this news release, and, accordingly, are subject to change after such date. Northisle does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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.
SOURCE NorthIsle Copper and Gold Inc.
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