Northisle Files NI-43-101 Red Dog Technical Report on SEDAR; Moves Forward With a PEA on the Combined Hushamu-Red Dog Project
VANCOUVER, BC--(Marketwired - January 10, 2017) - Northisle Copper and Gold Inc. Inc. ("Northisle" or the "Company") (TSX VENTURE: NCX) has filed an independent technical report for the maiden NI-43-101 Mineral Resource Report on its Red Dog copper-gold deposit, which was prepared in accordance with National Instrument 43-101 -- standards of disclosure for mineral projects.
Red Dog contains an Indicated Resource of 23.6 Mt grading 0.32 percent Copper and 0.46 gpt Gold, using a base-case cut-off grade of 0.20 percent Copper.
Red Dog is located within Northisle's 100 percent-owned North Island Project on Vancouver Island, British Columbia, only ten kilometres by road from Northisle's Hushamu deposit. Hushamu contains 304 Mt grading 0.21 percent Copper, 0.29 gpt gold, 0.01 percent molybdenum (Indicated) and 205.6 Mt grading 0.18 percent Copper, 0.26 gpt Gold (Inferred).
The Company is moving forward with a preliminary economic assessment (PEA) on the combined Hushamu-Red Dog project, which will focus on incorporating higher grade feed from Red Dog into the early years of a potential long-life mine plan.
"Our North Island Copper-Gold project is one of the more favourable copper-gold resource and exploration projects due to its size, excellent geographic location and existing infrastructure. We are pleased to be in a position to advance Hushamu and Red Dog through the PEA stage under steadily improving market conditions for base metals and commodities in general," said Jack McClintock, Northisle's President and CEO.
The technical report entitled "Red Dog Property, British Columbia, Canada, 43-101 Technical Report, Copper-Gold-Molybdenum Resource Estimate" by Brian Game, P.Geo and Phil Burt, P. Geo. can be accessed under the company's SEDAR profile or on the company's website.
About Northisle
The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy and 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 | |||||||||||||||||||
| Tonnes (x1000) | Copper % | Gold g/t | Mo % | Re ppm | Cu Eq % | Copper B lb | Gold M oz | Mo M lb | Re Kg x 1000 | |||||||||||
| Indicated | 304,000 | 0.21 | 0.29 | .010 | 0.55 | 0.45 | 1.4 | 2.8 | 65.7 | 167.4 | ||||||||||
| Inferred | 205,600 | 0.18 | 0.26 | .008 | 0.38 | 0.39 | 0.8 | 1.7 | 34.9 | 78.1 | ||||||||||
| **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.
Options Granted
The Company has approved the granting of stock options to directors, officers, and consultants for the purchase of 2,475,000 common shares of the Company. The options will vest over a two-year period, with one-third vested on issue, one-third on the first anniversary date and one-third on the second anniversary date. These options have a five-year term and allow the holder to purchase one common share of the company for $0.17 cents a share until January 9, 2022.
For more information on Northisle and the Hushamu Deposit 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"
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.
Contact
John McClintock
President, CEO and Director
info@northisle.ca
www.northisle.ca