Highlights:
- NW23-13 intercepted a total of 130m grading 1.65g/t Au and
0.33% Cu (2.13g/t Au Eq. or 1.58% Cu Eq.)
- Intercept includes 72m grading 2.22g/t Au and 0.413% Cu
(2.79g/t Au Eq. or 2.07% Cu Eq.) which includes 15m grading 3.42
g/t Au and 1.15% Cu (5.01g/t Au Eq. or 3.71% Cu Eq.)
- Highest grade and thickness result drilled on the Northwest
Expo target to date within 65m of surface
- Multiple assay results remain pending from 2023 drilling
programs
- 2023 Phase 2 drill program at Northwest Expo commenced on
September 8, 2023 with two additional holes completed in Zone 1 and
a third in progress south of Zone 1
Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the
“Company”) is pleased to announce that it has received an
additional assay result from its 2023 drill program at the
Northwest Expo target on the North Island Project. This result
represents the highest grade and thickness result ever drilled on
Northwest Expo.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230927582910/en/
Figure 1: Northwest Expo Zone 1 Completed
2023 Drill Holes (Graphic: Business Wire)
Sam Lee, President & CEO of Northisle stated “We once again
have drilled one of the best ever holes drilled on the property at
NW23-13. The 2023 drill program continues to yield gold grades that
are much higher than what is typically found in copper porphyries
globally. The potential implications of this program are enormous
for our project as we continue to intercept exceptionally high gold
grades, near surface, within this extensive porphyry system. Having
leverage to both gold and copper sets us apart from our peer group.
We continue to drill actively at Northwest Expo and eagerly await
additional assays. The area remains open, and we have multiple
additional holes to be released from the current drilling programs
in the coming weeks.”
Summary of NW23-13 Drill Results
Table 1 below summarizes the results of NW23-13 which were
released today.
Table 1: NW23-13 Significant 2023
Intercepts
Hole ID
From (m)
To (m)
Interval (m)
True Width (m)
Au Grade (g/t)
Cu Grade (%)
Mo Grade (%)
Re Grade (g/t)
Au Eq. Grade (g/t)
Cu Eq. Grade
(%)
NW23-13
208.0
338.0
130.0
130.0
1.65
0.33
0.006
0.16
2.13
1.58
Including
266.0
338.0
72.0
72.0
2.22
0.41
0.003
0.15
2.79
2.07
Including
323.0
338.0
15.0
15.0
3.42
1.15
0.008
0.33
5.01
3.71
Copper and gold equivalent calculations based on the following
metal prices which were used in the Company’s 2021 PEA on the North
Island Project: Cu = US$3.25/lb, Au = US$1,650/oz, Mo = US$10/lb,
Re = $1,256/kg. Calculations assume 100% recovery; totals may not
add due to rounding
Note on equivalent calculation:
Copper equivalent is determined by calculating total contained
metal value/ tonne, dividing by the copper price, and then dividing
the resultant number of pounds of copper by 2204.6. Gold equivalent
is determined by calculating total contained metal value/tonne,
dividing by the gold price, and then multiplying the resultant
number of troy ounces of gold by 31.103. Analyzed metal equivalent
calculations are reported for illustrative purposes only. The metal
chosen for reporting on an equivalent basis is the one that
contributes the most dollar value after accounting for assumed
recoveries, which is expected to be gold for Northwest Expo and
copper for the overall North Island project.
NW23-13 was targeted up-dip on the southern limit of the target
area and intersected anomalous values within 208m of the collar.
Due to the drilling angle and shape of the topography, this
intercept is within 65m of the ground surface as shown in Figure 3.
See Figure 1 for the location of this drill hole in the context of
drill holes previously reported.
Assays from three additional holes from Phase 1, as well as two
completed holes from Phase 2 at Northwest Expo are pending. A third
hole is currently underway as part of Phase 2 and is targeted at a
potential down-faulted block of the known mineralization in an area
which saw limited historical drilling to shallow depths.
Details of Drilling Results
2023 drilling has been focused on better defining the
mineralized area within Zone 1 with the goal of completing a
resource estimate, following relogging of historical drilling, in
the context of several drill holes completed by Northisle in 2021
showing important geological features not recognized in the
historical drill holes, as well as an extensive surface geophysics
program completed on the property during 2022. Details of the 2021
drilling at Northwest Expo can be found in Northisle’s press
release dated January 25, 2022
(https://www.northisle.ca/news/northisle-intersects-84-8m-grading-1-20g-t-au-eq-including-25m-grading-1-46g-t-au-eq-in-high-grade-gold-rich-porphyry-zone-at-northwest-expo/),
while the results of the surface geophysics program can be found in
our press release dated January 23, 2023
(https://www.northisle.ca/news/northisle-announces-positive-results-of-surface-exploration-program/).
Additional details of 2023 drilling results to date can be found in
our September 11, 2023 press release
(https://www.northisle.ca/news/northisle-intersects-36m-grading-1-64g-t-au-eq-112-7m-grading-0-94g-t-au-eq-and-64-5m-grading-1-21g-t-au-eq-in-northwest-expo-zone-1/).
NW23-13, adjacent to historic hole EC-228, that was stopped in
mineralized rock at 235 metres depth, is of particular interest as
it includes a 15m interval containing much higher grades than found
elsewhere on the property, within a silicified hydrothermal breccia
with large clasts of quartz stockworked feldspar porphyry with both
clasts and dark silica matrix containing disseminated and wispy
veinlets of both chalcopyrite and chalcocite.
Phase 2 drilling commenced in early September and holes NW23-17
and NW23-18 have now been completed to test potential extensions
along strike of the existing mineralized envelope at Northwest
Expo.
Figure 2 below shows known drilling at Northwest Expo by
Northisle and previous operators from an aerial view.
Zone 1 at Northwest Expo is underlain by Jurassic Bonanza
Formation andesitic volcaniclastics, flows and feldspar porphyry
dykes and minor diorite with intense silica-clay-pyrite (SCP)
alteration imposed upon them, as well as hydrothermal breccias and
silica-brine immiscibility (SIM) or gusano textured rocks emanating
from an aerially extensive hydrothermal system. Mineralization
occurs predominantly in characteristic quartz-chlorite-magnetite
altered rocks (CMG) with varying amounts in SCP altered Bonanza
Formation volcanic lithologies.
Figure 3 shows Section 569450E which includes two 2023 drill
holes (NW23-13 and NW23-14) as well as drill holes by previous
operators. Mineralization extends into the SCP altered rocks in
NW23-13 and EC-218. Note that historic hole EC-228 was terminated
in mineralization.
Northisle has re-logged the core from the previous programs at
Northwest Expo. Check assays have not been carried out on this
core, however the mineralized lithologies observed and relogged, as
well as related assays results, are consistent with adjacent holes
drilled, logged and assayed by Northisle. Results of the previous
programs at Northwest Expo were first disclosed in the following
reports:
- Baker, D. (2005). Geological, Geochemical, Geophysical and
Diamond Drilling Report on the Hushamu Property, Volumes A, B,
C
- Lehtinen, J., and Awmack, H. (2007). Diamond Drilling Report on
the Hushamu Property
- Baldys, C., Burgert, A. and Houle, J. (2008). Technical Report
on the Island Copper Property
Logging, Sampling and Assaying Procedures
The diamond drill core logging and sampling program was carried
out under a rigorous quality assurance / quality control program
using industry best practices. Drill intersections in this release
are typically HQ to 100 m and NQ thereafter to the end of holes.
After drilling, core was logged for geology, structure, and
geotechnical characteristics utilizing Geospark© core logging
software, then marked for sampling and photographed on site. The
cores for analyses were marked for sampling based on geological
intervals with individual samples 3 m or less in length. Drill core
was cut lengthwise in half with a core saw. Half-core was sent for
assays reported in this news release. Prior to cutting core for
assay bulk density was also determined on site by taking 15 to 20
cm lengths of whole core of each lithology at 10 m intervals. The
ends of these were then cut at right angle to the core axis,
retaining all pieces to be returned to the core box for later
sample cutting and analysis. The diameter of each core sampled for
bulk density was measured at each end with digital calipers to 3
decimal places and recorded. The length of the core was measured on
four sides at 90 degrees to each other, to 2 decimal places and
recorded. The software averaged the lengths and diameters. The mass
of the dry core was measured twice on an Ohaus© balance to 2
decimal places. If no discrepancy occurred the measurement was
recorded. If there was a discrepancy the measuring was repeated
until no discrepancy between 2 measurements occurred. The density
was calculated using the formula Bulk Density = π times r² times h
(where r is radius of core and h is length of core). Certified
standard masses are used to calibrate the scale balance used for
bulk density determinations. The balance in the core logging area
was levelled on a large concrete block to avoid vibration, was
leveled, and surrounded by a wooden partition to avoid wind
affecting the balance. The measurements were recorded in Geospark©
logging software and Bulk Density calculated to 2 decimal
places.
A total of 5% assay standards or blanks and 5% core duplicates
are included in the sample stream as a quality control measure and
are reviewed after analyses are received. Standards were obtained
from WCM Minerals, Vancouver, CDN Minerals, Langley and OREAS,
Canada. Blanks were obtained from unmineralized course bagged
limestone landscaping rock. Standards and blanks in 2023 drill
results to date have been approved as acceptable. Duplicate data
add to the long-term estimates of precision for assay data on the
project and precision for drill results reported is deemed to be
within acceptable levels. Samples were sent to the MSALABS in
Langley, BC where the samples were dried, then crushed, split and a
250 g split was pulverized to 85% passing -200 mesh (-75µm) size
pulps. Clean crush material was passed through the crusher and
clean silica was pulverized between each sample. The pulps were
analyzed for gold by fire assay fusion of 50 g of the 250 g split.
Total gold content was determined by digesting the silver doré bead
from the fusion and then analysing by AA (MSA Code FAS-121). All
samples were also analyzed for multiple elements by taking a 0.25 g
of the 250g split which was heated in HNO3, HClO4 and HF to fuming
and taken to dryness. The residue was dissolved in HCl and then
analyzed utilizing ICP-MS (MSA Code IMS-230). Any sulphur analysis
from this latter analysis with a value greater than 10% was
reanalyzed utilizing a Leco sulfur analyzer. Iron and Tungsten
accelerators are added to the sample and a stream of oxygen is
passed over the sample in the induction furnace. As the sample is
heated, sulfur dioxide released from the sample is measured by an
IR detection system and the Total Sulphur content is determined.
(MSA Code SPM-210). MSALABS (Langley) is an independent,
international ISO/IEC 17025:2005 accredited laboratory.
Pulps and rejects of holes with significant assay intervals are
stored at Western Mineral Storage. The remaining split core is
indexed and stored at Northisle logging and office facility in Port
Hardy, BC.
Results in this news release are length weighted averages.
Qualified Person
Robin Tolbert, P.Geo., Vice President Exploration of Northisle
and a Qualified Person as defined by National Instrument 43-101,
has reviewed and approved the scientific and technical disclosure
contained in this news release, including the sampling, analytical
and test data.
About Northisle
Northisle Copper and Gold Inc. is a Vancouver-based company
whose mission is to become a leading and 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. Northisle recently completed an updated preliminary
economic assessment for the North Island Project and is now focused
on advancement of the project through a prefeasibility study while
continuing exploration within this highly prospective land
package.
For more information on Northisle please visit the Company’s
website at www.northisle.ca.
On behalf of Northisle Copper and Gold Inc.
Nicholas Van Dyk, CFA Chief Financial Officer Tel: (778)
655-9582 Email: info@northisle.ca www.northisle.ca
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
2023 assay results, anticipated timing for further assay results,
expectations regarding the 2023 exploration program; planned
activities, including further drilling, at the North Island
Project; the Company’s anticipated exploration activities; and the
Company’s plans for advancement of the North Island Project.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230927582910/en/
Nicholas Van Dyk, CFA Chief Financial Officer Tel: (778)
655-9582 Email: info@northisle.ca www.northisle.ca
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