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.
Pemberton Hills
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.
Red Dog
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.
NW Expo
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.
Hushamu
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.
Additional Targets
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.
Qualified Person
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.
About Northisle
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.
Nicholas Van Dyk, CFA
Vice President, Corporate Development and Investor Relations
Tel: (778) 655-9582
Email: info@northisle.ca
www.northisle.ca
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
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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.
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SOURCE NorthIsle Copper and Gold Inc.