Northisle Completes Verification Drilling at Red Dog Project
VANCOUVER, BC--(Marketwired - August 18, 2016) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE: NCX) is pleased to announce completion of verification drilling on the historical Red Dog resource located on Vancouver Island, British Columbia and within Northisle's 100% owned North Island Project.
2016 Drill Program
Northisle has completed a program of four verification diamond drill holes designed to verify the results of the historical drilling at the Red Dog mineralized zone and required as part of the process of verifying the historical resource. Geological logging of the rock-types, structures, alteration and mineralization in the verification drill-holes match closely those reported in the historical drill logs.
Three of the four historical drill holes selected for twinning occur in a north to south line through the centre of the historical resource. The fourth verification hole was drilled at the eastern end of the historical resource. This year's holes were placed from 2 to 6 metres from the historical collars and drilled at the same azimuth and dip as the corresponding historical hole. The variation in distance was the result of the larger drilling rig used in this year's program that could not safely be placed in all cases within 2 metres of the original drill-hole.
A fifth drill-hole planned to test for deep porphyry copper mineralization was abandoned after 3 attempts due to heavily faulted ground. The maximum depth reached by the drill-hole was 200 metres, well short of the target depth of 500 metres.
Analysis of core samples is being 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.
Drill-hole results from the verification drilling will be announced as assay results including those of QA/QC are received. It is anticipated the results from the first hole, RD 16-01, will be released in about two weeks.
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 | |||||||||||||||||||
| 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 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 responsible for the technical content of this 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.
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