VANCOUVER, BC--(Marketwired - April 07, 2017) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE: NCX) announces, further to its News Release of April 5, 2017, that it will now be raising up to $1,505,000 by way of the following non-brokered private placements, subject to TSX Venture Exchange acceptance:
(a) up to $1,005,000 by way of a unit private placement at a price of $0.15 per unit, with each unit to consist of one common share and one-half (1/2) of a share purchase warrant, with each whole warrant to entitle the holder to purchase an additional common share at a price of $0.25 for a period of 2 years from closing; and
(b) up to $500,000 by way of a flow-through share private placement at a price of $0.20 per flow-through share.
The private placements are not subject to any minimum subscriptions, and certain insiders of the Company have agreed to participate, with full particulars of such participation to be included in the news release announcing the closing of these private placements. The proceeds will be used by Northisle to finance a drilling program on its deep Red Dog and Hushamu extension targets, (forming part of its North Island Copper-Gold Project on Vancouver Island), engineering studies and for general working capital.
The securities issued pursuant to these private placements will be subject to a hold period expiring four months and one day from the date of issuance.
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.
For more information on Northisle and the Hushamu and Red Dog deposits please visit the Company's website at www.Northisle.ca
John McClintock, P. Eng is the Qualified Person responsible for the technical content of this release.
