- Drilling has commenced on the Pemberton Hills target after a farm-out agreement was formed earlier this year with Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”)
- The Pemberton Hills target is a 3.5km by 1.5km area of advanced argillic alteration similar to that observed at Northisle’s 100%-owned Hushamu and Red Dog copper-gold deposits
- The presence of anomalous copper intersected at the end of an historical 200 metre deep drill hole, within the altered area, suggests evidence of a buried porphyry copper deposit at the Pemberton Hills target
- Following the recently completed initial 10km of Induced Polarization (IP) geophysical survey, a further 5km survey has been planned
- The initial diamond drilling program, which is currently underway, has also been increased from 1,500m to 2,500m
VANCOUVER, British Columbia, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Northisle Copper and Gold Inc. (TSX-V:NCX) (“Northisle” or the “Company”) is pleased to announce that drilling has commenced on its Pemberton Hills Property located on Vancouver Island, in British Columbia. Northisle entered into a farm-out agreement with Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”) earlier this year.
John McClintock, President and CEO of Northisle stated: “We are excited to launch this first drill program on the Pemberton Hills target with the funding and technical support provided by Freeport. Furthermore, we are encouraged by Freeport’s decision to increase the initial drill program. The alteration at Pemberton is very similar to what we see at our Hushamu and Red Dog deposits and in porphyry copper systems found elsewhere in the world. We already have evidence of a buried porphyry copper deposit as demonstrated by anomalous porphyry copper mineralization found at the end of an historical hole drilled within the altered area.”
As shown in the figure below, the Pemberton Hills target is a 3.5 kilometre by 1.5 kilometre area of advanced argillic alteration located within the same geological terrain that extends west-northwest from BHP Billiton’s past producing Island Copper Mine. The presence of anomalous copper intersected at the end of an historical 200 metre deep drill hole, within the altered area, suggests evidence of a buried porphyry copper deposit.
Approximately ten kilometres of Induced Polarization (IP) geophysical survey has been completed and a further 5 kilometres remains to be completed. The initially planned 1,500 metres of diamond drilling in three holes, has been increased to approximately 2,500 metres in 4 or 5 holes. The overall planned budget has been increased from CAD 700,000 to CAD $1,000,000.
A farm-out agreement was formed with Freeport earlier this year, dividing the initial property held by Northisle as illustrated in the figure above. Under the terms of the agreement, as announced on February 26, 2018, Freeport may earn up to a 65% interest in the Pemberton Hills Property by funding a total of $23.9 million in exploration expenditures, while Northisle retains a 100% interest in its Hushamu and Red Dog copper-gold deposits and surrounding areas, for which a Preliminary Economic Assessment was published on September 13, 2017.
For more information on Northisle 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, P. Eng
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.