Prospective Porphyry Lithocap Targeted for
Drilling in March 2021
TSX Venture Exchange Symbol: NCX
VANCOUVER, BC, Feb. 4, 2021
/CNW/ - Northisle Copper and Gold Inc. (TSXV:
NCX) ("Northisle" or the "Company") is pleased to announce
that it again fully controls the prospective Pemberton Hills target
at its North Island Project. The project had previously been
optioned to Freeport-McMoRan Mineral Properties Canada
Inc. ("Freeport"), who has provided notice of termination of
their option after Northisle and Freeport were unable to agree to an extension
on agreeable terms.
Sam Lee, CEO of Northisle
commented, "We would like to thank Freeport for funding the Pemberton Hills
exploration program over the past several years. The early
stage work completed as part of the now-concluded option agreement
has helped identify a very prospective target for a buried copper
gold porphyry system which we are keen to start drilling in the
coming weeks."
Jack McClintock, VP Exploration
commented, "Exploration work completed to date with Freeport's funding, including $2 million of induced polarization ("IP"),
detailed clay and structural studies, and scout drilling have
defined a 1.5km by 1.0 km target, within a larger 3.5km by 1.5km
lithocap, for what is anticipated to be a buried copper gold
porphyry system. The target is indicated by coincident anomalous IP
chargeability, trace element, clay, geological and structural
vectors present in surface outcrops and in surrounding drill holes
as well as a shallow, 200m long drill
hole within the target that ended in mineralization grading 0.14%
copper.
We have allocated a budget of approximately $1 million to test this target with a drill
program which will commence on or around March 15, 2021. The program will consist of three
steeply inclined drill holes with a planned minimum length of
600m each and will continue to the
depth capacity of the drill should they intercept significant
mineralization."
A plan view of the Pemberton Hills target, including approximate
drill target locations, is shown in Figure 1.
Figure 1: Pemberton Hills Alteration Including 2021 Planned
Drill Holes
The Company is sufficiently funded for the proposed program at
Pemberton in addition to continuing to advance its ongoing
preliminary economic assessment on the Red Dog and Hushamu
deposits, known as The North Island Project.
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 anticipated timing of the 2021 PEA,
anticipated 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 drill 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
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.
SOURCE NorthIsle Copper and Gold Inc.