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Northisle Reports NI-43-101 Mineral Resource on the Red Dog Deposit and Moves Ahead With a PEA on the Combined Hushamu-Red Dog Project
Nov. 29, 2016 10:08AM PST
Gold Investing
VANCOUVER, BC–(Marketwired – November 29, 2016) – Northisle Copper and Gold Inc. (TSX:NCX) is pleased to announce a maiden NI-43-101 Mineral Resource on its Red Dog copper-gold (Cu-Au) deposit that confirms increased tonnage at similar grades to the historical resource estimate and supports the Company’s plan to combine Red Dog and Hushamu into a single project. Red Dog and Hushamu are located within Northisle’s 100-per-cent-owned North Island Project on Vancouver Island, British Columbia.
VANCOUVER, BC–(Marketwired – November 29, 2016) – Northisle Copper and Gold Inc. (TSX:NCX) is pleased to announce a maiden NI-43-101 Mineral Resource on its Red Dog copper-gold (Cu-Au) deposit that confirms increased tonnage at similar grades to the historical resource estimate and supports the Company’s plan to combine Red Dog and Hushamu into a single project. Red Dog and Hushamu are located within Northisle’s 100-per-cent-owned North Island Project on Vancouver Island, British Columbia.
- Using a base-case cut-off grade 0.20 per-cent Copper, Red Dog contains an Indicated Resource of 23.6 Mt grading 0.32 per-cent Copper and 0.46 gpt Gold.
Red Dog is located only ten kilometres by road from Northisle’s Hushamu deposit, which contains 304 Mt grading 0.21 per-cent Copper, 0.29 gpt gold, 0.01 per-cent molybdenum (Indicated) and 205.6 Mt grading 0.18 per-cent Copper, 0.26 gpt Gold (Inferred).
In addition to its close proximity, Red Dog’s grade is 50% higher than Hushamu’s, which may benefit the economics by providing higher-grade feed during the initial two years of a potential mine plan. A preliminary economic assessment (PEA) is currently under way to evaluate the strength of the combined project.
“We are very pleased that the initial estimate resource estimate for the Red Dog deposit has exceeded our expectations and will now complete the PEA incorporating both Red Dog and Hushamu. We are excited by the potential impact the addition of Red Dog will have on the overall project, especially as commodity prices continue to recover,” said Jack McClintock, Northisle’s President and CEO.
A plan and section for the Red Dog deposit can be found on the Northisle website at https://www.northisle.ca/north-
Red Dog Resource Estimate
The Red Dog Resource estimate is based on 38 drill holes totalling 6,382 metres. The majority of the holes used in the resource calculation were drilled by Utah Mines Ltd in 1980 to 1982 and Moraga and Crew Resources in 1989 to 1991. Over the past year, Northisle compiled the historical drill results, verified drill locations and re-drilled four of the historical holes — two from the 1980s drill programs and two from the 1989 to 1991 drill programs. Results from the verification drilling compared well with the historical results. The recent Northisle drilling and geological interpretation has been independently reviewed by Brian Game, P.Geo. The resource estimate was completed by Phil Burt, P. Geo.
A full technical report co-authored by Brian Game and Phil Burt will be filed on SEDAR within the next 45 days. The following table shows the tonnages and grades for the Red Dog Project at a range of copper at cut-off grades (COG%).
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