Northisle Copper and GOLD Inc. Announces Closing of Private Placements
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Northisle Copper and Gold Inc. 15th Floor – 1040 West Georgia Street,, Vancouver, B.C. V6E 4H1 www.northisle.ca [email protected] Tel: 606-638-2515
NEWS RELEASE
May 9, 2017 TSX Venture Exchange symbol: NCX
NORTHISLE COPPER AND GOLD INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENTS
Vancouver, B.C. – Northisle Copper and Gold Inc. (“Northisle” or the “Company”) announces that it has
closed the private placements announced April 5, 2017 as amended April 7, 2017 . Closing consisted of
the issuance of:
6,948,316 units at a price of $0. 15 per unit, for total consideration of $1 ,042,247.40,
with each unit consisting of one common share and one -half (1/2) of a share purchase
warrant, with each whole warrant entitling the holder to purchase one additional
common share at a price of $0.25 until May 4, 2019; and
2,400,000 flow -through common shares at a price of $0. 20 per share, for total
consideration of $480,000.
Northisle paid cash finders’ fee totalling $22,234.8 8 in conne ction with this private placement (to
Kingsdale Capital, Fidelity Clearing Canada ULC, PI Financial Corp. and H aywood Securities Inc.).
All of the securities issued pursuant to this private placement, including any shares issued pursuant to
the exercise of the share purchase warrants forming part of the units, are subject to a hold period
which expires on Septembe r 5, 2017 .
2017 Drill Program
The immediate plans are to commence a 3,000 metre drilling program on the Red Dog and Hushamu
deposits. Drilling at Red Dog will test for deep porphyry mineralization south of the known deposit while
drilling at Hushamu will test for a southeastern extension of the deposit.
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 c opper-gold
porphyry occurrences. The project is 100% owned by Northisle.
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.
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Northisle Copper and Gold Inc. 15th Floor – 1040 West Georgia Street,, Vancouver, B.C. V6E 4H1 www.northisle.ca [email protected] Tel: 606-638-2515
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 metallu rgical
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
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.
On behalf of Northisle Copper and Gold Inc.
“John McClintock”
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 Ven ture 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 o r 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.