Northisle Commences 2024 Phase I Exploration Program; 2023 Drill Results Confirm Thesis at Pemberton Hills
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
May 23, 2024
TSX Venture Exchange Symbol: NCX
Northisle Commences 2024 Phase I Exploration Program; 2023 Drill Results Confirm
Thesis at Pemberton Hills
Highlights:
• Northisle 2024 Phase 1 drill program commencing
o Extend near-surface drilling discovery at West Goodspeed through systematic step-out drilling into large,
near-surface magnetic anomaly
o Identify causative intrusion at Northwest Expo through targeted step-outs and high leverage infill holes
which will also test potential for mineralized porphyry source at depth
o In-fill Northwest Expo resource to upgrade to >90% Indicated Resources within resource estimate shell
• Pemberton Hills 2023 drill results confirm overall thesis and demonstrate progress towards porphyry source of 6
kilometre (km) long by 1.5km thick lithocap
• Surface mapping and additional geophysics to continue on high priority targets throughout the property
Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce
that it has commenced its 2024 Phase I exploration program at the North Island Project . The 2024 Phase I exploration
program will consist of approximately 10,000 metres (m) of drilling and is designed to systematically vector towards the
core of several identified porphyry systems trending across Goodspeed and Northwest Expo . Surface mapping and
additional geophysics will continue on high priority targets throughout Northisle’s district-scale North Island Project. In
addition, the Company has released its Pemberton Hills 2023 drill results which confirms the overall exploration thesis and
demonstrates progress towards the porphyry system’s potassic layer.
Sam Lee, President & CEO of Northisle stated “We are pleased to release the final results of our highly successful 2023
exploration program and announce that we’re immediately initiating our 2024 Phase I program . The 2023 exploration
program produced our strongest results in Company history and the 2024 program seeks to do the same. Our 2024
program will also be bold in testing multiple porphyry systems at depth to potentially locate the source of the high-grade
gold and copper mineralization reported in 2023.”
A drill is currently being staged to the West Goodspeed target, with a second drill rig to be added to support helicopter-
assisted drilling at Northwest Expo within the coming weeks.
Key Catalysts
In 2024, the Company will continue advancing the North Island Project, with development and exploration catalysts
throughout the year leading to measurable impacts for shareholders, including the following:
• COMPLETED - Geophysics results from Northwest Expo and West Goodspeed
• COMPLETED - Final 2023 Pemberton Hills Drill Results
• COMPLETED - Commencement of 2024 drilling program
• Q2 2024 - Preliminary Project Trade-offs
• Late Q2/Early Q3 2024 - Initial Exploration Results from 2024 Phase 1 drilling program
• Q3 2024 - Commencement of advanced economic and technical studies
• H2 2024 – Full Results from 2024 Phase 1 drilling program
• Ongoing - Continued positive engagement with indigenous rightsholders and local stakeholders
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Upcoming Investor Events
During 2024, the Company will continue to be active in investor outreach. Northisle will be attending several external
investor events including the following events during Q2/Q3 2024:
• Summer 2024: Broker and Institutional Site Visits
• September 10 – 13, 2024: Precious Metals Summit, Beaver Creek, CO
• September 15 – 18, 2024: Gold Forum Americas, Colorado Springs, CO
• November 20 – 21, 2024: Swiss Mining Institute, Zurich, Switzerland
West Goodspeed Exploration
Drilling in 2024 will commence with the West Goodspeed target, the discovery of which was announced by Northisle in
December 2023 (see December 6, 2023 press release). The West Goodspeed target was identified through a
combination of a ground geophysical survey and a review of historical exploration activity including recent surface
alteration mapping, examining 2017 drill logs adjacent to Red Dog and historical assessment reports.
Mineralization in GS23-04 and GS23-05, which starts immediately below 6 metres of overburden and includes 125m
grading 0.49% copper equivalent (Cu Eq) in GS23-05 and 78m grading 0.48% Cu Eq. in GS23-04 is associated with quartz-
sericite-pyrite (QSP) alteration which suggest the drill holes are proximal to the potential causative intrusion for this
porphyry system. The initial follow-up drill program will systematically seek to vector towards the source intrusion with
the goal of intercepting the potentially higher grade potassic zone commonly found in similar porphyry systems. At the
previously producing Island Copper mine the potassic alteration consisted of biotite-magnetite. GS23-04 and GS23-05
are peripheral to and north of a large northerly trending magnetic anomaly which will be further explored by drilling.
GS23-05 ended in mineralization proximal to this anomaly as shown in Figure 3.
The 2024 program at West Goodspeed will include approximately 3,600m of drilling in at least 7 step-out holes to the
south and east of the two West Goodspeed discovery drill holes. Additional holes are proposed for a magnetic anomaly
southeast of the original Goodspeed surface exposure of stockwork quartz-magnetite veinlets hosting chalcopyrite and
bornite.
Figure 1 shows the proposed locations of the 2024 Phase 1 drill holes in the Goodspeed area.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 1: Aerial View Looking East at West Goodspeed and Goodspeed targets
Figure 2 shows 2024 drill targets in the Goodspeed area in the context of integrated 2021 and 2023 geophysical surveys.
Figure 2: 2024 Exploration Targets at West Goodspeed
Figure 3 shows a section including the 2023 discovery drill holes at West Goodspeed as well as the newly identified deep
magnetic target which was not penetrated by 2023 drilling.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 3: Section showing 2024 Drill targets with 2023 Discovery Drilling
Northwest Expo Exploration
After drilling at Goodspeed concludes, Northisle will be systematically testing several targets at Northwest Expo for the
source of the gold-enriched mineralization contained in the recently announced Northwest Expo Mineral Resource
Estimate (“MRE”). In addition, the 2024 exploration program includes several in-fill holes designed to convert a
significant portion of the inferred resource within the higher-grade southwest portion of the deposit, while also testing
the potential for a porphyry source at depth, highlighted by an intercept in NW23-13 which included 130m grading 2.13
grams per tonne (g/t) gold equivalent (Au Eq). (see September 27, 2023 press release).
Within the deposit footprint, the Company has planned approximately 3,600m of drilling in 8 drill holes.
Three of the drill holes at the south of the resource shell are planned to test for the potential source of the higher-grade
mineralization that was observed during 2023 drilling in stockwork covellite, chalcocite, and bornite veinlets in porphyry
xenoliths, within a hydrothermal breccia encountered in drill hole NW23-13. This breccia was observed from 320m to
338m and graded 3.5g/t gold (Au) and 1.0% copper over 18 m. In addition, a review of Northisle drill core and from
programs carried out by previous operators identified drill core which includes stockworked A and B style quartz veining
at depth in drill hole EC-233 200m northwest of NW23-13. The mineralized material contains fluorine bearing topaz,
which in upper parts of porphyry systems occurs above the hydrothermal up-flow zone, higher temperature, low pH
clays including pyrophyllite and dickite which also occur in adjacent drill holes and suggest proximity to the potassic zone
below this area, which is typical of porphyry systems.
Figure 4 shows the proposed location of drill holes within the Northwest Expo deposit as well as the location of
identified porphyry-style veining relative to the existing resource model and the target area for potential causative
intrusions at depth.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 4: Northwest Expo Block Model showing Inferred Resources > 0.4g/t Au Eq and Target for Potential Porphyry
Mineralization at Depth
In addition, step-out drilling is planned, subject to receipt of all relevant approvals, to test several additional potential
porphyry occurrences in the area between Northwest Expo and Goodspeed which is part of the larger trend on the
northwest end of the North Island Project.
Pemberton Hills Results and Exploration
2023 drilling at Pemberton Hills was successful in confirming the overall exploration thesis regarding the southwest tilt
of the 6.5 km long by 1.4km thick lithocap, and the orientation of the very large hydrothermal system at Pemberton Hills
extending to the northeast of this. The underlying system is evidenced by a 1.5km wide by 2.5km long QSP alteration
zone at surface. QSP alteration usually occurs peripherally to potassic alteration hosting copper mineralization. Drill
holes PH23-12 and PH23-13 confirmed the extent and orientation of this hydrothermal system as shown in Figure 5 and
shows where the drill holes are interpreted to have intersected the porphyry system.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 5: Porphyry Model Including Interpreted Location of Pemberton Hills Drilling (after Sillitoe)
Drill hole PH23-12 was drilled proximal to the lithocap and was oriented to pierce magnetic and induced polarization (IP)
anomalies adjacent to a QSP altered quartz-diorite. The hole showed significant QSP alteration and minor chalcopyrite
bearing quartz stockwork veining, which indicates progression towards the source of the system but did not contain
economically significant mineralization. PH23-13 was drilled further from the lithocap to the northeast and targeted in
the direction of a large magnetic anomaly. The drill hole intercepted QSP alteration which again indicates proximity to
potassic alteration. Examining the drill results in association with magnetic survey data and historic surface sampling,
which included copper and gold values within at least 200m long narrow quartz veins, the current interpretation is that
the possible source occurs south of the 2023 drill holes and north of the historic surface samples. This interpretation is
shown in Figure 6 in the context of surface geology and alteration.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 6: Pemberton Hills Geology and Alteration
The 2024 surface exploration at Pemberton Hills will include a detailed surface mapping program targeted at obtaining
additional structural information, sericite speciation, chlorite proximitor analysis, quartz and gypsum vein density
mapping and rock geochemistry information which will aid in future drill targeting. Figure 7 shows the target areas in the
context of previous drilling and surface magnetics.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 7: Pemberton Hills Target Areas
Hushamu Exploration
At Hushamu, the Company has reviewed drill core, logging, and surface exploration over the last several years, as well as
results of drilling from other targets on the property. There are now multiple indicators that the Hushamu deposit, like
Northwest Expo, is lithocap hosted. In addition, the orientation of the overall porphyry system has been reinterpreted
which indicates that the causative intrusion may be to the south of the Hushamu resource, rather than to the north.
Evidence for this reinterpretation includes:
• the presence of zunyite, a fluorine bearing mineral like topaz occurring in the upflow zone of porphyry deposits
• the discovery in a recent bulldozed area of sheeted and stockwork quartz veining over 600m, plus leached
stockwork quartz veining with residual jarosite, goethite and hematite grading 0.1% to 0.5% copper on the south
side of the Hushamu deposit; and
• the observation of gusano texture, which commonly occurs in lithocaps above hydrothermal upflow zones of
porphyry deposits in adjacent drill holes to the north
Northisle will be conducting a mapping program similar to that at Pemberton Hills, which will obtain additional structural
and vectoring information in order to support drilling in this new target area. Figure 8 shows the planned target area for
this mapping program as well as an example of a leached quartz stockwork boulder.