Northisle Intersects 0.72% Cu Eq. over 50m, 0.47% Cu Eq. over 101m; Drilling Extends Mineralization more than 200m beyond the Modelled Pit Shell
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
August 5, 2022
TSX Venture Exchange Symbol: NCX
Northisle Intersects 0.72% Cu Eq. over 50m, 0.47% Cu Eq. over 101m; Drilling Extends
Mineralization more than 200m beyond the Modelled Pit Shell
Highlights:
• 2022 drilling at the Hushamu deposit (“Hushamu”) of the North Island Copper and Gold Project (the “North
Island Project”) has continued to demonstrate potential to improve Mineral Resource grade and tonnage
within the existing Hushamu pit design area
• HU22-01, HU22-02 and HU22-05 each extended higher-grade mineralization into areas which are currently
modelled to contain waste or lower-grade mineralized material
• In addition, HU22-06 indicates mineralization continues into alteration previously interpreted as unmineralized,
more than 200 m beyond the existing modelled pit shell boundary.
Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce
assay results from its 2022 Spring drill program at Hushamu. These new results continue to affirm the interpretation that
higher grade mineralization exists in under -drilled areas of the modelled pit at Hushamu. In addition, HU22 -06 was
continued in copper mineralization for at least 200 meters beyond the outline of the modelled pit shell.
Table 1: Hushamu 2022 Significant Intercepts
Copper and gold equivalent calculations based on the following metal prices which were used in the Company’s 2021 PEA (as defined below) on the North Island
Project: Cu = US$3.25/lb, Au = US$1,650/oz, Mo = US$10/lb, Re = $1,256/kg. Calculations assume 100% recovery; totals may not add due to rounding.
Note on equivalent calculation:
Copper equivalent is determined by calculating total contained metal value/ tonne, dividing by the copper price, and then dividing the resultant number of pounds of
copper by 2204.6. Gold equivalent is determined by calculating total contained metal value/tonne, d ividing by the gold price, and then multiplying the resultant
number of troy ounces of gold by 31.103.
Robin Tolbert, Vice President Explorat ion of Northisle stated “Drilling at Hushamu during early 2022 continues to
demonstrate the potential for improved grade and tonnage at Hushamu. In addition, we have demonstrated that
historical visual interpretations of the alteration profile at Hushamu may have underestimated the overall size of the
mineralized portion of the system.”
Figure 1 shows the Company’s existing deposits as well as key exploration targets at the North Island Project. The
Hushamu deposit forms the core of the technical report titled “North Island Copper and Gold Project Form 43-101F1
Technical Report Preliminary Economic Assessment” issued June 8, 2022, with an effective date of February 4, 2021
(the “2021 PEA”).
DDHID From (m) To (m) Interval (m) Cu % Au g/t Mo % Re g/t Cu Equiv % Au Equiv g/t
HU22-01 189.0 210.0 21.0 0.155 0.130 0.025 1.383 0.476 0.352
and 339.0 388.5 49.5 0.345 0.435 0.014 0.736 0.723 0.977
HU22-02 246.3 259.4 13.1 0.200 0.354 0.006 0.505 0.489 0.661
and 277.0 298.2 21.2 0.295 0.295 0.007 0.517 0.544 0.735
HU22-05 135.0 158.0 23.0 0.284 0.542 0.017 1.422 0.763 1.031
HU22-06 330.0 430.9 100.9 0.204 0.890 0.014 0.573 0.471 0.636
and 444.0 552.0 108.0 0.166 0.215 0.015 0.749 0.384 0.519
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 1: North Island Project Map
Hushamu 2022 Drill Results
Northisle has now received the assay results of the six drill holes from its 2022 Spring drill program at Hushamu (HU22-
01 to HU22-06), which has the objective of converting in-pit Inferred Mineral Resources to Indicated Mineral Resources
ahead of the Company’s planned pre-feasibility study. The mineralization remains open to the northwest and southeast
of the deposit , and based on results released today is interpreted to be open at depth significantly past previous
modelling. Significant intercepts from the 2022 Spring drill holes can be found in Table 1 above.
Drill hole collar locations for the 2022 drilling at Hushamu can be found in Table 2, and the drill holes are shown in context
in Figure 2 with key sections showing the 2021 PEA proposed final pit outline as well as the surface projection of the
Hushamu Mineral Resource estimate.
Table 2: Hushamu 2022 Spring Drill Hole Collar Locations
DDHID UTM_E UTM_N Elev (m) Azimuth Dip Length (m)
HU22-01 580506 5613821 606 0 -90 453.0
HU22-02 580311 5613844 644 0 -70 555.0
HU22-03 580311 5613844 644 180 -80 455.5
HU22-04 580311 5613844 644 180 -60 363.0
HU22-05 580700 5613423 692 180 -83 408.0
HU22-06 580978 5613609 592 45 -86 567.0
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 2: Hushamu Deposit Spring 2022 Drilling Plan Map
The significance of the additional 2022 Spring infill holes at Hushamu are:
• HU22-01 shows significant mineralization extends from hole H-12-03 along the base of the proposed pit bottom.
This may add tonnes and maintain the mineral grades over a longer distance than previously estimated.
• HU22-02 shows a thicker combined mineralized interval than holes EC -184 and H-12-09 on either side of it. An
additional hole will be drilled in the gap between these two holes.
• HU22-03 and HU22-04 were infill holes drilled to the south of the main mineralized zone. Both intersected
leached altered zones with a few narrow copper intercepts >0.01% Cu.
• HU22-05 was part of a two -hole program to fill in the gap between H -12-08 and H17 -02 and test the extent
below the planned pit bottom. This hole showed mineralization extends to this point but not to depth. An in-fill
hole between this hole and H17 -02 is required to test to the south of an interpreted fault along Section
5613600E.
• HU22-06 indicates that mineralization extends significantly beyond the modelled outline of the 2021 PEA pit
shell on Section 581000 E:
o Historical drilling generally ends at the interpreted interface of CMG alteration and propylitic alteration.
o XRF scanning of drill core in real time indicated that core contained copper below the previously
interpreted bottom of CMG alteration, so drilling was continued.
o Results suggest future drilling should continue to greater depth and may represent a significant
extension of mineralization.
• The spring drilling program continues to demonstrate the potential to improve tonnage and grade in an updated
Mineral Resource estimate at Hushamu through both upgrading of existing blocks as well as extension of the
overall orebody.
Figure 3 shows Section 580300E, where HU22-02 can be seen in the context of other drill holes.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 3: Section 580300E
Figure 4 shows HU22-01 on section 580500E in context of previous drill holes.
Figure 4: Section 580500E
The drill hole structure log for H17-02 on Figure 5: Section 580700E indicates the presence of a fault zone from 307 m
to 384 m, similar discontinuities in drill holes along UTM Easting 5613600E on other sections may explain the lower
grades exhibited in these and other holes in this area. The objective of future additional drilling like HU21-04 on either
side of these ’null’ holes is to increase the Mineral Resource in these and similar areas elsewhere in the deposit.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 5: Section 580700E
Figure 6: Section 581000E
As Table 1 and Figure 6 indicates hole HU22-06 extended mineralization 1200 meters beyond the 2021 PEA modelled
pit shell outline on Section 581000
Logging, Sampling, Assaying and Quality Control (“QA/QC”) Procedures
The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality
control program using industry best practices. Drill intersections in this release are typically HQ to 100 m and NQ
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
thereafter to the end of holes. After drilling, core was logged for geology, structure, and geotechnical characteristics
utilizing Geospark© core logging software, then marked for sampling and photographed on site. The cores for analyses
were marked for sampling based on geological intervals with individual samples 3 m or less in length. Drill core was cut
lengthwise in half with a core saw. Half-core was sent for assays reported in this news release. Prior to cutting core for
assay bulk density was also determined on site by taking 20 to 25 cm lengths of whole core of each lithology at 10 m
intervals. The ends of these were then cut at right angle to the core axis, retaining all pieces to be returned to the core
box for later sample cutting and analysis. The diameter of each core sampled for bulk density was measured at each
end with digital calipers to 3 decimal places and recorded. The length of the core was measured on four sides at 90
degrees to each other, to 2 decimal places and recorded. The software averaged the lengths and diameters. The mass
of the dry core was measured twice on an Ohaus© balance to 2 decimal places. If no discrepancy occurred the
measurement was recorded. If there was a discrepancy the measuring was repeated until no discrepancy between 2
measurements occurred. The density was calculated using the formula Bulk Density = π times r² times h (where r is
radius of core and h is length of core). Certified standard masses are used to calibrate the scale balance used for bulk
density determinations. The balance in the core logging area was levelled on a large concrete block to avoid vibration,
was leveled, and surrounded by a wooden partition to avoid wind affecting the balance. The measurements were
recorded in Geospark© logging software and Bulk Density calculated to 2 decimal places. In compiling assays on
sections, intervals of less than 0.1% Cu, if less than 10 metres continuous width, within larger intervals >0.1% Cu were
considered internal waste and included in the reported assays. If the interval was 13 m or greater, these assays were
excluded from the compilation. Likewise, any intervals >0.15 Cu less than 13 width outside any other assays > 0.1% Cu
were considered external waste and not reported.
A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream as a quality control
measure and are reviewed after analyses are received. Standards were obtained from WCM Minerals, Vancouver and
CDN Minerals, Langley. Blanks were obtained from unmineralized course bagged limestone landscaping rock.
Standards and blanks in 2022 drill results to date have been approved as acceptable. Duplicate data add to the long-
term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within
acceptable levels. Samples were sent to the SGS Natural Resources Laboratory in Burnaby, BC where the samples were
dried, then crushed to 75% passing 2 mm, then a 250 g split was pulverized to 85% passing 200 mesh size (75microns)
pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The
pulps were analyzed for gold by fire assay fusion of 50 g of the 250 g split. Total gold content was determined by
digesting the silver doré bead from the fusion and then analysing by ICP/AES (SGS Code GE_FAI51V5). All samples were
also analyzed for 49 additional elements by taking a 0.25 g of the 250g split which was heated in HNO3, HClO4 and HF
to fuming and taken to dryness. The residue was dissolved in HCl and then analyzed utilizing ICP-AES/ICP-MS
(combining SGS Code GE_ICP40Q12 and GE_IMS40Q12). Some samples were also additionally analyzed more precisely
for Rhenium and Germanium (SGS Code-GE_IMS90A50-C). SGS Canada Inc. is an independent, international ISO/IEC
17025:2005 accredited laboratory. The analytical results were verified with the application of industry standard Quality
Control (“QA/QC”) procedures.
Pulps and rejects of holes with significant assay intervals are stored at Western Mineral Storage. The remaining split
core is indexed and stored at the Northisle logging and office facility in Port Hardy, BC.
Results in this news release are length weighted averages.
Qualified Person
Robin Tolbert, P.Geo., Vice President Exploration of Northisle and a Qualified Person as defined by National Instrument
43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has approved the scientific and technical disclosure
contained in this news release.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
About Northisle
Northisle Copper and Gold Inc. is a Vancouver -based company whose mission is to become a leading and sustainable
mineral resource company for the future . Northisle owns the North Island Project, w hich 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. Northisle recently completed an updated preliminary economic assessment
for the North Island Project and is now focused on advancement of the project through a prefeasibility study while
continuing exploration within this highly prospective land package.
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
Chief Financial Officer
Tel: (778) 655-9582
Email: [email protected]
www.northisle.ca
Cautionary Note to Investors regarding Mineral Resources
The scientific and technical disclosure included in this press release has been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum (“CIM”) classification system. NI 43-101 is a rule developed by the Canadian securities
Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning
mineral projects. The capitalized terms “Mineral Resource”, “Inferred Mineral Resources” and “Indicated Mineral Resources” and the
term “pre -feasibility study” used herein are defined in accordance with NI 43 -101 and the CIM Definition Standards on Mineral
Resources and Mineral Reserves adopted by CIM council, as amended. Inferred Mineral Resources involve a great amount of
uncertainty as to their existence and do not have demonstrated economic viability. It cannot be assumed that all or any part of an
Inferred Mineral Resource will ever be upgraded to a higher category.
Cautionary Statements regarding Forward-Looking Information
Certain statements contained in this news release constitute “forward-looking information” within the meaning of applicable
securities law (collectively, “forward -looking statements”) . Any stateme nts 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 si milar expressions. Forward -looking statements in this news
release include, but are not limited to, statements relating to the existence of undiscovered, higher grade mineralization and tonnage
in the Hushamu deposit; the extension of mineralization zones significantly beyond those outlined in previous modelling, if at all; the
Company’s planned pre-feasibility study; the upgrade of Inferred Mineral Resources to Inferred Mineral Resources in advance of the
pre-feasibility study, if at all; anticipated 2022 activities; the Company’s plans for advancement of the North Island Project ; and
expectations regarding the Company’s 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 exploratio n
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 a nd
external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; chan ges in
legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks identified from
time to time in the disclosure documents filed under the Company’s SEDAR profile at www.sedar.com. 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, assumptions or expectation s 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.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
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 su bject 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 Ven ture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.