Northisle Intersects 84.8m grading 1.20g/t Au Eq including 25m grading 1.46g/t Au Eq in High Grade Gold-rich Porphyry Zone at Northwest Expo
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
January 24, 2022
TSX Venture Exchange Symbol: NCX
Northisle Intersects 84.8m grading 1.20g/t Au Eq including 25m grading 1.46g/t Au Eq
in High Grade Gold-rich Porphyry Zone at Northwest Expo
Highlights:
• Drilling confirms a trend of gold-rich copper porphyry mineralization covering 480 meters strike length by 360
meters dip length with an average width of 86 meters and open in multiple directions
• Grades in the gold-rich zone at Northwest Expo in the range of three to five times higher than those at
Hushamu and Red Dog
• Assays for five drill holes at Northwest Expo remain pending that are targeting the eastern extent of interpreted
large porphyry-related alteration system
• Northwest Expo is approximately 3km to the northwest of Red Dog and not part of current resources
Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce
that it has received the first assay results from its 2021 drill program at Northwest Expo confirming a zone of high-grade,
gold-rich porphyry mineralization approximately 3 kilometers northwest of its Red Dog Deposit. In addition, preliminary
surface geophysical surveys at Macintosh have identified numerous chargeability and resistivity anomalies . Northisle
commenced drill testing these anomalies on January 19, 2022 and anticipates completion during Q1 2022 . In addition,
Northisle recently completed 4 holes at Hushamu, and will continue in-fill and step-out drilling following completion of
drilling at Macintosh.
Sam Lee, President & CEO of Northisle stated “We are pleased with the results at Northwest Expo to date which
demonstrates the potential to add higher grade resources to the North Island Project. This gold -rich zone is not within
the current resource at the North Island Project and is only 1 4 kilometers from the proposed plant site. Grades in the
new zone are approximately three to five times higher than the grades at Hushamu and Red Dog which could have a
positive impact on project economics and support our belief that we are just scratching the surface of the potential of
our 50km camp scale porphyry belt.”
Robin Tolbert, Vice President Exploration of Northisle added “With the receipt of assay results from NW21 -03, we have
now defined an area of approximately 4 80 meters by 360 meters of porphyry copper-gold mineralization, with an
interpreted average width of 86 meters, and this volume is open in multiple directions. This is just the beginning of
exploration on Northwest Expo. A ground-based geophysical program is scheduled to commence shortly and will allow
targeting of an expanded drill program, to commence upon receipt of permits. The positive assay results have confirmed
the regional interpretation of the importance of the chlorite-magnetite mineralization in this area , which will help to
inform our approach to exploring the rest of our large and prospective land package. ” He added, “I am very excited to
get back in the field during Q1 to test the drill targets identified by recent geophysical surveys at Macintosh and continue
to see immense opportunities across our more than 33,000 hectares of exploration tenure.”
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Summary of High-Grade Gold Rich Porphyry Zone Results
Intercepts of the high-grade gold zone are summarized in Table 1.
Table 1: Zone 1 Significant Intercepts
Hole ID From
(m)
To (m) Interval
(m)
True
Width (m)
Au Grade
(g/t)
Cu Grade
(%)
Mo Grade
(%)
Re Grade
(g/t)
Au Eq.
Grade (g/t)
NW21-03 280.25 365.05 84.8 84.0 0.92 0.19 0.005 0.17 1.20
Including 280.3 305.0 24.8 24.8 1.30 0.10 0.007 0.30 1.46
EC-218 323.8 438 114.2 114.0 0.53 0.11 0.004 * 0.70
EC-228 151.85 221.9 70.1 70.0 1.15 0.22 0.018 * 1.52
EC-233 329.2 423.7 94.5 94.0 0.86 0.13 0.002 * 1.04
EC-234 286.5 384.0 97.5 97.5 0.94 0.16 0.003 * 1.18
EC-245 148.0 264.9 116.9 110.0 1.18 0.15 0.001 * 1.80
Including 234.7 264.9 30.2 28.4 2.03 0.25 0.001 * 2.37
EC08-254 270.00 386.00 116.0 95.0 1.00 0.17 0.005 0.37 1.26
Including 322.0 352.0 30.0 24.6 1.50 0.21 0.008 0.24 1.82
* Not analyzed in historical drilling.
Bolded holes are from 2021 drilling
Copper and gold equivalent calculations based on the following metal prices which were used in the Company’s 2021 PEA 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, dividing by the gold price, a nd then multiplying the resultant
number of troy ounces of gold by 31.103
Figure 1 below shows the location of Company’s exploration targets relative to the existing resources at Hushamu and
Red Dog.
Figure 1: North Island Project Resource and Target Locations
Figure 1 can be found at full size at the following link: http://www.northisle.ca/wp-content/uploads/2022/01/Figure-1-
Northisle-Project-Location-220113.pdf
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Northwest Expo Details
Northwest Expo has been the subject of several drill programs dating back to at least 2005. Current exploration is focused
on gaining a better understanding of three zones, labelled Zone 1, Zone 2, and Zone 3. Zone 1 contains significant
intercepts of gold -rich copper porphyry mineralization and is a compelling target for near -term exploration. Zone 2
exhibits extensive faulting and may represent a down faulted block. Zone 3 contains historic drill intercepts of significant
(>0.1 % Cu) copper-gold porphyry mineralization from 91 metres to 176 metres in length. Two holes were drilled in 2021
in this area with assays pending.
The objective of the 2021 program at Northwest Expo was to drill test anomalies indicated by limited induced polarization
(IP) geophysical surveys completed in 2012. A review of historical drilling from 2005 and 2007, and updated with
additional data from 2008, identified several intercepts of economically significant gold and copper which are detailed
below. Figure 2: Northwest Expo Zones and shows the location of 2021 drilling at Northwest Expo in the context of
historical drilling. The previous IP geophysics identified a 550 m wide chargeability anomaly (>15mV/V) extending south
from a line running northeast from 5619500 North (north of DDH EC245) to 571400 East (northeast of DDH NW21-02).
This anomaly is open to the northeast. The IP/Mag survey planned to commence in Q2 2022 will cover that un-surveyed
area.
To date, assays for NW21 -03 and NW21-04 have been received. NW21 -03 is detailed, along with nearby historical drill
holes in Zone 1, in Table 1. NW21-04 had no significant intercepts but provided a better understanding of Zone 2. NW21-
05 and NW21 -08 (assays pending) are also assigned to Northwest Expo Zone 2 , while NW21 -01 and NW21 -02 are
targeting an un-drilled area of Zone 3.
The observed styles of altera tion and mineralization in drill holes at Northwest Expo are consistent with the current
hypothesis that this porphyry system is tilted to the southwest so that the core of the porphyry system lies to the
northeast.
A plan view Northwest Expo, showing the above drill holes, can be found in Figure 2 below.
Figure 2: Northwest Expo Zones and Drill Holes
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 2 can be found at full size at the following link: http://www.northisle.ca/wp-content/uploads/2022/01/Figure-2-
Zone-1-3-V8.pdf
Collar data for the relevant drill holes in Zones 1, 2 and 3 can be found on the Company’s website here.
Figure 3: Extent of Northwest Expo silica-clay-pyrite (SCP) alteration and significant drill holes
Figure 3 can be found at full size at the following link: http://www.northisle.ca/wp-content/uploads/2022/01/Figure-
3.jpg
Zone 1 – Gold-rich Porphyry Target
This zone is underlain by Jurassic Bonanza Formation andesitic volcaniclastics, flows and feldspar porphyry dykes and
minor diorite with intense silica -clay-pyrite alteration imposed upon them, as well as hydrothermal breccias and silica
immiscibility textured rocks emanating from an aerially extensive hydrothermal system . Mineralization occurs
predominantly in characteristic chlorite-magnetite altered rocks (CMG) which is identical to the mineralization observed
at Island Copper, Hushamu, Red Dog and Goodspeed areas.
Figure 4 shows the location of current and historical drill holes in Zone 1, including significant intercepts (> 0.1% Cu) of
drilling to date as well as the location of two cross-sections detailed in Figure 5 (Section A-A') and Figure 6 (Section B-B').
Table 1 details the grades of those intercepts.
Drill hole NW21-03 is of particular interest as it confirms a zone of high-grade gold-copper porphyry mineralization which
extends from EC-254 in the west approximately 480 meters horizontally to NW21-03 in the east, and from EC-254 in the
north 120 metres horizontally to EC-228 in the south, for an interpreted total extent of at least 500 meters strike length
by between at least 240 - 480 metres dip length (Sections A-A' and B-B' in Figure 5 and Figure 6 respectively). Drill holes
which intersect this zone have significant mineralized intercepts (>0.1% Cu) ranging from 70 metres to 116 m in length,
and an interpreted average true width of 86 metres.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 4: Zone 1 Drill Holes and Significant Intercepts
Figure 4 can be found at full size at the following link: http://www.northisle.ca/wp-content/uploads/2022/01/Figure-4-
Zone-1-V5.pdf
It was observed in several historic holes and in NW21-03 assays that a zone with higher molybdenum and rhenium grades
occurs above and overlaps with the intercepts noted in Table 1. None of the 2005-2007 holes were analyzed for rhenium.
Northisle plans to carry out check re-assays of those holes for Cu, Au, Mo and Re.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 5: Zone 1 Section A-A'
NOTE: Please refer to Table 1 for details of the assays of the significant intercepts.
Figure 5 can be found at full size at the following link: http://www.northisle.ca/wp-content/uploads/2022/01/Figure-5-
Section-A-A-V7.pdf
Figure 6: Zone 1 Section B-B'
NOTE: Please refer to Table 1 for details of the assays of the significant intercepts
Figure 6 can be found at full size at the following link: http://www.northisle.ca/wp-content/uploads/2022/01/Figure-6-
Section-2-B-B-V7.pdf
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Other Exploration Programs
Macintosh IP Survey and Drill Program
Simcoe Geoscience Limited (“Simcoe”) completed over 13,500 metres of magnetometer and IP geophysical surveys on 5
lines across the intensely silica-clay-pyrite (SCP) altered Macintosh target immediately adjacent and southeast of the
Hushamu Deposit (Figure 7 and Figure 8). Macintosh has similar geology to the Hushamu Deposit in that it is underlain
by Jurassic Bonanza Formation , predominantly andesitic volcaniclastics and flows intruded by feldspar porphyry dykes
and diorite from the Northeast.
Figure 7: Macintosh Geophysical Survey Lines
Figure 7 can be found at full size at the following link: http://www.northisle.ca/wp-content/uploads/2022/01/Figure-
7.jpg
The surveys identified two main IP chargeability anomalies which extend to over 400 metres depth, with branches
approaching near surface, and trend across MacIntosh Mountain over 2,000 m from northeast to southwest and over
2,700 m from northwest to southeast (Figure 7 and Figure 8). These anomalies are open at depth and to the n ortheast
and southwest. The northwest anomaly to be tested by proposed hole s PH-6 and PH -7 (Figure 8) is adjacent and
contiguous with the Hushamu Deposit. The central anomaly and branches will be tested by PH-1 to 5 and Ph-8 and PH-
A. This central anomaly has coincident magnetic anomalies at depth and to the northeast. One of the main ore types at
Hushamu, Northwest Expo and Red Dog is chlorite -magnetite altered Bonanza Formation and is, as the name suggests,
very magnetic. These proposed holes will also test these magnetic anomalies.
Northisle Copper and Gold Inc. | 1200 – 1166 Alberni St. | Vancouver, BC | V6E 3Z3
www.northisle.ca | [email protected]
Figure 8: Macintosh IP Cross-sections Showing Chargeability Anomalies and Proposed Drill Holes
Figure 8 can be found at full size at the following link: http://www.northisle.ca/wp-content/uploads/2022/01/Figure-
8.png
Nine drill holes are planned to test these anomalies. The first drill hole (MT22-01), shown as PH-1 above, has commenced
at the time of this press release.
2022 Surface Geophysical Surveys
Simcoe will resume geophysical surveying on the remaining four regional targets Northwest Expo, Red Dog, Goodspeed,
and Pemberton Hills once snow clears from these areas. This program is anticipated to be complete in Q3 2022.
Hushamu
Four planned drill holes at Hushamu have now been completed, totalling 2,162 metres. Drilling at Hushamu was paused
to allow the drill to test the targets at Macintosh, as described above. The holes completed during late 2021 and early
2022 were targeted at filling in an under-drilled volume to the southwest of the resource and intercepted mineralization
consistent with that found elsewhere in the Hushamu Deposit. The objective of the recently completed drilling was to
test areas near the defined resource with potential for increasing the global resource. Additional drilling at Hushamu will
commence following completion of exploratory drilling at Macintosh.
Red Dog
At Red Dog, drill hole RD21 -01 was targeted to test silica -clay-pyrite (SCP) alteration at depth to the south of a major
east-west trending fault zone and to drill through the fault and underneath the Red Dog Deposit which consists of a
mineralized silica-magnetite breccia. The objective was to find the source porphyry for this mineralization. This drill hole
encountered SCP alteration but no mineralized intervals on either side of the fault. RD21 -02 was drilled to test an IP
chargeability anomaly northwest of the Red Dog Deposit. The anomaly was found to be caused by SCP and propylitic
alteration occurring from near surface to over 300 m depth in the hole. The hole ended in late basalt and felspar-porphyry
dykes. Assay results for holes RD21-01 and RD21-02 have now been received and although have no significant assays the
lithologies encountered confirm the existence of a very large area of alteration consistent with an extensive hydrothermal