Heads upNorthisle Copper and Gold Inc.
TSX VENTURE : NCX Trading at .11
July 18, 2012 07:30 ET
Northisle Reports Initial NI 43-101 Mineral Resource On the Hushamu Deposit
304 Million Tonnes Indicated Averaging .45% Copper Equivalent
1.4 Billion lbs Copper, 2.8 Million Ounces Gold, 65.7 Million lbs Molybdenum
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2012) - Northisle Copper and Gold Inc. (TSX VENTURE:NCX) ("Northisle" or the "Company") is pleased to announce the initial NI 43-101 Resource Estimate on its Hushamu copper - gold - molybdenum (Cu-Au-Mo) porphyry deposit near Port Hardy, British Columbia (the "North Island Project").
The Indicated Mineral Resource contains 1.4 Billion lbs Copper (Cu), 2.8 Million ozs Gold (Au), 65.7 Million lbs Molybdenum (Mo), or 3.0 Billion lbs Copper Equivalence (Cu Eq) in the Base Case scenario at a 0.30% Cu Eq cutoff grade. The Indicated Mineral Resource also contains 167,350 kgs of Rhenium (Re). Although the Re grades are encouraging, they have not been used in the Cu Equivalent calculations but could add to the overall economics.
In addition to the Indicated Mineral Resource, an Inferred Mineral Resource containing 205 million tonnes averaging 0.39% Cu-Eq has been identified. The Inferred Mineral Resource contains 0.8 Billion lbs Copper (Cu), 1.7 Million ozs Gold (Au), 34.9 Million lbs Molybdenum (Mo), or 1.8 Billion lbs Copper Equivalence in the Base Case Scenario at a 0.30% Cu Eq cutoff grade. The Inferred Mineral Resource also contains 78,135 kgs of Rhenium (Re).
The resource estimate is based on 136 drill holes totalling 31,580 metres including 18 holes recently completed by Northisle, five verification holes drilled within the current resource in 2005 and 2008 by Lumina Resource Corp and IMA Exploration Inc., and 113 holes drilled in the period 1970 through 1994 by Utah International Ltd., BHP-Utah Mines Ltd., and Moraga Resources Ltd. Over the past year the Company has re-logged the historical holes and re-assayed approximately 80% of the historical core for Re and where historical assays were missing for Mo and Au. Additionally, 10 historical holes were resampled and assayed for all metals of interest. The results of the re analysis were statistically similar to the original analyses. The re-logging, geological interpretation and re-assaying of the historical holes and the recent Northisle drilling has been independently reviewed by Scott Casselman, P.Geo. The resource estimate was completed by Gary Giroux of Giroux Consultants Ltd. A full technical report co-authored by Scott Casselman and Gary Giroux will be filed on Sedar within the next 45 days. The following table shows the tonnages and grades for the Hushamu Project at a range of Copper Equivalent cutoff grades (COG%).
Click here to view the chart in full on our website: https://www.northisle.ca/s/Reserves.asp?ReportID=537382.
HUSHAMU INDICATED