VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 25, 2015) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE:NCX) recently held its 2013 Annual General Meeting in Vancouver. Resolutions passed at the meeting included the appointment of Hay and Watson as auditors of Northisle, approval of Northisle's incentive stock option plan, and the re-election of John McClintock, David Douglas, Brandon Macdonald, Larry Yau, and Dale Corman as Directors.
Options Granted
The Company has approved the granting of stock options to directors, officers, and consultants for the purchase of 1,615,000 common shares of the Company. The options will vest over a two-year period, with one-third vested on issue, one-third on the first anniversary date and one-third on the second anniversary date. These options have a five-year term and allow the holder to purchase one common share of the company for $0.05 cents a share until June 24, 2020.
About Northisle
Northisle is a Vancouver based junior resource company committed to the exploration and development of the North Island Copper-Gold Project on Northern Vancouver Island. The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy on Vancouver Island and contains the Hushamu and Red Dog Deposits and five other partially explored copper-gold porphyry occurrences.
The Company has a current resource estimate of the Hushamu Deposit which has been filed on Sedar. The project is 100% owned by Northisle.
| |
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 metallurgical 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 cutoff grade or Cu Equivalent calculations |
In addition to the Hushamu Deposit, the Red Dog Property hosts a historical mineral resource of 20 million tonnes grading 0.30% copper, 0.55gpt gold and 0.012% molybdenum. The reader is cautioned that a qualified person has not done sufficient work to classify the historical estimate as current resources and Northisle is not treating the historical estimate as current mineral resources. The historical resource is open to the west where there is a 1km wide untested Induced Polarization chargeability anomaly.
For more information on Northisle and the Hushamu and Red Dog deposit please visit the Company's website at www.Northisle.ca.
On behalf of Northisle Copper and Gold Inc.
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 Venture 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 or 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.