Summary of Additional Northwest Expo 2023 Drill Results
Copper and gold equivalent calculations based on the following metal prices which were used in the Company's 2021 PEA on the
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, and then multiplying the resultant number of troy ounces of gold by 31.103. Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries, which is expected to be gold for Northwest Expo and copper for the overall North Island project.
NW23-19 was drilled 300 meters to the southeast of NW23-20 and provided important vectoring information indicating movement from the advanced argillic alteration characteristic of the lithocap domain of this porphyry system into the quartz-sericite-pyrite (QSP) alteration characteristic of the periphery of the causative porphyry centre, although did not have economically significant grade.
Key Catalysts
The Company has a number of important catalysts over the next several months which it believes will continue to establish the
Q1 2024 - Final 2023 Drill Results
Q1 2024 -
Q1 2024 - Metallurgical testing results from
Q2 2024 - Target commencement of 2024 drilling program
Ongoing - Continued progress on relationships with indigenous rightsholders and local stakeholders
Upcoming Investor Events
During first quarter, the Company will be very active in reaching out to new and existing investors via virtual and in-person channels. Northisle will be attending several external investor events including the following events during January:
Northisle Presentation
Northisle Presentations include: Agentis Technical Session (
Northisle Presentation
Details of Drilling Results
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, and then multiplying the resultant number of troy ounces of gold by 31.103. Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries, which is expected to be gold for Northwest Expo and copper for the overall North Island project.
NW23-21 shows good continuity 50 metres west of NW23-13 and with holes EC-228 and EC-233 up and down dip, respectively, where they enter and exit into the section envelope of 25 metres either side of Section 569400E.
Similarly, drill Hole NW23-20 on Section 569500E also shows good continuity 50 metres to the east of NW23-13 as well as downdip with NW21-03 which was the hole which focused attention on this target in 2021. The assays of NW23-22 through NW23-26 will be reported upon receipt of the remaining holes in process at the analytical laboratory.
NW23-19 was drilled south of Zone 1 in the vicinity of the 'Moly Quarry' as the first of a series of holes to be used to vector into the centre of the down faulted porphyry system. This hole provided important vectoring information from the alteration minerals present but did not intersect economically significant grade.
A magnetic survey carried out at the end of 2023 by
https://www.northisle.ca/news/northisle-makes-new-discovery-of-near-surface-copper-gold-porphyry-with-multiple-intercepts-at-west-goodspeed/
Northisle has re-logged the core from the previous programs at Northwest Expo. Check assays have not been carried out on this core, however the mineralized lithologies observed and relogged, as well as related assays results, are consistent with adjacent holes drilled, logged and assayed by Northisle. Results of the previous programs at Northwest Expo were first disclosed in the following reports:
Baker, D. (2005). Geological, Geochemical, Geophysical and Diamond Drilling Report on the Hushamu Property, Volumes A, B, C
Lehtinen, J., and Awmack, H. (2007). Diamond Drilling Report on the Hushamu Property
Baldys, C., Burgert, A. and Houle, J. (2008). Technical Report on the Island Copper Property
Logging, Sampling and Assaying Procedures and QA/QC
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 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 15 to 20 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 = p times r-2 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.
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,
The residue was dissolved in HCl and then analyzed utilizing ICP-MS (MSA Code IMS-230). Any sulphur analysis from this latter analysis with a value greater than 10% was reanalyzed utilizing a Leco sulfur analyzer. Iron and Tungsten accelerators are added to the sample and a stream of oxygen is passed over the sample in the induction furnace. As the sample is heated, sulfur dioxide released from the sample is measured by an IR detection system and the Total Sulphur content is determined. (MSA Code SPM-210). MSALABS (
Pulps and rejects of holes with significant assay intervals are stored at Western Mineral Storage. The remaining split core is indexed and stored at Northisle logging and office facility in
Results in this news release are length weighted averages.
About Northisle
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Cautionary Statements regarding Forward-Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements 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 similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to the 2023 assay results, anticipated timing for further assay results, expectations regarding the 2023 exploration program, timing of key catalysts; planned activities, including further drilling, at the
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations 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.
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 subject 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.
Contact:
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Email: info@northisle.ca
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