Business
Northisle Forms a Joint Venture With Freeport-McMoRan Mineral Properties Canada Inc. on Its Pemberton Hills Copper Property
VANCOUVER, British Columbia, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Northisle Copper and Gold Inc. Inc. (TSX-V:NCX) (“Northisle” or the “Company”) is pleased to anno
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Northisle Copper and Gold Inc. Inc. (TSX-V:NCX) (“Northisle” or the “Company”) is pleased to announce that it has signed a joint venture agreement with Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”) in relation to Northisle’s Pemberton Hills Property located on Vancouver Island, in British Columbia. Under the terms of the joint venture, Freeport may earn up to a 65 per-cent interest in the Pemberton Hills Property by funding a total of CAD24 million in exploration expenditures. John McClintock, President and CEO of Northisle states: “We are very pleased to work with Freeport as it further demonstrates the prospective nature of our tenements while providing significant external funding to un-lock and advance targets that lie within the same prospective belt as our Hushamu and Red Dog deposits. Furthermore, we expect to benefit from Freeport’s extensive experience in porphyry copper terrains.” As shown in the figure below, the Pemberton Hills target is one of several early-stage exploration targets located within the same geological terrain that extends west-northwest from BHP Billiton’s past producing Island Copper Mine and in proximity to Northisle’s Hushamu and Red Dog copper-gold deposits, for which a Preliminary Economic Assessment was published on September 13, 2017. The Pemberton Hills target is a 3.5 kilometre by 1.5 kilometre area of advanced argillic alteration similar to that observed at both Hushamu and Red Dog. This type of alteration is often found overlying porphyry copper deposits. Further evidence of a buried porphyry copper deposit at Pemberton is the presence of anomalous copper intersected at the end of an historic 200 metre deep drill hole within the altered area. ABOUT THE AGREEMENT Under the terms of the Agreement, Freeport may earn an initial 49 per-cent interest in the Property by paying CAD50,000 cash to Northisle and funding a total of CAD4.0 million in exploration expenditures over three years (the “First Option”). The Agreement requires Freeport to commit to CAD0.3 million in expenditures in the first year, with subsequent optional additional expenditures of CAD1.2 million before the second anniversary and a further optional CAD2.5 million before the third anniversary of the Agreement. Northisle will be ...