Business
NORTHISLE Receives $757,400 From the Exercise of Warrants
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 28, 2016) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE:NCX) is pleased to annou
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 28, 2016) - Northisle Copper and Gold Inc. (\"Northisle\" or the \"Company\") (TSX VENTURE:NCX) is pleased to announce the receipt of $757,400 from the exercise of 10,820,000 warrants at $0.07 per share. Together with the recently closed $300,000 financing, Northisle now has sufficient funding to advance exploration of the Northisle project through a Preliminary Economic Assessment (PEA). The immediate plans are to commence a 1,100 metre drilling program on the Red Dog mineralized zone with the primary objective to confirm the historical resource. As part of the program, one of the holes will be drilled to a depth of 500 metres to test for a deeply buried porphyry deposit lying immediately south of the historical resource. This target was identified during last year's geological mapping program and further supported by the presence of increasing copper grade with depths in holes drilled to the south of the historical resource. It is anticipated that the drilling program will commence in mid-July once the access road to the drill sites are rehabilitated. Upon completion of the drill program and verification of the resource, engineering studies with the objective of completing a Preliminary Economic Assessment (PEA) will commence. John McClintock, President and CEO of Northisle commented, \"I am very pleased that we now have sufficient funding to verify the Red Dog's historical resource and advance our North Island Copper - Gold Project through a PEA. If the historical resource is verified, it could significantly improve the economics of the Hushamu Resource by potentially adding up to two years of mineralization at nearly 50% higher grade during the initial start-up period\". The North Island Copper-Gold Project The Hushamu Resource The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy and contains the Hushamu Deposit 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,...