Northisle Announces Update on the North Island Project and Early Option Exercise by CEO
Highlights:
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Integrated North Island Project resource estimate, including Hushamu, Red Dog and Northwest Expo Deposits targeted for early Q3 2024, with an NI 43-101 report targeted for mid Q3 2024. -
Northisle has initiated a new Preliminary Economic Assessment on the
North Island Project which will incorporate the 2024 Resource Estimate as well as the recently completed internal scoping work. - Basis for the 2024 PEA is anticipated to be a two-phase development of the Northwest Expo, Red Dog and Hushamu deposits with a centralized processing facility.
- Drilling at West Goodspeed has progressed rapidly, supporting the completion of 5 drill holes totalling more than 2,120m to date
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Northisle President & CEO,
Sam Lee , has exercised 4,000,000 options more than 15 months ahead of their expiry which provides the Company$480,000 in additional capital for development of theNorth Island Project
The Company has recently completed the previously announced preliminary project trade-off work and has retained Ausenco Engineering Canada ULC to prepare a new Preliminary Economic Assessment on the
In support of the 2024 PEA, Northisle has initiated an integrated updated resource estimate for the
Drilling at West Goodspeed has progressed rapidly with good drilling conditions supporting the completion of 5 drill holes totalling more than 2,120m to date. Assays remain pending on these drill holes. Drilling at West Goodspeed is targeted to step out from the
Drilling continues at West Goodspeed and is anticipated to move to Northwest Expo in the coming weeks where Northisle has planned in-fill and step out drilling with a goal of vectoring towards the anticipated porphyry source of the lithocap-hosted mineralization at Northwest Expo.
Upcoming Catalysts
In 2024, the Company will continue advancing the
- COMPLETED - Geophysics results from Northwest Expo and West Goodspeed
- COMPLETED - Northwest Expo metallurgical testing and initial resource estimate
- COMPLETED - Final 2023 Pemberton Hills Drill Results
- COMPLETED - Commencement of 2024 drilling program
- COMPLETED - Preliminary Project Trade-offs
- COMPLETED - Commencement of advanced economic and technical studies
- Early Q3 2024 – Initial Exploration Results from 2024 Phase 1 drilling program
- Q3 2024 – Integrated North Island Project Mineral Resource Estimate Update
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Q4 2024 –
North Island Project 2024 PEA - H2 2024 – Full Results from 2024 Phase 1 drilling program
- Ongoing - Continued positive engagement with indigenous rightsholders and local stakeholders
Upcoming Investor Events
During 2024, the Company will continue to be active in investor outreach. Northisle will be attending several external investor events including the following events during Q2/Q3 2024:
- Summer 2024: Broker and Institutional Site Visits
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September 10 – 13, 2024:Precious Metals Summit ,Beaver Creek, CO -
September 15 – 18, 2024: Gold Forum Americas,Colorado Springs, CO -
November 20 – 21, 2024:Swiss Mining Institute ,Zurich, Switzerland
Additional Technical Details
Qualified Persons and Data Verification
About Northisle
For more information on Northisle please visit the Company’s website at www.northisle.ca.
Cautionary Note Concerning Inferred Resources
Unless otherwise indicated, all technical information included in this news release, including references to inferred mineral resources, has been prepared in accordance with NI 43-101 and the
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 mineral resource estimates; plans and expectations regarding the 2024 exploration program; anticipated timing of the integrated updated resource estimate for 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.
Neither the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240625492508/en/
On behalf of
Chief Financial Officer
Tel: (778) 655-9582
Email: info@northisle.ca
www.northisle.ca
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