Northisle Copper and Gold Inc. has signed a joint venture agreement with another company to explore a prospective copper deposit.
Northisle signed the joint venture agreement with Freeport-McMoRan Mineral Properties Canada Inc., headquartered in Vancouver, in relation to the Pemberton Hills Property which is a part of Northisle’s North Island Project, approximately 33,000 hectares of minieral claims located at the north end of Vancouver Island west of Port Hardy.
The joint venture gives Freeport the option to earn up to a 65 per cent interest by spending 24 million over 7 years.
“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,” said President and CEO of Northisle, Jack McClintock in a Feb. 26 press release.
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The Pemberton Hills target is one of several early-stage exploration targets located within the same geological terrain that extends west-northwest from the past producing Island Copper Mine and is in proximity to Northisle’s Hushamu and Red Dog copper-gold deposits, for which a Preliminary Economic Assessment was published on September 13, 2017.
“Furthermore, we expect to benefit from Freeport’s extensive experience in porphyry copper terrains,” added McClintock.
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 and this type of alteration is often found overlying porphyry copper deposits.
Northisle has also announced in a Feb.27 press release that they have approved the granting of stock options to directors, officers, and consultants, for the purchase of 2,400,000 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 $0.15 cents a share until February 26, 2023.
About the North Island Project:
NorthIsle’s mineral titles cover most of a Mesozoic-age porphyry copper and gold district and hosts a number of porphyry copper and gold occurrences at varying stages of development. These include the advanced stage Hushamu deposit with a current NI 43-101 resource, the Red Dog Deposit with a historical resource, the early stage Pemberton Hills zone and the NW Expo mineralized zone.
- with files from northisle.ca