NORTHISLE COPPER AND GOLD PHOTO Northisle signed the joint venture agreement with Freeport-McMoRan Mineral Properties Canada Inc. in relation toto the Pemberton Hills Property.

Northisle signs deal to explore an additional copper target on the North Island

“We expect to benefit from Freeport’s extensive experience in porphyry copper terrains.”

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.

RELATED: Northisle continues to see positve results

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

Just Posted

Second annual Port McNeill & District Chamber of Commerce golf tournament

Golf Holes #2 and #6 are Hole-in-One opportunities, each with a cash prize of $25,000!

No taxes paid by Neucel, Doug Bondue Arena in Port Alice closes

“Neucel owes us a million dollars and it’s pretty hard to stay status quo when you’re short a million.”

Dragonboat society requests new location for 80 square foot storage shed in McNeill

“Part of my concern for using lot B is that it could become a parking lot for them…”

Klatt a force on the field – helps Bantam A Tyee’s win provincials

David Klatt played in every game last weekend down in Nanaimo.

Port McNeill releases in-depth Beach Drive landslide report

“It’s very positive,” said the town’s Public Works Foreman Julian Allen.

Average Canadian family spends 43% of income on taxes: study

Fraser Institute’s consumer report shows taxes accounting for larger chunk of income each year

Priests molested 1,000 children in Pennsylvania, report says

The “real number” of abused children and abusive priests might be higher since some secret church records were lost and some victims never came forward.

Defiant as Trump rages, Omarosa says she won’t be silenced

Manigault Newman declared she will not be silenced by President Donald Trump, remaining defiant as her public feud with her former boss shifted from a war of words to a possible legal battle.

Death toll hits 39 in Italy bridge collapse; blame begins

The collapse of the Morandi Bridge sent dozens of cars and three trucks plunging as much as 45 metres (150 feet) to the ground Tuesday.

RCMP to search for body after man drowns in B.C.’s Buntzen Lake

Officers and fire crews responded but the man from the Lower Mainland is believed to have drowned.

Police chiefs call for stricter controls on pill presses to fight opioids

Canada’s police chiefs are urging Ottawa to beef up its fight against the opioid scourge by closely vetting people who import pill presses

Victoria police say explicit calls continue to target women

Over 50 reports of unwanted, sexually explicit calls have come in

‘It’s like a party in your mouth’

B.C. creator’s Milkshake Burger makes its debut at the PNE

Most Read