FACEBOOK PHOTO/ NORTHISLE COPPER AND GOLD The North Island project is 33,149-hectare block of mineral titles that stretches 50 kilometres northwest from the now-closed Island Copper Mine.

Northisle continues to see positive results

“We are very pleased with the results of our maiden PEA.”

Northisle Copper and Gold Inc. continues to move forward with its North Island Project.

Northisle has submitted the results from their Preliminary Economic Assessment (PEA), an economic feasibility study, to SEDAR – a system used for electronically filing information to Canadian regulatory authorities that enhances investor awareness.

The North Island Project is a 33,149-hectare block of mineral titles 100 per cent owned by NorthIsle that stretches 50 kilometres northwest from the now-closed Island Copper Mine and located 10 kilometres south of Port Hardy.

The North Island Project contains the Hushamu and Red Dog Deposits and five other partially explored copper-gold porphyry occurrences.

In early September, Northisle announced the positive results of it’s PEA.

“We are very pleased with the results of our maiden PEA,” said Jack McClintock, President of NorthIsle in a Sept.13 press release. “This PEA shows the project can be built and operated with excellent returns based on conservative metal prices.”

The company reported that the PEA demonstrates the potential technical and economic viability of the project, which would be constructed as an open-pit mine “processing nominally 75,000 tonnes per day”.

The PEA was prepared by M3 Engineering and Technology Corp and highlights five key points:

1. After-tax NPV 8 per cent of CAD $550.4 million, 14.3 per cent IRR, 22-year mine life;

2. Life of Mine (LOM) metal production of 1.8 billion pounds of copper, 1.7 million ounces of gold, and 55 million pounds of molybdenum;

3. Annual production of 82 million pounds of copper, 79 thousand ounces of gold, and three million pounds of molybdenum;

4. Initial capital costs of CAD $1.34 billion, plus sustaining capital of $139 million; and

5. Direct cash cost of production per pound of copper net of gold, molybdenum and pyrite concentrate is CAD $1.17.

The company also reports that preliminary mine designs have been developed for the Red Dog and Hushamu deposits based upon the indicated and inferred resources.

The plan was developed to mine Red Dog concurrently with Hushamu in the early years of the mine life until Red Dog Resources were depleted.

“There are a number of areas of potential improvements that could improve the project further, including advanced metallurgical studies to improve metal recoveries, evaluating higher production rates, evaluating the use of the Island Copper pit for tailings disposal, and evaluating the potential for rhenium credits in the molybdenum concentrate,” said McClintock, adding “there remains excellent potential to add tonnes to our resource base”.

He noted that “drilling this summer demonstrated that our Hushamu deposit remains open for a significant expansion of its resource. In addition, there are several partially explored copper – gold exploration targets, any one of which could contribute significantly to the resource base of the Project.”

Just Posted

Heavy snowfall closes Mount Washington for the day

Road to ski resort deemed unsafe, “high avalanche danger”

VIDEO: NIC officially opens new Thunderbird Mall Campus

“The community is really eager to see our new space.”

Survey says: Port Hardy Fire Rescue deserves on-call pay

75 per cent of those surveyed were in favour of financial compensation for the fire department.

VIDEO: Incredible waves spotted at Cape Scott

Lighthouse keeper captures video of huricane force winds

Tyson’s Thoughts: Make Port Hardy great again with a new multiplex in 2018

Population growth means there should be more recreational activities for community members to enjoy.

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

UPDATE: Ferries sailing again after stormy weather caused cancellations

B.C. Ferries cancelled numerous sailings around Vancouver Island today, Jan. 21

Vessel washed ashore in Campbell River during last night’s storm

A vessel appears to have gotten loose and washed to shore on… Continue reading

Liberals quietly tap experts to write new paternity leave rules

Ideas include creating an entirely new leave benefit similar to one that exists in Quebec

Insurers say Canadian weather getting hotter, wetter and weirder

Average number of days with heavy rain or snow across Canada has been outside norm since spring 2013

Final phase of MDMA-assisted psychotherapy trials to kick off in B.C.

Doctors hope to get psychedelic-assisted psychotherapy legalized in Canada and the U.S. by 2021

Man receives four-year sentence for stabbing Good Samaritan near Qualicum Beach

Jeffrey Brian MacDonald sentenced to additional 242 days in jail

VIDEO: Thousands join women’s march events across B.C.

Today marks one year since the first Women’s March on Washington

UPDATE: BC Transit’s handyDart service strike in Victoria delayed

LRB application by contractor means new strike notice must be issued by union

Most Read