Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
Northisle Copper and Gold’s (TSXV: NCX) drilling campaign is returning impressive results at its North Island project near Port Hardy, British Columbia, with the latest assays representing one of the best recorded on the property.
The 2023 drill program, which is divided into two phases, focuses on the Northwest Expo target. Drill hole NW23-13 from Phase 1 intersected 130 metres of 1.65 g/t gold and 0.33% copper, including a 72-metre interval grading 2.22 g/t gold and 0.41% copper that also contains a 15-metre interval of 3.42 g/t gold and 1.15% copper.
This result, according to the Vancouver-based miner, was the highest grade and thickness drilled at Northwest Expo to date within 65 metres of surface. Phase 2 of drilling commenced earlier this month, with results pending.
By 1:10 p.m. EDT Wednesday, the company’s stock had risen by 29.7% to C$0.24 apiece, having hit a 15-month high of C$0.29 earlier in the session. Its market capitalization is around C$50 million.
“We once again have drilled one of the best ever holes drilled on the property at NW23-13. The 2023 drill program continues to yield gold grades that are much higher than what is typically found in copper porphyries globally,” Northisle CEO Sam Lee said in a news release.
“The potential implications of this program are enormous for our project as we continue to intercept exceptionally high gold grades, near surface, within this extensive porphyry system. Having leverage to both gold and copper sets us apart from our peer group,” Lee added.
The 33,000-hectare North Island property hosts a number of porphyry copper and gold occurrences at varying stages of development. These include the advanced-stage Hushamu and Red Dog deposits, the early-stage Pemberton Hills and the NW Expo targets, as well as several additional porphyry occurrences along a 50-kilometre trend.
Resources, based solely on the Hushamu and Red Dog areas, are estimated at 527 million indicated tonnes grading 0.24 gram gold and 0.2% copper and 417 million inferred tonnes grading 0.18 gram gold and 0.15% copper.
