TSX Venture Exchange Symbol: NCX
Highlights:
- Northisle has approved a $1
million budget for advancing critical path project
development activities
-
- Metallurgical test work optimization including evaluation of
alternatives to further enhance gold recoveries
- Meteorological, hydrological and geochemical studies to
add to project baseline data and establish pre-feasibility design
parameters
- Engagement with First Nations regarding project involvement
opportunities
- Robin Tolbert appointed VP
Exploration and succeeds Jack
McClintock who remains a Strategic Advisor
-
- Robin has over 40 years of exploration and development
experience in major copper porphyry regions including British Columbia, Arizona, Mexico, Argentina, Mongolia, and Alaska
- Nicholas Van Dyk to be
appointed CFO effective September 1,
2021
-
- Over 16 years of progressively senior finance and public
company executive experience including responsibility for project
development, disclosure, financings, governance and investor
relations
VANCOUVER, BC, July 14, 2021
/CNW/ - Northisle Copper and Gold Inc. (TSXV:
NCX) ("Northisle" or the "Company") is pleased to provide an
update on its corporate and project development activities. The
Company has commenced key critical path work activities amounting
to approximately $1 million which
support the immediate advancement of the North Island Project
pre-feasibility study and permitting activities. The Company
also announces the appointment of Robin
Tolbert as Vice President, Exploration, succeeding
Jack McClintock who will remain as a
Strategic Advisor to the Company. In addition, Northisle is pleased
to confirm that Nicholas Van Dyk
will be appointed Chief Financial Officer effective September 1, 2021, succeeding David Douglas, who will remain the Company's
Corporate Secretary.
Sam Lee, President & CEO
of Northisle stated "I am very pleased to be able to share
our development plans with investors, which include concrete,
near-term goals to reduce risk and demonstrate additional project
value. Our goal is to rapidly advance the North Island Project
which represents an economically compelling, developable project
with extensive existing infrastructure and is well positioned to be
BC's next copper mine. In support of this focus, we continue to add
to our team and capabilities. I am very excited to have Robin join
the company, and his extensive experience with porphyry
exploration, as well as management of large-scale drill programs
will be invaluable. I am also pleased to confirm Nicholas'
appointment to this expanded role with the Company. Nicholas has
demonstrated a deep knowledge of technical, financial, and
sustainability best practices and I am confident that he will
continue to excel in his new role. I would like to sincerely thank
Jack and Dave for their dedication to Northisle over the past 10
years and look forward to their continued contributions in their
new roles."
Project Development
Northisle has approved an
approximately $1 million budget to
support critical path project development activities including
First Nations engagement, permitting advancement work and
metallurgical testing.
First Nations engagement will include continued dialogue with
First Nations regarding project involvement opportunities as well
as assessing information requirements and community development
goals to inform future study and permitting work. The
near-term permitting advancement work includes meteorological,
hydrological and geochemical investigations, the outcomes of which
will contribute to the initial baseline data set and simultaneously
address information requirements for a pre-feasibility study
("PFS") on the North Island Project. The planning and design for a
full suite of baseline study programs is included in the approved
budget and will occur in the later part of the year. Metallurgical
testing will be focused primarily on opportunities to improve gold
recoveries, as well as grind size optimization and other critical
evaluations in support of PFS requirements. Northisle will also
initiate the tendering process for key pre-feasibility study
consultants.
Executive Appointments
Northisle is pleased to confirm
the appointment of Robin Tolbert as
Vice President, Exploration, effective immediately, following the
retirement of Jack McClintock who
has served with the Company since its inception in 2011 and will
remain as a Strategic Advisor. Robin is a porphyry exploration
geologist with more than 40 years experience spanning multiple
global porphyry districts including the Yukon, British
Columbia, Alaska,
Mongolia and many additional
countries. Robin brings a wealth of relevant knowledge and
experience, and a refreshed perspective to the exploration of the
North Island Project. Robin also has recent experience with
large-scale development projects including, Pebble, Alaska, Illinois Creek, Alaska, and Ovoot, Mongolia.
In addition, Northisle is pleased to announce a transition plan
for Chief Financial Officer, which will see Nicholas Van Dyk appointed as CFO effective
September 1, 2021, following the
filing of the Company's Q2 2021 financial statements. Nicholas has
over 16 years of progressively senior corporate finance, capital
markets and investor relations experience, including the execution
of over $35 billion in financing and
M&A transactions and is a Chartered Financial Analyst. Nicholas
joined Northisle in November 2020 as
its Vice President, Corporate Development and Investor Relations
and has played a key role in the Company's project development,
disclosure, financings, governance and investor relations since
that date. David Douglas, current
Chief Financial Officer and Corporate Secretary will continue in
the role of Corporate Secretary.
Option Issuance
The Company has approved the grant of
165,000 stock options. In accordance with the Company's employee
stock option plan, the options will have a 5 year term and will
allow the holder to purchase common shares of the Company at a
price of $0.26, which is the closing
price of the Company's shares on the TSX-V on July 13, 2021, the date prior to the grant of
options. The options will vest one third per year over a three year
period.
About Northisle
Northisle Copper and Gold Inc. is a
Vancouver based company whose
mission is to become a leading and sustainable mineral resource
company for the future. Northisle owns the North Island
Project, which is one of the most promising copper and gold
porphyry deposits in Canada. The
North Island Project is located near Port
Hardy, British Columbia on a 33,149-hectare block of mineral
titles 100% owned by Northisle stretching 50 kilometres northwest
from the now closed Island Copper Mine operated by BHP Billiton.
Northisle recently completed an updated preliminary economic
assessment for the North Island Project and is now focused on the
advancement of the project through a pre-feasibility study.
For more information on Northisle please visit the
Company's website at www.northisle.ca.
On behalf of Northisle Copper and Gold Inc.
Nicholas Van Dyk, CFA
Vice President, Corporate Development and Investor Relations
Tel: (778) 655-9582
Email: info@northisle.ca
www.northisle.ca
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 the 2021 PEA results, anticipated 2021
activities, the Company's plans for advancement of the North Island
Project, including the potential use of existing infrastructure,
expectations regarding the 2021 exploration program; the Company's
plans for engagement with Indigenous nations, communities and key
stakeholders, and the Company's anticipated exploration activities.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, Northisle's ability to
implement its business strategies; risks associated with mineral
exploration and production; risks associated with general economic
conditions; adverse industry events; stakeholder engagement;
marketing and transportation costs; loss of markets; volatility of
commodity prices; inability to access sufficient capital from
internal and external sources, and/or inability to access
sufficient capital on favourable terms; industry and government
regulation; changes in legislation, income tax and regulatory
matters; competition; currency and interest rate fluctuations; and
other risks. Readers are cautioned that the foregoing list is not
exhaustive.
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 TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE NorthIsle Copper and Gold Inc.
