11:14 AM EDT, 03/13/2024 (MT Newswires) -- Northisle Copper and Gold Inc. ( NTCPF ) was at last look on Wednesday up 11.4% after it announced an initial mineral resource estimate for the Northwest Expo deposit at its North Island Project, located on Vancouver Island in BC.

The initial Northwest Expo Indicated Resource contains 40.3 million tonnes grading 0.80g/t Au Eq. for 1.0 million ounces Au Eq. plus an additional 30.6 million tonnes grading 0.68g/t Au Eq. for 0.7 million ounces Au Eq. in Inferred Resources, at a 0.18g/t Au Eq. cut-off grade.

Based on exploration costs by Northisle at Northwest Expo to date, this represents a discovery cost of well below $10/oz Au Eq, the statement noted.

Sam Lee, President & CEO of Northisle said "Today's new resource estimate at Northwest Expo has exceeded our expectations of defining a 40 to 50 million tonne resource within the gold enriched Zone 1. Including the impact of the 88% gold and 76% copper recoveries, the average NSR value per tonne is nearly triple the NSR value in the North Island Project PEA and approximately $80/tonne at spot prices. With a relatively low strip ratio, this sets a strong basis for the rapid advancement of a potential high margin, near surface deposit that could be sequenced at the beginning of our large, long life North Island Copper and Gold project."

Price: 0.44, Change: +0.04, Percent Change: +11.39