11:56 AM EDT, 10/10/2024 (MT Newswires) -- Northisle Copper and Gold ( NTCPF ) reported Thursday an integrated resource estimate for its North Island project in British Columbia.

The estimate outlined a 60% increase in global indicated tonnage to 906 million tonnes containing 3.1 billion pounds of copper, 6.9 million ounces of gold, 149 million pounds of molybdenum and 847,000 pounds of rhenium.

The company also reported additional inferred resources of 214 million tonnes containing 571 million pounds of copper, 1.5 million ounces of gold, 24 million pounds of molybdenum and 147,000 pounds of rhenium.

"The project now boasts over 3 billion pounds of copper and nearly 7 million ounces of gold in indicated resources, making it one of the largest copper and gold porphyries in Canada not currently owned by a major," chief executive Sam Lee said.

Northisle said it will use the estimate for an updated preliminary economic assessment (PEA), which is expected in the first quarter of 2025.

"These results form the basis for the completion of the new PEA on the North Island project and allow us to contemplate a phased project with lower initial capital intensity that can bridge to a potentially larger project and longer life of mine," Lee said.

The company's shares were last seen up $0.035 to $0.445 on the TSX Venture Exchange.

Price: 0.45, Change: +0.04, Percent Change: +8.54