Confirmed As One Of The Most Attractive Cu-Au Projects in Canada
Northisle Copper and Gold Inc. (TSXV: NCX) has released a positive Preliminary Economic Assessment (PEA) for its 100% owned North Island Project in British Columbia.
President, Sam Lee, says the results confirm North Island as one of the most attractive copper-gold porphyry projects in Canada.
The 2021 PEA is based on the company’s 100% owned Red Dog and Hushamu deposits and has been developed with a focus on processing a target of 600MT of mineralised material within estimated mineable pit shells.
The PEA contemplates a low strip ratio open pit mining operation which incorporates a 75,000 t/d concentrator and is anticipated to produce a high-quality copper concentrate with a significant gold by-product as well as a high-grade molybdenum concentrate.
“I am delighted with the progress we have made in demonstrating that the North Island Project is one of the most attractive copper and gold development projects today,” Mr Lee said.
“The 2021 PEA illustrates a significant improvement in the potential of the North Island Project. Copper and gold production increased materially resulting in a significant increase in NPV and IRR, while all-in sustaining costs remain in the first quartile and initial capital is modest for a long-life and significant copper and gold asset.
“The concentrate planned to be produced by the North Island Project is anticipated to be a premium product which would be highly attractive to global smelters. Furthermore, the significant gold production is anticipated to provide several options for lower cost capital financings.
“We are excited to be advancing what we believe is one of the most attractive Canadian copper projects during the start of a new mining super cycle.”
Mr Lee said a multitude of opportunities exist to develop a mine that is truly sustainable in all respects.
“We are excited to continue our consultation work with First Nations, local communities, governments, and key project stakeholders as we advance this important and compelling project.
“We have direct access to clean power in British Columbia that will drive our project towards becoming a lower carbon emissions operation. Over the coming months, we will continue to optimise key project parameters to create additional value for shareholders while focusing on reducing the impact of the North Island Project.
“Exploration activities will also be reactivated in 2021 with an initial drill program focusing on three main areas: Red Dog, Pemberton Hills, and Hushamu.
“Programle objectives include increasing tonnage and grade for the North Island Project, confirming the existence of a larger, higher grade copper-gold porphyry system at Pemberton Hills, and exploring multiple targets over our vast 33,000 ha property.
“Our leadership team is fully committed to realising our vision of making Northisle Canada’s leading sustainable resource development company.”
