Northisle stock hits highest in a year on near-surface gold hits

Northisle Copper and Gold (TSXV: NCX) continues to return impressive results from drilling at its North Island project located near Port Hardy, B.C., 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 grams gold per tonne and 0.33% copper, including a 72-metre interval grading 2.22 grams gold and 0.41% copper that also contains a 15 metres of 3.42 grams gold and 1.15% copper.

This result, according to the company, was the highest grade and thickness drilled at Northwest Expo to date within 65 metres of surface. Phase 2 of drilling began earlier this month, with results pending.

By 1:10 p.m. Wednesday, the company’s stock had risen by 29.7% to 24¢ apiece in Toronto, having hit a 15-month high of 29¢ earlier in the session. Its market capitalization is around $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,” Sam Lee, CEO of Northisle, commented in a 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.”

The 330-sq.-km 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-km 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.