Northisle Copper and gold (NCX.V) has drilled four diamond drill holes on its Red Dog property in an attempt to verify some historical drill result. Three of the four holes were drilled on the center line of the historical resource whilst the fourth verification hole was drilled at the very eastern end of that same historical resource. Northisle originally wanted to drill a fifth hole as well but had to abandon that idea after three failed attempts due to the heavily faulted ground.
We’re still waiting to see the assay results, but Northisle has confirmed the structures, alteration and mineralization in the drill holes seems to be matching the data found in the historical drill logs.
The Red Dog zone could be very important for Northisle’s plans to develop the North Island project as the historical resource at RD contains an average grade of 0.3% copper, whilst the company’s main mineralized area, the Hushamu zone, has an average grade of just 0.21% copper in the indicated resource category (although there are some very healthy gold credits there as well, the average gold grade at Red Dog is approximately 70% higher than the gold grade at Hushamu. Should the historical resource estimate at Red Dog be confirmed, a blend of Red Dog and Hushamu ore might really boost the economics of the project.
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The author currently has no position in Northisle but could initiate a long position in the near future. Please read the disclaimer
