“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,” Northisle president and CEO Sam Lee said in a release. “This sets a strong basis for the rapid advancement of a potential high margin, near surface deposit.”
Shares in Northisle rose more than 11% to C$0.44 apiece in Toronto on Wednesday afternoon, valuing the company at C$99.2 million. They’ve ranged from C$0.12 to C$0.49 over the past 52 weeks.
Northisle is working on a prefeasibility study for North Island and is considering a staged approach with lower capital spending than the C$1.4 billion estimate in a preliminary economic assessment (PEA) in 2021. The project, near BHP’s (NYSE: BHP; LSE: BHP; ASX: BHP) former Island copper mine in Vancouver Island’s far north, holds about 8 million oz. gold in resources.
The entire project holds 567.7 million indicated…
