Impact: Positive
NorthIsle reported assays for the first five holes of its 2024 drill program at the Northwest Expo target area within its 100%-owned North Island project, located on Vancouver Island. Three of the five oriented holes returned lengthy intercepts of mineralization within the pit outline including: 1) 1.49 g/t AuEq over 132.8m (NW24-29), 2) 1.26 g/t AuEq over 81m (NW24-28), and 3) 0.57 g/t AuEq over 120m and 0.35 g/t AuEq over 48m (NW24-27). In our view, this drilling should help the company upgrade inferred resources in portions of the deposit to the indicated category as drill spacing is reduced. The higher grades intersected in some of the holes could also potentially help boost the resource grade. Northwest Expo is currently host to ~1.7M oz at ~0.75 g/t AuEq (0.18 g/t Au cut off), including Indicated resources of 40.3Mt at 0.8 g/t AuEq for 1.0M oz AuEq and Inferred resources of 30.6Mt at 0.68 g/t AuEq for 665k oz AuEq (read note).
