Northisle Updates on the Fall 2022 Surface Exploration Program

Vancouver, British Columbia–(BUSINESS WIRE)–Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it has commenced a surface exploration program on the North Island project (the ” Project “). The program covers the Pemberton Hills and Northwest Expo targets, as well as the Red Dog deposit and the adjacent Goodspeed target. Additionally, Northisle has identified a new target area identified as Downward Dog which has been added to the investigation. The program is now underway with completion scheduled for December 2022 and results available in the first quarter of 2023.

Sam Lee, President and CEO of Northisle, said, “Our fall surface exploration programs aim to target the most potential opportunities on our camp-scale property, including Pemberton Hills, Northwest Expo , Red Dog and Goodspeed. The program is expected to generate drill targets from near-surface and deeper opportunities, all very close to existing deposits on the North Island project. Our objective through our surface exploration program is to add value by improving existing targets as well as identifying new targets and we are well capitalized to pursue these programs.

Details of the fall 2022 exploration programs

The Company’s fall surface exploration program includes a mapping and sampling program on several new and existing targets on the North Island Project. Additionally, Simcoe Geoscience is now on site and has commenced ground-based Alpha IP® wireless magnetometer and induced polarization surveys previously described at Pemberton Hills, Northwest Expo, Red Dog and Goodspeed, as announced earlier in 2022. The survey began in Pemberton Hills on October 20 and is expected to take approximately 40 days, with results available in Q1 2023.

Pemberton Hills

At Pemberton Hills (see Figure 2), the geophysical survey will extend over 23.6 line kilometers covering a 3 km by 4 km area northeast of a 6.5 km by 1.5 km interpreted lithocape as sloping to the southwest. Analyzes of clay minerals in drill core and at surface, as well as vectoring of pyrite indicate that the source of hydrothermal flow that created this large lithocap is to the northeast below the area to be probed.

North West Expo

At Northwest Expo (see Figure 3), the geophysical survey will total 11.3 line kilometers covering an area 2.6 km by 1 km northeast of Zone 1 where Northisle drilled in 2021 and where Northisle intersected 84.8 m grading 0.19% Cu and 0.92 g/t Au, and historical drilling intersected several additional significant intervals of mineralization, as further detailed in Northisle’s press release dated January 25, 2022. These Drill holes in Zone 1 outline a 480m by 360m by 86m thick zone of copper-gold porphyry mineralization, which is scheduled for a resource definition drill program, expected in the first half of 2023.

The geophysical survey will cover the existing gold-rich Zone 1 as well as the area northeast of this zone, including an area where historic drill hole EC-236 intersected 158.4 m grading 0.12% Cu, 0 .09 g/t Au and EC-242. 91.5m grading 0.18% Cu and 0.15g/t Au. Other holes in the area failed to penetrate overburden. It is speculated that the porphyry system that created the mineralization found in Zone 1 could be found in this area, referred to as Zone 3.

Red Dog and Goodspeed

At Red Dog and Goodspeed, a geophysical survey totaling 12.7 line kilometers will be conducted over an area of ​​3,000 m by 700 m from the Red Dog deposit (see Figure 4) extending east for 1,500 m to Goodspeed, where a chlorite-magnetite (CMG) stockwork occurs at surface (see Figure 5) and four historic shallow drill holes have intersected significant copper mineralization (see Table 1).

Recent structural mapping at Goodspeed has delineated a large area of ​​silica-clay-pyrite (SCP) alteration with a 500 m by 350 m core of CMG alteration containing quartz-magnetite veins and minor chalcopyrite-bornite . CMG alteration and copper mineralization are analogous to other known occurrences in the area, and historical drilling from the 1960s and 1990s intersected encouraging copper values.

Table 1: Goodspeed drill holes with >0.1% copper

HRD

Interception (m)

Copper (%)

EC-119

24.0

0.320%

EC-194

22.4

0.135%

EC-195

27.0

0.188%

EC-197

24.0

0.192%

Down dog

During analysis of historical IP geophysics and soil geochemistry, it was observed that to the north and northwest of the Red Dog deposit (see Figure 6), the southern and southeast boundaries of A previous IP survey indicated chargeability anomalies > 17.5 mV/V at 40 m and 100 m depth. A 2005 soil geochemical survey in this non-outcropping area revealed coincident anomalies (95e percentile) of >128ppm Cu, >87ppb Au, >34ppm Mo with a peripheral anomalous zone of >194ppm Zn.

This geochemical pattern of coincident Cu, Au, Mo and peripheral Zn anomalies is commonly observed in mineralized porphyry zones. The coincident geochemical anomalies are not thought to be caused by drainage from the Red Dog deposit, as this area is separated from the Red Dog deposit by a barren diorite ridge and the Red Dog streams do not flow in that direction. An IP survey will be conducted to the south of the previous survey to fill the gap between the two historic IP chargeability anomalies. If found to be connected, a drill program may be recommended. This prospective area is now called the Downward Dog target.

Qualified person

Robin Tolbert, P.Geo., Vice President Exploration of Northisle and a Qualified Person as defined by NI 43-101 – Disclosure standards for mining projectshas approved the scientific and technical disclosure contained in this press release.

About Northisle

Northisle Copper and Gold Inc. is a Vancouver-based company with a mission to be Canada’s leading sustainable mineral resource company for the future. Northisle owns the North Island project, which is one of the most promising copper-gold porphyry deposits in Canada. The North Island project is located near Port Hardy, British Columbia, on a 34,000 hectare block of mining titles 100% owned by Northisle and extending 50 kilometers northwest of the Island Copper mine. now closed and operated by BHP Billiton. Northisle completed an updated preliminary economic assessment for the North Island project in 2021 and is now focused on advancing the project through a pre-feasibility study while continuing exploration within this highly prospective land package.

For more information about Northisle, please visit the company’s website at www.northisle.ca.

Cautions Regarding Forward-Looking Information

Certain information contained in this press release constitutes forward-looking statements under applicable securities laws. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by words such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding the results of exploration programs and any other future plans, objectives or expectations of Northisle. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, Northisle’s ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; stakeholder engagement; marketing and transportation costs; loss of markets; commodity price volatility; inability to access sufficient capital from internal and external sources and/or inability to access sufficient capital on favorable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. Readers are cautioned that the foregoing list is not exhaustive.

Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time it was prepared, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release represent Northisle management’s expectations as of the date of this press release and, accordingly, are subject to change after such date. Northisle undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.

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