Northisle Copper and Gold Inc. announced that it has discovered a new mineralized porphyry system, now known as West Goodspeed, approximately 1,300m west of the Goodspeed target and 1,200m southeast of the Red Dog Deposit within the district-scale North Island Project. Exploration during 2023 has demonstrated that the North Island Project continues to expand in an area with existing infrastructure and a legacy of mining and resource production. Copper equivalent is determined by calculating total contained metal value/tonne, dividing by the copper price, and then dividing the resultant number of pounds of copper by 2204.6. Gold equivalent is determined by calculating total contained metal value/tonne, dividing by the gold price, and then multiplying the resultant number of troy ounces of gold by 31.103.

Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries, which is expected to be gold for Northwest Expo and copper for the overall North Island project. GS23-04 and GS23-05 were targeted to intercept a large magnetic susceptibility anomaly (>0.012SI) located 1,200m southeast of the Red Dog Deposit and 1,300m west of historic drilling at the Goodspeed target.

This anomaly was the result of a ground magnetic and IP geophysical survey carried out by Simcoe Geosciences in late 2022. Both holes intercepted highly anomalous copper mineralization and gold mineralization for their entire length. The significant intercepts highlighted above represent continuous intervals with >0.1% Cu.

Both holes have silica-clay(pyrophyllite)-pyrite (SCP) alteration at the tops of the holes grading into quartz-sericite-pyrite alteration (QSP) throughout their length. This alteration pattern is interpreted to be located at the base of the lithocap transitioning into QSP alteration normally found adjacent to higher grade potassic cores of porphyry systems. Subsequent to completion of the Goodspeed drill program, as a result of observations of the alteration style and presence of chalcopyrite +/- hypogene chalcocite in GS23-04 and GS23-05, Northisle initiated a follow-up magnetic survey to determine the full extent of the magnetic anomaly to the south of these holes. This will potentially inform the extent of any possible magnetite bearing potassic alteration zone.

Results of this survey are pending and will inform the next phase of exploration at this target area during 2024. GS23-01 intercepted significant copper in several shorter intercepts which are peripheral to a weak magnetic anomaly to the southeast. GS23-02 and GS23-03 did not intercept significant mineralization but helped inform the geological setting of this area with poor outcrop exposure except along roads and streams.