NorthWest Copper Announces Additional Kwanika High-Grade Drill Results as Part of a Near-Surface Program in the Northern Part of the Deposit; Results Include 24.95 Metres of 2.18% Copper Equivalent Within a Broader Interval of 87.70 Metres of 0.86% Copper
September 27, 2022
VANCOUVER, British Columbia, Sept. 27, 2022 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce receipt of the third set of assays from its 2022 drill program at Kwanika, the first of four projects drilled in the 2022 season and the only one with results reported to date. This set of assays intersected mineralization to the north of the footprint of the Kwanika Central Zone 1 including high-grade mineralization in hole K-22-234. Highlights from the recent set of assays include:
- K-22-234: 87.70 metres 2 of 0.86% CuEq 3 from 208.80 metres, including:
- 23.95 meters of 2.18% CuEq from 244.80 metres.
- K-22-239: 222.00 metres of 0.31% CuEq from 45.00 metres.
- K-22-241: 305.75 metres of 0.29% CuEq from 33.00 metres.
“These Kwanika results, particularly K-22-234, once again display the high-grade that we have been delivering at Kwanika since last season,” stated President and CEO Peter Bell. “The northern holes show that the Kwanika system continues in that direction, with long intervals of copper and gold mineralization. We have completed a tremendous amount of drilling this year and are just beginning to get our assay results to the market. Results are still to come from holes at Kwanika (including testing of the high-grade zones and Kwanika South), Stardust, East Niv and Lorraine.”
Drill Results Discussion
The 2022 Kwanika drill program includes holes designed to expand the known resource, to add new high-grade zones within and around the known resource, and to test for new centres of mineralization regionally. This is the third set of drill results reported at Kwanika this year, and the first set of results from the drilling focused to the north of the Central Zone. Results from 15 of 30 holes drilled in 2022 have been reported so far.
Diamond drill holes K-22-234, 235, 236, 239, 241, 243, 244, and 245 were designed to target structurally controlled higher-grade mineralization in the northern portion of the Central Zone (Figure 1). These drill holes demonstrate continuity of grade within the current resource that is approximately 450 metres in strike length and is open to the north of the proposed pit (Figure 1). All seven holes hit mineralization that is relatively shallow with overburden cover ranging 23.20 – 45.00 metres downhole depth. Additionally, the holes will help further constrain our structural and geological models and help focus future exploration programs.
K-22-234 has the highest-grade intercept of this release with 23.95 metres of 2.18% CuEq within a broader intersection that is centered on a 13.35 metre massive anhydrite vein with chalcopyrite and minor bornite (Figure 2). In the hanging wall of the vein was a short interval of monzodiorite with disseminated chalcopyrite, pervasive moderate propylitic alteration and potassic alteration focused along fracture and vein selvages. Above this zone is a 2.10 metre fault zone and a fine-grained diorite with irregular veins of anhydrite, calcite and quartz sulphide veins with chalcopyrite. The footwall to the massive anhydrite-chalcopyrite-bornite vein is an interval with disseminated chalcopyrite in a diorite with pervasive moderate propylitic alteration and irregular veins of anhydrite, calcite and quartz sulphide veins with chalcopyrite and trace bornite. K-22-235 was drilled on the same section as K-22-234 and encountered 173.00 metres of 0.35% CuEq with most of the mineralization hosted in diorite with pervasive moderate propylitic alteration and irregular veins of anhydrite, calcite and quartz sulphide veins with chalcopyrite. The massive anhydrite-chalcopyrite-bornite veins was not encountered in this hole and represents a target for future exploration drill holes.
Moving to the north drill holes K-22-236, K-22-241, K-22-243, and K-22-239 intersected near surface broad mineralized zones with grades of 179.60 metres at 0.33% CuEq, 305.75 metres at 0.29% CuEq, 62.15 metres at 0.30% CuEq with a post mineral dyke separating another interval of 118.50 metres at 0.31% CuEq, and 222.00 metres at 0.31% CuEq respectively (Figures 1, 3, 4, & 5). These holes are spaced over approximately 150 metres from south to north and show the continuity of grade in an area that is near surface with minimal overburden cover.
Drill holes K-22-244 and K-22-245 are on sections that are a further 155 metres and 220 metres to the north (Figure 1, 6 & 7) respectively. These holes intersected similar grade to the above holes with 86.60 metres at 0.31% CuEq, 24.00 metres at 0.30% CuEq with another 65.60 metres at 0.28% CuEq. However, mineralization in these holes was terminated in places by intersections of post to syn-mineral dykes with no or little grade. This demonstrates that the system continues and is open to the north of the currently proposed pit in areas if the post and syn-mineral dykes are not present.
Table 1: Drill Results From This News Release
|Hole||From (m)||To (m)||Interval
|Gold (g/t)||Silver (g/t)||Copper
Equivalent (%) 5
|K-22-240||No Significant Result|
Quality Assurance / Quality Control
Drilling completed at Kwanika in 2022 was supervised by on-site NorthWest personnel who collected and tracked samples and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Bureau Veritas (BV) in Vancouver BC and to AGAT Laboratories (AGAT) in Calgary AB. BV’s quality control system complies with global certifications for Quality ISO9001:2008. Core samples were analyzed using a combination of BV’s MA200 process for low level concentrations (ICP-MS/4 Acid digestion) and the MA370 process for higher level concentrations (ICP-ES/4 acid digestion). Gold assaying was completed with FA430, a 30-gram fire assay with AAS finish. Base metal overlimits were finalized with titration where required, with gold overlimits completed with a gravimetric finish. AGAT’s quality control system complies with global certifications for Quality ISO 9001:2015. Core samples were analyzed using a combination of AGAT’s 201-071 process for low level concentrations (ICP-MS/4 Acid digestion) and the 201-079 process for higher level concentrations (Sodium Peroxide Fusion/ICP-OES). Gold assaying was completed with 202-055, a 30-gram fire assay with ICP finish. Base metal overlimits were finalized with Fusion/ICP-OES method.
Technical aspects of this news release have been reviewed, verified, and approved by Tyler Caswell P.Geo., Principal Geologist of NorthWest, who is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Minerals Projects .
In September 2022 the Company entered into a property option agreement (the “Option Agreement”) with John Bot (the “Optionor”) on ten mineral claims near its Arjay property in central British Columbia (the “Asitka Property”), whereby the Optionor has granted the Company the right to acquire a 100% interest in the Asitka Property, subject to a 1.5% net smelter return to be retained by the Optionor (the “NSR Royalty”). The NSR Royalty can be repurchased for $2 million.
Pursuant to the terms of the Option Agreement, the Company has the right to earn a 100% ownership interest in the Asitka Property, by issuing the following common shares (“Consideration Shares”) and making the following payments (C$):
- $10,000 and Consideration Shares with a value of $12,500 on the closing date;
- $15,000 and Consideration Shares with a value of $12,500 on or before July 31, 2023;
- $30,000 and Consideration Shares with a value of $25,000 on or before July 31, 2024;
- $75,000 and Consideration Shares with a value of $50,000 on or before July 31, 2025; and
- $100,000 and Consideration Shares with a value of $100,000 on or before July 31, 2026.
The Company is under no obligation to issue any of the Consideration Shares or make any cash payments. The Company can decide to not to proceed with the Option at any time. The Option Agreement remains subject to approval by the TSX Venture Exchange. The value of the Consideration Shares shall be calculated using the 20-day VWAP of the Company’s common shares as at and including the last trading day five days prior to the issuance of the applicable payment of the Consideration Shares. All Consideration Shares issued will be subject to a hold period expiring four months and one day from the date of issue.
Figure 1: Drillhole Locations
Figure 2: K-22-234 & K-22-235 Cross Section
Figure 3: K-22-236 & K-22-237 Cross Section
Figure 4: K-22-238 & K-22-241 Cross Section
Figure 5: K-22-244 Cross Section
Figure 6: K-22-244
Figure 7: K-22-245 & 246 Cross Section
Table 2: Complete 2022 Drilling Results for Kwanika
|Cu (PCT)||Au (g/t)||Ag (g/t)||CuEq 6
|K-22-240||No Significant Result|
About NorthWest Copper:
NorthWest Copper is a new copper-gold explorer and developer with an exciting pipeline of projects in British Columbia. With a robust portfolio in a tier one jurisdiction, NorthWest Copper is well positioned to participate fully in a strengthening global copper market. We are committed to responsible mineral exploration which involves working collaboratively with First Nations to ensure future development incorporates stewardship best practices and traditional land use. Additional information can be found on the Company’s website at www.northwestcopper.ca .
On Behalf of the Board of Directors of NorthWest Copper Corp.
Director, President and CEO
For further information, please contact:
Peter Lekich, Director Investor Relations
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements, trend analysis and other information contained in this news release about anticipated future events or results constitute forward-looking information including but not limited to statements with respect to: those that address the anticipated closing of the Option Agreement and necessary approvals for the closing of the Option Agreement; the Company’s goals for 2022; geological interpretations; anticipated drill results and exploration results; the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; mine plans; future exploration prospects; the completion and timing of technical reports; future growth potential of NorthWest Copper; and future development plans. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, constitutes forward-looking information. Although NorthWest believes that the expectations reflected in such forward-looking information and/or information are reasonable, undue reliance should not be placed on forward-looking information since NorthWest can give no assurance that such expectations will prove to be correct. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties and other factors identified in NorthWest’s periodic filings with Canadian securities regulators. Forward-looking information are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking information. Important factors that could cause actual results to differ materially from NorthWest’s expectations include risks associated with the business of NorthWest; risks related to reliance on technical information provided by NorthWest; risks related to exploration and potential development of the Company’s mineral properties; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and First Nation groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in NorthWest’s filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com ). Forward-looking information is based on estimates and opinions of management at the date the information are made. NorthWest does not undertake any obligation to update forward-looking information except as required by applicable securities laws. Investors should not place undue reliance on forward-looking information.
|1 See NI 43-101 technical report titled “NI 43-101 Technical Report for the Kwanika Project Resource Estimate Update 2019,” dated April 17, 2019, filed under the Company’s SEDAR profile at www.sedar.com .
2 True widths of the reported mineralized intervals have not been determined.
3 Assumptions used in USD for the copper equivalent calculation (CuEq) were metal prices of $3.50/lb. Copper, $1,650/oz Gold, $21.50/oz Silver, and recovery is assumed to be 91% for Copper, and 75% for Gold and Silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.5666) + (Silver (g/t) x 0.0074).
4 True widths of the reported mineralized intervals are not yet known.
5 Assumptions used in USD for the copper equivalent calculation (CuEq) were metal prices of $3.50/lb. Copper, $1,650/oz Gold, $21.50/oz Silver, and recovery is assumed to be 91% for Copper, and 75% for Gold and Silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.5666) + (Silver (g/t) x 0.0074).
6 Assumptions used in USD for the copper equivalent calculation (CuEq) were metal prices of $3.50/lb. Copper, $1,650/oz Gold, $21.50/oz Silver, and recovery is assumed to be 91% for Copper, and 75% for Gold and Silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.5666) + (Silver (g/t) x 0.0074).