NorthWest Copper Announces First Drill Results From 2022 Exploration Program. Highlights Include 19.15 Metres of 1.01% CUEQ and 15.70 Metres of 1.21% in the Southern Part of the Kwanika Footprint
July 20, 2022
VANCOUVER, British Columbia, July 20, 2022 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce receipt of the assays from the first three holes of its 2022 Kwanika drilling program. All three drillholes encountered significant copper-gold grades in the southern part of the deposit, which, expands the footprint of mineralization and increases the confidence in the Kwanika Mineral Resource Estimate 1 . Highlights include:
- K-22-227: 22.65 metres 2 of 0.61% Copper Equivalent (“CuEq”) 3
- K-22-228: 19.15 metres of 1.01% CuEq within a broader interval
- K-22-229: 20.00 metres of 1.06% CuEq and 15.70 metres of 1.21% CuEq, both within a broader interval
“These three holes are just the first piece of news from our exciting 2022 Kwanika drill program, where we have already completed 25 holes” said President and CEO Peter Bell. “Kwanika continues to deliver high-grades with multiple plus 1 percent copper equivalent intervals. We look forward to more positive drill results from all our projects as we continue to progress the 2022 program.”
“NorthWest Copper is continuing to work with the Takla Lake First Nation and other communities of interest at Kwanika,” continued Mr. Bell. “Conducting our work in an environmentally and culturally responsible manner is important to NorthWest Copper’s commitment to sustainability and reconciliation.”
Drill Results Discussion
Kwanika and the adjacent Stardust deposit are the current flagship projects at NorthWest. 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. These first three holes targeted expansion and delineation of near surface high-grade zones in the southern part of the Kwanika Central Zone. The balance of the program tests larger step-outs and for new zones of mineralization throughout the area. Follow-ups to the 2021 South Zone drilling are also underway and initial holes in two untested regional targets south of Kwanika are planned.
Holes K-22-227, K-22-228 and K-22-229 are in the southern portion of the Central Zone (Figure 1) and verify the near-surface mineralization we had previously modeled in that area. All three holes increase confidence in the current block model (Figures 2, 3 & 4).
K-22-227 was drilled from south to north at 330 o and was designed to test the eastern portion of the high-grade trend within the Kwanika Central Zone. The high-grade mineralization (22.7 metres of 0.61% CuEq) occurred in a zone of propylitic altered diorite that has been over-printed by potassic alteration with abundant quartz-sulphide veins. This hole has since been followed up by K-22-232 and K-22-233 (assays pending) to build on this result. The target is illustrated in Figure 2, showing the drillhole and block model.
K-22-228 was oriented northwest, testing for high grade at surface within the southern extent of the Central Zone. The high-grade mineralization was centered around a strongly potassic altered monzonite with abundant quartz-sulphide veins (19.15 metres of 1.01% CuEq) which is the most common style of high-grade mineralization at Kwanika. Above and below this zone was propylitic altered diorite, overprinted by potassic alteration with quartz sulphide veins. The full mineralized interval was 138.3 metres of 0.43 % CuEq. Figure 3 shows the relationship between the block model and the drillhole.
K-22-229 was drilled from east to west, targeting high grade near surface mineralization associated with the Central Fault Zone. This hole encountered two high grade zones. The first was 20.00 metres of 1.06 % CuEq and the second 15.70 metres of 1.21% CuEq. These two are within an overall broader intersection of 111.10 metres of 0.63% CuEq. This hole appears to expand the area of known mineralization to the east where the previous Mineral Resource Estimate did not estimate grade in the blocks (Figure 4). In the high-grade section from 73.95 - 93.95 metres, mineralization is characterized by strong potassic alteration with quartz-sulphide veining and disseminated sulphides hosted in a diorite. As the drillhole approached the unconformity with the overlying sedimentary rocks the mineralization transitions to a supergene/hypogene-sulphide style dominated by chalcocite mineralization with less chalcopyrite and rare bornite. This contact relationship is illustrated in Figure 4, showing the contact between intrusive rocks and overlying sedimentary rocks.
Table 1: Drill Results From This News Release
|Hole||From (m)||To (m)||Interval (m) 2||Cu (%)||Au (g/t)||Ag (g/t)||CuEq 3 (%)|
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 for analysis. 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. A silica wash was used between high-grade samples to ensure no sample carry over.
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 .
Figure 1: Drillhole Locations
Figure 2: K-22-227 Cross Section
Figure 3: K-22-228 Cross Section
Figure 4: K-22-229 Cross Section
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: 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 were metal prices of $3.25/lb. Copper, $1,600/oz Gold, $20/oz Silver, and recovery is assumed to be 100% given the level of metallurgical test data available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.7182) + (Silver (g/t) x 0.0090).