NorthWest Copper Announces Start of 2022 Lorraine Drill Program
August 18, 2022
VANCOUVER, British Columbia, Aug. 18, 2022 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce that drilling has started at our Lorraine project in north-central British Columbia. Lorraine is the Company’s fourth drill program of 2022, with drilling already underway at Kwanika (28 holes completed), Stardust (eight holes competed) and East Niv (seven holes completed).
“The start of Lorraine drilling follows the release of an updated Mineral Resource Estimate in July and we are excited to begin exploring on the project, as we believe it has great geologic potential. Our 2022 drill program will focus on increasing our understanding of the deposit, growing the Mineral Resource and testing new targets,” stated President and CEO Peter Bell. “Lorraine has had significant historical drilling, but has not been drilled in nearly fifteen years. The new drilling will build on the historical data and allow us to continue to advance the project. Lorraine is also located in proximity to the proposed infrastructure for the Kwanika-Stardust projects and has the potential to be included in a regional development evaluation.”
The Lorraine Project
The Lorraine project is located in central British Columbia, 280km northwest of Prince George, BC and approximately 40km from NorthWest’s Kwanika-Stardust projects, with favourable topography between the deposits and covers 56,000 hectares of ground. The Company announced an updated Mineral Resource Estimate for Lorraine in July 2022¹ (see Table 1 below).
Approximately 5,000 meters of drilling is planned for the 2022 drill program (Figure 1) and the proposed drill holes will focus on the area covered by the updated Mineral Resource Estimate (Bishop, Lower Main and Upper Main zones) and will also include another regional target at the Tam zone. The budget for the 2022 drill program is approximately $4.9 million with approximately $3.6 million in drilling and approximately $1.3 million in IP and EM surveys and other technical work.
Table 1: Lorraine Mineral Resource Estimate at 0.20% copper cut-off grade (effective date June 30, 2022)
Differences may occur in totals due to rounding
Figure 1: Proposed 2022 Drilling Target Areas:
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 NI 43-101.
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 working collaboratively with First Nations to advance our work in a culturally and environmentally respectful manner. 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 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 Copper 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 Copper 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 Copper’s periodic filings with Canadian securities regulators. Forward-looking information is 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 Copper’s expectations include risks associated with the business of NorthWest Copper; risks related to reliance on technical information provided by NorthWest Copper; 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 Copper’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 statements are made. NorthWest Copper 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 News Release dated July 27, 2022, available at www.northwestcopper.ca and the Company’s profile at www.sedar.com . A NI 43-101 technical report will be filed under the Company’s SEDAR profile at www.sedar.com within 45 days of July 27, 2022.
² Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves in future. There has been insufficient exploration to define the inferred resources tabulated above as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues. Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically.