NorthWest Copper Drills Discovery Hole at East Niv - Returning 0.56% CuEq Over 81.60 Metres Including 1.02% CuEq Over 14.80 Metres
November 8, 2021
VANCOUVER, British Columbia, Nov. 08, 2021 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce that it has drilled a new Cu-Au porphyry discovery at its 100% owned East Niv property. This is the first drill campaign to ever be conducted on the property, and results to date are highly encouraging. Highlights from the first four holes include the following:
- ENV-21-004: 81.60 metres 1 of 0.56% copper equivalent (“CuEq”) 2 including;
- 42.90 metres of 0.78% CuEq starting at 14.10 metres and including;
- 14.80 metres of 1.02% CuEq starting at 15.20 metres
- ENV-21-001: 72.30 metres of 0.25% CuEq starting at 7.65 metres including;
- 16.05 metres of 0.32 % CuEq starting at 50.80 metres
Ten holes have been drilled on the property this year testing various geological, geochemical, and geophysical targets. Assay results have been received for the first four holes, with the remaining six holes pending.
“A new discovery is extremely rare in any jurisdiction, but especially so in mature, well explored mineral belts,” says Peter Bell, President & CEO. “This new copper-gold system in the heart of B.C. porphyry country is incredibly exciting and significant. East Niv has been worked up from prospecting, mapping, geophysics, and geochemistry to drilling and discovery. Importantly this mineralization starts at surface. All four holes are mineralized and have intersected different parts of the system. We have a very large property position and are located close to infrastructure and only 40km from the Kemess project.”
“Dave Moore and his team at Serengeti acquired and worked this target up from first principles and deserve clear recognition,” says Mark O’Dea, Chair. “The exploration team at NorthWest drill tested it for the first time and have successfully put a new porphyry system on the map. With a new discovery on our hands, our project pipeline in BC is emerging as second to none.”
1 True widths of the reported mineralized intervals have not been determined.
2 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).
Mineralization within the drill holes occurs in intermediate to felsic intrusions that are hosted by highly reactive, mafic volcanic rocks of the Upper Triassic Takla Group. These rocks and the alteration which affects them are typical of the styles found in major porphyry Cu-Au deposits located in the Stikine and Quesnel Terranes of BC. Mineralization comprises chalcopyrite and bornite associated with hydrothermal magnetite, biotite, and quartz. The mineralization commonly contains a high concentration of carbonate minerals, a low concentration of pyrite, and very low concentrations of potentially deleterious trace metals. The hydrothermal system is associated with coincident geophysical and geochemical anomalies that have been identified over a four square kilometer area. To date only a small portion of the over 43,000 hectare property has seen any detailed exploration.
A table indicating a full breakdown of drill results to date is shown below:
Quality Assurance / Quality Control
Drilling completed at East Niv in 2021 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, with gold overlimits completed with a gravimetric finish.
Technical aspects of this news release have been reviewed, verified, and approved by Ian Neill P.Geo., Vice President Exploration of NorthWest, who is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Minerals Projects .
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. 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:
|Adrian O’Brien, Director Marketing & Communications
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 Statements
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements including but not limited to statements with respect to: the Company’s goals for 2021; 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 statements are 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, are forward-looking statements. Although NorthWest believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since NorthWest can give no assurance that such expectations will prove to be correct. These statements involve 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 statements, including the risks, uncertainties and other factors identified in NorthWest’s periodic filings with Canadian securities regulators. Forward-looking statements 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 statements. 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 statements are based on estimates and opinions of management at the date the statements are made. NorthWest does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.