NorthWest Copper Reports Long Intercept of High Grade in the Heart of Kwanika - 304.20 Metres at 0.79% CuEq Including 36.70 Metres of 2.07% CuEq
October 12, 2022
VANCOUVER, British Columbia, Oct. 12, 2022 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce results from hole K-22-242 drilled in the middle of the Kwanika Central Zone 1 (Figure 1). This hole includes multiple plus 1.00% copper equivalent (“CuEq”) intervals surrounding a thick zone of continuous high-grade. Highlights include:
- 304.20 metres 2 of 0.79% CuEq 3 from 339.30 to 643.50 metres including:
- 154.70 meters of 1.16% CuEq from 412.10 to 566.80 metres and including
- 36.70 metres of 2.07% CuEq from 412.10 to 448.80 metres and
- 22.80 metres of 1.42% CuEq from 466.00 to 488.80 metres
“K-22-242 highlights the strong mineralization that forms the core of the high-grade zone at our flagship Kwanika project” said President and CEO Peter Bell. “It displays consistent high copper and gold grades over long intervals, with mineralization over most of the length of the hole, punctuated by multiple zones of over 3% copper equivalent. The chalcopyrite and bornite mineralization is typical of this part of Kwanika. These patterns of rock type, alteration, and style of mineralization are similar to many other holes in this part of the Kwanika deposit, and drilling continues to demonstrate excellent lateral continuity of high-grade Central Zone mineralization.”
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
Drill Results Discussion
This is the 16 th drill hole released from the 2022 program at Kwanika, which comprises 30 holes. Assay turnaround continues to be slower than anticipated. The 2022 drilling program at Kwanika combines holes to expand the mineralized footprint as well as to identify and further delineate high-grade zones within the deposit.
Mineralization is primarily hosted by diorite and monzonite intrusions, which are cut by more weakly mineralized dykes. The high-grade mineralization occurs within strong potassic alteration associated with quartz-sulphide veins, variably affected in the upper part of the intersection by younger sericite alteration. The upper portion of the mineralized interval (Figure 2) is oxidized and contains supergene native copper and chalcocite, whereas the majority of mineralization comprises vein-hosted and disseminated hypogene chalcopyrite and lesser bornite. The high-grade mineralization begins at the base of a more modestly mineralized interval of strongly oxidized rock from which some of the original copper may have been leached.
Table 1: Drill Results From This News Release
|Hole||From(m)||To(m)||Interval (m) 4||Cu (PCT)||Au (g/t)||Ag (g/t)||CuEq 5 (PCT)|
4 True widths of the reported mineralized intervals have not been determined
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
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 .
Figure 1: Drillhole Locations
Figure 2: K-22-242 Cross Section
Table 2: Complete 2022 Drilling Results for Kwanika
|Hole||From(m)||To(m)||Interval (m)||Cu (PCT)||Au (g/t)||Ag (g/t)||CuEq 6 (PCT)|
|K-22-240||No Significant Result|
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
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.