NorthWest Copper Reports Long Intervals Above Resource Grade in Step-Out Drilling in Kwanika South Zone
March 29, 2023
VANCOUVER, British Columbia, March 29, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce the eighth and final set of results from the 2022 Kwanika drilling program. These results are from the Kwanika South Zone, which is located one kilometre south of the Central Zone and makes up part of the Company’s flagship Kwanika-Stardust project. The six holes encountered several long intervals of copper and gold mineralization that have higher grades than the average of the current South Zone mineral resource estimate 1 . Drilling also intersected mineralization outside of the pits proposed in the recently released Kwanika-Stardust PEA 2 , and the showed that the system remains open at depth and to the south. These results demonstrate potential to both upgrade and expand the South Zone resource. Highlights from assays include:
- K-22-251: 316.90 metres 3 of 0.30% CuEq 4 from 307.10 metres
- Including 20.10 metres at 0.68% CuEq from 486.30 metres
- Also including 45.75 metres at 0.53% CuEq from 530.40 metres
- K-22-252: 249.95 metres at 0.36% CuEq from 162.00 metres
- Including 29.50 metres at 0.69% CuEq from 277.50 metres
“Kwanika South Zone remains a compelling target for NorthWest”, said President and CEO Peter Bell. “It is close to Kwanika Central Zone but has seen much less drilling. We believe there are opportunities not just to expand it but also to improve the grade. Its proximity to the proposed infrastructure at Kwanika-Stardust makes any mineralization found at South Zone beneficial to the project.”
We have now released all results from the 11,876 metres of drilling in 30 drill holes that were completed at Kwanika in 2022.
1 See NI 43-101 technical report titled “Kwanika-Stardust Project NI 43-101 Technical Report on Preliminary Economic Assessment” dated January 4, 2023, filed under the Company’s SEDAR profile at www.sedar.com .
2 See NI 43-101 technical report titled “Kwanika-Stardust Project NI 43-101 Technical Report on Preliminary Economic Assessment” dated January 4, 2023, filed under the Company’s SEDAR profile at www.sedar.com .
3 True widths of the reported mineralized intervals have not been determined.
4 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 $15.00/lb for molybdenum, and recovery is assumed to be 86.0% for copper, 63.5% for gold, 61.6% for silver and 50.0% for molybdenum. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (gold (g/t) x 0.5078) + (silver (g/t) x 0.006417) + (molybdenum (ppm) x 0.0002492).
Drill Results Discussion
The six drill holes in this release were drilled in Kwanika South Zone, which is a discrete deposit located less than one kilometre south of the Kwanika Central Zone (Figure 1). The South and Central Zones are separated by a fault and mineralization in the South Zone is further distinguished from the Central Zone by the presence of significant molybdenum mineralization that accompanies copper, gold and silver.
Mineralization in the South Zone is hosted by equigranular quartz monzonite and is associated with both an older, pervasive potassium feldspar alteration and a younger alteration that includes actinolite, epidote, chlorite, sericite and carbonate. Highest grade mineralization typically occurs in zones of brecciation and strong fracturing and is dominated by hypogene chalcopyrite that occurs as disseminations and in quartz-sulfide veins.
The South Zone locally crops out at surface below glacial overburden and is approximately 2,200 metres long, 450 metres wide, and is currently defined up to 630 metres depth. It is bounded to the west by the West Fault and to the east by the East Fault. It remains open at depth and to the south.
Drillholes K-22-250, 251, 252, 253, and 254 all hit significant mineralization. The drillholes targeted high grade corridors recognized by geological modelling of the South Zone during the most recent Mineral Resource Estimate 5 . The results from these holes demonstrate continuity of grade and, very importantly, potential for more high-grade zones within and outside the current Mineral Resource Estimate. This new information further constrains our structural and geology model for the South Zone and will help guide future exploration drilling.
The drillholes in this release were drilled over a 950 metre long north to south trend (Figure 1). All holes were drilled from west to east at angles of -65, -55, or -50 degrees. The drill holes encountered overburden from 21.70 to 42.00 metres down hole. Individual holes are described below.
K-22-250 was drilled on section 6155150mN (A-A’) within the conceptual PEA pit boundaries and returned an intersection of 95.30 metres at 0.24% CuEq from 49.00 metres. The intersection ends at a fault at 142.70 metres (Figure 1 &Figure 2 Figure 2).
Drill hole K-22-252 was drilled approximately 150 metres south of K-22-250 (B-B’). It is south of and below the current conceptual PEA pit (Figure 1 &Figure 3Figure 3). It intersected 249.95 metres grading 0.36% CuEq from 162.00 metres. It also includes a high-grade interval of 29.50 metres at 0.69% CuEq from 277.50 metres, which indicates potential for a high-grade corridor to extend to depth to the west outside of the current mineral resource estimate (Figure 3).
K-22-251 was drilled approximately 150 metres to the south of K-22-252 (C-C’) and intersected a long, mineralized interval of 316.90 metres at 0.30% CuEq from 307.10 metres. The long intersection includes higher-grade intervals of 20.10 metres of 0.68% CuEq from 486.30 metres and 45.75 metres of 0.53% CuEq from 530.40 metres. These results demonstrate the presence of higher-grade domains in an area of low drilling density (Figure 1 & Figure 4).
K-22-254 was drilled approximately another 120 metres to the south on section (D-D’) and returned two discrete intersections. The first returned 83.00 metres of 0.44% CuEq from 58.00 metres, just below the base of overburden within the conceptual PEA pit. This was followed by another 51.00 metres of 0.38% CuEq from 275.00 metres (Figure 1 & Figure 5).
K-22-253 was drilled furthest to the south on section 6154580mN (E-E’) and intersected two zones of mineralization. The first intersection returned 109.75 metres at 0.23% CuEq from 74.15 metres, within the conceptual PEA pit. The second intersection returned 173.50 metres of 0.35% CuEq from 275.50 metres and includes the highest-grade intersection in this release which returned 12.00 meters of 1.39% CuEq from 437.00 metres (Figure 6). This intersection again proves the presence of high-grade mineralized corridors within the broader mineralized resource in the South Zone.
Drill hole K-22-249 was drilled north of the current Mineral Resource Estimate and did not yield any significant result (Figure 1). Importantly, however, this hole does provide important structural constraints to our interpretation of the South Zone, which will be useful to future drill targeting.
5 See NI 43-101 technical report titled “Kwanika-Stardust Project NI 43-101 Technical Report on Preliminary Economic Assessment” dated January 4, 2023, filed under the Company’s SEDAR profile at www.sedar.com .
Table 1: Drill Results From This News Release
|Hole||From (m)||To (m)||Interval 6 (m)||Cu (PCT)||Au (g/t)||Ag (g/t)||Mo (ppm)||CuEq 7 (PCT)|
|K-22-249||No Significant Result|
6 True widths of the reported mineralized intervals have not been determined.
7 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 $15/lb for molybdenum, and recovery is assumed to be 86.0% for copper, 63.5% for gold, 61.6% for silver and 50.0% for molybdenum. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (gold (g/t) x 0.5078) + (silver (g/t) x 0.006417) + (molybdenum (ppm) x 0.0002492).
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., Vice President Exploration of NorthWest, who is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Minerals Projects .
Figure 1. Plan view showing South Zone drilling relative to Mineral Resource Estimates at Kwanika Central Zone, Kwanika South Zone and Stardust.
Figure 2: A-A’ Cross Section K-22-250
Figure 3: B-B’ Cross Section K-22-252
Figure 4: C-C’ Cross Section K-22-251
Figure 5: D-D’ Cross Section K-22-254
Figure 6: E-E’ Cross Section K-22-253
Table 2: Complete 2022 Drilling Results for Kwanika
|Cu (PCT)||Au (g/t)||Ag (g/t)||Mo
|K-22-240||No Significant Result|
|K-22-247||No Significant Result|
|K-22-249||No Significant Result|
8 True widths of the reported mineralized intervals have not been determined.
9 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 $15/lb fir molybdenum, and recovery is assumed to be 86.0% for copper, 63.5% for gold, 61.6% for silver and 50.0% for molybdenum. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (gold (g/t) x 0.5078) + (silver (g/t) x 0.006417) + (molybdenum (ppm) x 0.0002492).
10 K-22-242 was originally drilled as K-22-242a and abandoned, then redrilled at K-22-242
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 respects 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 2023; 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.