NorthWest Copper Reports Multiple Long Intersections From Step Out Drilling at Kwanika Central Zone - Results Extend Mineralization North of Block Model

VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce the final results from the 2022 drilling campaign in the Central Zone ¹ at Kwanika. Hole 22-248 expands the footprint of copper-gold mineralization north of the resource pit from the recent PEA ² . The hole encountered two long intercepts over its 1,118 metre length - a 449.25 metre interval and a 367.60 metre interval, both containing strong copper and gold mineralization in an area of low drilling density (Figures 1&2). The hole also encountered trace amounts of very fine grained chalcocite indicated by visual logging as deep as 1,025 metres downhole. In certain other areas of the Kwanika Central Zone deposit chalcocite is associated with strong copper-gold mineralization. K-22-248 is the final hole from Kwanika Central for 2022, however there are assays pending from an additional six drill holes from the Kwanika South Zone. None of these holes were included in the recent PEA.

Highlights from K-22-248 include:

• K-22-248: Two long intersections:
  • 449.25 metres ³ of 0.23% CuEq ⁴ from 222.05 metres, and
  • 367.60 metres of 0.21 % CuEq from 750.40 metres.

The 2022 drill program at Kwanika was designed to test for high-grade zones within the known mineralization and to expand the footprint of copper and gold. Hole K-22-248 expands mineralization to the north as shown in figures 1 and 2. This is our last hole from Kwanika Central from the 2022 program and we have 6 holes from Kwanika South with pending results. We have released a total of 24 of the 30 holes drilled at Kwanika in 2022.

“K-22-248 identified two thick copper-gold zones in a sparsely drilled area to the north of Kwanika, providing both potential for resource growth and opportunity for new targets” said President and CEO Peter Bell. “The presence of chalcocite at depth in the hole is also intriguing given its association with high-grades elsewhere at Kwanika.”

Drill Results Discussion

K-22-248
The upper part of this hole tested the potential north of the Central Zone at Kwanika, and at depth it evaluated extensions of the current resource. The hole intersected two long mineralized intervals of 449.25 metres of 0.23% CuEq and 367.60 metres 0.21 % CuEq, (Figure 2). This hole confirmed the presence of mineralization outside of the current block model ⁵ . Changes in alteration style and intensity in the hole suggest potential for mineralization to extend below the Central Zone as it is currently modelled.

The drill passed through 34.50 metres of overburden and then entered a zone of strong faulting in monzodiorite and brecciated monzodiorite to 144.40 metres down hole. This was followed by an interval with multiple faults in post-hydrothermal clastic sedimentary rocks. An unconformity at 222.05 metres separates the sedimentary rocks from underlying mineralized diorite with weak propylitic alteration. Mineralization throughout the hole is dominated by chalcopyrite, locally with traces of bornite and chalcocite. The style of mineralization varies from vein-hosted to disseminated with the proportion in veins increasing down hole. Alteration to 960.00 metres down hole is predominately propylitic with varying amounts of chlorite and epidote. Potassic alteration in the envelopes to quartz veins is locally present and increases significantly down hole. Pervasive potassic alteration of moderate intensity predominates from 960.00 metres to the end of hole at 1,118.00 metres. Visual logging shows local zones that contain trace chalcocite at 911.65, 950.00, 1,021.20 and 1,025.40 metres.

Table 1: Drill Results from This News Release

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: Plan View: https://www.globenewswire.com/NewsRoom/AttachmentNg/0fb70fd9-f536-4be2-ac3f-efcf14e41d02

Figure 2: K-22-248 Cross Section: https://www.globenewswire.com/NewsRoom/AttachmentNg/5af1ee7a-d9d2-452a-9e99-619ad12717d1

Table 2: Complete 2022 Drilling Results for Kwanika

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.
“Peter Bell”
Director, President and CEO

For further information, please contact:

Peter Lekich, Director Investor Relations
Tel: 604-697-4962
Email: ac.reppoctsewhtron@hcikelp

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, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. . In this news release, forward-looking statements relate, among other things, to statements with respect to: the development, operational and economic results of the 2023 PEA; the Company’s goals for 2022 and 2023; geological interpretations; 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; future growth potential of NorthWest; and future development plans.

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.

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¹ Please see NorthWest Copper news release dated January 5, 2023 available on our website www.northwestcopper.ca and SEDAR www.sedar.com
² Please see NorthWest Copper news release dated January 5, 2023 available on our website www.northwestcopper.ca and SEDAR 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 recovery is assumed to be 86.0% for copper, 63.5% for gold and 61.6% for silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.5078) + (Silver (g/t) x 0.0064)
⁵ Please see NorthWest Copper news release dated January 5, 2023 available on our website www.northwestcopper.ca and SEDAR www.sedar.com
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 recovery is assumed to be 86.0% for copper, 63.5% for gold and 61.6% for silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.5078) + (Silver (g/t) x 0.0064)
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 recovery is assumed to be 86% for copper, 63.5% for gold and 61.6% for silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0..5078) + (Silver (g/t) x 0.0064)
¹⁰ K-22-242 was originally drilled as K-22-242a and abandoned before it reached target depth, then redrilled at K-22-242.