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High-Grade Intercepts Continue To Expand the Near-Surface Footprint – Highlights Include 202 Meters of 0.74% CuEq Including 45.8 Metres of 1.57% CuEq
VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce that additional assays have been received from our near-surface high-grade expansion and confirmation drill program at Kwanika. This second batch of high-grade assays from the 2021 program at Kwanika were drilled north of previously released results. Like the results released previously1, these continue to expand the near-surface footprint of mineralization. With high-grade starting at the bedrock surface, these new assays also continue to support our focus on the best part of this unique deposit. Results from deeper drilling and step-out drilling at Kwanika, drilling at Stardust, and our first pass East Niv drill program are also pending.
Highlights are given below:
Drillhole K-21-212 – 202.2m2 at 0.74% CuEq3 including 45.8m at 1.57% CuEq
Drillhole K-21-213 – 38.5m at 0.85% CuEq
Drillhole K-21-214 – 63.5m at 0.77% CuEq
Accompanying plan map and figures can be found via the following links:
Drillhole K-21-212 returned higher grades than the surrounding block model grades as indicated on Figure 2. Mineralized intervals appear outside of previously modelled high-grade4 suggesting potential resource growth. K-21-213 shows mineralized material, including significant > 1% copper intervals at the bedrock surface where previously low grade was modelled. Finally, K-21-214 provides higher grade intercepts in the upper part of the hole vs the existing blocks. Importantly all drillholes have their highest-grade intervals starting at or close to the bedrock surface.
The 2021 Kwanika drill program is consistent with our high-grade growth strategy and focusses on expanding and improving understanding of the best grade material. NorthWest has focussed on our high-grade Stardust deposit and on the high-grade portion of Kwanika since the Company was created in March. Our previous Kwanika assay results¹ followed releases of favourable Stardust metallurgy in April 20215 and an expanded high-grade Stardust resource in May 2021. The near-surface results, along with a set of deeper holes still to be released, will support an updated Kwanika resource planned for Q4 2021.
Peter Bell, President & CEO NorthWest Copper states: “These excellent near-surface results in the north part of the Kwanika deposit continue the trend of enhancing and expanding near-surface, high-grade mineralization. We continue to see high-grades from surface and importantly we have significant intercepts where we previously had no grade or low-grade modelled.”
“We are executing on our plan to expand the size of Kwanika through a targeted angle drill program. Throughout this drill program, we have encountered grades higher than adjacent resource blocks, which should favourably affect our upcoming resource as well as the proposed PEA. The continued success of the drilling reflects the high-grade of Kwanika and speaks to the quality of NorthWest’s portfolio.”
The drillholes in this release were all collared as angle holes with an inclination of -50 to -65 degrees. All exhibit similar geology. Mineralization in all holes was encountered directly below overburden with the strongest mineralization occurring coincident with porphyritic monzonite with strong potassic alteration. Alteration associated with high-grade includes intense quartz stockwork veining with chalcopyrite with minor bornite. Zones of moderate grade mineralization occur in monzonite, monzodiorite and diorite with moderate potassic alteration and quartz veining grading into propylitic alteration with local zones of mineralized potassic alteration as vein and fracture selvage alteration. This intrusive complex is cut by feldspar porphyry dikes. A full table of results from the program to date is provided below:
Table 1: Significant Drill Results from the 2021 Exploration Program
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).
Quality Assurance / Quality Control
Drilling completed at Kwanika 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 AQ270 process for low level concentrations (ICP-ES/MS aqua regia) and the MA270 process for higher level concentrations (ICPES/MS 4 acid digestion). Gold assaying was completed with FA330, a 30-gram fire assay with ICP-ES finish. Base metal overlimits were finalized with titration, with gold overlimits completed with a gravimetric finish. A silica wash was used between high-grade samples to ensure no sample carry over.
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.
Engagement of Investor Relations Consultant
The Company would also like to advise that Roth Multimedia Inc., has been engaged for Investor Relations consulting effective immediately. The engagement of Roth Multimedia supports the Company’s broader communications strategy to build investor audiences.
Roth Multimedia does not have any interest, directly or indirectly in NorthWest or its securities nor any right to acquire such an interest. Pursuant to the terms of the Company’s agreement with Roth Multimedia, Roth Multimedia will be responsible for a variety of financial public relations and investor relations activities, including development of the Company's communications strategy, dissemination of corporate information, presentations, videos, interviews, and communications materials.
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 Information
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 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 a PEA and/or updated mineral resource estimates; 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 Copper 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 Copper 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 Copper’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 Copper’s expectations include risks associated with the business of NorthWest Copper; risks related to reliance on technical information provided by NorthWest; risks related to exploration and potential development of the Projects; 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 native 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 statements are 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 statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
1 See News Release dated September 9, 2021 available at www.northwestcopper.ca and the Company’s 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 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).
4 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.
5 See News Release dated April 19, 2021 available at www.northwestcopper.ca and the Company’s profile at www.sedar.com.