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NorthWest Copper Announces First Phase of 2022 Exploration Plans Including Drilling Programs on Kwanika/Stardust, East Niv and Timeline for Completion of Kwanika/Stardust PeaMar 23rd, 2022 6:00 EST
VANCOUVER, British Columbia., March 23, 2022 (GLOBE NEWSWIRE) — NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce 2022 exploration plans for the first phase of exploration on our 100% owned project portfolio in north-central British Columbia, Canada. We plan to explore the 150,000-hectare land package, with drilling starting at Kwanika then moving to Stardust then East Niv (Figure 1). The program follows up on success in 2021 at Kwanika and East Niv and advances new targets at Stardust. Our plans for Lorraine and Arjay will follow in a later release. We are also unlocking value by de-risking our flagship Kwanika/Stardust Project, with results from our preliminary economic assessment (PEA) expected in the second quarter of 2022.
NorthWest has a unique combination of production scale, executability and growth through exploration, in a top tier jurisdiction. We acknowledge that our projects are all within the traditional territories of First Nations and we continue to partner to create mutually beneficial outcomes through the establishment of agreements and business partnerships.
“NorthWest had a very successful first year, discovering additional high-grade at Kwanika Central and a new porphyry centre at East Niv. We also developed new targets at Kwanika South Zone, Stardust and Lorraine” commented President and CEO Peter Bell. “We start our 2022 field season with a wealth of opportunities and a strong balance sheet. This is going to be a catalyst-rich year with abundant discovery potential”
“Exploration is supported by the advancement of the Kwanika/Stardust PEA” continued Mr. Bell. “This is underway currently and we now expect to release results in Q2. We look forward to updating the market with the results.”
Kwanika-Stardust is our flagship due to its size, scale, high grade and advanced level of development. Featuring two separate deposits with a combined development plan, we will be carrying out drill programs on each deposit in 2022.
Kwanika will be the first project drilled in 2022, benefiting from an abundance of targets, low elevation and easy road access. We expect to be drilling there in late March. Our 2022 program consists of drilling for step outs and for additional structural high-grade at Kwanika Central, follow-ups to successful 2021 holes in the South Zone, and initial holes in two untested regional targets south of Kwanika (Figure 2). We also have planned a 3D induced polarization (IP) survey for the main part of Kwanika to assist with targeting.
Kwanika contains unusually high-grade porphyry copper-gold mineralization and has excellent infrastructure1. Kwanika consists of multiple targets – “Kwanika Central”, and “South Zone” are the most advanced. Kwanika Central has been the focus of previous work and contains a high-grade core. The core includes structurally-controlled mineralization of extremely high grade intersected in hole K-21-2172 which intersected 33.60% CuEq over 9.40m within a broader 235.45m interval of 2.92% CuEq. South Zone is a distinct, poorly tested porphyry system adjacent to Kwanika Central with higher grades of molybdenum. Drilling in 2021 returned an intercept of 34 metres of 1.30% CuEq, highlighting the potential to find additional high-grade.
Stardust drilling will target zones around the deposit3, including the east side of the deposit, untested prospective limestone west of the deposit, and extensions to known mineralization. Additional drilling will focus on converting inferred material to indicated status, de-risking the project and improving geologic understanding (Figure 3). Drilling at Stardust will start later than Kwanika as it is at slightly higher elevation so it tends to have more snow than Kwanika.
Stardust is a high-grade copper-gold carbonate replacement deposit (CRD), located approximately 7 km NW of Kwanika. Mineralization occurs mostly at the intersection of mineralized faults and favourable limestone rocks, within the influence of an intrusive body known as the Glover Stock. The core of the deposit is the Canyon Creek skarn, where the high-grade 421 zone was discovered in 2018 with a drillhole of 100 metres of 5.30% CuEq4. Despite the geographic and metallurgical similarities with Kwanika, Stardust sits in a separate geological terrane and has different target characteristics than Kwanika. The upper zones of the Canyon Creek skarn are well drilled, but it remains open at depth, and near-deposit and regional exploration is more limited.
East Niv is a grassroots discovery made in 2021 by NorthWest, following up on successful surface work and geophysics. It is a completely new copper-gold porphyry system, with a known footprint of mineralization of about 1.5 x 1 km that remains open in all directions, within a 43,000-hectare land position. This very large property has been only minimally explored. A gold-only mineralized zone was also discovered in 2021 including hole ENV-21-0075 which intersected 41.00 metres of 1.24 g/t gold, including 2.00 metres of 10.5 g/t within the porphyry footprint, although the relationship between the two mineralization styles is currently unknown.
The East Niv discovery was a key success for NorthWest in 2021. Our geologic knowledge of this new area is evolving and our exploration program in 2022 will remain focussed on understanding the scale of what we have found and the prospectivity of the region around it. We will continue to use helicopter support to maximize flexibility and minimize disturbance from drilling, which will begin after Kwanika and Stardust have started. Our program consists of extending the strongest mineralization, which was intersected at the northwest part of the 2021 drill program, and testing numerous magnetic, induced polarization, and geochemical anomalies to look for additional porphyry copper-gold centres (Figure 4).
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 working collaboratively with First Nations to advance our work in a culturally and environmentally respectful manner. 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:
|Adrian O’Brien, Director Marketing & CommunicationsTel: 604-809-6890Email: [email protected]|
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 InformationThis news release contains “forward-looking information” within the meaning of applicable securities laws. All statements 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 Copper 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 Copper 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 Copper’s periodic filings with Canadian securities regulators. Forward-looking information is 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 Copper’s expectations include risks associated with the business of NorthWest Copper; risks related to reliance on technical information provided by NorthWest Copper; 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 Copper’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 statements are made. NorthWest Copper 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.
Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/460422c6-5738-45ec-bc94-3553f7ea95ad
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 See News Release dated October 27,2021 available at www.northwestcopper.ca and the Company’s profile at www.sedar.com3 See NI 43-101 technical report titled “Stardust Project – Updated Mineral Resource Estimate”, effective May 17, 2021, filed under the Company’s SEDAR profile at www.sedar.com 4 Assumptions used in USD for the copper equivalent calculation were metal prices of $3.00/lb. Copper, $1,600/oz Gold, $20/oz Silver, $1.10/lb. Zinc and recovery is assumed to be 100% as no metallurgical test data is available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.7781) + (Silver (g/t) x 0.0097) + (Zinc (%) x 0.3667)5 See News Release dated January 27,2022 available at www.northwestcopper.ca and the Company’s profile at www.sedar.com