VANCOUVER, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce that drillhole K-21-217 has returned the highest-grade Cu-Au interval ever intersected at Kwanika. The interval consists of massive to semi-massive copper and gold mineralization at moderate depth in the western half of the deposit. It expands the high-grade portion of the deposit, introducing a new style of mineralization. The drill intercept returned the following mineralized intervals:
“This drill hole is a game changer for our Kwanika Deposit and for the region,” says Peter Bell, President & CEO. “The very high grade within a larger porphyry system is very unusual and establishes a brand new and incredibly exciting target type. We drilled one of the highest-grade drill holes reported globally in 2018, when DDH18-SD-421 intersected 100 metres of 5.30% CuEq, at our adjacent Stardust deposit. This new Kwanika drill hole is even higher-grade than drill hole 421 and occurs just 7 km away. The presence of such extraordinary grades in multiple deposits is both surprising and rare and opens up multiple, very high-grade exploration targets over a substantial area.”
1 True widths of the reported mineralized intervals have not been determined.
2 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).
Table 1: Significant Drill Results From This News Release
|Drill Hole||From (m)||To (m)||Interval (m)¹||Cu (%)||Au (g/t)||Ag (g/t)||CuEq² (%)|
A plan map, figures and complete list of 2021 drill results are included below.
NorthWest’s goals at Kwanika in 2021 included expanding the high-grade zone and improving the grade within it by drilling angled holes across mineralized structural zones with closer-spaced drilling. Our results to date have exceeded our expectations, both expanding and improving the continuity and grade. This recent hole is higher grade than any previously drilled on our Kwanika property and importantly appears to be a new style of mineralization. The relationship of this new style of mineralization to the rest of the mineralization is not yet clear, but it adds another style of high-grade to the suite of exploration targets at Kwanika and the Company’s adjacent Stardust project.
NorthWest has focussed on the high-grade portion of Kwanika and adjacent high-grade Stardust deposit since the Company was created in March. Our previous Kwanika assay results 3 followed releases of favourable Stardust metallurgy in April 2021 4 and an expanded high-grade Stardust resource in May 2021. The near-surface results, drill hole K-21-217, and another set of deeper holes still to be released, will support an updated Kwanika resource planned for Q4 2021.
Copper-gold mineralization in the intervals reported below is hosted by diorite and monzonite intrusions and occurs disseminated through strong potassic alteration and in quartz-sulphide veins. Two late-mineral dykes cut the mineralization below 418.10 metres. The extremely high-grade interval from 326.65-336.05 metres consists of semi-massive to massive chalcocite/digenite, bornite, and covellite that form the matrix to a breccia. Breccia textures are locally preserved in this interval and the mechanism of its formation has not been determined. Within the middle of the high grade 9.40 metre interval, there was 1.20 metres of core that was ground and thus lost during the drilling process; for the purpose of the grade calculation this core was included within the calculation as zero grade over the 1.20 metre length.
A full table of K-21-217 results is provided below, along with a detailed breakdown of the grade distributions that make up these broader intersections:
Table 2: Breakdown of Grades Within K-21-217 Drill Intercept
|Drill Hole||From (m)||To (m)||Interval (m)¹||Cu (%)||Au (g/t)||Ag (g/t)||CuEq (%)|
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).
3 See News Releases dated September 9, 2021 and September 28, 2021 available at www.northwestcopper.ca and the Company’s profile at www.sedar.com
4 See News Release dated April 19, 2021 available at www.northwestcopper.ca and the Company’s profile at www.sedar.com
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 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, 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 .
Market ‐ Making Disclosure
The Company has entered into a market‐making services agreement with Independent Trading Group (ITG), Inc. (“ ITG ”), pursuant to which ITG has agreed to provide certain market making services to the Company principally to assist in providing liquidity and stability to the Company’s common shares trading on the TSX Venture Exchange. In consideration for such services, the Company will pay a monthly fee in the amount of $5,000. The agreement is for an initial term of three months and automatically renewed for one‐month periods thereafter, unless terminated by either party on 30 days’ prior written notice.
ITG and its representatives are arm’s length from the Company. Further, the Company is advised that ITG does not have any interest, directly or indirectly, in NorthWest or its securities nor any right to acquire such an interest. The engagement of ITG remains subject to the approval of the TSX Venture Exchange.
ITG will commence providing market making services on October 28, 2021.
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 Statements
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 Company’s goals for 2021; 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 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 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 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’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’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 statements are based on estimates and opinions of management at the date the statements are made. NorthWest 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.