NorthWest Copper Announces Near Surface, Very High-Grade Copper in Multiple Holes. Including 14.52% CuEq Over 1.45 Metres and 4.06% CuEq Over 2.00 Metres, Both Within Longer Intervals
VANCOUVER, British Columbia, Aug. 17, 2022 (GLOBE NEWSWIRE) — NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce receipt of the second set of assays from its ongoing 2022 Kwanika drill program, which highlight the discovery of additional very high-grade copper and gold mineralization within a previously undrilled shallow area of the Kwanika deposit. Hole K-21-232 contains intervals of “chalcocite breccia” mineralization (see below) with similar geology to last years 33.60% Copper Equivalent (“CuEq”) over 9.40 metres in hole K-21-2171. Highlights from the recent set of assays include:
- K-22-230: 378.80 metres2 of 0.62%
3 from 19.20 metres.
- K-22-232: 109.05 metres of 0.89% CuEq from 27.00 metres, including:
- 1.45 metres of 14.52% CuEq.
- K-22-233: 102.90 metres of 1.00% CuEq from 30.00 metres, including:
- 2.00 metres of 4.06% CuEq.
“The high-level objectives of the 2022 Kwanika drill program are to grow the size of the resource and to improve the grade. One of the targets is to find additional very high-grade copper and gold mineralization as encountered in drill hole K-21-217 in 2021,” said Peter Bell, President and CEO. “We believe we have found more of this material in hole K-22-232 and have named this type of mineralization “chalcocite breccia”. While the new interval is narrower than last year’s hole, it is much closer to surface and suggests potential for multiple very high-grade zones within the deposit.”
“The discovery of additional high-grade chalcocite breccia in a new area, close to surface, is an exciting exploration development for NorthWest at Kwanika,” continued Mr. Bell. “This drilling supports our thesis that we can find more of this style of mineralization while expanding the volume of near-surface mineralization at Kwanika.”
Chalcocite breccia is a distinctive rock type observed at Kwanika comprised of fragments of mineralized wall rock within a background of finer grained chalcocite, chalcopyrite and sometimes bornite. Importantly, chalcocite is a very high-grade copper mineral, comprised of 80% copper by weight. This chalcocite breccia has been observed in holes K-21-217 and K-22-232 (See Figure 1).
Drill Results Discussion
Kwanika and the adjacent Stardust deposit are the current flagship projects at NorthWest. The 2022 Kwanika drill program includes holes designed to expand the known resource4, to add new high-grade zones within and around the known resource, and to test for new centres of mineralization regionally. Similarly, to the first set of drill results5, these four holes (Figure 2) targeted expansion and delineation of near surface high-grade zones in the southern part of the Kwanika Central Zone. Kwanika drilling has been underway since March 25, with a total of 28 holes and 11,089 metres drilled to date. Results from seven of the holes have been reported so far, with the remainder outstanding.
Holes K-22-230, K-22-231, K-22-231 and K-22-233 are in the southern portion of the Central Zone (Figure 2). The drill holes were designed to test for shallow high-grade mineralization in an area with low drill density and to further constrain our structural model of the Kwanika Central Zone. All holes in this area hit high grade mineralization with intervals or sub-intervals with grades higher than 1.00% CuEq (Table 1).
K-22-230 (Figure 3) was drilled to the northeast at 330o and was designed to test in an area of lower drill density Kwanika Central Zone and test for structures to improve NorthWest’s structural model in the Central Zone. K-22-230 hit a broad intersection of 378.8 metres with 0.62% CuEq with a high-grade sub interval of 87.6 metres at 1.03% CuEq. The high-grade mineralization occurred in a zone of potassic altered monzonite with abundant quartz-sulphide veins and blebby chalcopyrite centered around the central fault.
K-22-231 (Figure 4) was drilled to the southeast, testing for high-grade mineralization at surface associated with the Central Fault Zone within the southern extent of the Central Zone in an area of low drill density. The drill collared into high-grade mineralization with 47.80 metres at 1.02% CuEq at surface below the till cover in potassic altered monzonite with hematite staining, quartz sulphide veins, blebs of native copper, chalcocite and trace bornite.
K-22-232 (Figure 5) was drilled from west to east, targeting high grade near surface mineralization associated with the Central Fault Zone in an area of low drill density. It cut through 109.05 metres at 0.89% CuEq with high-grade sub-intervals including 32.90 metres at 1.88% CuEq and 1.45 metres at 14.52% CuEq. The 1.45 meter at 14.52% CuEq is chalcocite breccia, similar to the style of mineralization observed in K-21-217 (9.40m at 33.60% CuEq)6.
K-22-233 (Figure 6) was the final hole drilled in this area during this campaign, as above it targeted high-grade mineralization in the southern extent of the Central Zone in area with low drill density. It returned 102.90m at 1.00% CuEq starting at the surface below the till cover. This includes a 2.00 meter sample of 4.06% CuEq at upper contact. The high-grade mineralization is hosted in a strongly potassic altered monzonite with stockwork quartz-sulphide veins.
Table 1: Drill Results From This News Release
|Hole||From (m)||To (m)||Interval (m)7||Copper (%)||Gold (g/t)||Silver (g/t)||Copper
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 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 where required, 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 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: Chalcocite Breccia observed in holes K-22-232 and K-21-217
Note: Interval reported for K-22-232 is 9.35% Cu, 6.65g/t Au, 44.1g/t Ag and 14.52% CuEq over 1.45 metres, the weighted average of the individual assays shown in Figure 1 make up this interval. For K-21-217 the weighted average is shown over the reported 9.40 metre interval.
Figure 2: Drillhole Locations
Figure 3: K-22-230 Cross Section
Figure 4: K-22-231 Cross Section
Figure 5: K-22-232 Cross Section
Figure 6: K-22-233 Cross Section
Table 2: Complete 2022 Drilling Results for Kwanika
|Hole||From (m)||To (m)||Interval (m)||Copper (%)||Gold (g/t)||Silver (g/t)||Copper
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.
Director, President and CEO
For further information, please contact:
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 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 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.
1 See News Release dated October 27, 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 July 20, 2022 available at www.northwestcopper.ca and the Company’s profile at www.sedar.com
6 See News Release dated October 27, 2021 available at www.northwestcopper.ca and the Company’s profile at www.sedar.com
7 True widths of the reported mineralized intervals are not yet known
8 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).
Graphics accompanying this announcement are available at