NorthWest Copper Reports 400 Metres of 1.01% Copper Equivalent at Kwanika, Including Gold-Rich Zone of 151 Metres of 1.55 g/t Gold
VANCOUVER, British Columbia, Jan. 16, 2023 (GLOBE NEWSWIRE) — NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce additional results from the 2022 Kwanika drilling program. K-22-255 has returned one of the longest and highest-grade copper-gold intervals ever completed at Kwanika. It was collared approximately 120 metres from hole K-21-2171 and tested a similar area of the deposit. K-21-217 encountered 235.45 metres of 2.65% copper equivalent (“CuEq”)2. Importantly, this hole is characterized by a thick interval of strongly enriched gold grades within the copper zone (Figure 1 and Figure 2). The bottom of the hole remains in copper and gold mineralization suggesting that the system potentially continues. Results in this release were not included in the PEA3. NorthWest still has seven holes with outstanding assays at Kwanika from the 2022 program. Highlights from assays include:
- K-22-255: 399.80 metres4 at 1.01% CuEq from 152.20 metres:
- Including 23.40
metres at 2.51% CuEq from 152.60 metres
- Including 151.00
1.55 g/t Au from 363.00 metres
- Also including 64.00 metres at 2.12% CuEq from 374.80 metres
- Also including 22.50 metres at 2.67% CuEq from 416.30 metres.
- Including 23.40
“Hole K-22-255 highlights the strength of the mineralizing system at Kwanika Central, with a very long interval averaging 1% copper equivalent, and multiple higher-grade copper-gold zones within it” said President and CEO Peter Bell. “The hole shows a typical Kwanika pattern of copper dominant material higher in the hole then becoming much richer in gold at depth. Gold represents approximately 35% of annual revenue in the recent PEA at Kwanika-Stardust and K-22-255 demonstrates the strength of the gold system within the strong, continuous copper mineralization.”
Drill Results Discussion
We have now released results from 23 of the 30 drill holes completed at Kwanika in 2022. There is one hole remaining from the Kwanika Central Zone and six holes that were drilled at the Kwanika South Zone that are pending assay results. The 2022 Kwanika program was designed to expand the footprint of mineralization and to search for higher grade zones within the deposit. K-22-255 delineates multiple high-grade copper and gold zones within a long interval, including some very strong gold assays. More detailed results are presented below.
This hole intersected 399.80 metres at 1.01%
CuEq, including three higher grade intersections of 23.40 metres at 2.51% CuEq, 64.00 metres at 2.12% CuEq which includes 22.50 metres at 2.67% CuEq from 152.60 metres, 374.80 metres and 416.30 metres depth downhole respectively (Figure 2). A strong gold interval of 151.00 metres of 1.55 g/t gold occurs within the overall copper-gold zone. K-22-255 was designed to test for high grade mineralization within the core of the proposed block cave5 as well as collecting information on the controls of the high-grade mineralization and metal/geochemical information to better characterize the system.
The drill passed through overburden to 33.60 metres depth, this was followed by moderately propylitic altered diorite with trace chalcopyrite mineralization occurring in veins more than disseminations to 152.20 metres. It then passed through a 40-centimeter fault zone. After, and in, the fault, mineralization increases substantially as this is the start of the reported interval. The drill continued in a diorite with weak pervasive potassic alteration overprinting strong pervasive early biotite alteration to 294.00 metres. Mineralization in this interval is dominated by disseminated chalcopyrite with some episodic zones of trace chalcocite accompanying the sulphides from 176.00 to 216.70 metres. At 294.00 metres there is another fault zone, at this contact the mineralized host rock changes to monzonite with moderate to strong potassic alteration and abundant chalcopyrite mineralization in quartz sulphide veins hosting the majority of the mineralization. This zone continues to 516.00 metres and is cut locally by syn/post mineral lower grade dykes locally. From 516.00 metres depth, the alteration starts to wain and with accompanying lower grade mineralization within a monzodiorite to the end of the hole at 552.00 metres.
Table 1: Drill Results From This News Release
|Hole||From(m)||To(m)||Interval (m)6||Cu (PCT)||Au (g/t)||Ag (g/t)||CuEq7 (PCT)|
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., Vice President Exploration of NorthWest, who is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Minerals Projects.
Figure 1: Plan View
Figure 2: 255 Cross Section
Table 2: Complete 2022 Drilling Results for Kwanika
|Hole||From (m)||To (m)||Interval (m)8||Cu (PCT)||Au (g/t)||Ag (g/t)||CuEq (PCT)9|
|K-22-240||No Significant Result|
|K-22-247||No Significant Result|
|K-22-248||Pending – Central Zone|
|K-22-249||Pending – South Zone|
|K-22-250||Pending – South Zone|
|K-22-251||Pending – South Zone|
|K-22-252||Pending – South Zone|
|K-22-253||Pending – South Zone|
|K-22-254||Pending – South Zone|
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, 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.
1 Please see NorthWest Copper news release dated October 27, 2021 available on our website www.northwestcopper.ca and SEDAR www.sedar.com.
2 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)
3 Please see NorthWest Copper news release dated January 5, 2023 available on our website www.northwestcopper.ca and SEDAR www.sedar.com.
4 True widths of the reported mineralized intervals have not been determined.
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 86.0% 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)
10 K-22-242 was originally drilled as K-22-242a and abandoned before it reached target depth, then redrilled at K-22-242.
Photos accompanying this announcement are available at
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