VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) — NorthWest Copper (“Northwest” or the “Company”) (TSXV:NWST) is pleased to report that exploration crews are on site at the Company’s flagship Kwanika-Stardust Project in central British Columbia and exploration work has commenced. Drilling is expected to begin imminently, once clearance is given to access forestry roads in the region.
The Company’s aggressive 2021 drilling and exploration program will see each of its three major projects advanced: Kwanika-Stardust, Lorraine and East Niv. Importantly, these projects are all located within a highly prospective stretch of the Quesnel Terrane situated between the Kemess and Mount Milligan copper-gold mines. The projects span the spectrum of the exploration continuum from advanced stage to early stage with clear opportunities for new discoveries.
Peter Bell, President & CEO of NorthWest states: “Our team is now on site at Kwanika, and already conducting regional exploration. We look forward to our 2021 drilling and field exploration programs with great anticipation. Kwanika is already one of the largest copper projects in BC, and we are now focusing on the high-grade core of the deposit. Coupled with Stardust, which is one of the highest-grade copper deposits in BC, we are confident in this dynamic combination of assets. East Niv will see an aggressive first phase drill program and we will finally look to advance Lorraine, a top-notch advanced project located within very close proximity to Kwanika-Stardust. We look forward to updating the market as we continue to advance our flagship project Kwanika-Stardust, drill the first ever holes into East Niv and start to unlock the true potential of Lorraine.”
The phase I drill program at Kwanika is planned to consist of 7,200 metres of diamond drilling, focussed on the highest-grade portions of the deposit including extensions to the known high-grade zones. For example, recent drilling at Kwanika has returned exceptional grades and widths such as:
- 1.32% CuEq1 over 610.1m, including 1.87% CuEq over 383.8m (DDH K-08-62)2
- 0.88% CuEq over 697.6m, including 2.23% CuEq over 124.3m (DDH K-20-198)3
- 1.32% CuEq over 438.4m, including 1.90% CuEq over 233.5m (DDH K-16-177)4
- 1.25% CuEq over 500.3m, including 1.70% CuEq over 252.3m (DDH K-18-182)5
These types of intercepts will be followed up, with the objective of expanding and better defining this high -grade domain. Drilling is expected to continue at Kwanika through the fall and will include testing of additional high-priority regional targets. The new resource estimate at Stardust6 along with its favourable metallurgy7 reinforce the power of this project combination.
Crews are preparing to begin field work ahead of our planned 2,700 metre phase I drill program at East Niv. East Niv is one of the most prospective copper-gold exploration targets in BC, with the potential for discovery of a brand-new porphyry centre. The 43,300-ha property has never been drill tested and has only seen limited surface exploration work. The property features outcropping copper-gold mineralization and coincident geophysical and geochemical anomalies, which together outline a potential new discovery. Drilling is planned to commence at East Niv in mid-summer.
NorthWest expects to mobilize crews to our Lorraine Project later in the season. Lorraine consists of a 65,000+ ha land position, located just 40km from our flagship Kwanika-Stardust Projects. Lorraine features a proven alkalic porphyry copper-gold system with historic high-grade copper-gold resources. The Lorraine system includes multiple zones with high grade copper-gold porphyry style mineralization, along a 30+ kilometre trend which remains open in multiple directions, presenting a significant opportunity for new discoveries. The 2021 program at Lorraine is planned to include ground geophysics, as well as upgrading the historic resource to NI 43-101 compliance.
Qualified Persons and 43-101 Disclosure
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 NI 43-101.
About NorthWest Copper:
NorthWest Copper is a new diversified 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/57b44330-abb8-4f61-923d-c1019dc45287
On Behalf of the Board of Directors of NorthWest Copper Corp.
President and Chief Executive Officer
For further information, please contact:
Adrian O’Brien, Director Marketing & Communications
Email: [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 Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. 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 Gold and Copper equivalents are calculated using the formulae below based on metal prices of $3.25/lb of copper, $1,600/oz of gold and $20/oz of silver, with all metal prices quoted in USD. Metal recoveries are assumed as follows: Cu 91%, Au 75%, Ag 75% and have been applied to the equivalent calculations, below.
2 See News Release dated March 26, 2008 available at the Company’s SEDAR profile at www.sedar.com
3 See News Release dated December 16, 2020 available at www.northwestcopper.ca and the Company’s SEDAR profile at www.sedar.com
4 See News Release dated September 22, 2016 available at www.northwestcopper.ca and the Company’s SEDAR profile at www.sedar.com
5 See News Release dated November 13, 2018 available at www.northwestcopper.ca and the Company’s SEDAR profile at www.sedar.com
6 See News Release dated May 17, 2021 available at www.northwestcopper.ca and the Company’s SEDAR profile at www.sedar.com
7 See News Release dated April 19, 2021 available at www.northwestcopper.ca and the Company’s SEDAR profile at www.sedar.com