NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) is
pleased to report that crews have mobilized to the field and
drilling is expected to begin mid-July at the Lorraine-Top Cat
project in north-central British Columbia. This is the first drill
program for NorthWest in 2024. It is an integral component of the
Company’s shareholder value objective to grow our mineral resource
base via exploration.
Approximately 1,000 meters (“m”) of drilling is
planned at Lorraine-Top Cat and the proposed holes will focus on
the regional Nova and Road IP Targets (Figure 1). Both targets have
potential to discover mineralization in areas outside of the
current Lorraine mineral resource estimate (“MRE”) (indicated
resources of 12.952 million tonnes (“Mt”) grading 0.55% copper
(“Cu”) and 0.16 g/t gold (“Au”), and inferred resources of 45.252
Mt grading 0.43% Cu and 0.10 g/t Au at 0.20% copper cut-off
grade1)2.
Figure 1. Location of the Drill Targets Nova and
Road IP relative to NorthWest’s mineral tenure at Lorraine-Top
Cat.
Road IP Target
The Road IP Target is a geophysical and
geochemical target 13 kilometer (“km”) to the north of the Lorraine
MRE and is within the same valley as the Nova Target. This target
comprises a coincident magnetic low with internal magnetic high,
induced polarization (IP) chargeability high, and Cu-Mo Ah soil and
silt anomalies3. The Road IP Target model is that of a
calc-alkaline porphyry system hosted by intrusions of the Hogem
batholith, a deposit style that may exhibit geophysical and
geochemical patterns that differ from targets in the Ducking Creek
Syenite Complex, such as the Lorraine MRE. The Road IP Target
occupies flat, low-lying ground, and is covered by an estimated (by
the BCGS) 15 m of till. The target is bisected by and is accessible
via the Upper Osilinka Forest Service Road.
Nova Target
The Nova Target is a geophysical feature
consisting of coincident magnetic and IP chargeability highs. The
strongest magnetic response measures approximately 400 x 200 m.
Nova is approximately 10 km northeast of the Road IP Target. A
boulder of pyroxenite altered to skarn collected from a borrow-pit
along the road that crosses the Target returned high concentrations
of Cu-Au-Ag-Pt-Pd of 1.39% Cu, 0.69 g/t Au, 6.45 g/t Ag, 0.21 g/t
Pt and 1.398 g/t Pd.4 It is important to note that this potentially
transported sample may not be representative of underlying bedrock.
Thin section analysis by Dr. John Payne in 2019 described it
as:
“Massive skarn dominated by actinolite with
lesser magnetite-(ilmenite) and apatite, with a few skeletal
interstitial grains of hornblende, scattered patches of
chalcopyrite and much less abundant bornite (altered slightly to
completely to covellite), and minor biotite and chlorite.”
The Nova Target occupies flat, low-lying ground,
and is covered by till. It is bisected by the Upper Osilinka Forest
Service Road, making the target easily accessible.
The Lorraine-Top Cat
Project
The Project covers 65,000 ha and is located in
north-central British Columbia, 280 km northwest of Prince George,
BC and approximately 45 km from NorthWest’s Kwanika-Stardust
Project. The Lorraine deposit is a silica-undersaturated alkalic
copper-gold porphyry deposit, which is the same classification as
the Galore Creek and Mount Polley deposits.5 Mineralization at the
Lorraine - Top Cat Project is hosted mostly by Early Jurassic
syenite and pyroxenite intrusions that are part of the Duckling
Creek Syenite Complex (“DCSC”), but additional targets such as Road
IP are associated with other phases of the Jurassic Hogem batholith
or with older Takla Group volcanic rocks. A modern mineral resource
estimate (MRE) was completed for portions of the Lorraine deposit
in 20226 that includes indicated resources of 12.952 Mt grading
0.55% Cu and 0.16 g/t Au, and inferred resources of 45.252 Mt
grading 0.43% Cu and 0.10 g/t Au at 0.20% copper cut-off grade.7 As
described in previous disclosures, however, gold concentration is
likely understated and silver was not included in the estimation
because many historical drill holes were inconsistently analyzed
for the two metals. The MRE extends to surface and includes the
Lower Main, Upper Main, and Bishop Zones and intervening rock.
Copper sulphides manifest various combinations of chalcopyrite,
bornite and hypogene chalcocite, and the concentration of pyrite is
generally low. Gold and silver, where analyzed, are spatially
related to the copper mineralization, and elevated concentrations
of platinum and palladium have been reported in several published
papers.
Disclosure Statement
Technical aspects of this news release have been
reviewed, verified, and approved by Tyler Caswell, P.Geo., VP
Exploration of NorthWest, who is a qualified person as defined by
National Instrument 43-101 – Standards of Disclosure for Minerals
Projects.
About NorthWest Copper:
NorthWest Copper is a copper-gold explorer with
a strong portfolio of projects in British Columbia. With a robust
portfolio in a tier one jurisdiction, NorthWest Copper is well
positioned to participate in a strengthening global copper market.
We are committed to responsible mineral exploration which includes
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 NorthWest Copper
Corp. “Tyler Caswell”Vice President, Exploration
For further information, please
contact:
Tel: 604-683-7790Email:
info@northwestcopper.ca
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; plans
and intentions of the Company; proposed exploration and development
of NorthWest’s exploration property interests including potential
size of budget and type of exploration being conducted; the
Company’s ability to finance future operations; the potential size
of a mineralized zone or potential expansion of mineralization;
geological interpretations; the estimation of Mineral Resources;
future operations; mine plans, and magnitude or quality of mineral
deposits.
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.sedarplus.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 NI 43-101 technical report titled
“Lorraine Copper-Gold Project NI 43-101 Report & Mineral
Resource Estimate Omineca Mining Division, B.C”, dated September
12, 2022 with an effective date of June 30, 2022, filed under the
Company’s SEDAR+ profile at www.sedarplus.com.2 Mineral Resources
are not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
Mineral Resources estimated will be converted into Mineral Reserves
in future. There has been insufficient exploration to define the
inferred resources tabulated above as an indicated or measured
mineral resource, however, it is reasonably expected that the
majority of the Inferred Mineral Resources could be upgraded to
Indicated Mineral Resources with continued exploration. The
estimate of Mineral Resources may be materially affected by
geology, environment, permitting, legal, title, taxation,
sociopolitical, marketing or other relevant issues. Inferred
Mineral Resources have a great amount of uncertainty as to their
existence and as to whether they can be mined economically.3 See
annual report, Geochemical and Geophysical Report on the Top Cat
Property, April 21st, 2021, Assessment Report no. 39379. Available
at
www2.gov.bc.ca/gov/content/industry/mineral-exploration-mining/british-columbia-geological-survey/assessmentreports4
See news release dated January 19th, 2020 available at
www.northwestcopper.ca and www.sedarplus.com.5 Lang et al. (1995)
Triassic-Jurassic silica-undersaturated and silica-saturated
alkalic intrusions in the Cordillera of British Columbia:
Implications for arc magmatism. Geology, v. 23, p. 451-454.6 See
news release dated July 27, 2022 available at
www.northwestcopper.ca and www.sedarplus.com.7 See NI 43-101
technical report titled “Lorraine Copper-Gold Project NI 43-101
Report & Mineral Resource Estimate Omineca Mining Division,
B.C”, dated September 12, 2022 with an effective date of June 30,
2022, filed under the Company’s SEDAR+ profile at
www.sedarplus.com.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e30568d2-5ef5-4056-a5ec-2fe0f563e200
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