Subject: ANALYSTS' COMMENTS
NorthWest Copper Announces Start Of 2022 Drill Program; Initial Drilling at Kwanika Gets Off to an Early Start
VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) -- NorthWest Copper ("NorthWest" or "the Company") (TSX-V: NWST)(OTCQX: NWCCF) is pleased to announce that drilling has started at our Kwanika project in north-central British Columbia. NorthWest has an extensive drill program planned for 2022 with over 30,000 metres in total over its entire portfolio, with a minimum of 8,600 metres at Kwanika. We are taking advantage of the infrastructure at Kwanika to begin 2022 drilling almost three months earlier than in 2021. Our first holes target potential expansion on the south side of the deposit1 at Kwanika Central.
"This is only the second field season for NorthWest as a company and we look forward to building on the success of the 2021 program," stated President and CEO Peter Bell. "The early start gives us a jump on our exciting 2022 exploration effort and will provide news flow through the remainder of the year. I look forward to what our team can deliver from our target-rich portfolio of projects. We begin this season with more targets and greater financial strength than 2021 and look forward to more success."
"Kwanika delivered multiple positive surprises throughout 2021 including the high-grade breccia zone in K-21-217, higher than expected grades at the South Zone and opportunity to expand the Kwanika Central Zone to the north," continued Mr. Bell. "We are also continuing to work with the Takla Lake First Nation, with community members working at site and supporting water baseline studies."
NorthWest's drill program at Kwanika in 2022 has three goals; add additional high grade within Kwanika Central and Kwanika South, increase the size of both those deposits1, and search for new satellite deposits. Plans to achieve these goals are described in the following sections, by deposit. This drill program is being done in parallel to the work on the Kwanika/Stardust preliminary economic assessment (PEA). Current exploration will not inform this version of the PEA, however NorthWest will continue to explore for opportunities to grow and enhance the overall project. Regional drilling locations are shown in Figure 1 and in more detail in Figure 2.
Kwanika Central
Kwanika Central anchors our Kwanika/Stardust project, with near-surface high-grade and scale. As 2021 revealed, it still has abundant potential for increases in grade and size. The grade surprise in 2021 was spectacular with hole K-21-217 encountering 236 metres of 2.93% CuEq, including 9.4 metres of 33.9% CuEq2, the highest-grade hole ever completed on the property. This massive copper-gold mineralization occurs in an enriched breccia which appears to cross-cut earlier porphyry copper-gold mineralization. We believe there is potential for more of this enriched breccia and will test for it in 2022.
Successful step out drilling north of Kwanika Central highlighted an undrilled gap with potential to expand the deposit footprint. We will test this area between the edge of the existing resource1 and the long intercept of anomalous mineralization encountered in recently released hole K-21-2213. That hole encountered encouraging potassic alteration, quartz veining and chalcopyrite with minor bornite. On the south side of the current resource boundary we will test for incremental elevated grade tonnage with our first few holes of 2022. This program is designed to extend near-surface mineralization through shallow holes. These targets are shown on the long section through Kwanika Central, Figure 3.
South Zone
The South Zone is less well explored but attractive targets were identified in 2021. Located about 1 km south of Kwanika Central, it has potential for upside, and any new discoveries or extensions are additive to the proposed Kwanika/Stardust project. Known mineralization is shallow, and has scope to grow as it is relatively poorly tested. Compared to Kwanika Central, South Zone has far fewer drillholes, drilling is relatively shallow and mineralization is unconstrained in multiple directions. The geophysical and geochemical coverage to date is also wider spaced, leaving room for growth.
Prior to 2021, the South Zone was regarded as low grade, however later last year hole K-21-223 encountered 34 metres of 1.3% CuEq3, highlighting the existence of higher grades at South Zone. Surrounding historical holes, including K-09-140, suggest a southward plunge to mineralization and the opportunity for additional high-grade mineralization (see Figure 4). South Zone will be an important target for NorthWest in 2022.
New Satellite Deposits
Kwanika Central and South Zone are near the northern end of a north-northwest oriented mineralized trend. NorthWest's mineral claims cover over 30km of that trend. Current targets include the South Creek Zone and the Rottacker Zone, which have encouraging geophysical and geochemical signatures. Locations are shown on the accompanying Figure 1.
NorthWest starts this drill program with one rig, increasing to three rigs at the peak of activity. We will be using Matrix Drilling, based in Kamloops BC, the same contractor as we used in 2021. We expect to complete the first phase of Kwanika drilling by late May with follow up likely later in the 2022 season. Getting an early start on drilling will allow us to complete our programs and to have a longer exploration news flow cycle.
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 working collaboratively with First Nations to advance our work in a culturally and environmentally respectful manner. 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.
"Peter Bell"
Director, President and CEO
For further information, please contact:
Adrian O'Brien, Director Marketing & Communications
Tel: 604-809-6890
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
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements 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 Copper 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 Copper 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 Copper's periodic filings with Canadian securities regulators. Forward-looking information is 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 Copper's expectations include risks associated with the business of NorthWest Copper; risks related to reliance on technical information provided by NorthWest Copper; 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 Copper'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 statements are made. NorthWest Copper 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 "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
2 See News Release dated October 27,2021 available at www.northwestcopper.ca and the Company's profile at www.sedar.com
3 See News Release dated March 10, 2022 available at www.northwestcopper.ca and the Company's profile at www.sedar.com
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/30dfb3ea-0880-4433-b392-38e1908ad249
https://www.globenewswire.com/NewsRoom/AttachmentNg/25b94c34-8cb2-4fef-b731-000004be4557
https://www.globenewswire.com/NewsRoom/AttachmentNg/9e584028-1be1-4c2d-8791-37c998e3fa5f
https://www.globenewswire.com/NewsRoom/AttachmentNg/665e15b5-acc0-4ff9-926c-8317728842c7
These press releases may also interest you
|
News published on and distributed by:
