First Ever Drill Assays from the Road IP Target Return 104.7 metres at 0.13% Copper
VANCOUVER, British Columbia, Oct. 10, 2024 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) is pleased to announce the discovery of a new mineralized zone at the Lorraine-Top Cat project (the “Project”). The first ever drill assays from the Project’s Road IP Target returned 104.7 metres of 0.13% copper (“Cu”). This area has never been drilled before and the closest historical drill hole is 6.3 kilometres away. Highlights from the Project’s 2024 drill program include:
IP-24-002: 104.7 metres1 of 0.13%Cu from 58.3 metres downhole;
including 7.4 metres of 1.10% Cu from 147.6 metres downhole.
IP-24-001: 60.0 metres of 0.06%Cu from 127.0 metres downhole.
NV-24-001: 24.0 metres of 0.08% Cu from 241.0 metres downhole.
“We are very encouraged by the results from holes drilled at the Road IP and Nova Targets this summer,” said Tyler Caswell, NorthWest Copper’s VP Exploration. “We drilled two new target areas and hit base metal mineralization in all of the holes.”
“The results from this drilling support our thesis that we can find more mineralized centres outside of the existing Lorraine resource,” commented Mr. Caswell. “There is still a lot of discovery potential at Lorraine-Top Cat. The geology we are seeing at the Road IP target area is similar in style to a calc-alkalic porphyry copper system, analogous to the Central Zone at our Kwanika-Stardust project, and which is potentially a large tonnage, high-grade target type.”
Exercise of Top Cat Option As of the date of this news release, the Company has now made all required cash payments, issued all required common share payments, and incurred the required exploration expenditures under an option agreement entered in July 2019. The Company has now acquired 100% ownership of the Top Cat claims, subject to a 3% net smelter royalty (NSR). The Company may purchase 2% of the NSR for $2,000,000 at any time prior to the first anniversary of commercial production on the Top Cat property.
2024 Lorraine-Top Cat Program Approximately 800 metres of drilling was completed in July 2024 at the regional Nova and Road IP Targets2. The objective of the program was to expand known mineralization to areas outside of the current Lorraine mineral resource estimate (“MRE”) (indicated resources of 12.952 million tonnes (“Mt”) grading 0.55% 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 grade)3,4. Three holes were drilled, one at the Nova Target (356 metres) and two at the Road IP Target (456 metres total). The program was successful in its objective as it discovered mineralization in two previously un-drilled target areas. Follow-up drilling is recommended at these targets to delineate size potential and the potential high-grade core of the system.
NorthWest Copper
Figure 1. Location of the Nova and Road IP Targets relative to NorthWest’s mineral tenure at Lorraine-Top Cat.
Road IP Target The Road IP Target is defined by an IP chargeability anomaly that is coincident with a magnetic low (630 x 425 metres) with a subtle magnetic high in the middle (Figure 2). Additionally, historical surface geochemical samples show a geochemical anomaly coincident with these geophysical anomalies. Outcrop has not been identified in the area and the target area remains covered by a veneer of glacial sediments. The closest historical drill hole at Lorraine-Top Cat is 6.3 km away from this target area. Two diamond drill holes were completed from a single drill pad at the Road IP Target and both encountered mineralization. The first hole IP-24-001 was drilled to a depth of 187 metres and stopped in mineralization due to challenging ground conditions, whereas the second was drilled to a depth of 269 metres.
Drill hole IP-24-001 (Road IP Target) IP-24-001 was the first of two diamond drill holes drilled at the Road IP Target (Figure 2 & Figure 3). Drilling was terminated prior to planned target depth due to difficult ground conditions. Drilling results show a broad zone of anomalous copper-silver mineralization with 60.0 metres of 0.06% Cu and 0.2 g/t Ag from 127.0 metres to the end of hole. Mineralization remains open downhole. Chalcopyrite occurs on fracture coatings and within quartz-sulphide veinlets hosted by a quartz monzodiorite to quartz monzonite intrusion. The mineralized interval starts within a fault zone that marks a significant change to a more intense potassium feldspar alteration that hosts chalcopyrite-pyrite and trace molybdenite mineralization.
NorthWest Copper
Figure 2. Plan view of the Road IP magnetics anomaly with lithology and copper grade plotted downhole.
NorthWest Copper
Figure 3. Cross-section of Road IP Drill hole IP-24-001 with lithology and copper grade plotted downhole.
Drill hole IP-24-002 (Road IP Target) Hole IP-24-002 was the second of two diamond drill holes at the Road IP Target. Assay results show a broad zone of anomalous copper-silver mineralization with 104.7 metres of 0.13% Cu, 0.01 g/t Au and 0.5 g/t Ag from 58.3 metres, which includes 7.4 metres of 1.10% Cu, 0.04 g/t Au and 5.6 g/t Ag from 147.6 metres downhole. Mineralization occurs as chalcopyrite and pyrite hosted in quartz-sulphide veinlets and as fine disseminations and fracture coatings in quartz monzodiorite to quartz monzonite intrusion. Higher grade mineralization is coincident with zones of increased quartz-sulphide vein density and an increase in potassium feldspar alteration intensity.
NorthWest Copper
Figure 4. Cross-section of Road IP Drill hole IP-24-002 with lithology and copper % plotted downhole
Drill hole NV-24-001 (Nova Target) NV-24-001 was drilled at the Nova target and was designed to test a highly chargeable Induced Polarization (IP) anomaly that is coincident with a very strong magnetic high (Figure 5). Historical surface geochemical samples also showed polymetallic mineralization coincident with the anomaly. The closest historical drill hole on the Lorraine-Top Cat project is 11 km away from this drill collar. Assay results show discrete zones of anomalous precious and base metal mineralization, including 12.0 metres of 0.07% Cu, 0.2 g/t Ag, and 0.04 g/t Pd from 208.0 metres, and 24.0 metres of 0.08% Cu, 0.4 g/t Ag, and 0.02 g/t Pd from 241.0 metres downhole (Figure 6). Mineralization in both zones occurs as finely disseminated chalcopyrite and pyrite in fine-grained pyroxenite with abundant chlorite and magnetite, and patchy biotite and epidote alteration. In the lower interval, chalcopyrite also occurs within a 1.5-metre interval of sheared quartz-carbonate-sulphide veins at the end of the intersection, which could demonstrate a structurally controlled zone of mineralization.
There are two additional zones with anomalous palladium-silver mineralization with 7.15 metres of 0.15 g/t Pd and 0.5 g/t Ag from 54.0 metres, and 16.0 metres of 0.11 g/t Pd and 0.4 g/t Ag from 172.0 metres (Figure 6). There is also a weak correlation in these zones with copper, with each intersection returning 0.03% Cu & 0.04% Cu, respectively. Mineralization in both intersections is also hosted in fine-grained pyroxenite with abundant chlorite and magnetite, with patchy biotite and epidote alteration.
NorthWest Copper
Figure 5. Plan view of Nova target area with magnetics.
NorthWest Copper
Figure 6. Cross-section showing lithology and copper assays for drillhole NV-24-001
Table 1: Drill Results from this News Release
Hole
From (m)
To (m)
Interval (m)5
Cu (%)
Au (g/t)
Ag (g/t)
Pd (g/t)
NV-24-001
54.0
61.15
7.15
0.03
0.01
0.5
0.15
NV-24-001
172.0
188.0
16.0
0.04
0.01
0.4
0.11
NV-24-001
208.0
220.0
12.0
0.07
0.01
0.2
0.04
NV-24-001
241.0
265.0
24.0
0.08
-
0.4
0.02
IP-24-001
127.0
187.0
60.0
0.06
0.01
0.2
-
IP-24-002
58.3
163.0
104.7
0.13
0.01
0.5
-
incl.
147.6
155.0
7.4
1.10
0.04
5.6
-
The Lorraine-Top Cat Project The Lorraine-Top Cat Project covers 65,000 hectares and is located in north-central British Columbia, 280 km northwest of Prince George, BC and approximately 45 km north of NorthWest’s Kwanika-Stardust Project. The Project comprises the contiguous Lorraine and Top Cat properties.
Rock types across the Project are dominated by intrusions of the Hogem Batholith that were emplaced into mafic volcanic and sedimentary rocks of the Late Triassic Takla Group. Intrusions include mafic to felsic phases of the calc-alkalic Thane Creek suite and, possibly, the younger Osilinka suite of the Hogem Batholith, which was subsequently intruded by Early Jurassic, alkalic ultramafic to felsic rocks of the Duckling Creek Syenite Complex (“DCSC”). At least 30 exploration targets for copper-gold-silver±PGE mineralization are distributed across the Project. Most prospects are hosted by the DCSC, with additional prospects, such as the Steelhead and Road IP targets, hosted by the older phases of the Hogem. A smaller number of copper-gold targets are associated with Late Triassic intermediate calc-alkalic intrusions on the east side of the property, including the Dorothy-Rhonda and Cat Mountain targets. Currently, the most important feature of the Project is the Lorraine deposit. This significant deposit is located near the centre of the Project tenure and is a silica-undersaturated alkalic copper-gold-silver-PGE porphyry deposit, which is the same classification as the Galore Creek and Mount Polley deposits. Mineralization at the Lorraine deposit is hosted mostly by Early Jurassic syenite and pyroxenite intrusions of the DCSC.
A compliant mineral resource estimate (MRE) was completed in 2022 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. As described in previous disclosures, however, gold concentration is likely under-reported 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, more sparsely drilled rock. Copper sulphides manifest various combinations of chalcopyrite, bornite and hypogene chalcocite, and the concentration of pyrite is generally low. Gold, silver, copper, and palladium in the deposit are all closely related, as illustrated by flotation results on five scoping metallurgical composites from the Lower Main and Bishop Zones, which returned cleaner flotation recoveries of up to 94% for copper, 71% for gold, 92% for silver and 76% for palladium to a high-grade concentrate that contains 31-54% copper and has low concentrations of potentially deleterious trace metals6.
Quality Assurance / Quality Control (QA/QC) Drilling completed at Lorraine-Top Cat in 2024 was supervised by on-site NorthWest personnel. Samples were collected, tracked and a full QA/QC program was implemented using blanks, standards and field duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Activation Laboratories Ltd. (“Actlabs”) in Kamloops BC. Actlabs quality control system complies with global certifications for quality ISO 17025. Drill core samples were analyzed using a combination of Actlabs 1F2 process for low level concentrations (4-Acid Digestion, ICP-OES) and the 8-4 Acid ICP-OES process for higher level concentrations (4-Acid Digestion, ICP-OES with automatic overlimits for base metals and silver). Gold, platinum and palladium assaying was completed with 1C-OES, a 30-gram fire assay with ICP finish.
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 pipeline of advanced and early-stage projects in British Columbia, including Kwanika-Stardust, Lorraine and East Niv. 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 NorthWest Copper Corp. “Tyler Caswell” Vice President, Exploration
For further information, please contact: 604-683-7790 [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, 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 True widths of the reported mineralized intervals have not been determined 2 See news releases dated July 4, 2024 and August 1, 2024 available at www.northwestcopper.ca and www.sedarplus.com. 3 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. 4 Indicated and inferred mineral resources are not mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues. 5 True widths of the reported mineralized intervals have not been determined 6 See news release dated June 24, 2024 available at www.northwestcopper.ca and www.sedarplus.com.
