VANCOUVER, British Columbia, July 04, 2024 (GLOBE NEWSWIRE) -- 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: 604-683-7790
Email: 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.
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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/assessmentreports
4 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
