Northwest Copper Announces Additional Kwanika High-Grade Drill Results as Part of a Near-Surface Program IN the Northern Part of the Deposit. Results Include 24.95 Metres of 2.18% Copper Equivalent Within a Broader Interval of 87.70 Metres of 0.86% Copper
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News Release
NORTHWEST COPPER ANNOUNCES ADDITIONAL KWANIKA HIGH-GRADE DRILL
RESULTS AS PART OF A NEAR-SURFACE PROGRAM IN THE NORTHERN PART OF
THE DEPOSIT. RESULTS INCLUDE 24.95 METRES OF 2.18% COPPER EQUIVALENT
WITHIN A BROADER INTERVAL OF 87.70 METRES OF 0.86% COPPER
EQUIVALENT.
Vancouver, BC – September 27, 2022 – NorthWest Copper (“NorthWest ” or “the Company”)
(TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce receipt of the third set of assays from its
2022 drill program at Kwanika, the first of four projects drilled in the 2022 season and the only
one with results reported to date. This set of assays intersected mineralization to the north of
the footprint of the Kwanika Central Zone1 including high-grade mineralization in hole K-22-234.
Highlights from the recent set of assays include:
• K-22-234: 87.70 metres2 of 0.86% CuEq 3 from 208.80 metres, including:
o 23.95 meters of 2.18% CuEq from 244.80 metres.
• K-22-239: 222.00 metres of 0.31% CuEq from 45.00 metres.
• K-22-241: 305.75 metres of 0.29% CuEq from 33.00 metres.
“These Kwanika results, particularly K -22-234, once again display the high -grade that we have
been delivering at Kwanika since last season” stated President and CEO Peter Bell. “The northern
holes show that the Kwanika system continues in that direction, with long intervals of copper and
gold mineralization. We have completed a tremendous amount of drilling this year and are just
beginning to get our assay results to the market. Results are still to come from holes at Kwanika
(including testing of the high-grade zones and Kwanika South), Stardust, East Niv and Lorraine.”
Drill Results Discussion
The 2022 Kwanika drill program includes holes designed to expand the known resource, to add
new high-grade zones within and around the known resource, and to test f or new centres of
mineralization regionally. This is the third set of drill results reported at Kwanika this year, and
the first set of results from the drilling focused to the north of the Central Zone. Results from 15
of 30 holes drilled in 2022 have been reported so far.
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 True widths of the reported mineralized intervals have not been determined
3 Assumptions used in USD for the copper equivalent calculation (CuEq) were metal prices of $3.50/lb. Copper, $1,650/oz Gold, $21.50/oz Silver, and
recovery is assumed to be 91% for Copper, and 75% for Gold and Silver. The following equation was used to calculate copper equivalence: CuEq = Copper
(%) + (Gold (g/t) x 0.5666) + (Silver (g/t) x 0.007 4)
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Diamond drill holes K-22-234, 235, 236, 239, 241, 243, 244, and 245 were designed to target
structurally controlled higher-grade mineralization in the northern portion of the Central Zone
(Figure 1). These drill holes demonstrate continuity of grade within the current resource that is
approximately 450 metres in strike length and is open to the north of the proposed pit (Figure 1).
All seven holes hit mineralization that is relatively shallow with overburden cover ranging 23.20
– 45.00 metres downhole depth. Additionally, the holes will help further constrain our structural
and geological models and help focus future exploration programs.
K-22-234 has the highest-grade intercept of this release with 23.95 metres of 2.18% CuEq within
a broader intersection that is centered on a 13.35 metre massive anhydrite vein with chalcopyrite
and minor bornite (Figure 2). In the hanging wall of the vein was a short interval of monzodiorite
with disseminated chalcopyrite, pervasive moderate propylitic alteration and potassic alteration
focused along fracture and vein selvages. Above this zone is a 2.10 metre fault zone and a fine-
grained diorite with irregular veins of anhydrite, calcite and quartz sulphide veins with
chalcopyrite. The footwall to the massive anhydrite-chalcopyrite-bornite vein is an interval with
disseminated chalcopyrite in a diorite with pervasive moderate propylitic alteration and irregular
veins of anhydrite, calcite and quartz sulphide veins with chalcopyrite and trace bornite. K-22-
235 was drilled on the same section as K-22-234 and encountered 173.00 metres of 0.35% CuEq
with most of the mineralization hosted in diorite with pervasive moderate propylitic a lteration
and irregular veins of anhydrite, calcite and quartz sulphide veins with chalcopyrite. The massive
anhydrite-chalcopyrite-bornite veins was not encountered in this hole and represents a target
for future exploration drill holes.
Moving to the north drill holes K -22-236, K-22-241, K -22-243, and K-22-239 intersected near
surface broad mineralized zones with grades of 179.60 metres at 0.33% CuEq, 305.75 metres at
0.29% CuEq, 62.15 metres at 0.30% CuEq with a post mineral dyke separating another interval
of 118.50 metres at 0.31% CuEq, and 222.00 metres at 0.31% CuEq respectively (Figures 1, 3, 4,
& 5). These holes are spaced over approximately 150 metres from south to north and show the
continuity of grade in an area that is near surface with minimal overburden cover.
Drill holes K-22-244 and K-22-245 are on sections that are a further 155 metres and 220 metres
to the north (Figure 1, 6 & 7) respectively. These holes intersect ed similar grade to the above
holes with 86.60 metres at 0.31% CuEq, 24.00 metres at 0.30% CuEq with another 65.60 metres
at 0.28% CuEq. However, mineralization in these holes was terminated in places by intersections
of post to syn-mineral dykes with no or little grade. This demonstrates that the system continues
and is open to the north of the currently proposed pit in areas if the post and syn-mineral dykes
are not present.
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Table 1: Drill Results From This News Release
Hole From (m) To (m) Interval
(m)4
Copper
(%) Gold (g/t) Silver (g/t) Copper
Equivalent (%)5
K-22-234 58.90 145.90 87.00 0.27 0.21 1.10 0.40
also incl. 208.80 296.50 87.70 0.47 0.68 1.50 0.86
incl. 244.80 268.75 23.95 1.06 1.93 3.70 2.18
K-22-235 41.00 214.00 173.00 0.22 0.21 0.80 0.35
K-22-236 49.90 229.50 179.60 0.21 0.20 0.60 0.33
Incl. 107.40 178.45 71.05 0.28 0.29 0.80 0.45
K-22-237 Pending
K-22-238 Pending
K-22-239 45.00 267.00 222.00 0.20 0.20 0.60 0.31
K-22-240 No Significant Result
K-22-241 33.00 338.75 305.75 0.18 0.17 0.90 0.29
K-22-242 Pending
K-22-243 81.35 143.50 62.15 0.22 0.13 0.80 0.30
also incl. 210.50 329.00 118.50 0.17 0.24 0.60 0.31
K-22-244 59.00 128.80 69.80 0.10 0.13 0.60 0.17
also incl. 197.40 284.00 86.60 0.22 0.15 0.60 0.31
K-22-245 44.00 68.00 24.00 0.23 0.11 0.80 0.30
also incl. 221.40 287.00 65.60 0.18 0.17 0.50 0.28
Quality Assurance / Quality Control
Drilling completed at Kwanika in 202 2 was supervised by on -site NorthWest personnel who
collected and tracked samples and implemented a full QA/QC program using blanks, standards
and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and
shipped to Bureau Veritas (BV) in Vancouver BC and to AGAT Laboratories (AGAT) in Calgary AB.
BV’s quality control system complies with global certifications for Quality ISO9001:2008. Core
samples were analyzed using a combination of BV’s MA200 process for low level concentrations
(ICP-MS/4 Acid digestion) and the MA370 process for higher level concentrations (ICP -ES/4 acid
digestion). Gold assaying was completed with FA430, a 30 -gram fire assay with AAS finish. Base
metal overlimits were finalized with titration where required, with gold overlimits completed
with a gravimetric finish. AGAT’s quality control system complies with global certifications for
Quality ISO 9001:2015. Core samples were analyzed using a combinati on of AGAT’s 201 -071
process for low level concentrations (ICP-MS/4 Acid digestion) and the 201-079 process for higher
level concentrations (Sodium Peroxide Fusion/ICP-OES). Gold assaying was completed with 202-
4 True widths of the reported mineralized intervals are not yet known
5 Assumptions used in USD for the copper equivalent calculation (CuEq) were metal prices of $3.50/lb. Copper, $1,650/oz Gold, $21.50/oz Silver, and
recovery is assumed to be 91% for Copper, and 75% for Gold and Silver. The following equation was used to calculate copper equivalence: CuEq = Copper
(%) + (Gold (g/t) x 0.5666) + (Silver (g/t) x 0.0074)
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055, a 30 -gram fire assay with ICP finish . Base metal overlimits were finalized with Fusion/ICP-
OES method.
Technical aspects of this news release have been reviewed, verified, and approved by Tyler
Caswell P.Geo., Principal Geologist of NorthWest, who is a qualified person as defined by National
Instrument 43-101 – Standards of Disclosure for Minerals Projects.
Property Transaction
In September 2022 the Company entered into a property option agreement (the “Option Agreement”)
with John Bot (the “Optionor”) on ten mineral claims near its Arjay property in central British Columbia
(the “Asitka Property”), whereby the Optionor has granted the Company the right to acquire a 100%
interest in the Asitka Property, subject to a 1.5% net smelter return to be retained by the Optionor (the
“NSR Royalty”). The NSR Royalty can be repurchased for $2 million.
Pursuant to the terms of the Option Agreement, the Company has the right t o earn a 100% ownership
interest in the Asitka Property, by issuing the following common shares (“Consideration Shares”) and
making the following payments (C$):
• $10,000 and Consideration Shares with a value of $12,500 on the closing date;
• $15,000 and Consideration Shares with a value of $12,500 on or before July 31, 2023;
• $30,000 and Consideration Shares with a value of $25,000 on or before July 31, 2024;
• $75,000 and Consideration Shares with a value of $50,000 on or before July 31, 2025; and
• $100,000 and Consideration Shares with a value of $100,000 on or before July 31, 2026.
The Company is under no obligation to issue any of the Consideration Shares or make any cash payments.
The Company can decide to not to proceed with the Option at any time. The Option Agreement remains
subject to approval by the TSX Venture Exchange. The value of the Consideration Shares shall be
calculated using the 20-day VWAP of the Company’s common shares as at and including the last trading
day five days prior to t he issuance of the applicable payment of the Consideration Shares. All
Consideration Shares issued will be subject to a hold period expiring four months and one day from the
date of issue.
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Figure 1: Drillhole Locations
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Figure 2: K-22-234 & K-22-235 Cross Section
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Figure 3: K-22-236 & K-22-237 Cross Section
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Figure 4: K-22-238 & K-22-241 Cross Section