Northwest Copper Identifies New Large-Scale Porphyry Targets at East Niv
News Release
NORTHWEST COPPER IDENTIFIES NEW LARGE-SCALE PORPHYRY TARGETS AT
EAST NIV
Vancouver, BC – July 24th, 2023 – NorthWest Copper (“NorthWest” or “the Company”) (TSX -V:
NWST) (OTCQX: NWCCF) is pleased to announce that it has identified four highly prospective
porphyry exploration targets at its 100% owned East Niv Project. These targets are shown on
Figure 1 and include:
• Southwest Target: Large and newly recognized porphyry target centred seven kilometres
south of the East Niv discovery hole1 that is indicated by IP chargeability, soil , stream
sediment and rock geochemical samples, and alteration.
• Rockslide Target : Coincident magnetic and IP chargeability anomalies with anomalous
geochemical signature and strong propylitic alteration, located four kilometres south of
the 2021/2022 drilling.
• High-Grade Structural Target: Structurally controlled target below the area where the
discovery hole was drilled , supported by alteration , metal zoning and structural
orientations.
• Valley Target: Large covered target contiguous with and southwest of drill intersections
of copper -gold-silver mineralization in potassic alteration in the area of 2021 /2022
drilling, supported primarily by alteration, IP chargeability and metal zoning vectors.
"We are excited about the identification of these four high-potential porphyry targets – three of
which (High-Grade Structural, Valley, and Rockslide) are drill ready and the scale of the other
(Southwest target) is impressive” said Interim President and CEO David Moore. “Our successful
targeting work at East Niv follows announcements of compelling targets at our flag ship South
Omineca projects (Kwanika2 and Lorraine3) and highlights the wealth of high -priority porphyry
copper-gold exploration targets in NorthWest’s portfolio. As we look to focus our efforts on ou r
South Omineca projects we believe that East Niv is an excellent candidate for a strategic
partnership, and we are actively pursuing this path.”
Discussion
The East Niv property and the proposed target areas are shown in Figure 1. The Southwest Target
is a new target area that as currently known is approximately four kilometres by five kilometres
in extent and is centred seven kilometres south-southwest of the East Niv porphyry copper-gold
discovery hole area. The Southwest Target was identified by the Company’s exploration team
1 Please see NorthWest Copper news release dated November 8 th, 2021 available on our website www.northwestcopper.ca and SEDAR www.sedar.com .
2 Please see NorthWest Copper news release dated June 21 st, 2023 available on our website www.northwestcopper.ca and SEDAR www.sedar.com .
3 Please see NorthWest Copper news release dated July 6th, 2023 available on our website www.northwestcopper.ca and SEDAR www.sedar.com .
after a detailed review of information collected during the 2022 field season combined with
historical data including the highest copper stream sediment response from a very large regional
government survey and A ster hyperspectral imagery which identifies a large area of illite
alteration typical of a high level in a porphyry system.
The Rockslide Target is defined by coincident, northwest-trending IP chargeability and magnetic
anomalies, a colour anomaly, and anomalous geochemical results for copper, gold, silver,
antimony and tellurium in rock and soil samples. Aster imagery identifies strong propylitic
alteration over and extending well northwest of the magnetic and chargeability anomalies. The
northwest orientation of the anomalies mimics patterns recognized across the region and on the
East Niv property, including in the discovery hole area. Rockslide is a drill ready target.
The High-Grade Structural Target is based on widespread intersections of copper -gold-silver
mineralization in potassic alteration within a northwest -trending IP chargeability high that
reflects a potential high-level overprint by pyrite-rich chlorite-illite alteration. The Valley Target
is contiguous with and extends under valley cover southwest from the area of 2021/2022 drilling,
and is indicated by vectors of alteration, IP chargeability, and soil geochemical responses in this
direction. Both these targets are drill ready.
Figure 1. Plan View of the East Niv Target Areas. Contoured colours are IP chargeability -150m level plan draped on
topography with soil sample locations (black dots), rock sample locations and assay values (coloured squares).
Top Cat Option Agreement
In July 2019, the Company optioned certain mineral claims forming the Company’s Top Cat
property from the Pinchi Group which consists of Donald K Bragg; the estate of the late Dr. Peter
E. Fox, P. Eng.; Donald K. Mustard, P. Eng.; and Barry J. Price P. Geo.
Under the terms of the option agreement with the Pinchi Group, the Company may earn a 100%
interest in the mineral claims by making annual cash payments totalling in aggregate $340,000
over five years, issuing a total of 750,000 (post-Consolidation4) common shares in annual
tranches over five years and incurring a total of $1,250,000 in exploration expenditures over five
years.
As of the date of this news release, the Company has paid to the Pinchi Group $125,000 in cash,
issued 41,666 post-Consolidation common shares in lieu of a cash payment of $15,000, issued an
additional 250,000 post-Consolidation common shares and incurred approximately $1,150,000
of exploration expenditures.
The Company and the Pinchi Group have entered into an amendment to the option agreement
dated July 19, 2023 to amend certain terms related to the fourth tranche cash payment. As a
result of the amendment, the following cash payments, share issuances and exploration
expenditure commitments remain owing:
(a) Cash payments totalling $210,000 to be made as follows:
(i) $25,000 on or before August 1, 2023;
(ii) $60,000 on or before February 1, 2024; and
(iii) $125,000 on or before August 1, 2024.
(b) Subject to TSX Venture Exchange approval, common share issuances totalling 500,000
post-Consolidation common shares to made as follows:
(i) 150,000 common shares on or before August 1, 2023; and
(ii) 350,000 common shares on or before August 1, 2024.
(c) Exploration expenditure commitments totalling approximately $100,000 on or before
August 1, 2024.
The Pinchi Group will retain a 3% net smelter royalty (NSR) on the Top Cat property. 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.
4 Pursuant to a news release dated March 5, 2021, the Company announced that it had consolidated its issued and outstanding com mon shares on a two-for-one
basis (the “Consolidation”).
Technical aspects of this news release have been reviewed, verified, and approved by Tyler
Caswell, P.Geo., Vice President 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 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 fu lly 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 the Board of Directors of NorthWest Copper Corp.
“David Moore”
Interim President and CEO
For further information, please contact:
Peter Lekich, Director Investor Relations
Tel: 604-697-4962
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, 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 (includ ing
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: the Company’s go als for
2023; geological interpretations; 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; future growth
potential of NorthWest; and future development plans.
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 relat ed
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 uncerta inty
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; campaigns by investors to effect changes in management ; 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.sedar.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.