NorthWest Copper Identifies Lorraine Boundary Target

Rhea-AI Summary

NorthWest Copper has identified a prospective drill target area near the Lorraine deposit. The Boundary Target has high potential for near-surface mineralization and offers opportunities to add to the project's resource base.

Positive

• NorthWest Copper has identified a prospective drill target area near the Lorraine deposit with the potential to add near-surface mineralization. The target area has a historical non-compliant resource of 7.2 Mt grading 0.55% Cu and 3.7 g/t Ag. The new interpretations of geology and structure, combined with historical geochemical and drilling results, will help in locating new drill holes and expanding the resource base.

Negative

• None.

VANCOUVER, British Columbia, July 06, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce that it has identified a prospective drill target area approximately 6.5 kilometres northwest of the Lorraine deposit¹. The Boundary Target is shown in Figures 1 & 2 and was identified by the NorthWest exploration team after a detailed review of newly compiled historical data. The target was identified primarily by new interpretations of:

• Magnetic and induced polarization geophysical surveys;
• Post-mineralization structures and their displacements;
• Surface rock geochemical results with values up to 11 % Cu, 60 g/t Au and 262 g/t Ag;
• Similar host geology and hydrothermal alteration to the Lower Main Zone at Lorraine; and
• A historical (1974), non-compliant resource of 7.2 Mt grading 0.55 % Cu and 3.7 g/t Ag² in the northern portion of the target area.
  

“The Boundary Target is another example³ of a high-priority exploration target in NorthWest's portfolio that we would plan to test in the next drill program at Lorraine,” said Interim President and CEO David Moore. “Boundary has the potential to add near-surface mineralization only 6.5 km from the current Lorraine resource. The target has only been tested in a restricted area by a small number of relatively shallow historical drill holes. Our new interpretations of geology and structure in combination with historical geochemical and drilling results will be of great help in locating and orienting new drill holes in this exciting target. The Lorraine project offers many excellent target opportunities with potential to add to the project’s resource base.”

Figure 1. Plan View of the Boundary Target Area

Figure 2. Cross Section A-A’ Showing Chargeability Model and Historic Drilling

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 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 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: plekich@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: the Company’s goals 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 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; 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.

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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.sedar.com.
² Report on Preliminary Feasibility and Financial Analysis of the Boundary Deposit, Tam Property, C.V Dyson, November 1974, internal report Union Miniere Explorations and Mining Corporation Limited (“UMEX”).   The use of the term “reserves” in the UMEX estimation of mineralized material is a reproduction of the original terminology and does not reflect the current definition of the term “reserve” or imply that there are current reserves defined within the area. No information regarding the methods or parameters used to calculate the historical mineral resource estimate is available. The cut-off grade is not reported. The methods of estimation nor any statistical data are provided. The historical mineral resource was calculated prior to the implementation of the standards set forth in NI 43-101 and current CIM standards for mineral resource estimation.   
³ Please see NorthWest Copper news release dated June 21, 2023, available on our website www.northwestcopper.ca and SEDAR at www.sedar.com.

Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ee57fab5-a353-4268-ad6b-b3421bcec6a7

https://www.globenewswire.com/NewsRoom/AttachmentNg/b43601d3-f8c5-447f-816d-e7f4719a8218

FAQ

What is the Boundary Target?

The Boundary Target is a prospective drill target area identified by NorthWest Copper near the Lorraine deposit.

What is the potential of the Boundary Target?

The Boundary Target has the potential to add near-surface mineralization to the Lorraine project and expand its resource base.

Who approved the technical aspects of the news release?

The technical aspects of the 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.