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Northwest Copper Corp
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Northwest Copper drills 46.9m of 0.74% CuEq at Lorraine

2023-03-23 08:15 ET - News Release

Mr. Peter Bell reports

NORTHWEST COPPER REPORTS STRONG COPPER, GOLD AND SILVER DRILL RESULTS FROM THE LORRAINE PROJECT, EXPANDING MINERALIZATION

Northwest Copper Corp. has released positive results from the 2022 Lorraine drilling program, the first drilling conducted by Northwest on the property. Drilling has encountered multiple intersections of copper, gold and silver outside of the resource shell. Highlights from assays include:

  • LOR-22-130 -- 45.85 metres at 0.61 per cent copper equivalent from 109 metres:
    • Including 23 metres at 0.98 per cent CuEq from 109 metres.
  • LOR-22-131 -- 46.9 metres at 0.74 per cent CuEq from 15 metres:
    • Including 17 metres at 1.41 per cent CuEq from 30 metres.
  • LOR-22-136 -- 102.8 metres at 0.31 per cent CuEq from 91 metres.

Lorraine is located approximately 40 kilometres north of Northwest's flagship Kwanika-Stardust project. The proximity to Kwanika-Stardust, the high-grade, near-surface resource and the significant exploration potential make it Northwest's exploration priority for 2023. Drilling results indicate that mineralization extends beyond the limits of the mineral resource estimate, and that the Lorraine system is big, complex and open in multiple directions. The 2022 exploration results demonstrate the potential for resource growth at Lorraine, and continued work at the project will be the primary focus of Northwest's 2023 exploration program.

"Our goal for the 2022 drilling at Lorraine was to test concepts that could extend the resource beyond what was outlined in the mineral resource estimate, and we successfully hit mineralization peripheral to and below what was previously known," said president and chief executive officer Peter Bell. "We are just getting started at Lorraine, which we believe has very strong growth potential, not only around the resource but across the 65,817-hectare property. Drilling to date has been quite shallow, and we are starting to identify deeper roots to the system."

Introduction

The Lorraine project is a precious-metal-enriched alkalic porphyry copper system located in north-central British Columbia, 280 kilometres northwest of Prince George and approximately 40 km north of Northwest's Kwanika-Stardust project. The Lorraine property covers 65,817 hectares (658.17 square kilometres), an area larger than the city of Toronto. The project is accessible by logging roads from Prince George and is 50 km by road from the existing 230-kilovolt electrical transmission line that runs to the Kemess mine site.

The Lorraine project encompasses the majority of the highly prospective Duckling Creek syenite complex. This package of rocks is elongated northwest to southeast and is 30 km long by 20 km wide. It has similarities to other British Columbian alkalic systems, including Mount Polley, Mount Milligan, Galore Creek and Copper Mountain, and deposits in the Iron Mask batholith (Afton, Pothook, Crescent and Ajax). British Columbian alkalic porphyry systems are typically enriched in gold, silver and platinum group elements, have high copper grades, and commonly contain several distinct porphyry centres.

The 2022 updated mineral resource estimate at Lorraine covers the Lower Main, Upper Main and Bishop zones. These zones occupy a two km by 0.6 km corridor centred on Lorraine Peak. The mineral resource estimate contains 12.952 million tonnes of indicated resources at an average grade of 0.55 per cent Cu and 0.16 gram per tonne Au, and inferred resources of 45,452 million tonnes at 0.43 per cent copper and 0.1 g/t gold, using a cut-off grade of 0.2 per cent copper. The Duckling Creek syenite complex contains numerous showings that host mineralization like that seen in the Lorraine mineral resource estimate area. Currently, Northwest has 18 regional targets defined outside of the main Lorraine area. Some, like Slide and Boundary, have seen limited historical drilling, whilst others, like Nova and Goat, have not yet been drill tested.

Drill results discussion

This is Northwest's inaugural drill program at Lorraine. Before the 2022 drill program, Lorraine had not been drilled in 14 years. During this program, seven holes were drilled for a total of 2,867 m. Three were drilled in the Lower Main zone, two were drilled in the Upper Main zone, and two were drilled in the open area between the Lower and Upper Main zones. Holes were drilled to an average depth of 410 m down hole and were drilled at about a minus-45-degree dip, except for LOR-22-134, which was drilled at minus-80 degrees to test below LOR-22-133. The drill hole results herein are discussed in chronological order.

LOR-22-130 was designed to test the down-dip northwesterly extension of high-grade mineralization in the southwestern part of the Lower Main zone. It was also designed to test a deep high chargeability detected during an induced polarization geophysical survey in 2022. The hole intersected multiple significant intersections. From surface it cut 18.9 metres of 0.28 per cent CuEq, followed by 45.85 metres at 0.61 per cent CuEq from 109 metres down hole. This interval contained a higher-grade zone with 0.98 per cent CuEq over 23 metres, followed by 20.9 m at 0.34 per cent CuEq and 43.7 metres at 0.18 per cent CuEq from 214 m and 279.2 m, respectively. Mineralization is hosted in logged monzonite-to-dioritic rocks and consists most commonly of disseminated chalcopyrite/pyrite, although the most strongly mineralized interval contains disseminated bornite showing net texture locally.

LOR-22-131 was designed to test the western extension of high-grade, near-surface mineralization in the southwestern part of the Lower Main zone. Mineralization occurs as chalcopyrite, bornite and chalcocite, both in veins/dikes and disseminations, and is commonly associated with syenite/felspathic dikes. The best mineralization result of 1.41 per cent CuEq over 17 metres occurs near the top of the drill hole from 30 m to 47 m in a structural corridor containing a major mineralized fault and complex lithologies. This is within a wider interval of 46.9 metres at 0.7 per cent CuEq. Additional to this is a two-metre, high-grade gold zone with 6.19 g/t Au from 98 metres down hole. Mineralization occurs as fine-grained disseminations and in a stockwork of hairline-to-millimetre-scale veinlets. Bornite occurs locally in veins with magnetite as well as fine-grained disseminations adjacent to veins. Rare chalcopyrite occurs in hairline veinlets. Copper sulphides and magnetite are locally replaced by malachite/hematite/limonite in veinlets. Veinlets commonly have narrow potassium feldspar alteration envelopes.

LOR-22-132 was designed to test an open area between the Upper and Lower Main zones. The hole encountered 67 metres of 0.23 per cent CuEq and 15 metres of 0.21 per cent CuEq, but had to be abandoned due to technical issues. Mineralization is hosted within syenite-to-monzonite intrusions and occurs as disseminated and rarely vein-hosted chalcopyrite. Chalcopyrite is typically associated with pyrite. Fracture fill malachite occurs within the top 11 m of the hole and was visible at the drill pad on surface.

LOR-22-133 and LOR-22-134 were designed to test the downslope extension of the Upper Main zone to the southwest in the 500-metre open area between the Upper Main zone and historical holes LOR-04-82 and LOR-05-105, which both contained strong, near-surface copper mineralization.

LOR-22-133 did not intersect significant mineralization. Copper sulphides occur as finely disseminated chalcopyrite in fine-grained syenites and in pyroxenite with globular alkali feldspar, and more rarely in narrow calcite veinlets. The most strongly mineralized interval was 0.34 per cent CuEq chalcopyrite over 1.05 metres.

In contrast to LOR-22-133, the more steeply angled hole LOR-22-134 encountered stronger mineralization and returned 50.2 metres at 0.22 per cent CuEq from 173 metres down hole, including a three m interval with 1.29 per cent CuEq. Mineralization is hosted by syenites and pyroxenites, with the strongest results hosted in intercalated syenite and pyroxenite with diffuse contacts. Mineralization has disseminated chalcopyrite/pyrite, with rare intervals that contain trace bornite.

LOR-22-135 was designed to test the down-dip northwesterly extension of the northwestern part of the Lower Main zone outside of the current mineral resource estimate. Mineralization is primarily disseminated through sections consisting of fine-grained chalcopyrite, with variable zones of bornite- and chalcocite-banded mafic syenites and in poikilitic fine-grained pyroxenites. This hole hit multiple zones of mineralization, with the highest-grade zone being 0.8 per cent CuEq over 23.2 metres, followed by a shorter, 2.1-metre interval with 0.84 per cent CuEq from 233 m and 295 m depth down hole. This was followed by 10.65 metres at 0.33 per cent CuEq, 20.9 metres at 0.47 per cent CuEq and 9.55 metres at 0.18 per cent CuEq near the end of the hole. The top of the hole has two sections of 0.1 per cent CuEq and 0.13 per cent CuEq over 80.75 m and 17.1 m down-hole depth, reflecting the current understanding of the updated mineral resources estimate.

LOR-22-136 was designed to test in an area between the Upper and Lower Main zones and the northeastern extension of the Lower Main zone. It intersected mineralization that is outside of and higher grade than the current mineral resource estimate. This consisted of 102.8 metres with 0.31 per cent CuEq, followed by 14 metres of 0.26 per cent CuEq and 15.3 metres of 0.24 per cent CuEq from 91 m, 229.2 m and 329 m, respectively. Chalcopyrite dominates the copper mineralization, with local zones that include bornite and bornite-chalcocite. The sulphides are disseminated and hosted primarily by a fine-grained biotite syenite. Subordinate copper-sulphide mineralization occurs in rare veinlets.

Quality assurance/quality control

Drilling completed at Lorraine in 2022 was supervised by on-site Northwest personnel, who collected and tracked samples and implemented a full quality assurance/quality control program using blanks, standards and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to AGAT Laboratories in Calgary, Alta. AGAT's quality control system complies with global certifications for quality ISO 9001:2015. Core samples were analyzed using AGAT's 201-071 process for low-level concentrations (ICP-MS/four-acid digestion), and higher-level concentrations were finalized with method 201-097 (sodium peroxide fusion/ICP-OES). Gold assaying was completed with 202-055, a 30-gram fire assay with ICP finish.

Technical aspects of this news release have been reviewed, verified and approved by Tyler Caswell, PGeo, vice-president of exploration, who is a qualified person, as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Northwest Copper Corp.

Northwest Copper is a new copper-gold explorer and developer with an exciting pipeline of projects in British Columbia. With a robust portfolio in a Tier 1 jurisdiction, Northwest Copper is well positioned to participate fully in a strengthening global copper market. Northwest Copper is committed to responsible mineral exploration that involves working collaboratively with first nations to ensure future development incorporates stewardship best practices and traditional land use.

We seek Safe Harbor.

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