NorthWest Copper Corp (CVE:NWST) announced it is planning an extensive C$8.5 million exploration program for the 2021 field season at its flagship Kwanika-Stardust Project in central British Columbia.
The company said field work at the Stardust and Kwanika projects has begun, and drilling is scheduled to start at Kwanika in early June, consisting of two diamond drill rigs.
Other activities planned for the Stardust and Kwanika projects during the 2021 field season include regional mapping, sampling and geophysical surveys.
READ: NorthWest Copper hails new resource for Stardust deposit, which establishes it as BC's "newest, high-grade copper gold deposit"
The drill program will focus on upgrading the Kwanika resource through targeting of areas within the underground resource that have not been sufficiently drill tested to date.
Nearby deposit areas, which hold potential for resource expansion, will also be tested along with regional targets that have the opportunity of improving overall project economics.
In addition, Northwest plans to conduct an initial drill testing program on the East Niv property, along with mapping and sampling programs at the Lorraine, Top Cat, Arjay, Croy-Bloom and Tchentlo projects.
NorthWest Copper also noted that it is well funded for future growth, having completed an additional bought-deal private placement for gross proceeds of C$13 million on March 31, 2021. The offering involved the company issuing 3.8 million of its common shares, at a price of $0.80 per share, plus 5 million flow-through (FT) common shares, at a price of $1.00 per FT share, and 4.6 million charity flow-through common shares, at a price of $1.10 per Charity FT share.
As well, following its acquisition of Sun Metals Corp that was completed on March 5, 2021, gross proceeds of C$10.4 million from the bought deal private placement financing completed by Sun Metals in December 2020, less the underwriters' cash commission of 6% and underwriters’ expenses, were released from escrow.
NorthWest is a new diversified copper-gold explorer and developer with a pipeline of projects in British Columbia. With a robust portfolio in a tier-one jurisdiction, it believes it is well-positioned to participate fully in a strengthening global copper market.
Contact Sean at sean@proactiveinvestors.com