NorthWest Copper Corp (TSX-V:NWST) reported additional high-grade drill results as part of a near-surface program at the northern part of the Kwanika deposit located in the prolific Quesnel Terrane, in British Columbia.
The Vancouver-based copper-gold explorer noted that this is the third set of drill results reported at Kwanika this year. Results from 15 of 30 holes drilled in 2022 have been reported so far.
The company revealed that the set of assays intersected mineralization to the north of the footprint of the Kwanika Central Zone, including high-grade mineralization in hole K-22-234.
READ: NorthWest Copper starts drilling at Lorraine project in north-central British Columbia
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. These drill holes demonstrate continuity of grade within the current resource that is approximately 450 meters (m) in strike length and is open to the north of the proposed pit, said the company.
All seven holes hit mineralization that is relatively shallow with overburden cover ranging 23.20m-to-45m downhole depth. Additionally, the holes will help further constrain NorthWest Copper’s structural and geological models and help focus future exploration programs, said the company.
The company highlighted the recent set of assays which included:
- K-22-234: It was the highest-grade intercept with 87.70m of 0.86% copper equivalent (CuEq) from 208.80m, including 23.95m of 2.18% CuEq from 244.80m
- K-22-235: It was drilled on the same section as K-22-234 and encountered 173m of 0.35% CuEq with most of the mineralization hosted in diorite
- K-22-239: Encountered 222m of 0.31% CuEq from 45m;
- K-22-241: Intersected 305.75m of 0.29% CuEq from 33m.
“These Kwanika results, particularly K-22-234, once again display the high-grade that we have been delivering at Kwanika since last season,” NorthWest Copper CEO Peter Bell said in a statement.
“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.”
Bell noted that more results are still to come from holes at Kwanika, including testing of the high-grade zones and Kwanika South, Stardust, East Niv and Lorraine.
Investors can find the comprehensive results in a table form here.
Property transaction
In September this year, NorthWest Copper struck a property option agreement with John Bot, the optionor on 10 mineral claims near its Arjay property in central British Columbia, where 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 (NSR) to be retained by the optionor. The NSR royalty can be repurchased for $2 million.
Following the terms of the option agreement, the firm has the right to earn a 100% ownership interest in the Asitka Property, by issuing the following common shares and making the following payments:
- $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 can decide to not to proceed with the option at any time which remains subject to approval by the TSX Venture Exchange.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive