Northwest Copper acquires Kwanika Copper interest, British Columbia

Northwest Copper Corp. [NWST-TSXV; NWCCF-OTCQX; 34S-FSE] reports that the TSX Venture Exchange has accepted for filing a share purchase agreement dated December 28, 2021, among Northwest Copper Corp., Kwanika Copper Corp. (KCC) and Posco International Corp., whereby the company will acquire Posco’s 31.02% interest in KCC, which owns 100% of the Kwanika project, located northwest of Fort St. James, northern British Columbia, for a total consideration of $11-million in shares.

The consideration shares will be issued in three closings. The first closing of 5,194,805 shares ($4-million) will be issued within three business days from the final exchange approval date. The second closing of $4-million in shares are to be issued 60 days after the first closing and the final tranche of $3-million in shares are to be issued 120 days after the first closing.

Northwest Copper is the operator of the Kwanika copper-gold-silver-molybdenum project. A 2018 Measured and Indicated resource estimate for open pit and underground totals 223.6 million tonnes averaging 0.27% copper, 0.25 g/t gold, and 0.87 g/t silver with Inferred resources of 90.4 million tonnes averaging 0.17% copper, 0.17 g/t gold and 0.6 g/t silver.