Northwest Copper Corp. [NWST-TSXV; NWCCF-OTCQX; 34S-FSE] reported the third set of assays from its 2022 drill program at 66.949%-owned Kwanika project, northern British Columbia, the first of four projects drilled in the 2022 season and the only one with results reported to date. This 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.
Highlights from the recent set of assays include drill hole K-22-234 that returned 87.70 metres of 0.86% CuEq (copper equivalent) from 208.80 metres, including 23.95 metres of 2.18% CuEq from 244.80 metres.
K-22-239 returned 222.00 metres of 0.31% CuEq from 45.00 metres. K-22-241 returned 305.75 metres of 0.29% CuEq from 33.00 metres.
“These Kwanika results, particularly K-22-234, once again display the high-grade that we have been delivering at Kwanika since last season,” stated President and CEO Peter Bell. “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. Results are still to come from holes at Kwanika (including testing of the high-grade zones and Kwanika South), Stardust, East Niv and Lorraine.”
The 2022 Kwanika drill program includes holes designed to expand the known resource, to add new high-grade zones within and around the known resource, and to test for new centres of mineralization regionally.
This is the third set of drill results reported at Kwanika this year, and the first set of results from the drilling focused to the north of the Central Zone. Results from 15 of 30 holes drilled in 2022 have been reported so far.
In September 2022, the company entered into a property option agreement with John Bot, the optionor, on 10 mineral claims near its Arjay property in central British Columbia whereby 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 royalty to be retained by the optionor. The NSR Royalty can be repurchased for $2 million.
Under the option agreement terms, the company can earn a 100% ownership interest in the Asitka Property by issuing the following common shares and making the following payments: $10,000 and shares with a value of $12,500 on the closing date; $15,000 and shares with a value of $12,500 by July 31, 2023; $30,000 and shares with a value of $25,000 by July 31, 2024;
$75,000 and shares with a value of $50,000 by July 31, 2025 and $100,000 and shares with a value of $100,000 by July 31, 2026.