The results from a second set of assays from NorthWest Copper’s (TSXV: NWST; US-OTCQX: NWCCF) ongoing 2022 Kwanika drill program in north-central British Columbia highlights the discovery of additional very high-grade copper and gold mineralization within a previously undrilled shallow area of the deposit.
The company reported on Wednesday it had intersected several near-surface intervals of ‘chalcocite breccia’ mineralization with similar geology to last year’s 33.6% copper-equivalent (CuEq) over 9.4 metres in hole K-21-217. Like the first five drill results released in July, the latest four holes targeted expansion and delineation of near-surface high-grade zones in the southern part of the Kwanika Central Zone.
Kwanika is located about 140 km northwest of the town of Fort St. James in northern B.C.
The results highlight the presence of very high-grade late chalcocite-rich breccia exceeding 14% CuEq. The delineation of shallow copper-gold mineralization around the southern region of Kwanika Central Zone locally extends the footprint of mineralization and supports the presence of higher-grade areas outlined in the resource block model, the company reports.
Highlights from the recent set of assays include hole K-22-230, which struck 378.8 metres of 0.62% CuEq (0.37% copper, 0.33 grams gold per tonne, 1.2 grams silver per tonne) from 19.2 metres.
As mentioned, of particular interest is hole K-22-232, which returned 109.05 metres of 0.89% CuEq (0.62% copper, 0.33 grams gold per tonne, 3 grams silver per tonne) from 27 metres, including 1.45 metres of 14.52% CuEq (9.35% copper, 6.65 grams gold per tonne, 44.1 grams silver per tonne).
NorthWest Copper’s Kwanika project is a large copper-gold porphyry deposit with a high-grade core. Credit: NorthWest Copper.
Hole K-22-233 returned 102.90 metres of 1% CuEq (0.8% copper, 0.26 grams gold per tonne, 1.9 grams silver per tonne) from 30 metres, including an intersection of 2 metres of 4.06% CuEq (3.41% copper, 0.83 grams gold per tonne, and 5.6 grams silver per tonne).
President and CEO Peter Bell welcomed the discovery as an exciting development. “While the new interval is narrower than last year’s hole, it is much closer to the surface and suggests the potential for multiple very high-grade zones within the deposit,” he said in a statement.
“This drilling supports our thesis that we can find more of this style of mineralization while expanding the volume of near-surface mineralization at Kwanika.”
Haywood Capital Markets analyst Geordie Mark also views the results as positive, noting that the assays indicate that such chalcocite breccia are not isolated and occur at different locations and elevations.
“These results represent only the initial foray of data from the 2022 drill program on Kwanika, where 28 holes have already been completed in this year’s exploration program. These data will be augmented by additional drilling on Stardust, East Niv and Lorraine,” the analyst said in a note to clients.
Kwanika and the adjacent Stardust deposit are the current flagship projects at NorthWest Copper. NorthWest has focussed on delineating the known high-grade portion of Kwanika and adjacent high-grade Stardust deposits since the company was created in March 2021 via the acquisition by Sun Metals, of Serengeti Resources. The deal synergistically married Sun Metals’ Stardust asset with Kwanika to extract greater operating efficiencies at a reduced cost.
The 2022 Kwanika drill program includes holes designed to expand the known resource, add new high-grade zones within and around the known resource, and test for new centres of mineralization regionally.
Drilling at Kwanika has been underway since March 25, with 28 holes and 11,089 metres drilled. Results from seven of the holes have been reported so far, with the remainder pending.
The company released an updated mineral resource estimate on the nearby Lorraine project, just 40 km from the Stardust-Kwanika deposit on June 30, underpinned by drilling completed between 1949 and 2009, reporting indicated resources at 12.9 million tonnes for 156,093 lb. copper grading 0.55% copper and 0.66% copper-equivalent.
NorthWest’s equity last traded at 33¢ apiece in Toronto, down 50% over the 12-month frame, giving it a market capitalization of $52 million.
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