NorthWest Copper Corp. (TSXV: NWST; US-OTCQX: NWCCF) has released a new mineral resource estimate on the Lorraine project, about 40 km. from the company’s Kwanika-Stardust project in Central B.C.
The June 30 technical report draws on drilling completed between 1949 and 2009 and calculates an indicated resource of 12.9 million tonnes for 156,093 lb. of copper, grading at 0.55% copper and 0.66% copper-equivalent.
The inferred resource is 45.2 million tonnes for 427,931 lb. of metal grading at 0.43% copper and 0.50% copper-equivalent.
“This updated mineral resource estimate adds to our overall copper-gold resource base with both size and good grades close to surface,” NorthWest Copper CEO Peter Bell said in a statement. “Our portfolio continues to deliver results, and the proximity of Lorraine to our flagship Kwanika-Stardust projects is significant.”
NorthWest Copper has many untested targets on the Lorraine property, in B.C. Credit: NorthWest Copper.
The company said the increased resource holds the potential for it to at least examine the potential for inclusion in a regional hub and spoke operation, given the shallow nature of the high-grade mineralization and its proximity to established access.
The Lorraine project deposit is a silica-undersaturated alkalic copper-gold porphyry deposit, which is the same classification as the Galore Creek and Mount Polley deposits.
Mineralization at the Lorraine project is hosted by Early Jurassic syenite, monzonite, and pyroxenite intrusions that are part of the Duckling Creek Syenite Complex (DCSC). At least 20 exploration targets have been identified across the DCSC by past geological, geochemical, and/or geophysical surveys. However, drilling on these prospects is either absent or very limited.
The company has a strategic drilling program planned for the second half of 2022 in the MRE area to enhance its understanding of the deposit. It is also analyzing a substantial amount of historical data, including relogging historical drill core to improve the geological knowledge of the project and target new areas for exploration.
The MRE excludes certain portions of the Lorraine project (Bishop, Lower Main and Upper Main) and does not include the nearby Top Cat mineral claims.
At 38¢ apiece, the company’s Toronto-quoted equity is down 51% over the past 12 months, giving it a market capitalization of $58.28 million.
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