NorthWest Copper (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce the second set of results from the 2022 Stardust drilling program in the 421 zone. This hole was designed to cut through the 421 zone from a different direction than all previous drilling (Figure 1) and highlights the thickness, grade and continuity of the 421 zone. The 421 zone forms the core of the 100% owned Stardust deposit which is one of the highest-grade Cu-Au deposits in BC. Stardust remains open down plunge and along strike. The combination of Stardust and Kwanika is the subject of our PEA (preliminary economic assessment), the results of which were released on January 5, 2023¹. Note that these drill results were not included in the PEA. Assay highlights from recent drilling include:

• DDH22-SD-484: 41.20 metres² of 3.20% CuEq³ from 722.00 metres (1.81% Cu, 1.66 g/t Au and 29.6 g/t Ag).
  • Including 4.80 metres at 12.82% CuEq from 734.40 metres
  • Including 0.55 metres at 25.60% CuEq from 762.65 metres
• Gold-dominant intercepts from DDH22-SD-484 include:
  • 2.00 metres of 3.06 g/t Au, 0.01% Cu and 0.7 g/t Ag from 171.65 metres
  • 0.70 metres of 6.34 g/t Au, 0.2% Cu and 1.3 g/t Ag from 564.30 metres

The upper part of hole DDH22-SD-484 contains four zones ranging from 0.65 to 2.00 metres with gold ranging from 5.07 g/t to 0.53 g/t and silver ranging from 170.0 g/t to 0.2 g/t. These intercepts are separate from and higher in the hole than the main 421 zone. These are not currently modelled and may indicate potential for another mineralized zone parallel and to the east of the 421 trend (Figure 3).

“This hole serves as a reminder that Stardust is not only one of the highest-grade copper deposits in British Columbia but retains a lot of exploration potential,” said President and CEO Peter Bell. “The grades in the main intercept are very high, consistent with what we have seen before in the 421 zone and gives us further confidence in the geometry, grade, continuity of this part of the deposit. We are also highly encouraged by the gold dominant intercepts found away from 421 zone, which provide additional targets within Stardust. Stardust forms a key part of the Kwanika-Stardust project as outlined in our recent PEA, and remains underexplored.”

Drill Results Discussion

Drilling at Stardust for the 2022 season focused on conversion of inferred resources to higher classifications and on expansion of the resource around the 421 zone (Figure 1 & Figure 2). Stardust is the high-grade carbonate replacement deposit (CRD) that is located approximately 7 km from the Kwanika deposit. The Company has now reported all 2022 drill results from Stardust, and 20 of 30 holes from the 2022 drilling at Kwanika. These results have not been incorporated into the updated Stardust and Kwanika resource estimates or the recent PEA⁴.

DDH22-SD-484 was drilled from east to west which is opposite to all historical drilling at Stardust. This orientation was designed to provide extra understanding of the geometry of the 421 zone and to explore for new mineralization. This hole intersected 41.20 metres of 3.20% CuEq within the 421 zone. This interval includes very high-grade intervals of 4.80 metres at 12.82% CuEq from 734.40 metres depth and 0.55 metres at 25.60% CuEq from 762.65 metres (Figures 1, 2 & 3). Mineralization is chalcopyrite-pyrite as semi-massive sulphide replacements of garnet skarn or, more commonly accompanied by calcite and magnetite/hematite, as infill of vugs and interstices in garnet skarn and is the dominant mineralization style within the 421 zone.

Hole 484 was collared in clastic sedimentary rocks which sit above and to the east of the 421 zone. The gold dominant intercepts in the upper part of the hole have features of epithermal veins, which can be distal expressions of manto style mineralization. Mantos are a more distal expression of a CRD system. These new intercepts could indicate potential for more mineralization below in a hotter part of the hydrothermal system where it potentially transitions to more skarn/massive sulphide mineralization.

DDH22-SD-482 was abandoned at 258.00 metres as the hole deviated excessively and would not be able to test the target accurately if it continued. Completed drilling intersected 2.00 metres at 0.37 g/t Au and 39.5 g/t Ag and 2.00 metres with 1.38 g/t Au and 62.7 g/t from 42.00 and 90.00 metres down hole, respectively (Figure 3). As above, the style and tenor of this mineralization could represent a distal expression of another zone parallel to the main 421 trend.

Table 1: Drill Results from This News Release

Quality Assurance / Quality Control

Drilling completed at Stardust in 2022 was supervised by on-site NorthWest personnel who collected and tracked samples and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to AGAT Laboratories (AGAT) in Calgary, Alberta. AGAT’s quality control system complies with global certifications for Quality ISO 9001:2015. Core samples were analyzed using a combination of AGAT’s 201-071 process for low-level concentrations (4 Acid digestion/ICP-OES/MS) and the 201-079 process for higher-level concentrations in base metals (Sodium Peroxide Fusion/ICP-OES). Silver overlimits were analyzed with method 201-116, a 3-acid digestion with ICP-OES finish. Gold assaying was completed with 202-055, a 30-gram fire assay with ICP-OES finish.

Technical aspects of this news release have been reviewed, verified, and approved by Tyler Caswell, P.Geo., Vice President Exploration of NorthWest, who is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Minerals Projects.

Annual Grant of Stock Options and Restricted Share Units

The Company has granted 3,540,625 Stock Options to directors and certain employees, and 557,813 Restricted Share Units to certain employees pursuant to its Stock Option and RSU Plans.

The Stock Options have an exercise price of $0.20 and have a range of vesting periods over three years and expire January 6, 2028. The RSUs are payable in common shares of the Company on exercise, vest on January 6, 2024, and expire February 6, 2024.

Figure 1: Drillhole Locations

Figure 2: Long Section showing block model ¹ and intersection locations from this release and previously released².

Figure 3: Cross Section

Table 2: 2022 Stardust Drill Results⁹

About NorthWest Copper:

NorthWest Copper is a new copper-gold explorer and developer with an exciting pipeline of projects in British Columbia. With a robust portfolio in a tier one jurisdiction, NorthWest Copper is well positioned to participate fully in a strengthening global copper market. We are committed to responsible mineral exploration which involves working collaboratively with First Nations to ensure future development incorporates stewardship best practices and traditional land use.