NorthWest Copper (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce receipt of the third set of assays from its 2022 drill program at Kwanika, 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:

• K-22-234: 87.70 metres of 0.86 per cent CuEq (copper equivalent) from 208.80 metres,
• including: 23.95 metres of 2.18 per cent CuEq from 244.80 metres.

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• K-22-239: 222 metres of 0.31 per cent CuEq from 45 metres;

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• K-22-241: 305.75 metres of 0.29 per cent CuEq from 33 metres

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“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.”

Drill Results Discussion

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.

Diamond drill holes K-22-234, 235, 236, 239, 241, 243, 244, and 245 were designed to target structurally controlled higher-grade mineralization in the northern portion of the Central Zone (Figure 1). These drill holes demonstrate continuity of grade within the current resource that is approximately 450 metres in strike length and is open to the north of the proposed pit (Figure 1). All seven holes hit mineralization that is relatively shallow with overburden cover ranging 23.20 – 45.00 metres downhole depth. Additionally, the holes will help further constrain our structural and geological models and help focus future exploration programs.

K-22-234 has the highest-grade intercept of this release with 23.95 metres of 2.18% CuEq within a broader intersection that is centered on a 13.35 metre massive anhydrite vein with chalcopyrite and minor bornite (Figure 2). In the hanging wall of the vein was a short interval of monzodiorite with disseminated chalcopyrite, pervasive moderate propylitic alteration and potassic alteration focused along fracture and vein selvages. Above this zone is a 2.10 metre fault zone and a fine-grained diorite with irregular veins of anhydrite, calcite and quartz sulphide veins with chalcopyrite. The footwall to the massive anhydrite-chalcopyrite-bornite vein is an interval with disseminated chalcopyrite in a diorite with pervasive moderate propylitic alteration and irregular veins of anhydrite, calcite and quartz sulphide veins with chalcopyrite and trace bornite. K-22-235 was drilled on the same section as K-22-234 and encountered 173.00 metres of 0.35% CuEq with most of the mineralization hosted in diorite with pervasive moderate propylitic alteration and irregular veins of anhydrite, calcite and quartz sulphide veins with chalcopyrite. The massive anhydrite-chalcopyrite-bornite veins was not encountered in this hole and represents a target for future exploration drill holes.

Moving to the north drill holes K-22-236, K-22-241, K-22-243, and K-22-239 intersected near surface broad mineralized zones with grades of 179.60 metres at 0.33% CuEq, 305.75 metres at 0.29% CuEq, 62.15 metres at 0.30% CuEq with a post mineral dyke separating another interval of 118.50 metres at 0.31% CuEq, and 222.00 metres at 0.31% CuEq respectively (Figures 1, 3, 4, & 5). These holes are spaced over approximately 150 metres from south to north and show the continuity of grade in an area that is near surface with minimal overburden cover.

Drill holes K-22-244 and K-22-245 are on sections that are a further 155 metres and 220 metres to the north (Figure 1, 6 & 7) respectively. These holes intersected similar grade to the above holes with 86.60 metres at 0.31% CuEq, 24.00 metres at 0.30% CuEq with another 65.60 metres at 0.28% CuEq. However, mineralization in these holes was terminated in places by intersections of post to syn-mineral dykes with no or little grade. This demonstrates that the system continues and is open to the north of the currently proposed pit in areas if the post and syn-mineral dykes are not present.

Quality Assurance / Quality Control

Drilling completed at Kwanika 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 Bureau Veritas (BV) in Vancouver BC and to AGAT Laboratories (AGAT) in Calgary AB. BV’s quality control system complies with global certifications for Quality ISO9001:2008. Core samples were analyzed using a combination of BV’s MA200 process for low level concentrations (ICP-MS/4 Acid digestion) and the MA370 process for higher level concentrations (ICP-ES/4 acid digestion). Gold assaying was completed with FA430, a 30-gram fire assay with AAS finish. Base metal overlimits were finalized with titration where required, with gold overlimits completed with a gravimetric finish. 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 (ICP-MS/4 Acid digestion) and the 201-079 process for higher level concentrations (Sodium Peroxide Fusion/ICP-OES). Gold assaying was completed with 202-055, a 30-gram fire assay with ICP finish. Base metal overlimits were finalized with Fusion/ICP-OES method.

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

Property Transaction

In September 2022 the Company entered into a property option agreement (the “Option Agreement”) with John Bot (the “Optionor”) on ten mineral claims near its Arjay property in central British Columbia (the “Asitka Property”), 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 to be retained by the Optionor (the “NSR Royalty”). The NSR Royalty can be repurchased for $2 million.

Pursuant to the terms of the Option Agreement, the Company has the right to earn a 100% ownership interest in the Asitka Property, by issuing the following common shares (“Consideration Shares”) and making the following payments (C$):

• $10,000 and Consideration Shares with a value of $12,500 on the closing date;
• $15,000 and Consideration Shares with a value of $12,500 on or before July 31, 2023;
• $30,000 and Consideration Shares with a value of $25,000 on or before July 31, 2024;
• $75,000 and Consideration Shares with a value of $50,000 on or before July 31, 2025; and
• $100,000 and Consideration Shares with a value of $100,000 on or before July 31, 2026.

The Company is under no obligation to issue any of the Consideration Shares or make any cash payments. The Company can decide to not to proceed with the Option at any time. The Option Agreement remains subject to approval by the TSX Venture Exchange. The value of the Consideration Shares shall be calculated using the 20-day VWAP of the Company’s common shares as at and including the last trading day five days prior to the issuance of the applicable payment of the Consideration Shares. All Consideration Shares issued will be subject to a hold period expiring four months and one day from the date of issue.

DISCLAIMER: NORTHWEST COPPER IS A PAID MARKETING CLIENT*

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