TORONTO, Sept. 18, 2025 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or the “Company”) (TSX-V: NWST) announces that it is maintaining its option on the Asitka claims that form a key portion of the Company’s 100% owned Arjay project. The total Arjay project covers approximately 4,800 hectares and is located roughly 50 kilometres south of Centerra Gold Inc.’s Kemess project.
Northwest believes in the mineral exploration discovery potential of the Arjay project. Therefore, it is making the next option payment pursuant to the option agreement entered into on September 27 2022 to maintain its right to acquire 100% of the Asitka claims (the “Option Agreement”). The Arjay project represents an important part of the Company’s total land package within B.C.’s Omineca district, assembled for its high potential to host new porphyry copper and gold deposits. While the focus of the Company remains on its core assets like Kwanika-Stardust, Lorraine and East Niv, it will also pursue ways to enhance shareholder value by continuing to advance its other properties, including Arjay, through potential agreements and transactions with other parties.
VP Business Development and Exploration Geoff Chinn, P. Geo., stated, “NorthWest has an impressive portfolio of early-stage, high-quality, exploration properties, including Arjay, Croy Bloom, Milligan West and UDS assembled over many years of exploration. Arjay is of particular interest owing to its excellent exploration targets, recent copper showing, open geochemical anomalies and close proximity to power and road infrastructure. Given our priorities are on our advanced projects, early-stage projects like Arjay could benefit from partners to advance them.”
The Arjay property is situated in the northern part of the Quesnel Trough, a volcanic arc Terrane that formed during the late Triassic to early Jurassic in the north-westerly trending Intermontane Belt of the Canadian Cordillera. The Quesnel Terrane is host to many large alkalic and calc-alkalic porphyry Cu-Au deposits, which formed during Early Mesozoic island-arc magmatism.
Previous work demonstrated that additional exploration is warranted with the potential to drill previously identified porphyry targets. Future programs at Arjay will focus on additional exploration at three main high potential targets: North Ridge, Arjay, and Asitka Lake Area targets as summarized below1:
North Ridge
The North Ridge target covers silicified pyrite gossanous zones that trend north to south and towards a large gossanous zone. A rock sample returned 3.9% Cu, 156.8 ppm Ag, and 12.9 ppm Mo hosted in a sheared quartz vein located in talus below the target. Historic soil sampling in the area shows copper and molybdenum anomalies draining the ridge that contains strongly altered rocks associated with pyrite and quartz. Disseminated chalcopyrite is also present in talus. The target area is drill ready with two proposed holes.
Asitka Lake Area
The Asitka Lake Area target has a historic silt sample of 244 ppm Cu along Asitka Lake. In 2021 NorthWest found several outcrops of andesite volcanic flows with blebby epidote associated with chalcopyrite and lesser hematite and chlorite alteration which warrants further exploration.
Arjay Target
The Arjay target is a quartz shear zone that occurs over 250 meters and is 0.5 to 1.0 meters wide trending north-south. This shear is flooded with quartz carrying copper mineralization. Samples collected have produced 13.3% and 57.3% Cu within the shear zone. The zone is associated with a magnetic low feature towards the north that is aligned with the shear zone, which could represent hydrothermal alteration effects.
Under the Option Agreement, the Company agreed to pay the optionor increasing amounts of cash and common shares of the Company (the “Common Shares”) on or before July 31 of each year, with the fourth and final payment due on or before July 31, 2026.
The Company amended the third anniversary payment under the Option Agreement by:
| (i) | extending the deadline for payment to within 10 Business Days of September 30, 2025; and | |
| (ii) | changing the payment from $75,000 in cash and $50,000 in Common Shares, to $37,500 in cash and $87,500 in Common Shares. | |
The number of Common Shares to be issued is to be calculated using the 20-day volume weighted trading price of the Common Shares. Issuance of the $87,500 worth of Common Shares is subject to the approval of the TSX Venture Exchange. Securities issued for the third anniversary payment will be subject to a hold period of four months and one day after the date of issuance.
The Company has also entered into debt settlement agreements with two arm’s length service providers (each a “Creditor” and collectively, the “Creditors”), to settle outstanding debt for past services performed by the Creditors in the aggregate amount of $54,660 (inclusive of GST and collectively, the “Debt”). The Debt will be settled by issuing an aggregate of 188,483 Common Shares at a deemed price of $0.29 per Common Share (the “Debt Settlements”).
One Creditor will receive 105,207 Common Shares as payment of debt in the amount of $30,510 (inclusive of HST) and the other Creditor will receive 83,276 Common Shares as payment of debt in the amount of $24,150 (inclusive of GST). Closing of the Debt Settlements is subject to customary closing conditions, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Debt Settlements will be subject to a hold period of four months and one day after the date of issuance.
NorthWest also announces that it has granted 150,000 stock options to the Company’s CFO, Mr. Sapan Bedi pursuant to its equity incentive plan. The stock options have an exercise price of $0.29, vest over three years and expire after five years.
Technical aspects of this news release have been reviewed, verified, and approved by Geoff Chinn, P.Geo., VP Business Development and Exploration for NorthWest, who is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Minerals Projects.
About NorthWest Copper:
NorthWest Copper is a copper-gold exploration and development company with a pipeline of advanced and early-stage projects in British Columbia, including Kwanika-Stardust, Lorraine-Top Cat and East Niv. 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. Additional information can be found on the Company’s website at www.northwestcopper.ca .
On Behalf of NorthWest Copper Corp.
“Paul Olmsted”
CEO, NorthWest Copper
For further information, please contact:
416-457-3333
info@northwestcopper.ca
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to statements with respect to; plans and intentions of the Company; proposed exploration and development of NorthWest’s exploration property interests; the Company’s ability to finance future operations; mine plans; magnitude or quality of mineral deposits; the development, operational and economic results of current and future potential economic studies; adding the Lorraine resource to the Kwanika-Stardust Project; the Company’s goals for 2025; geological interpretations; the estimation of Mineral Resources; anticipated advancement of mineral properties or programs; future exploration prospects; the completion and timing of technical reports; future growth potential of NorthWest; and future development plans
All statements, other than statements of historical fact, included herein, constitutes forward-looking information. Although NorthWest believes that the expectations reflected in such forward-looking information and/or information are reasonable, undue reliance should not be placed on forward-looking information since NorthWest can give no assurance that such expectations will prove to be correct. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties and other factors identified in NorthWest’s periodic filings with Canadian securities regulators. Forward-looking information are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking information. Important factors that could cause actual results to differ materially from NorthWest’s expectations include risks associated with the business of NorthWest; risks related to reliance on technical information provided by NorthWest; risks related to exploration and potential development of the Company’s mineral properties; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and First Nation groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in NorthWest’s filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.com).
Forward-looking information is based on estimates and opinions of management at the date the information is made. NorthWest does not undertake any obligation to update forward-looking information except as required by applicable securities laws. Investors should not place undue reliance on forward-looking information.
1 Assessment Report by LaPointe, J. & Caswell, T., 2022 Geophysical Program on the Arjay Property, Report No. ARIS 40691
