Northwest Copper Reports Financial Results for the Fiscal Year Ended February 28, 2021 and Operating Highlights

VANCOUVER, British Columbia, June 04, 2021 (GLOBE NEWSWIRE) — NorthWest Copper (“NorthWest” or the “Firm”) (TSXV:NWST) is happy to announce monetary outcomes for the fiscal 12 months ended February 28, 2021 and up to date working highlights.

Highlights and Current Occasions

Merger with Solar Metals Corp.

On March 5, 2021, the Firm introduced it had accomplished the beforehand introduced plan of association underneath the Enterprise Companies Act (British Columbia) (the “Association”) with Solar Metals Corp. (“Solar Metals”) pursuant to which NorthWest acquired all the issued and excellent shares of Solar Metals (the “Transaction”) on the premise of 0.215 widespread shares for every share of Solar Metals held. In reference to closing the Transaction, the gross proceeds of $10,350,000 of the purchased deal non-public placement financing accomplished by Solar Metals in December 2020, much less the underwriters money fee of 6% and underwriters’ bills, have been launched from escrow1.

Funded Future Progress

On March 31, 2021 the Firm closed an extra bought-deal non-public placement, pursuant to which the Firm issued 3,750,000 widespread shares (the “Shares”) at a value of $0.80 per Share, 5,000,000 flow-through widespread shares (the “FT Shares”) at a value of $1.00 per FT Share, and 4,550,000 charity flow-through widespread shares (the “Charity FT Shares”) at a value of $1.10 per Charity FT Share, for combination gross proceeds of $13,005,000 (the “Providing”). In reference to the Providing, the Firm paid the underwriters a money fee equal to six.0% of the gross proceeds of the Providing.

Strengthened Administration Workforce And Board

In reference to the merger with Solar Metals, the Firm added Peter Bell as President and CEO, Lauren McDougall as CFO and Company Secretary, Ian Neill as VP Exploration and James Lang as Chief Geoscientist. Mark O’Dea (Govt Chair), Sean Tetzlaff and Richard Bailes joined the Firm’s Board of Administrators, changing James Morton and Eric Strom.

Expanded Stardust Useful resource and Metallurgical Outcomes

On Might 17, 2021, the Firm introduced a brand new mineral useful resource estimate for Stardust² which includes the 421 zone, and consists of Indicated mineral sources totaling 1,962,900 tonnes at 2.59% CuEq³, 1.31% Cu, 1.44 g/t Au and 27.1 g/t Ag and Inferred mineral sources totaling 5,843,200 tonnes at 1.88% CuEq, 0.86% Cu, 1.17 g/t Au and 20.0 g/t Ag all at a cut-off of US $65/tonne and a couple of.5 metre minimal mining width. The up to date Stardust mineral useful resource estimate was ready by Ronald G. Simpson, P.Geo, of GeoSim Companies Inc., and replaces the earlier Stardust mineral useful resource estimate⁴. See Stardust Useful resource NI 43-101 Disclosure beneath for additional data.

Desk 1 – Abstract of Indicated and Inferred Sources

Useful resource Classification	Tonnes > COG	Grades
		%Cu	g/t Au	g/t Ag	CuEq³
Indicated	1,962,900	1.31	1.44	27.1	2.59
Inferred	5,843,200	0.86	1.17	20.0	1.88

Desk 2- Useful resource Sensitivity to adjustments in cut-off grade

Indicated		Grades
COG $/t	Tonnes > COG	%Cu	g/t Au	g/t Ag	CuEq³
65	1,962,888	1.31	1.44	27.1	2.59
85	1,603,223	1.48	1.62	30.2	2.93
105	1,309,183	1.65	1.82	33.2	3.25
125	1,061,374	1.83	2.02	36.2	3.60

Inferred		Grades
COG $/t	Tonnes > COG	%Cu	g/t Au	g/t Ag	CuEq³
65	5,843,160	0.86	1.17	20.0	1.88
85	4,317,343	0.97	1.35	22.6	2.15
105	3,091,762	1.10	1.54	24.9	2.43
125	2,158,409	1.24	1.73	27.6	2.73

Notes:

• Mineral sources will not be mineral reserves and don’t have demonstrated financial viability. There isn’t a certainty that every one or any a part of the mineral sources estimated can be transformed into mineral reserves. The estimate of mineral sources could also be materially affected by geology, surroundings, allowing, authorized, title, taxation, sociopolitical, advertising and marketing or different related points. Inferred mineral sources have a large amount of uncertainty as to their existence and as as to whether they are often mined economically. It can’t be assumed that every one or a part of the Inferred mineral sources will ever be upgraded to a better class.

Exploration Outlook

NorthWest is planning an in depth $8.5 million exploration program for the 2021 discipline season. Area work on the Stardust and Kwanika tasks has begun, and drilling is scheduled to start at Kwanika in early June, consisting of two diamond drill rigs. Different actions deliberate for the Stardust and Kwanika tasks throughout the 2021 discipline season embrace regional mapping, sampling and geophysical surveys. The drill program will deal with upgrading the Kwanika useful resource by concentrating on of areas inside the underground useful resource that haven’t been sufficiently drill examined thus far. Close by deposit areas which maintain potential for useful resource enlargement will even be examined, together with regional targets which have the chance of bettering total challenge economics. As well as, Northwest plans to conduct an preliminary drill testing program on the East Niv property, together with mapping and sampling packages on the Lorraine, Prime Cat, Arjay, Croy-Bloom and Tchentlo tasks.

Chosen Monetary Knowledge

The next chosen monetary knowledge is derived from our Consolidated Monetary Statements and associated notes thereto for the durations indicated, as ready in accordance with Worldwide Monetary Reporting Requirements. Particulars of those outcomes are described within the Consolidated Monetary Statements and Administration’s Dialogue and Evaluation for the fiscal 12 months ended February 28, 2021. These paperwork may be discovered on the Firm’s web site (www.northwestcopper.ca) or on SEDAR at www.sedar.com. All greenback figures are expressed in Canadian $.

Monetary 12 months ended:	February 28, 2021 $		February 29, 2021 $		February 28, 2019 $
Whole revenues	Nil		Nil		Nil
Web revenue (loss)
In Whole	(701,524	)	(3,505,444	)	171,749
Per share	(0.01	)	(0.07	)	0.00
Complete Revenue (loss)
In Whole	(701,524	)	(3,505,444	)	171,749
Per share	(0.01	)	(0.07	)	0.00
Whole property	19,709,950		19,369,718		18,806,757
Whole long run monetary liabilities	46,964		358,080		Nil

This press launch needs to be learn along side NorthWest’s Consolidated Monetary Statements and Administration’s Dialogue and Evaluation for the fiscal 12 months ended February 28, 2021. These paperwork may be discovered on the Firm’s web site (www.northwestcopper.ca) or underneath the Firm’s profile on SEDAR at www.sedar.com. Shareholders could obtain a printed copy of the audited consolidated monetary statements, freed from cost, upon request.

Stardust Useful resource NI 43-101 disclosure

The info cut-off used for the useful resource estimate is March 31, 2021. CIM Definition requirements (2014) have been used for reporting the mineral sources. The database for Stardust incorporates 206 drill holes representing 74,253 m of drilling. Grade estimation relies on 186 drill holes and three,124 composites of nominal 2.0-m lengths. Affordable prospects for financial extraction have been decided by making use of a minimal mining width of two.5 m and excluding remoted blocks and clusters of blocks that might doubtless not be mineable. The bottom case cut-off of US$65/t was decided primarily based on metallic costs of US $3.25/lb copper, US $1,600/oz gold and US $20/oz silver, underground mining price of US $45/t, processing price of US $15/t and G&A value of US $5/t. Recoveries utilized in calculation of the bottom case cut-off have been primarily based on current metallurgical check outcomes and have been assumed to be 94% for gold and copper and 86% for silver. Block tonnes have been estimated utilizing a density of three.4 g/cm 3 for mineralized materials. Six separate mineral area fashions have been created in Leapfrog Geo to constrain the estimate. Minimal width used for the wireframe fashions was 1.5 m. For grade estimation, 2.0-metre composites have been created inside the zone boundaries utilizing the best-fit technique. Capping values on composites have been used to restrict the impression of outliers. For the zone 2 area, gold was capped at 15 g/t, silver at 140 g/t and copper at 7.5%. For all different domains, gold was capped at 6 g/t, silver at 140 g/t and copper at 5%.

Grades have been estimated utilizing the inverse distance cubed technique. Dynamic anisotropy was utilized utilizing pattern surfaces from the vein fashions. A minimal of three and most of 12 composites have been required for block grade estimation. Blocks have been labeled primarily based on drill spacing. Blocks falling inside a drill spacing of 30 m inside zones 2, 3, and 6 have been initially assigned to the Indicated class. All different estimated blocks inside a most search distance of 100 m have been assigned to the Inferred class. Blocks have been reclassified to eradicate remoted Indicated sources inside Inferred sources. Totals could not sum on account of rounding.

In help of the useful resource, metallurgical testing was carried out on Stardust⁵, which confirmed very excessive copper recoveries of 94.2% to 98.6% and equally excessive gold recoveries of 93% to 93.9%. A preliminary flowsheet was outlined suggesting a 150 micron preliminary grind and a forty five to 50 micron regrind. Copper in focus grades have been 21.8% to 26.2%.

QA/QC and Core Sampling Protocols

Drilling accomplished at Stardust in 2017-2020 was supervised by on‐website personnel who collected and tracked samples and applied a full QA/QC program utilizing blanks, requirements and duplicates to observe analytical accuracy and precision. The samples have been sealed on website and shipped to Bureau Veritas (BV) in Vancouver BC for evaluation. BV’s high quality management system complies with international certifications for High quality ISO9001:2008. Core samples have been analyzed utilizing a mixture of BV’s AQ270 course of for low stage concentrations (ICP‐ES/MS aqua regia) and the MA270 course of for increased stage concentrations (ICPES/MS 4 acid digestion). Gold assaying was accomplished with FA330, a 30‐gram fireplace assay with ICP‐ES end. Base metallic overlimits have been finalized with titration, with gold overlimits accomplished with a gravimetric end. A silica wash was used between excessive‐grade samples to make sure no pattern carry over.

Certified Individuals and 43-101 Disclosure

The up to date Stardust mineral useful resource estimate was ready by Ronald G. Simpson, P.Geo., Principal, GeoSim Companies Inc., an impartial Certified Particular person in accordance with the necessities of Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”).

Technical points of this information launch have been reviewed, verified and accepted by Ian Neill P.Geo., Vice President Exploration of NorthWest, who’s a Certified Particular person as outlined by NI 43-101. NorthWest’s Certified Particular person confirmed there have been no limitations from the Firm in verifying the drilling and pattern knowledge underlying the mineral useful resource estimate which have been verified by website go to observations and monitoring of the QA/QC program.

About NorthWest Copper:

NorthWest Copper is a brand new diversified copper-gold explorer and developer with an thrilling pipeline of tasks in British Columbia. With a strong portfolio in a tier one jurisdiction, NorthWest Copper is effectively positioned to take part totally in a strengthening international copper market. Extra data may be discovered on the Firm’s web site at www.northwestcopper.ca.

On Behalf of the Board of Administrators of NorthWest Copper Corp.

“Peter Bell”

President and Chief Govt Officer

For additional data, please contact:

Neither TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

Cautionary Assertion Relating to Ahead Wanting Data

All statements, pattern evaluation and different data contained on this press launch about anticipated future occasions or outcomes represent forward-looking statements together with, however not restricted to: statements with respect to the estimation of mineral sources; magnitude or high quality of mineral deposits; anticipated development of mineral properties or packages; future operations; future exploration prospects; future progress potential of NorthWest Copper; and future improvement plans. Ahead-looking statements are sometimes, however not all the time, recognized by way of phrases reminiscent of “search”, “anticipate”, “consider”, “plan”, “estimate”, “anticipate” and “intend” and statements that an occasion or outcome “could”, “will”, “ought to”, “may” or “would possibly” happen or be achieved and different comparable expressions. All statements, apart from statements of historic truth, included herein, are forward-looking statements. Though NorthWest Copper believes that the expectations mirrored in such forward-looking statements and/or data are cheap, undue reliance shouldn’t be positioned on forward-looking statements since NorthWest Copper can provide no assurance that such expectations will show to be appropriate. These statements contain recognized and unknown dangers, uncertainties and different components which will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements, together with the dangers, uncertainties and different components recognized in NorthWest Copper’s periodic filings with Canadian securities regulators. Ahead-looking statements are topic to enterprise and financial dangers and uncertainties and different components that would trigger precise outcomes of operations to vary materially from these contained within the forward-looking statements. Necessary components that would trigger precise outcomes to vary materially from NorthWest Copper’s expectations embrace dangers related to the enterprise of NorthWest Copper; dangers associated to reliance on technical data offered by NorthWest Copper; dangers associated to exploration and potential improvement of the Firm’s tasks; enterprise and financial situations within the mining trade usually; fluctuations in commodity costs and foreign money trade charges; uncertainties referring to interpretation of drill outcomes and the geology, continuity and grade of mineral deposits; the necessity for cooperation of presidency companies and native teams within the exploration and improvement of properties and the issuance of required permits; the necessity to receive extra financing to develop properties and uncertainty as to the provision and phrases of future financing; the potential of delay in exploration or improvement packages and uncertainty of assembly anticipated program milestones; uncertainty as to well timed availability of permits and different governmental approvals; and different danger components as detailed infrequently and extra dangers recognized in NorthWest Copper’s filings with Canadian securities regulators on SEDAR in Canada (accessible at www.sedar.com). Ahead-looking statements are primarily based on estimates and opinions of administration on the date the statements are made. NorthWest Copper doesn’t undertake any obligation to replace forward-looking statements besides as required by relevant securities legal guidelines. Buyers shouldn’t place undue reliance on forward-looking statements.

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¹ See press releases dated December 17, 2020 and March 5, 2021 accessible at www.northwestcopper.ca and underneath the Firm’s profile on SEDAR at www.sedar.com

² See press launch dated Might 17, 2021 accessible at www.northwestcopper.ca and underneath the Firm’s profile on SEDAR at www.sedar.com

³ The next equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.718) + (Silver (g/t) x 0.009).

⁴ Please see NI 43-101 technical report titled “Stardust Challenge NI 43-101 Technical Report” with an efficient date of January 8, 2018 accessible underneath Solar Metals Corp.’s SEDAR profile at www.sedar.com for the earlier mineral useful resource on the Stardust deposit.

⁵ See press launch dated April 19, 2021 accessible at www.northwestcopper.ca and underneath the Firm’s profile on SEDAR at www.sedar.com