Published: October 31, 2023 |

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NorthWest Copper has entered into a property sale agreement with Alpha Copper where Alpha will acquire a 100 percent interest in a series of mineral claims located in the province of British Columbia referred to as the Okeover Copper-Molybdenum Project, subject to 2 percent net smelter return to be retained by the company.

Alpha has agreed to issue to NorthWest common shares of Alpha having an aggregate value of $500,000 at a deemed price per share, to be calculated on the closing date in accordance with the terms of the agreement. One-half (50 percent) of the shares will be subject to a 12-month lock-up. The shares will also be subject to a statutory hold period in accordance with applicable securities laws.

The NSR royalty will entitle NorthWest to a 2 percent royalty on the sale of all ores, doré, concentrates, metals, minerals, and mineral by-products that are produced or extracted by or on behalf of Alpha from the property, which may be bought down by Alpha by one half with a cash payment of $1,000,000.

The property is located near Powell River on the southern British Columbia coast. It consists of 12 contiguous claims totaling 4,614 hectares and is beneficially owned 100 percent by NorthWest, subject to the agreement.

The agreement remains subject to approval by the Canadian Securities Exchange.

NorthWest Copper is a 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. They 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.

Alpha Copper is focused on contributing to the green economy by finding and developing copper resource assets in stable jurisdictions. The company is positioned to earn a 60 percent interest in the Indata copper-gold project located in north-central British Columbia. After the acquisition of Cavu Energy Metals, the company holds an option to acquire 100 percent of the Star copper-gold porphyry project in the Golden Triangle of British Columbia, as well as an option to acquire up to 70 percent of the Hopper copper-gold porphyry project in the southern Dawson Range copper-gold belt of the southwestern Yukon, and further including the 100 percent owned Quesnel project in the middle of the Quesnel Trough, host to a number of alkalic copper-gold porphyry deposits running northwest across western British Columbia.

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