10:36 AM EDT, 10/10/2024 (MT Newswires) -- NorthWest Copper ( NWCCF ) is slightly higher after saying Thursday it has discovered a new mineralized zone at the Lorraine-Top Cat project in B.C.

It said the first ever drill assays from the project's Road IP target returned 104.7 metres of 0.13% copper (Cu). This area has never been drilled before and the closest historical drill hole is 6.3 kilometres away, it added.

"The results from this drilling support our thesis that we can find more mineralized centres outside of the existing Lorraine resource," said Tyler Caswell, VP Exploration. "There is still a lot of discovery potential at Lorraine-Top Cat. The geology we are seeing at the Road IP target area is similar in style to a calc-alkalic porphyry copper system, analogous to the Central Zone at our Kwanika-Stardust project, and which is potentially a large tonnage, high-grade target type."

NorthWest said it has now met all the conditions and has acquired 100% ownership of the Top Cat claims, subject to a 3% net smelter royalty (NSR). The company may purchase 2% of the NSR for $2 million at any time before the first anniversary of commercial production on the Top Cat property.

NorthWest was last seen up $0.01, to $0.17, on the TSX Venture Exchange.

Price: 0.17, Change: +0.01, Percent Change: +3.13