NorthWest Copper Enters Into Property Option Agreement
VANCOUVER, British Columbia, Jan. 14, 2022 — NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce that it has entered into a property option agreement (the “Option Agreement”) with Alpha Copper Corp. (“Alpha”) (CSE:ALCU) whereby the Company has granted Alpha the right to acquire a 100% interest in a series of mineral claims located in the province of British Columbia commonly referred to as the “Okeover Copper (molybdenum) Project” (the “Property”), subject to 2% net smelter return to be retained by the Company (the “NSR Royalty”).
Pursuant to the terms of the Option Agreement, Alpha has the right to earn a 100% ownership interest in the Property, by issuing the following common shares and incurring the following expenditures:
- Issuing common shares with a value of $250,000 on the closing date;
- Issuing common shares with a value of $500,000 on or before the date which is 12 months from the closing date;
- Issuing common shares with a value of $750,000 on or before the date which is 24 months from the closing date;
- Issuing additional common shares such that NorthWest holds a 10% interest in Alpha on or before the date which is 36 months from the closing date; and
- Incurring staged expenditures of not less than $5,000,000 on or before the date which is 36 months from the closing date.
The issuance of the first $750,000 in common shares and the first $500,000 in expenditures are obligations of Alpha pursuant to the Option Agreement. The NSR Royalty will entitle NorthWest to a 2% 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 “NSR Royalty”).
Okeover Property Description
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% by NorthWest, subject to the Option Agreement.
The Option Agreement remains subject to approval by the Canadian Securities Exchange.
About NorthWest Copper:
NorthWest Copper is a new 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. Additional information can be found on the Company’s website at www.northwestcopper.ca .
On Behalf of the Board of Directors of NorthWest Copper Corp.
Director, President and CEO
For further information, please contact:
Adrian O’Brien, Director Marketing & Communications
Email: [email protected]