NorthWest Retains Possibility over a Section of the Arjay Undertaking
In a recent development, NorthWest Copper has made several significant moves, including granting stock options to its CFO and settling outstanding debt for past services.
Stock Options Grant
NorthWest Copper has granted 150,000 stock options to its Chief Financial Officer, Mr. Sapan Bedi. The stock options have an exercise price of $0.29, vest over three years, and expire after five years.
Debt Settlement
The company has also settled outstanding debt for past services with two arm's length service providers in the aggregate amount of $54,660. One service provider will receive 105,207 Common Shares as payment of debt in the amount of $30,510, and the other will receive 83,276 Common Shares as payment of debt in the amount of $24,150. The closing of the debt settlements is subject to customary closing conditions, including the approval of the TSX Venture Exchange.
Option Agreement for the Arjay Project
In September 2022, Platinex Inc. signed an option agreement to acquire the Asitka claims on the Arjay project. Under the Option Agreement, NorthWest Copper agreed to pay the optionor increasing amounts of cash and common shares of the Company, with the fourth and final payment due on or before July 31, 2026. The third anniversary payment was amended to be paid within 10 Business Days of September 31, 2025, and the payment was changed from $75,000 in cash and $50,000 in Common Shares, to $37,500 in cash and $87,500 in Common Shares. The issuance of the $87,500 worth of Common Shares is subject to the approval of the TSX Venture Exchange.
The Arjay Project
The Arjay project is considered an important part of Northwest Copper's total land package within B.C.'s Omineca district. VP Business Development and Exploration Geoff Chinn stated that Arjay is of particular interest due to its excellent exploration targets, recent copper showing, open geochemical anomalies, and close proximity to power and road infrastructure.
Future programs at Arjay will focus on additional exploration at three main high potential targets: North Ridge, Arjay, and Asitka Lake Area targets. 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.
Technical Review and Approval
The technical aspects of this news release have been reviewed, verified, and approved by Geoff Chinn, P.Geo., VP Business Development and Exploration for NorthWest Copper. 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.
Assessment Report
The Assessment Report by LaPointe, J. & Caswell, T., 2022 Geophysical Program on the Arjay Property, Report No. ARIS 40691 has been released.
Location
The Arjay project is located roughly 50 kilometers south of Centerra Gold Inc.'s Kemess project.
Shareholder Value
NorthWest Copper will pursue ways to enhance shareholder value by continuing to advance its other properties, including Arjay. The project has high potential to host new porphyry copper and gold deposits.
The news release was provided by GlobeNewswire via QuoteMedia.
