VANCOUVER, BC, Oct. 6, 2021 /PRNewswire/ - Western Copper and
Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE
American: WRN) is pleased to announce an update to its 2021
exploration and drilling program at its wholly owned Casino
Copper-Gold Project ("Casino") and the formal launching of a
feasibility study on the Casino Project.
Exploration and Drilling Program
The 2021 exploration and drilling program (the "Program") was
developed with input from Rio Tinto as outlined in the Investor
Rights Agreement and Subscription Agreement, entered into as part
of an investment by Rio Tinto Canada in Western (see news release
dated May 17, 2021). The field
component of the Program was completed on September 30, 2021.
The Program was comprised of several components. A summary
of the status of these components follows:
Metallurgical and Geotechnical Drilling
All planned metallurgical and geotechnical drilling was
completed. Diamond drilling of 1,001.3 metres of
large-diameter core in three holes was completed to test
amenability of the mineralization to mineral processing.
Geotechnical and hydrological drilling in the Casino Deposit (the
"Casino Deposit" or "Deposit") area, as well as a geotechnical
program designed by Knight Piésold, targeting the ground conditions
of the proposed tailings management and heap leaching facilities
were also completed.
Resource Confirmation Drilling
All planned resource confirmation drilling was completed. Five
holes totaling 1,484.1 metres were drilled to confirm the
lithological and mineralogical settings of the deposit. Core
obtained will undergo metallurgical testing as well as conventional
gold and multi-element analyses.
Exploration Drilling
Exploration diamond drilling comprising 1,634.7 metres in 6
holes was completed. All holes targeted peripheral areas of
the Deposit, and three of the drill targets were determined from
on-site XRF analysis of soil samples collected as part of the soil
sampling program.
Soil Sampling
The planned soil sampling program was completed. The soil
sampling program focused on areas east and south of the Casino
Deposit. The program comprised of the collection of 2.502
"B-horizon" soil samples on a 200 m
by 200 m grid spacing. All
samples underwent XRF analysis on site and have been sent for full
geochemical analysis.
Enersoft Logging
"GeologicalAI" robotic scanning, using a device built by
Enersoft Inc. of Calgary, Alberta,
was completed on all core drilled in 2021 and approximately 40% of
the historical core. A total of 48,673.0 metres of core was
scanned. The scanning includes "LIDAR" (Light Detection and
Ranging) scanning, XRF analysis, hyperspectral analysis and some
geotechnical analyses.
With the completion of this field program, the focus of further
technical work developed with input from Rio Tinto will move to
metallurgical studies. Metallurgical programs are under
development for both the sulphide material targeted for the
concentrator, and oxide material targeted for heap leach
extraction, and will be executed once geochemical assays on the
2021 core have been received.
Feasibility Study
The Company has engaged the services of M3 Engineering &
Technology Corporation of Tucson,
Arizona ("M3") to conduct a feasibility study on Casino (the
"Feasibility Study"). M3 is a full-service engineering, procurement
and construction management firm, recognized for its experience in
copper processing and capability in development and construction of
mines and mineral processing plants. M3 also completed the
Preliminary Economic Assessment on the Casino Project dated
June 22, 2021 (the "PEA"). Targeted
completion of the Feasibility Study is 2nd quarter of
2022.
The Feasibility Study will be based on the PEA and will include:
a large open-pit operation, a concentrator to recover copper, gold,
silver and molybdenum minerals, and a solid waste facility to store
mine waste rock and mill tailings. The project will also include a
heap leach facility to recover gold, silver, and copper from oxide
ore. Project infrastructure will include approximately 130 km of
access road, and an on-site power generation facility to meet the
project's electrical power demand.
The principal objective of the Feasibility Study will be to
demonstrate positive economic indicators for the Casino Project at
a feasibility study level. The Feasibility Study will also
form the basis of the Environmental and Socio-economic Statement,
the submission of which is the next step in the environmental
assessment process under the Yukon Environmental and Socio-economic
Assessment Act.
"We are pleased that the work program that we developed with
input from Rio Tinto is going smoothly – we have completed the
field program and are now moving on to the metallurgical program.",
said Paul West-Sells, President and
CEO. "We are equally excited to launch a Feasibility Study on
the Casino Project. This will build on the PEA released
earlier this year and provide a foundation for permitting and other
activities as we move the Casino Project forward."
Technical information in this news release relating to the
Exploration and Drilling Program has been reviewed and approved by
Carl Schulze, P.Geo., and a
'Qualified Person' as defined under Canadian National Instrument
43-101. Technical information in this news release relating
to the Feasibility Study has been reviewed and approved by
Cameron Brown, P.Eng., and a
'Qualified Person' as defined under Canadian National Instrument
43-101
ABOUT WESTERN COPPER AND GOLD CORPORATION
Western Copper and Gold Corporation is developing the Casino
Project, Canada's premier
copper-gold mine in the Yukon
Territory and one of the most economic greenfield
copper-gold mining projects in the world. For more
information, visit www.westerncopperandgold.com.
On behalf of the board,
"Paul West-Sells"
Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements
and Information
This news release contains certain forward-looking statements
concerning anticipated developments in Western's operations in
future periods. Statements that are not historical fact are
"forward-looking statements" as that term is defined in
the United States Private
Securities Litigation Reform Act of 1995 and "forward looking
information" as that term is defined in National Instrument 51-102
("NI 51-102") of the Canadian Securities Administrators
(collectively, "forward-looking statements"). Forward-looking
statements are frequently, but not always, identified by words such
as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible" and similar expressions, or statements that
events, conditions or results "will", "may", "could" or "should"
occur or be achieved. These forward-looking statements may include,
but are not limited to, statements regarding perceived merit of
properties; mineral reserve and resource estimates; capital
expenditures; feasibility study results (including projected
economic returns, operating costs, and capital costs in connection
with the Casino Project); exploration results at the Company's
property; budgets; permitting or other timelines; economic benefits
from the mine and/or the access road; strategic plans; market price
of precious and base metals; or other statements that are not
statement of fact. In making the forward-looking statements herein,
the Company has applied certain material assumptions including, but
not limited to, the assumptions that the circumstances surrounding
the COVID-19 pandemic, although evolving, will stabilize or at
least not worsen; that the extent to which COVID-19 may impact the
Company, including without limitation disruptions to the mobility
of Company personnel, increased labour and transportation costs,
and other related impacts, will not change in a materially adverse
manner; that all regulatory approvals required to complete the
Company's planned exploration and development activities will be
received in a timely manner and on acceptable terms; that the
Company is able to procure personnel, equipment and supplies
required for its exploration and development activities in
sufficient quantities and on a timely basis; and that general
business conditions will not change in a materially adverse
manner.
Forward-looking statements are statements about the future
and are inherently uncertain, and actual results, performance or
achievements of Western and its subsidiaries may differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking statements due to a variety of
risks, uncertainties and other factors. Such risks and other
factors include, among others, risks involved in fluctuations in
gold, copper and other commodity prices and currency exchange
rates; COVID-19 risks to employee health and safety and a slowdown
or temporary suspension of operations in geographic locations
impacted by an outbreak; uncertainties related to raising
sufficient financing in a timely manner and on acceptable terms;
and other risks and uncertainties disclosed in Western's AIF and
Form 40-F, and other information released by Western and filed with
the applicable regulatory agencies.
Western's forward-looking statements are based on the
beliefs, expectations and opinions of management on the date the
statements are made, and Western does not assume, and expressly
disclaims, any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as otherwise required by
applicable securities legislation. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements.
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SOURCE Western Copper and Gold Corporation