Imperial Mining Group Ltd. (“Imperial”) (TSXV:IPG) is pleased to announce the start of its 2019 summer exploration program on the 100% owned Opawica Gold project in the Abitibi region of northwestern Québec.
The $100,000 summer program will consist of detailed geological mapping and geochemical sampling over the entire property to follow-up on the encouraging results from Imperial’s 2018 work program. The 2019 program will focus on newly discovered anomalous outcrops and on known north northeast-striking gold-bearing structural zones along the main NE-SW mineralized deformation zone which were extended by IP surveys by 1.7 km in strike. Results of this program will be integrated into our digital exploration database to identify high-priority gold targets for a diamond drilling program planned for the fall of 2019 or winter of 2020.
OPAWICA GOLD PROPERTY EXPLORATION HISTORY AND PLANS
The Opawica gold property is located 20 km east of Desmaraisville and is accessible via Highway 113 from Val d’Or to Chibougamau, Quebec, and by a network of forestry roads (Figure 1).
The property lies within major regional NE-SW deformation corridors that hosts several gold occurrences and some former gold producers, including the Joe Mann mine (historical past-production 4.8Mt @ 7.56 g/t Au) and the Bachelor Lake mine (historical past-production 870,000t @ 4.66 g/t Au) located 90km to the east and 20km to the west, respectively. The property straddles a major geological contact between the mafic volcanic rocks of the Obatogamau Formation to the south and felsic volcanic rocks of the Wachigabau Member to the north, a geologic environment similar to the Joe Mann mine horizon (historical past-production, 1.9 million oz. gold).
This structural zone hosts a 75-150 m wide deformation and alteration corridor consisting of several shear zones with strong, pervasive carbonate, sericite, and fuchsite alteration with disseminated pyrite and quartz veinlets with gold and silver mineralization and occasional visible gold (VG). Previous work on the property identified a 350 m long gold-bearing zone in the central part of the property (Central Zone) which was never drill tested below the 125 m vertical level (Table 1, Figure 2). Historical drilling from the Central Zone returned up to 6.9 g/t gold (Au) over 3.8 m and 87.7 g/t Au over 1.5 m. All drilling on the property was completed above the 125 m vertical level.
In the fall of 2018 (see Press Release: October 8, 2018), Imperial completed high-powered 3D Ore Vision 3-D induced polarization (IP) survey over the Central Zone structure shows it continues westward for at least 1.7 km from what was historically considered to be the main area of interest for gold on the property. In addition, the geophysics defined parallel, second-priority IP targets north and south of the Central Zone gold structure. Results obtained over the Central Zone area clearly show that the strongest IP signatures are located at and below the 150 m vertical level, below the deepest drilling, opening the potential to further expand on the vertical limits of this zone. These targets remain to be drill-tested.
In addition, new areas of potential gold mineralization were identified in the southeastern part of the property during Imperial reconnaissance survey work in 2018. One of these outcrop areas showed evidence of strongly developed fabric and alteration which suggest that NNE structures, cutting the main NE-SW deformation corridor, also carry significant concentrations of quartz and carbonate veins, an indicator of the presence of gold on the property.
“Strong geological similarities to the historical Joe Mann Mine and Windfall Lake gold environments, to the east and south of the property, and the presence of strong geophysical anomalies west, north and south of known gold mineralization provides Imperial with very attractive new targets,” said Imperial’s President & CEO, Peter Cashin. “Our work on the property clearly shows that significant, untested gold and silver potential on favourable structures that extend at least 1.7 km west from known mineralization exists.”
The 2019 Summer mapping program will be conducted with a strong emphasis on the collection of structural measurements and the description of the mineralization and alteration of the host lithologies. Stripping or trenching work will be performed on mineralized outcrops to better understand the nature of the gold mineralization and its relationship with the different structural domains. All results from this program will be integrated into a 3D geological and geophysical model to better define targets for the planned fall 2019 drilling program.
The technical content in this press release was provided and certified by Pierre Guay, P. Geo., Imperial’s Vice-President, Exploration, a Geologist and Qualified Person as defined by NI 43-101.
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a Canadian mineral exploration and development company focussed on the advancement of its copper-zinc, gold and technology metals properties in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.
This press release may contain forward-looking statements relating to the Company’s operations or to its business environment. Such statements are based on the Company’s operations, estimates, forecasts, and projections, but are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. Several factors could cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in the corporate filings. Although any such forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. In addition, the Company disclaims any intention or obligation to update or revise any forward-looking statements, for any reason. We also do not commit in any way to guarantee that we will continue reporting on items or issues that arise. Investors are cautioned that this press release contains quoted historical exploration results. These are derived from filed assessment reports and compiled from governmental databases. The Company and a QP have not independently verified and make no representations as to the accuracy of historical exploration results: these results should not be relied upon. Selected highlight results may not be indicative of average grades.
Neither TSX Venture Exchange 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.
Photos accompanying this announcement are available at:
PowerOre (TSXV:PORE) has released the results of drill holes 10 to 14 from its spring 2019 drill program at its Opemiska copper mine complex in Quebec’s Chibougamau District.
Highlights from the press release are as follows:
162.0 metres at 1.01 percent copper equivalent starting at 3.0 metres down hole in OPM-19-14, including:
2.21 percent copper equivalent over 62.7 metres
137.9 metres at 0.35 percent copper equivalent starting at 12.1 metres in hole OPM-19-13, including:
1.19 percent copper equivalent over 34.0 metres
0.73 percent copper equivalent over 14.8 metres starting at 19.2 metres down hole in hole OPM-19-11
Stephen Stewart, PowerOre CEO, commented:
“We are happy to report our best intersection to date with 162 metres of 1.0 percent copper equivalent in hole 14 with the mineralized zone beginning a few metres down hole. This is significant to the confirmation of our interpretation that solutions ponded and were deposited in a disseminated style at the contact between the Gabbro/Pyroxenite sill and underlying Rhyolite. This drill program continues to show extremely wide mineralized intersections near surface.”
Aurex Energy Corp. (“AUREX” or the “Company”) (TSXV:AURX) announces that the Company has closed the non-brokered private placement of units (“Units”) announced June 26, 2019, for gross proceeds of $489,100 (the “Offering”). The Offering consists of the issuance of an aggregate of 1,956,400 Units at a price of $0.25 per Unit. Each Unit consists of one common share in the capital of the Company (“Common Share”) and one-half common share purchase warrant (“Warrant”) with each full Warrant entitling the holder to acquire one Common Share at a price of $0.30 per Common Share, for a period of 19 months from the closing of the Offering.
In connection with the Offering, there were no cash commissions paid.
One Insider of the Company participated in the Offering for 400,000 Units.
All securities issuable pursuant to the Offering are subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws.
The Company also reports that, effective January 31, 2019 and amended March 26, 2019, it signed a Promissory Note (the “Note”) with an arms-length third-party (the “Holder”) for a principal amount of $100,000. The Note bears interest at 12% per annum. A penalty may apply for non-payment subsequent to March 31, 2019. In recognition of risk, the Holder shall receive a bonus equal to 20% of the value of the Note. The Holder can elect to receive the bonus in cash or Common Shares of the Company. If the Holder elects to receive shares, they will be issued at the market price of the Company at the time of issuance discounted by 10%. Issuance of the shares is subject to approval by the TSX Venture Exchange.
About Aurex Energy Corp.
Aurex Energy Corp. is a Canadian-based resource exploration and development company with its head office in Saskatoon, SK. Aurex is focused on the acquisition and development of a diversified portfolio of resource properties critical to current and future energy production. This includes natural gas for LNG, base metals including copper and zinc, platinum group elements, precious metals, and strategic metals.
AUREX TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL “AURX”.
For more information, including news releases and technical reports providing more detail on the contents of this news release, please visit our website at www.aurexenergy.ca
NEITHER THE TSX VENTURE EXCHANGE 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.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release may contain statements within the meaning of safe harbour provisions as defined under United States Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of the management of Aurex and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.
After local protests at the company’s Las Bambas mine earlier this year, MMG’s (ASX:MMG,HKEX:1208) total Q2 copper production was down 17 percent from the previous quarter.
In a June production report, MMG stated that total copper in copper concentrate reached 84,695 tonnes during Q2 between its Las Bambas and Rosebery assets. This marked a 15 percent drop from Q2 2018; also struggling year-on-year was copper cathode production from MMG’s Kinsevere mine, which fell 20 percent.
However, compared with Q1, Kinsevere’s production grew 31 percent which the company stated was “in-line” with its revised mine plan.
In spite of the drops from Las Bambas, MMG CEO Geoffrey Gao maintained a positive attitude towards the Peruvian mine’s production.
“Despite the logistics challenges faced by both Las Bambas and Dugald River during the first quarter of 2019, our teams have showed tremendous resilience in getting production back on track. A solid June quarter has ensured we remain on target to meet our 2019 production guidance,” he said in a statement.
Considered one of the world’s largest copper mines, Las Bambas took a hit in Q1 when a local community protested at the mine for over a month. Outbound transportation from the major mine was disrupted by illegal blockades set up on a public road in late February, with MMG citing payment issues related to ownership of the road.
“The blockade relates to a claim for compensation for a pre-existing easement that overlaps a public road on the Yavi Yavi farmland transferred to the community of Fuerabamba as part of the 2011 Las Bambas resettlement agreement,” the company wrote in a February press release.
Though the issue was finally resolved in early April, it created a tight situation for the company as outbound shipments were delayed and stockpiles mounted. According to MMG, on-site stockpiles peaked at 59,000 tonnes of copper in concentrate, but were reduced to 33,000 tonnes by the end of Q2 after normal operations resumed.
MMG’s Dugald River zinc operation in Queensland also faced a small hiccup this past quarter, when it saw a 7 percent production drop from both Q1 2019 and Q2 2018. The drop came primarily as a result of a planned 11 day maintenance shutdown during the quarter.
MMG’s stock price grew 1.23 percent on the HKEX on Thursday (July 18), ending the day of trading at HKD 2.47 per share.
As of July 17, copper was trading at US$5,921.5 per tonne on the London Metal Exchange. Meanwhile, zinc was trading at US$2,469 per tonne.
Asiamet Resources (LSE:ARS) has been issued a key environmental permit from Indonesian government officials for its BKM copper project in the country’s Central Kalimantan province.
Bestowed on Asiamet by the provincial government, the permit gives the company permission to develop BKM’s mine and infrastructure, including supporting activities, through to the end of operations. This entails activities that fall under pre-construction, construction, operations and post-operations.
Asiamet CEO Peter Bird commented on the timeline for receiving the environmental permit in a statement, calling it another significant permitting milestone for the company.
“Following completion of the BKM feasibility study, Asiamet continues to focus on assessing each of the value enhancement opportunities identified in the bankable feasibility study, further de-risking the BKM project through completion of the remaining permitting milestones, and advancing a range of funding options for ongoing development of both the BKM project and the company’s high quality copper, gold and polymetallic base metals project portfolio,” he said.
Going forward, the company’s next major milestone will be to receive its Pinjam Pakai, also known as a “borrow and use” permit. This would be granted by the Government of Indonesia Forestry Department; work to secure the necessary sub-permits for the Pinjam Pakai is currently underway.
A feasibility study for BKM released last month lays out a nine year mine life with an annual production estimate of 25,000 tonnes of copper cathode. Proved and probable ore reserves are set at 51.5 million tonnes at 0.6 percent copper for 303,000 tonnes of contained copper.
Total measured, indicated and inferred resources came to 69.6 million tonnes at 0.6 percent copper for 451,900 tonnes of contained copper. Life of mine revenue is docketed at US$1.27 billion, with earnings before interest, tax, depreciation and amortization ringing up at US$563.3 million.
The study notes that exploration targets close to the proposed BKM mine site could potentially expand its mineral inventory and extend the project’s mine life past 2030.
Asiamet’s share price closed 2.82 percent higher on the London Stock Exchange on Wednesday, ending the day of trading at 4.55 pence.
As of Tuesday (July 16), copper was trading at US$5,958 per tonne on the London Metal Exchange.
Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) (“Copper Fox” or the “Company”) and its wholly owned subsidiary, Desert Fox Copper Inc. (“Desert Fox”) are pleased to provide shareholders an update of activities and analytical results for the Van Dyke In-Situ Leach (“ISL”) oxide copper project (see news release May 28, 2019).
Moose Mountain Technical Services (“MMTS”) has been retained to complete an updated resource estimate for the Van Dyke copper deposit.
MMTS completed the Preliminary Economic Assessment of the Van Dyke copper deposit in 2015 and the maiden resource estimate in 2014.
The four drill holes reported in this news release were previously reported to contain no soluble copper greater than 0.05%.
DDH-UVD-14 returned an average of 0.445% acid soluble copper (“ASCu”) over a 79.09 meter (‘m’) core interval including a 6.25m interval grading 1.008% ASCu.
The additional sampling extended the mineralized intervals reported from the Phase I sampling program in six drill holes with increases ranging from 11.0m to 47.2m.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “The analytical results from the Phase II sampling program along with a more robust geological model were the basis for the decision to proceed with an updated resource estimate. The updated estimate will include the drill holes listed in this news release along with five additional drill holes that were excluded from the maiden resource estimate for the Van Dyke copper deposit.”
The weighted average acid soluble copper concentrations using a 0.05% ASCu cutoff for the last four drill holes from the Phase II analytical program reported in this news release are shown below. To compare the weighted average grades for the historical and 2019 analytical results, the analytical results from the historical database were weight averaged over the same interval corresponding to the 2019 interval.
TCu= total copper, (%) = percent, (m) = meters, ASCu = acid soluble copper, NR = reported no ASCu over 0.05%, the above mineralized intervals do not represent true widths.
The following table compares the thickness of the 2019 mineralized intervals based on 0.05% ASCu cut-off to the reported historical mineralized intervals for the four holes reported in this news release.
NR = reported no ASCu over 0.05%, (m) = meters, the above mineralized intervals do not represent true widths.
The weighted average grades for the mineralized intervals were estimated using a 0.05% ASCu cutoff; in line with the cutoff grade used in the maiden resource estimate for the Van Dyke copper project completed in 2014. A maximum interval of 3 meters grading less than 0.05% ASCu within the mineralized interval was tolerated when estimating the weighted average. The Phase II sampling extended the mineralized intervals reported from the Phase I sampling in the follow drill holes. Re-stated weighed average grades and mineralized intervals are reported below.
TCu= total copper, (%) = percent, (m) = meters, ASCu = acid soluble copper, the above mineralized intervals do not represent true widths.
*partial results reported in 2014.
Sample preparation and analytical work was completed by Skyline Assayers & Laboratories located in Tucson, Arizona. Skyline’s package codes CuT, CuSeq and CuCn were used to determine total copper, sequential copper and cyanide soluble copper. Sequential copper analysis uses a 0.25-gram sample digested (at room temperature) in 5% sulfuric acid and the solution is then diluted to 100 mL with deionized water. The residue from the sample is digested in 10% sodium cyanide solution and diluted to 100 mL. Atomic Absorption Spectrometry (“AAS”) was used to determine copper concentrations. Skyline has an ISO/IEC 17025/2005 accreditation.
A total of 15 blanks and certified reference standards were inserted (insertion rate 1:12) with the samples for which analyses are being reported. The Skyline results for the blank and standards were within +/-5% of accepted value for the blank and standards.
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company’s non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox:
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties and investments visit the Company’s website at http://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither the TSX Venture Exchange 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.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, “forward-looking information”). Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding: higher acid soluble copper concentrations than the initial analytical results; thicker mineralized intervals than the initial analytical results; the possibility of completing an updated resource estimate and updating the geological model for the Van Dyke project.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards and the reliability of historical reports. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the possibility that an updated resource estimate on the Van Dyke project may not be completed within a reasonable time frame or at all; the possibility that the update geological model may not be completed within a reasonable time frame or at all; uncertainties relating to interpretation of the analytical results; the geology, continuity and concentration of the mineralization; the financial markets and the overall economy may deteriorate; the need to obtain additional financing; uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Major miner Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) broke some less than pleasant news to shareholders this week with the announcement that its prized Oyu Tolgoi project will experience significant delays and a hefty capital increase for underground operation.
Located in Mongolia, Oyu Tolgoi is set to become one of the world’s largest copper mines, with its underground component set to see annual output of over 500,000 tonnes of copper upon full ramp up.
Rio approved the development of the underground operation in 2016 with first production estimated for 2020; the project’s open pit began production in 2013.
However, in an update released on Tuesday (July 16), Rio explained that potential stability risks have been identified with the approved mine design. As such, Rio is going back to the drawing board and weighing other mine design options, pushing back the 2020 production estimate.
“Preliminary information now suggests that, depending on which mine design options are adopted, first sustainable production could be achieved between May 2022 and June 2023, a delay of 16 to 30 months, compared to the original feasibility study guidance in 2016,” the statement reads.
The range includes a contingency of up to eight months due to unexpected and challenging geotechnical issues, shaft two construction complexities and further required work to reach a precise estimate.
On top of the fresh delays, the project is being hit with a boosted price tag. Originally set to cost US$5.3 billion, preliminary development capital estimates are now set at US$6.5 billion to US$7.2 billion dependent on the outcome of the aforementioned work.
The company stated that it will work to minimize the impact on Oyu Tolgoi’s schedule and costs by going through the details and testing of each mine design option.
“We have made significant progress on a number of key elements in the construction of the underground project during 2019. However, the ground conditions are more challenging than expected and we are having to review our mine plan and consider a number of options,” Stephen McIntosh, group executive of growth and innovation, said in the statement.
“Delays are not unusual for such a large and complex project, but we are very focused as a team on finding the right pathway to deliver this high value project.”
As of Monday (July 15), copper was trading at US$5,997 per tonne on the London Metal Exchange.
Rio’s share price was down 0.64 percent on Tuesday, ending the day of trading at AU$103.25.
Excelsior Mining (TSX:MIN,OTCQX:EXMGF) announced Tuesday (July 16) that electrical power upgrades had been completed at the Gunnison copper project in Arizona, in turn allowing for each part of the project to be energized.
According to the company, this milestone keeps Excelsior on-track to see first copper production in Q4 2019.
As stated in the press release:
The power transmission line to the production wellfield is now ready to be energized. The new 69k/volt transmission line has been successfully linked over the I-10 freeway; thereby connecting the production wellfield to the newly relocated and upgraded substation at the Johnson Camp Mine. At the new substation, power will be transformed for distribution throughout the processing plant. Additionally, the company has also completed new power transmission lines with pole transformers for the hydraulic control wells and to the evaporation pond.
Stephen Twyerould, Excelsior President & CEO, commented:
“Connecting power to the production wellfield is another critical step forward for the Gunnison copper project. This key component has been completed on-time and on-budget as per our construction schedule. We look forward to decades of efficient power usage as we move closer to unlocking the robust economics of Arizona’s next new copper producer.”
A subsidiary of major miner BHP (ASX:BHP,LSE:BHP,NYSE:BHP) has signed a binding earn-in and joint-venture (JV) agreement with Luminex Resources (TSXV:LR,OTC Pink:LUMIF) regarding the latter’s Tarqui and Tarqui 2 mining concessions in Ecuador.
The move comes after the two companies signed a non-binding letter of intent in March, with many of the agreement terms remaining the same. Should BHP invest US$25 million in exploration fees and pay Luminex US$2.4 million in cash over a four-year period, the company can earn a 51 percent stake in the JV company.
The company can earn an additional 9 percent in the JV by funding US$10 million in costs at the property and paying Luminex an extra US$4.6 million over a subsequent two-year period. Lastly, BHP can boost its ownership to 70 percent by paying for US$40 million of expenditures at the copper asset.
If BHP opts to take the necessary steps to 70 percent ownership, Luminex will retain a 30 percent stake in Tarqui and will fund 30 percent of any costs necessary for exploration, development or construction. As it currently stands, BHP will act as the JV company’s manager and operator with exploration work currently underway.
“Luminex is excited to advance Tarqui with an organization like BHP that has the opportunity and commitment to supplying future global copper demand and a strong focus on responsible development in Ecuador,” Luminex CEO Marshall Koval said in a previous statement.
As of July 12, copper was trading at US$5,949.5 per tonne on the London Metal Exchange.
BHP’s stock price inched ahead 0.073 percent on the ASX to close Monday (July 15) at AU$41 per share. Meanwhile, Luminex’s stock price remained unchanged from Friday’s (July 12) close of C$0.72 per share.
Western Copper and Gold Corporation (“Western” or the “Company”) (TSX:WRN, NYSE American:WRN) is pleased to announce an update on the exploration program underway at the Company’s 100%-owned Casino project in Yukon, Canada.
Since the beginning of June, when Western commenced the exploration at its Casino site with 2 rigs from Yukon based Kluane Drilling Ltd., over 6,000 meters of drilling have been completed in 34 holes (see Figure 1). This represents over 50% of the planned meters of the $3.3 million drill campaign.
The goal of the drilling campaign is to convert inferred mineralization to indicated mineralization, which would have a number of positive effects on the Casino project, including:
Increasing the overall tonnage of indicated mineralization, which in turn increases the amount of material that potentially becomes reserves in future economic studies, thus increasing projected mine life.
Potentially lowering the overall strip ratio, as in the January 25, 2013 Casino Project Feasibility Study (the “Feasibility Study”), inferred mineralization located in the Casino pit was considered to be waste.
Providing more accurate quantities of ore and waste, which will allow for more detailed engineering of the tailings and mine waste facility outlined in the Best Available Tailings Technology Study (see news release dated November 5, 2018).
Once the drilling is complete and all the assays received, the drill results will be incorporated in an updated resource estimate.
Paul West-Sells, President and CEO, stated, “The program has been a success so far, with drilling on schedule and spending within budget. I look forward to releasing the drill results and the updated resource later this year.”
Technical information in this news release has been reviewed and approved by Jack McClintock, 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.
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”). Certain forward looking information should also be considered future-oriented financial information (“FOFI”) as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management’s expectations regarding the anticipated results of operations and capital expenditures and readers are cautioned that FOFI may not be appropriate for other purposes. 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. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploration estimates and results, continued availability of capital and financing, construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions and as more specifically disclosed throughout this document, and in the AIF and Form 40-F.
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; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; 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.