Paul West-Sells of Western Copper and Gold is optimistic about copper’s potential as supply struggles to keep up with demand.
“I think US$1,500 (per ounce) gold is very exciting for everybody,” he said on the sidelines of the Precious Metals Summit in Beaver Creek, Colorado.
“(But) the thing actually that I find quite interesting is that there’s a couple of the funds we met with that were more interested in our copper than our gold. These are mining funds and they sort of said, ‘Look, gold’s had a good run, we’ve made a lot of money on those equities. We’re selling them and moving into some of the copper ones,'” explained West-Sells.
“It’s the safer bet. Gold may still run up, but copper is definitely going to run up.”
Western Copper and Gold’s main asset is the Yukon-based Casino copper-gold property, which has proven and probable reserves of 4.5 billion pounds of copper and 8.9 million ounces of gold, plus 5.4 billion pounds of copper and 9 million ounces of gold in the inferred category.
The company also acquired the adjacent Canadian Creek property from Cariboo Rose in August.
“We’ve really had our eye on this property for a long time, and things just finally came together and we had the opportunity to purchase it,” said West-Sells.
“We like it because it’s actually directly to the west of our pit, and if you look at what they have there, there’s a lot of gold on that area right next to the west of our pit. (If) you talk to our geologists they say that’s the rest of our deposit,” he continued.
Western Copper and Gold recently wrapped up a drill program at Casino and fit in some drilling at Canadian Creek as well. The first results from Casino came in on Tuesday (September 24), with highlights including 55.1 grams per tonne gold over 2.97 meters; a re-assay returned 65.9 grams per tonne gold.
West-Sells said more results are expected in the coming weeks, with the company’s next milestone being an updated resource estimate toward the end of the year.
“I actually think that’s going to be the real excitement,” he said.
Listen to the interview above for more from West-Sells on Western Copper and Gold. Our full playlist for the Precious Metals Summit can be found on YouTube.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Western Copper and Gold is a client of the Investing News Network. This article is not paid-for content.
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