western copper and gold corporation ("Western" or the "Company") (TSX: WRN; NYSE American: WRN) is pleased to announce that it has entered into an amended agreement with Eight Capital, on behalf of a syndicate of underwriters (the "Underwriters") under which the Underwriters have agreed to buy from the Company, on a bought deal basis, 21,055,000 common shares of the Company (the "Common Shares") at a price of $1.90 per Common Share for gross proceeds of $40,004,500 (the "Offering"). The Company has granted the Underwriters an over-allotment option to purchase up to an additional 3,158,250 Common Shares, representing 15% of the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time up to 30 days after the closing of the Offering.
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Western Copper and Gold Commences Exploration and Drilling Program at Casino
Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces its 2022 exploration and drilling program (the "Program") at its wholly owned Casino Copper-Gold Project ("Casino").
The Program was developed in collaboration with Rio Tinto as outlined in the Investor Rights Agreement and Subscription Agreement entered as part of an investment by Rio Tinto Canada in Western (see news release dated May 17, 2021). The Program consists of several components outlined below:
Exploration DrillingThe key exploration target for the Program will be a deep magnetotelluric ("MT") low-resistivity anomaly initially identified in 2009 by a Titan IP-MT survey, and better defined by data reprocessing in 2018 as depicted in Figure 1 below. The anomaly trends NE-SW, is approximately 1,300 m long and 500 m wide, and is expected to be encountered at approximately 800 m depth in the location shown in Figure 1. An equally extensive induced polarization ("IP") anomaly lies above and northwest of this MT anomaly. Historical drill holes that penetrated that anomaly contained low-grade copper and gold values. A second deep drill hole, located approximately 175 m southwest, is contingent on the results of the first drill hole.
Enersoft LoggingThe Program also involves scanning of drill core utilizing the innovative GeologicalAI robotic scanning device built by Enersoft Inc., of Calgary, Alberta. The scanning includes Light Detection and Ranging ("LIDAR") scanning, X-ray fluorescence ("XRF") analysis, hyperspectral analysis, high-resolution photography and some geotechnical analyses. The primary focus will be to continue standardization of rock types drilled throughout all programs completed to date. Scanning will be done on approximately 50,000 m of historical drill core and the 2022 exploration drilling targeting the MT anomaly, which will be given priority for scanning throughout the Program.
Geotechnical DrillingThe Program will also include roughly 1,500 m of geotechnical and hydrological drilling designed by Knight-Piesold Consulting. This will target the ground conditions of the proposed tailings management facility, proposed heap leaching and milling facilities and the new airstrip. In addition, several test pits are planned for the proposed heap-leach area.
"We are excited to launch our 2022 exploration and drilling program.", said Paul West-Sells, President and CEO, "The deep MT anomaly is a target that we've wanted to drill for a number of years, and the geotechnical program will be key to the development of our ESE statement, on track for submission next year."
COVID-19 PolicyThe health and safety of our employees, contractors, visitors, and the communities in which we operate are paramount. To that end, we have implemented a COVID-19 policy to reduce the spread of COVID-19 at our exploration camp, and in the Yukon. We will continue to follow the guidance issued by the Federal and Territorial governments for the operation of remote camps and mining operations. All of our policies can be found on our website, at https://casinomining.com/about-us/casino-site-policies/.
Technical information in this news release has been reviewed and approved by Carl Schulze, P.Geo, and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
ABOUT WESTERN COPPER AND GOLD CORPORATIONWestern 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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Western Copper and Gold
Overview
Governments worldwide have ambitious goals to reach net-zero emissions, putting renewable energy in the spotlight. Every emerging clean technology has one material in common: copper. Thanks to its highly conductive properties, the base metal has been a standard component in existing electronics, and global electrification will increase demand drastically. As a result, copper consumption is forecasted to reach 36.6 million metric tons by 2031.
Western Copper and Gold Corporation (TSX:WRN, NYSE American:WRN) is ideally positioned to leverage this trend. It is currently focused on developing Canada’s premier copper-gold project - the Casino project. The deposit is located in the Yukon Territory, which ranks among the world's most attractive mining jurisdictions.The Yukon is known for its rich mineral deposits, including copper, gold, iron, silver and lead. It has attracted the attention of numerous major mining companies over the last few years, and recent infrastructure funding from the regional and federal governments has spurred additional investment in the territory. Miners in the Yukon, including Western Copper and Gold, are poised to benefit from this spate of new investments. The Carmacks Bypass, for example, is currently being constructed and will play an integral role in the Casino Project.
In June 2022, Western Copper and Gold released the results of its feasibility study, which incorporated an updated mineral resource. The updated estimate includes 14.8 million ounces (Moz) of gold in the measured and indicated category, and 6.3 Moz of gold in the inferred category, in addition to 7.6 billion lbs of copper in the measured and indicated category, and 3.1 billion lbs of copper in the inferred category.
Western Copper and Gold’s positive feasibility study on the Casino project indicates a 27-year mine life and cash flow over the first four years of C$951 million per year at base case prices. In addition, the company has provided estimates for potential economic changes in copper prices and indicated the project will remain profitable even if the spot price decreases.
“Casino is a rare asset in that it is sizable, economic, well-advanced and located in a great jurisdiction. Casino is the key asset in the emerging Yukon gold district,” said Paul West-Sells, Western Copper and Gold’s president and CEO.
In March 2022, the company released its project drilling results, providing assay information from the 13 holes remaining from its 2021 program.
Western Copper and Gold has begun its 2023 diamond drilling program consisting of approximately 2,200 meters of drilling in seven drill holes, ranging from 130 meters to 560 meters in depth located inside the current pit boundaries. The program is expected to result in the upgrading of some indicated resource to the measured resource category.
Rio Tinto (NYSE:RIO) made a strategic C$25.6-million investment to advance the Casino project, resulting in approximately 8 percent ownership by Rio Tinto of Western’s outstanding common shares. Western Copper and Gold remains the sole owner of the project and will continue to be its operator.
Additionally, the company announced the completion of a C$21.3 million strategic equity investment by Mitsubishi Materials Corporation to further advance the company's copper-gold Casino Project in the Yukon. Mitsubishi Materials acquired 8,091,390 common shares of the company for C$2.63 per share for proceeds of approximately C$21.3 million, resulting in Mitsubishi Materials owning approximately 5 percent of Western's issued and outstanding shares.
A highly knowledgeable management team with a proven record of success leads Western Copper and Gold and is supported by a highly qualified team of engineers dedicated to bringing Casino into production.
Company Highlights
- Western Copper and Gold is an exploration and development mining company with a significant advanced-stage copper-gold asset in the Yukon.
- The Casino deposit hosts a significant resource of almost 21 Moz of gold and 11 billion lbs of copper (M+I+I).
- A strategic investment from Rio Tinto grants Western access to additional operational funding and technical knowledge, indicating Rio’s confidence in the Casino project.
- The federal government announced a funding package to finance the access road to the Casino Project
- Western Copper and Gold’s positive feasibility study on the Casino project, indicates a 27-year mine life and cash flow over the first four years of C$951 million per year at base case prices.
- The company completed a C$21.3-million strategic equity investment by Mitsubishi Materials Corporation to further advance the company's copper-gold Casino Project in the Yukon.
- Western Copper and Gold initiated its 2023 diamond drill program at the Casino Project consisting of a metallurgical and infill drilling program with approximately 2,200 meters in seven drill holes, ranging from 130 meters to 560 meters in depth and a geotechnical and hydrogeological drilling program with 800 meters of drilling.
Key Project
Casino Project
The Casino project is a large porphyry-type copper-gold-molybdenum deposit located 560 kilometers from the year-round port of Skagway, Alaska and 380 kilometers from the capital city of Whitehorse in the Yukon Territory of Canada.
In September 2017, the territorial and federal governments announced they would provide approximately C$130 million in funding to upgrade and subsidize a large portion of the Casino access road as part of the Yukon Gateway project.
The company released its positive PFS for the Casino project in June 2022, which considered the project being constructed as an open-pit mine, with a concentrator processing 120,000 tonnes per day (td) to recover copper, gold, molybdenum and silver, as well as a 25,000 td oxide heap leach facility to recover gold, silver and copper.The PFS examined the development of the Casino project, which includes the processing of 1.43 billion tonnes of mineral reserve for both the mill and heap leach, with deposition of mill tailings and mine waste in the tailings management facility consistent with the design concepts considered during the best available tailings technology study as a base case development.
The PFS indicated a $2.3-billion after-tax NPV (8 percent) at base case metal prices with an after-tax IRR of 18.1 percent. The cash flow over the first four years is C$951 million per year contemplating a 27-year mine life.
The company has been working with the federal, territorial and First Nations governments and top environmental consultants to ensure the planned road leading into the Casino site will have the lowest possible environmental impact and will ensure maximum benefit for local communities and First Nations, according to West-Sells.
Management Team
Dr. Paul West-Sells - President
Dr. Paul West-Sells has more than 30 years of experience in the mining industry. After obtaining his Ph.D. from the University of British Columbia in metallurgical engineering, he worked with BHP, Placer Dome and Barrick in increasingly senior roles in research and development and project development. West-Sells has worked for Western Copper and Gold since 2006, where he held a number of technical and executive positions and is now the president and CEO overseeing the day-to-day operations of the company. West-Sells sits on the Yukon Minerals Advisory Board, the Board of the Yukon Mining Alliance and is also the chair of the Centre for Northern Innovation in Mining Governing Council.
Bill Williams – Interim Chairman
Bill Williams is an economic geologist with nearly 40 years of experience related to the exploration and development of mining and oil & gas projects, as well as oversight of mining operations. He provides consulting services to the mining industry with a focus on company/project (e)valuations, M&A analyses, risk analysis, project management, and permitting strategies. Most recently, he served as the interim CEO and director of Detour Gold Corporation and was a director and COO of Zinc One Resources Inc., with whom he led the team that made the discovery of the Mina Chica zinc-oxide deposit in the Bongará district, north-central Peru. He is the former CEO, president, and director of Orvana Minerals, prior to which he was a vice-president for Phelps Dodge Exploration overseeing activity in the Americas, which included the discovery of the Haquira porphyry copper deposit in Peru, and working on M&A opportunities. He holds a Ph.D. in economic geology from the University of Arizona and is a certified professional geologist.
Sandeep Singh - Chief Executive Officer
Sandeep Singh is a highly respected mining professional with 20 years of sector expertise. He was previously the president and CEO of Osisko Gold Royalties, where he led the successful turnaround of the company. For the fifteen years prior, Singh was an investment banker focusing on the North American metals and mining sector with BMO Capital Markets, Dundee Securities, and ultimately co-founding Maxit Capital, a leading independent M&A firm. He has advised numerous mining companies on financing alternatives and strategic matters as well as having acted on some of the most complex and value-enhancing M&A transactions in the mining sector. Singh holds a Bachelor of Mechanical Engineering from Concordia University and a Master of Business Administration from Oxford University.
Varun Prasad - CFO
Varun Prasad has been with Western Copper and Gold since 2011 and most recently served as interim CFO. Prior to that, he was corporate controller for the company. He has extensive experience in financial reporting and regulatory matters. Prasad holds a B.A. Technology (accounting) from British Columbia Institute of Technology and is a member of the Chartered Professional Accountants of BC.
Cameron Brown - Special Technical Advisor
Cameron Brown has 45 years of experience in mineral processing and has been responsible for plant maintenance, project engineering and project management of major base and precious metal projects. He was formerly project manager for Western Silver Corporation and worked for 22 years for Bechtel Mining & Metals in various capacities including: project manager, project engineering manager, and manager of engineering for Bechtel Mining & Metals (Global). He was Western Copper and Gold's project manager from 2006 to 2010, served as vice-president, engineering from 2010 to 2023, and is currently special technical advisor.
Shena Shaw - VP, Environmental and Community Affairs
Shena Shaw has been managing projects and contributing to environmental assessments across the North for nearly 20 years and she is supporting the Casino Project through the first ever panel review process in the Yukon. Her knowledge and advice helps the company make strategic and effective decisions when planning and implementing Indigenous and community consultation and engagement. After graduating from the University of Victoria with a Bachelor of Arts in anthropology focusing on First Nations studies and geography, Shaw joined the Yukon Chamber of Commerce supporting community-based entrepreneurship programs and services. A relocation to Yellowknife, NWT introduced her to the mining industry for the first time when she joined DeBeers Canada’s Snap Lake Project. Following that, she embarked on a lengthy career in environmental consulting in Yellowknife and Whitehorse, focusing on responsible development of resource extraction through the environmental assessment and Indigenous engagement processes of large-scale projects in the Yukon, NWT, Alaska and across Canada. Shaw participated in the consultation and socio-economic impact assessment work for the Kaminak Coffee Gold Project, Victoria Gold’s Eagle Gold Project and the Casino Project, all based in the Yukon. She is deeply familiar with the Yukon Environmental and Socio-economic Assessment Act process and was involved in the Mackenzie Gas Project Joint Review Panel process in the NWT. Shaw is currently a director for the Yukon Chamber of Mines.
Dr. Klaus Zeitler - Director
Dr. Klaus Zeitler was the founder and CEO of Inmet from 1987 to 1996. Zeitler was senior vice-president of Teck Cominco Limited from 1997 until 2002, and previously was on the board of directors of Teck Corp. from 1981 to 1997, and Cominco Limited from 1986 to 1996. Zeitler is currently director and executive chairman of Amerigo Resources Ltd. and lead director of Rio2 Limited.
Tara Christie - Director
Tara Christie has over 20 years of experience in the exploration and mining business. Currently the president and CEO of Banyan Gold, Christie serves on the boards of Constantine Metal Resources and Klondike Gold. She was formerly the president of privately owned Gimlex Gold Mines, one of the Yukon’s largest placer mining operations. Christie has been a board member of PDAC, AMEBC and other industry associations and was a founding board member of the Yukon environmental and socioeconomic assessment board. She is active in non-profits and charities, including being president of a registered charity “Every Student, Every Day” that works to improve attendance in Yukon schools.
Michael Vitton - Director
Michael Vitton is the former executive managing director, head, US Equity Sales, Bank of Montreal Capital Markets (BMO Capital Markets), where he originated and placed more than US$200 billion through public and secondary offerings and M&A transactions across all sectors. In the metals and mining sector, Vitton has acted as seed investor, lead/co-lead underwriter or in a M&A capacity in some of the most important deals in the sector, including African Platinum , Arequipa Resources, Bema Gold Brancotte Resources, Comaplex Minerals, Detour Gold, Diamond Fields Resources, Echo Bay Mines, Francisco Gold , Franco-Nevada Gammon Gold, Getchell Gold, among many others. Vitton was also the co-founder of MMX Minerals e Metalicos SA and LLX Logistica SA (Brazil). MMX sold Minas Rio and Amapa assets to Anglo American Corporation for US$5.5 billion in cash in December 2008, returning US$8.8 billion in cash or stock distributions to MMX shareholders, offering six times return from IPO. Additionally, he co-founded Petro Rio SA, one of the leading Brazilian public oil and gas producers, producing over 35,000 bbls per day. Recently, Vitton acted as seed investor and capital markets advisor to Newmarket Gold, which was sold to Kirkland Lake Gold Ltd. for C$1 billion, combining to form a C$2.4-billion company. He acted as investor and capital markets advisor to ASX-listed Gold Road Resources Ltd., raising AU$57 million, and bringing the Gruyere gold mine into production jointly with Gold Fields SA. Vitton is a graduate of the University of Michigan Business School, former seat holder, NYSE, and former president, New York Society of Metals Analysts. Vitton is focused on the energy, infrastructure, industrial and mining sectors.
Frequently Asked Questions
How can I invest in Western Copper & Gold?
Western Copper & Gold is a public company that trades in the top stock exchanges in the world, in both the New York Stock Exchange American and the Toronto Stock Exchange under the symbol "WRN".
Why is Western Copper & Gold a good investment?
Western Copper and Gold is an exploration and development mining company advancing its world-class Casino Project, one of the largest copper-gold projects in Canada, located in the Yukon. The Casino deposit hosts a significant resource of almost 21 Moz of gold and 11 billion lbs of copper (M+I+I), and robust economics. According to its feasibility study which considered the Project being constructed as an open pit mine, Casino has a 27-year mine life, with $2.33 billion NPV after tax, and 3 years payback period. Casino has also attracted strategic investments from Rio Tinto and Mitsubishi Materials, providing Western Copper & Gold access to additional operational funding and technical knowledge.
What separates Western Copper & Gold from the rest of the field?
Western Copper and Gold’s president and CEO Paul West-Sells, says, “Casino is a rare asset in that it is sizable, economic, well-advanced and located in a great jurisdiction. Casino is the key asset in the emerging Yukon gold district.” Canada’s Yukon territory ranks among the world's top most attractive mining investment jurisdictions, with major miners like Rio Tinto, Newmont, Agnico-Eagle and Kinross developing projects in Casino's neighbouring areas.
What is Western Copper & Gold's CEO most excited about for 2023?
With the feasibility study completed, Western Copper & Gold CEO Paul West-Sells says his company is now working towards their environmental assessment and permitting. The company is also looking forward to the completion of the Carmacks bypass road, which is expected to be completed in 2024.
What is Western Copper & Gold's sustainability strategy?
Western Copper & Gold is committed to developing the Casino Project guided by the following four objectives: protect public health and safety; minimize, mitigate or prevent adverse environmental impacts; reclaim the site to a land use state consistent with surrounding conditions; and ensure long-term stability of the spent ore and waste rock storage area and site water quality.
Western Copper and Gold Announces Upsize in Bought Deal Public Offering to $40 Million
The net proceeds from the sale of the Common Shares are expected to be used to advance permitting and engineering activity at the Company's Casino Project in the Yukon and for general corporate and working capital purposes.
The Offering will be made by way of a short form prospectus (together with any amendments thereto, the "Prospectus") filed in all of the provinces of Canada, except Québec, and in the United States pursuant to a prospectus filed as part of a registration statement on Form F-10 (together with any amendments thereto, the "Registration Statement") under the Canada/U.S. multi-jurisdictional disclosure system. The Prospectus and the Registration Statement are subject to completion and amendment. Such documents contain important information about the Offering. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
The Registration Statement relating to the Common Shares has been filed with the United States Securities and Exchange Commission but has not yet become effective. The Common Shares to be sold pursuant to the Offering described in this news release may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. Before readers invest, they should read the Prospectus in the Registration Statement and other documents the Company has filed with Canadian regulatory authorities and the United States Securities and Exchange Commission for more complete information about the Company and the Offering. The Prospectus is available on SEDAR+ at www.sedarplus.ca. The Registration Statement is available on EDGAR at www.sec.gov . Alternatively, the Prospectus and the Registration Statement may be obtained, for free upon request, from Enoch Lee at 100 Adelaide Street West, Suite 2900, Toronto, Ontario, Canada M4H 1S3.
The Offering is expected to close on or about April 30, 2024 and is subject to the Company receiving all necessary regulatory approvals, including that of the Toronto Stock Exchange and the NYSE American LLC.
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.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning the use of proceeds from the Offering, the necessary regulatory approvals required for the Offering being received and the expected closing date of the Offering. 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. The material factors or assumptions used to develop forward-looking statements include, but are not limited to, the assumptions that all regulatory approvals of the Offering will be obtained in a timely manner; all conditions precedent to completion of the Offering will be satisfied in a timely manner; and that market or 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; uncertainties related to raising sufficient capital 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.
News Provided by GlobeNewswire via QuoteMedia
Western Copper and Gold Announces $25 Million Bought Deal Public Offering
western copper and gold corporation ("Western" or the "Company") (TSX: WRN; NYSE American: WRN) announces that it has entered into an agreement with Eight Capital, on behalf of a syndicate of underwriters (the "Underwriters") under which the Underwriters have agreed to buy from the Company, on a bought deal basis, 13,158,000 common shares of the Company (the "Common Shares") at a price of $1.90 per Common Share for gross proceeds of $25,000,200 (the "Offering"). The Company has granted the Underwriters an over-allotment option to purchase up to an additional 1,973,700 Common Shares, representing 15% of the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time up to 30 days after the closing of the Offering.
The net proceeds from the sale of the Common Shares are expected to be used to advance permitting and engineering activity at the Company's Casino Project in the Yukon and for general corporate and working capital purposes.
The Offering will be made by way of a short form prospectus (together with any amendments thereto, the "Prospectus") filed in all of the provinces of Canada, except Québec, and in the United States pursuant to a prospectus filed as part of a registration statement on Form F-10 (together with any amendments thereto, the "Registration Statement") under the Canada/U.S. multi-jurisdictional disclosure system. The Prospectus and the Registration Statement are subject to completion and amendment. Such documents contain important information about the Offering. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
The Registration Statement relating to the Common Shares has been filed with the United States Securities and Exchange Commission but has not yet become effective. The Common Shares to be sold pursuant to the Offering described in this news release may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. Before readers invest, they should read the Prospectus in the Registration Statement and other documents the Company has filed with Canadian regulatory authorities and the United States Securities and Exchange Commission for more complete information about the Company and the Offering. The Prospectus is available on SEDAR+ at www.sedarplus.ca. The Registration Statement is available on EDGAR at www.sec.gov . Alternatively, the Prospectus and the Registration Statement may be obtained, for free upon request, from Enoch Lee at 100 Adelaide Street West, Suite 2900, Toronto, Ontario, Canada M4H 1S3.
The Offering is expected to close on or about April 30, 2024 and is subject to the Company receiving all necessary regulatory approvals, including that of the Toronto Stock Exchange and the NYSE American LLC.
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.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
info@westerncopperandgold.com
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning the use of proceeds from the Offering, the necessary regulatory approvals required for the Offering being received and the expected closing date of the Offering. 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. The material factors or assumptions used to develop forward-looking statements include, but are not limited to, the assumptions that all regulatory approvals of the Offering will be obtained in a timely manner; all conditions precedent to completion of the Offering will be satisfied in a timely manner; and that market or 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; uncertainties related to raising sufficient capital 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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WESTERN COPPER AND GOLD ANNOUNCES METALLURGICAL PROGRAM AND ASSOCIATED DRILL RESULTS
western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces the launching of a metallurgical testing program (the "Metallurgical Program") for its wholly-owned Casino Copper-Gold Project (" Casino "). Fifteen composite samples were prepared from core acquired in 2023 (the "Drill Program"). Western's Technical and Sustainability Committee, comprised of members from Western, Rio Tinto Canada Inc. and Mitsubishi Materials Corporation, prepared the Drill and Metallurgical Programs.
The 2023 Drill Program consisted of seven holes for 2,244 m ranging from 130 m to 556 m in length. The drill holes were located inside the current pit boundaries and were selected to provide a range of grades, host rocks, and mineralogy for the Metallurgical Program (see Figure 1). The drill holes were also selected to convert indicated resource to measured.
The drill results continue to show the importance of the Core Zone wherein relatively higher grades are encountered as shown by DDH23-05, which intersected 158.5 m of supergene mineralization, in part oxidized, with 0.82% CuEq 1 . Furthermore, DDH23-04, which is approximately one kilometre west of the Core Zone, and DDH23-06, which is at the northwest edge of the Core Zone, intercepted 86.0 m of 0.56% CuEq 1 and 174.0 m of 0.52% CuEq 1 , respectively, in the supergene zone. Table 1 includes all results from the Drill Program.
The fifteen composite samples represent supergene and hypogene mineralization at various grades and will be subjected to comminution and flotation tests to produce a definitive concentrate from each composite. The results from this testing will be used to develop a more detailed geometallurgical model of the deposit. The test program is being carried out at ALS Metallurgy, based in Kamloops, BC , and is being supervised by Western, Rio Tinto Canada Inc., and Mitsubishi Materials Corporation personnel.
Table 1: 2023 drill program results
Zone 3 | From | To | Length | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq 1 |
DDH23-01 | ||||||||
CAP | 0.0 | 100.2 | 100.2 | 0.02 | 0.28 | 0.011 | 2.3 | 0.28 |
Supergene | 100.2 | 244.2 | 144.0 | 0.19 | 0.31 | 0.008 | 2.3 | 0.46 |
SUS | 100.2 | 244.2 | 144.0 | 0.19 | 0.31 | 0.008 | 2.3 | 0.46 |
HYP | 244.2 | 400.0 | 155.8 | 0.08 | 0.13 | 0.002 | 1.0 | 0.19 |
DDH23-02 | ||||||||
CAP | 3.2 | 72.2 | 69.0 | 0.02 | 0.25 | 0.006 | 1.4 | 0.22 |
Supergene | 72.2 | 229.0 | 156.8 | 0.21 | 0.32 | 0.013 | 1.9 | 0.50 |
SOX | 72.2 | 92.5 | 20.3 | 0.11 | 0.25 | 0.006 | 1.5 | 0.31 |
SUS | 92.5 | 229.0 | 136.5 | 0.22 | 0.33 | 0.014 | 1.9 | 0.52 |
HYP | 229.0 | 556.0 | 327.0 | 0.17 | 0.21 | 0.016 | 1.2 | 0.38 |
DDH23-03 | ||||||||
CAP | 22.1 | 25.1 | 3.0 | 0.06 | 0.10 | 0.002 | 0.7 | 0.14 |
Supergene | 25.1 | 109.5 | 84.5 | 0.24 | 0.22 | 0.006 | 1.5 | 0.43 |
SOX | 25.1 | 42.6 | 17.5 | 0.19 | 0.19 | 0.003 | 1.3 | 0.34 |
SUS | 42.6 | 109.5 | 66.9 | 0.26 | 0.23 | 0.006 | 1.6 | 0.45 |
HYP | 109.5 | 528.0 | 418.5 | 0.18 | 0.23 | 0.018 | 2.4 | 0.43 |
DDH23-04 | ||||||||
CAP | 4.7 | 56.6 | 51.9 | 0.04 | 0.15 | 0.021 | 1.9 | 0.25 |
Supergene | 56.6 | 142.6 | 86.0 | 0.30 | 0.20 | 0.027 | 2.4 | 0.56 |
SUS | 56.6 | 142.6 | 86.0 | 0.30 | 0.20 | 0.027 | 2.4 | 0.56 |
DDH23-05 | ||||||||
CAP | 5.6 | 72.0 | 66.4 | 0.03 | 0.21 | 0.031 | 1.0 | 0.31 |
Supergene | 72.0 | 230.5 | 158.5 | 0.37 | 0.41 | 0.039 | 1.6 | 0.82 |
SOX | 72.0 | 159.0 | 87.0 | 0.39 | 0.39 | 0.043 | 1.5 | 0.84 |
SUS | 159.0 | 230.5 | 71.5 | 0.35 | 0.44 | 0.032 | 1.9 | 0.79 |
DDH23-06 | ||||||||
CAP | 8.5 | 20.5 | 12.0 | 0.07 | 0.40 | 0.010 | 2.2 | 0.41 |
Supergene | 20.5 | 194.5 | 174.0 | 0.21 | 0.36 | 0.013 | 1.6 | 0.52 |
SOX | 20.5 | 86.5 | 66.0 | 0.25 | 0.53 | 0.013 | 2.0 | 0.69 |
SUS | 86.5 | 194.5 | 108.0 | 0.18 | 0.25 | 0.012 | 1.4 | 0.41 |
HYP | 194.5 | 256.8 | 62.3 | 0.06 | 0.07 | 0.011 | 0.6 | 0.16 |
DDH23-07 | ||||||||
CAP | - | - | - | - | - | - | - | |
Supergene | 34.2 | 77.1 | 42.9 | 0.22 | 0.18 | 0.006 | 1.3 | 0.39 |
SUS | 34.2 | 77.1 | 42.9 | 0.22 | 0.18 | 0.006 | 1.3 | 0.39 |
HYP | 77.1 | 130.3 | 53.2 | 0.24 | 0.25 | 0.014 | 1.8 | 0.48 |
1 CuEq metal prices: $US 3.60/lb Cu, $US 1700/oz Au, $US 14/lb Mo, $US 22/lb Ag with no adjustment for metallurgical recovery. |
2 Widths are core length, not true width of mineralized intersection |
3 CAP – leached cap, SUS – supergene sulphide, SOX – supergene oxide, HYP - hypogene |
The geological information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosures for Minerals Projects of the Canadian Securities Administrators ("NI 43-101") and supervised, reviewed, and verified by Bill Williams , CPG and Interim Chair of Western, who is a "Qualified Person" as defined by NI 43-101.
QA/QC protocol for DDH22-01, including assurance of chain of custody, has been implemented. Core samples are evenly cut by rock saw, then prepared and analyzed by ALS Geochemistry. Prepared samples are initially run using a four-acid digestion process and conventional multi-element ICP-AES analysis. Additional assaying for total copper and molybdenum is run using a four-acid digestion – AES or AAS method to a 0.001% detection limit. Gold assays are run using 30-gram samples by fire assay with an AA finish to a 0.005 ppm detection limit, with samples greater than 10 ppm finished gravimetrically. The QA/QC procedure involves regular submission of Certified Analytical Standards and property-specific duplicates. Check samples are also included and are sent to a secondary lab to test the primary labs' methods/procedures.
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 .
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices.
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
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. In making the forward-looking statements herein, the Company has applied certain material assumptions including, but not limited to, the assumption 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; 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.
SOURCE western copper and gold corporation
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WESTERN COPPER AND GOLD ANNOUNCES RIO TINTO EXERCISE OF THEIR ANTI DILUTION RIGHT
western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces it has completed a private placement with Rio Tinto Canada Inc. ("Rio Tinto") pursuant to Rio Tinto's subscription rights as a result of the Company's recent private placement with the incoming CEO.
Rio Tinto acquired 239,528 common shares of the Company at a price of C$1.35 per share for proceeds of C$323,363 , allowing Rio Tinto to maintain its interest of approximately 9.7%.
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.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
SOURCE western copper and gold corporation
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WESTERN COPPER AND GOLD ANNOUNCES COMPLETION OF PRIVATE PLACEMENT WITH SANDEEP SINGH
western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces it has completed its previously announced C$3 million private placement with Sandeep Singh .
Mr. Singh acquired 2,222,222 common shares at a price of C$1.35 per share for aggregate gross proceeds of approximately C$3 million .
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.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
western copper and gold corporation
SOURCE western copper and gold corporation
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March 2024 Quarterly Activities Report and Appendix 5B
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Assay results from soil sampling completed during the quarter at Golden Ridge identified new prospect targets and now define anomalous gold in soils over a combined strike length of at least 9km along the granodiorite contact zone, further enhancing the potential large scale of the overall Golden Ridge target deposit
- Infill and extension soil sampling is ongoing across the Golden Ridge project area
- Initial geological/vein modelling of mineralisation at Trafalgar Prospect indicates the deposit comprises multiple sub-parallel high-grade veins and associated splays, open along strike and down dip
- An initial 1,500m drill program (Phase 3) planned at the Trafalgar prospect comprising infill and extension drilling targeting down-dip and along-strike extensions to previous high- grade gold intercepts, includes multiple intersections grading >100g/t Au
- Post quarter, Phase 3 drilling commenced at Trafalgar Prospect
Exploration – Firetower Project, NW Tasmania
- Final assay results from recent 4-hole diamond drilling program received
- All holes intersected significant mineralised intervals, with a best result of:
- 2019FTD007E:
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0, including:
- 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3 and 0.14% Cu from 121m and
- 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m
- 2019FTD007E:
- Modelling of updated drilling data indicated key structural controls to polymetallic mineralisation zones with depth and strike extension target zones recognised
- Detailed surface mapping and sampling program initiated over priority target areas
Exploration – Parker Dome Project, WA
- Soil sampling outlined multiple, large-scale lithium anomalies of up to 187ppm Li2O at the recently optioned Parker Dome project
- Lithium anomalies extend up to 2,300m length and 900m width
Exploration – Lake Johnston Project, WA
- Soil sampling outlined a large, high priority lithium anomaly
- Priority Target 1 presents as a large scale (4km x 1km), strong anomaly with 23 samples returning assay results over 100ppm Li2O
Corporate
- Share Purchase Plan and Tranche 2 Placement completed raising $1.1 million
- Post quarter, one-for-two Renounceable Rights Issue, partially underwritten to $750,000 and priced at 3 cents per new share announced to raise up to $2.5 million
- The Company’s cash position at 31 March 2024 was $1.53 million
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities & Cash Flow Report – March 2024
Many Peaks Minerals Limited (Many Peaks or the Company) (ASX: MPK) is pleased to provide the Quarterly Activities Report for the period ending 31 March 2024.
HIGHLIGHTS
Acquisition of Advanced Gold Projects In Cote D’Ivoire
- Agreement with Turaco Gold Limited (Turaco) executed to acquire 100% ownership of Turaco’s and Predictive Discovery Ltd.’s joint venture, which holds the right to acquire an 85% interest in four mineral permits in Cote d’Ivoire, with recent gold discoveries and over US$4 million in prior exploration expenditure
- Acquisition encompasses a vast 1,275km2 land package including advanced stage exploration projects;
Odienne Project
- Adjoining recent discovery drilling by Awalé Resources/Newmont joint venture associated with the same high-strain corridor as Predictive’s 5.4Moz Au Bankan and Centamin’s 2.16Moz ABC Projects
- Recent first pass, wide-spaced A/C drilling, reveals gold mineralisation zone extending over 1,200 meters, with notable results including 12m @ 1.18g/t gold from 4m, 12m @ 1.06g/t gold from 16m, and 8m @ 1.30g/t gold from 28m
Ferke Gold Project
- Featuring the recent Ouarigue South discovery with open mineralisation for follow-up, and reported drill intercepts including;
- 35.95m @ 3.88 g/t gold within
- 77.6m @ 2.33 g/t gold from 45.9m (FNDC001) and
- 91.1m @ 2.02 g/t gold from surface (FNDC008).
- Covers an area of 300km2 and features a 16km mineralised trend in soils with minimal exploration follow-up in 12.5km gold anomaly along trend of the Ouarigue South discovery
Queensland Gold & Copper
- RC drilling results at Mt Steadman Gold Project returned 8m @ 2.63g/t gold identifying significant extension to previously drilled shallow gold mineralisation
- Diamond drilling results at the Yarrol Gold Project confirm additional gold mineralisation associated with geophysical anomalies on margins of partially drilled 4km long mineralised diorite body
Corporate
- Completion of Bookbuild for non-Brokered, two tranche placement of A$2 Million in support of activities at the Company’s newly-acquired Cote d’Ivoire Gold Projects.
- Mr Ben Phillips appointed as a Non-Executive Director, effective 1 February 2024
During the quarter, the Company announced the acquisition of advanced gold projects in Cote d’Ivoire. (Refer to ASX Announcement 26 March 2024.) The Ferke and Odienne Projects in Cote d’Ivoire deliver Many Peaks with a solid foundation of exploration success, offering the potential for significant high-grade ounces in the near term. Both projects benefit from systematic geochemical coverage and high-resolution geophysics, which have confirmed gold mineralisation through drilling. Leveraging over US$4 million of previous expenditure has identified multiple ready-for-follow-up targets, including extension targets, presenting Many Peaks with a transformative acquisition opportunity with viable near-term resource potential. Many Peaks’ team boasts extensive West African operating experience tied to multiple discovery and development projects over the past 15 years and looks forward to operating in Cote d'Ivoire, an emerging premier jurisdiction within West Africa known for recent exploration and development successes.
Many Peaks entered into a binding Share Sale Agreement (Agreement) with Turaco Gold Limited (Turaco) to acquire its 89% interest in CDI Holdings (Guernsey) Ltd (CDI Holdings). CDI Holdings is an 89% subsidiary of Turaco, held with Predictive Discovery Limited (Predictive), holding an 11% free carry ownership in a joint venture with Turaco. The Agreement will trigger Turaco’s drag-along right in its joint venture with Predictive, whereby Many Peaks will also acquire Predictive’s remaining 11% interest and consolidate 100% ownership of the joint venture entity CDI Holdings.
CDI Holdings is the holding company for two wholly-owned Ivorian entities, including the Ivorian subsidiary party to a joint venture with Gold Ivoire Minerals SARL (GIV Joint Venture) in Cote d’Ivoire in which it has earned a 65% interest and retains an exclusive right to earn-in to an 85% interest by sole funding any project within four mineral licences in Cote d’Ivoire to feasibility study.
The consideration for the purchase of 100% of CDI Holdings will be an aggregate 5,617,978 fully paid ordinary shares in Many Peaks, subject to a 12-month voluntary escrow, to be issued under the Company’s capacity under ASX listing rule 7.1. Upon completion, Many Peaks will also assume a royalty deed for a 1% net smelter return royalty payable to Resolute (Treasury) Pty Ltd (Resolute)—further information on terms and conditions precedent outlined below.
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Indicator Minerals in Gold Exploration (Updated 2024)
Indicator minerals, also known as pathfinder minerals, are used by those engaged in mineral exploration to effectively narrow down the search area for many different types of ore deposits.
When found as grains in sediments and/or rocks, these minerals give clues as to the presence and location of specific types of mineralization. They tend to be used in the search for gold, copper, nickel, tungsten, diamond and platinum-group metals deposits.
In indicator mineral-based exploration programs, sediments and rocks are either geochemically tested or visually inspected for clues about the distance and direction of their source. When it comes to visual inspection, rocks are examined for certain grain morphologies and surface textures in order to obtain information about transport distance and bedrock source.
How are indicator and pathfinder minerals used in gold exploration?
When indicator or pathfinder minerals are found, explorers will use a number of techniques to gain information on where a gold deposit might be. Here’s a look at four of those methods.
1. Gold grain morphology
Gold grain morphology takes advantage of the fact that gold is a very malleable metal whose surface shape will be changed via weathering and erosion as it travels further away from its source.
Under the gold grain morphology classification system, gold grains are “rated” as either pristine, modified or reshaped based on their appearance. Pristine gold grains have maintained their primary shape and surface texture. The discovery of pristine grains indicates that you are less than 500 meters from the source of a gold sample. Modified gold grains are slightly reshaped, and the discovery of modified gold grains indicates that you are up to 1,000 meters away from the source. Reshaped gold grains have been worn down as a result of traveling more than 1,000 meters from the source.
By taking multiple samples of sediment and classifying the gold grains according to the above scheme, the search area for a source of gold can be narrowed down. This process has been used systematically over the past four decades in the search for sources of gold.
2. Gold grain inclusions
Gold grains can also be examined for the presence of other minerals. Inclusions of other minerals within gold grains can provide insight into the ore and help geologists gauge which minerals are present in the bedrock source of the gold. In turn, that can provide clues about deposit type and associated mineralization. For example, enargite inclusions may indicate a high-sulfidation epithermal source, while argentite inclusions may indicate mesothermal gold.
It’s worth noting that while inclusions can give valuable insight on deposit types and their possible location, they are often easily eroded from gold through transport. Thus, inclusions are often only useful when found in close proximity to a bedrock source.
3. Composition studies
As with gold grain morphology, composition studies involve gathering and examining mineral samples to obtain information on transport directions and distances.
Compositional studies identify different populations within and/or between samples and potential bedrock sources. Silver, platinum, palladium, copper, mercury, lead, iron and tellurium can all be examined for clues leading to gold deposits.
4. Geochemistry
Finally, explorers will often use geochemistry to test minerals for clues and patterns that may lead to gold — the process depends on identifying and analyzing pathfinder minerals. Examples of pathfinder minerals that are geochemical indicators for gold include silver, copper, lead, zinc, cobalt, nickel, arsenic, antimony, tellurium, selenium and mercury.
Don’t forget to follow us @INN_Resource for real-time news updates!
This is an updated version of an article originally published by the Investing News Network in 2011.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Element79 Gold Corp Reports Additional Assay Results Reinforcing Lucero Project's Momentum
Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) ("Element79" , the "Company ”) reports additional results from the most recent underground and surface sampling of its flagship Lucero property.
These geochemical assays of exploration samples continue to support the immense potential housed within Element 79’s crown jewel.
“The data obtained is not just promising; it's the cornerstone upon which our future endeavors will be built,” said James Tworek, CEO of Element 79. “These recent results coupled with historical data represent the bedrock upon which we are advancing our Lucero project.”
Among a total of 97 samples were sent for assays, 56 of which returned greater than 0.1 g/t gold (up to 8.55 g/t gold and 523 g/t silver ) which are shown in Table 1. Several samples also were also rich in base metals (up to 23.7% lead and 9.9% zinc ), all of which underscores the richness of our project further supporting the Company’s belief a robust resource base can be delineated.
Figure 1. Fall 2023 Sample locations (yellow stars), mapped workings (crosses), with selected Samples highlighted.
Table 1. Samples returning >0.1 g/t gold from the fall 2023 sampling program, C (channel sample), G (grab sample), S (surface), U (underground).
Sampel | Type | Origin | WGS84 Z18S Easting | WGS84 Z18S Northing | length (m) | Au g/t | Ag g/t | Cu % | Pb % | Zn % |
2101 | C | S | 803,491 | 8,296,553 | 0.80 | 0.30 | 1.2 | 0.0 | 0.0 | 0.0 |
2103 | C | S | 803,493 | 8,296,666 | 1.00 | 0.53 | 8.9 | 0.0 | 0.0 | 0.0 |
2104 | C | S | 803,658 | 8,296,620 | 0.30 | 0.15 | 0.7 | 0.0 | 0.0 | 0.0 |
2108 | C | S | 803,700 | 8,296,468 | 0.60 | 0.12 | 1.9 | 0.0 | 0.0 | 0.0 |
2109 | C | S | 803,700 | 8,296,469 | 0.50 | 0.30 | 6.2 | 0.0 | 0.0 | 0.0 |
2113 | C | S | 803,730 | 8,296,446 | 1.00 | 0.25 | 40.1 | 0.0 | 0.0 | 0.0 |
2117 | C | S | 803,481 | 8,296,736 | 1.10 | 0.12 | 3.8 | 0.0 | 0.1 | 0.0 |
2119 | C | S | 803,457 | 8,296,803 | 0.50 | 0.58 | 2.6 | 0.0 | 0.0 | 0.0 |
2120 | C | S | 803,456 | 8,296,803 | 0.60 | 1.57 | 9.1 | 0.0 | 0.0 | 0.1 |
2123 | C | S | 803,399 | 8,296,787 | 0.50 | 2.77 | 9.7 | 0.0 | 0.0 | 0.0 |
2124 | C | S | 803,399 | 8,296,788 | 0.80 | 0.27 | 5.1 | 0.0 | 0.0 | 0.1 |
2125 | C | S | 803,298 | 8,297,044 | 0.35 | 1.70 | 57.7 | 0.0 | 0.1 | 0.1 |
2126 | C | S | 803,298 | 8,297,043 | 0.60 | 6.22 | 33.0 | 0.0 | 0.1 | 0.1 |
2127 | C | S | 803,189 | 8,297,146 | 0.35 | 5.01 | 138.0 | 0.0 | 0.1 | 0.0 |
2128 | C | S | 803,303 | 8,296,978 | 0.80 | 0.27 | 17.4 | 0.0 | 0.1 | 0.1 |
2129 | C | S | 803,257 | 8,297,133 | 0.40 | 1.75 | 84.1 | 0.0 | 0.0 | 0.1 |
2130 | C | S | 803,256 | 8,297,133 | 0.85 | 0.65 | 42.6 | 0.0 | 0.0 | 0.1 |
2134 | C | S | 803,594 | 8,297,072 | 0.60 | 0.18 | 26.2 | 0.0 | 0.4 | 0.1 |
2139 | G | U | 801,951 | 8,294,338 | N/A | 6.96 | 81.4 | 0.1 | 0.4 | 0.8 |
2140 | G | U | 801,929 | 8,294,348 | N/A | 1.06 | 23.1 | 0.0 | 0.7 | 1.2 |
2141 | C | U | 801,882 | 8,294,362 | 0.30 | 0.12 | 5.5 | 0.0 | 0.0 | 0.1 |
2143 | C | U | 801,832 | 8,294,389 | 0.30 | 0.90 | 29.1 | 0.0 | 0.1 | 0.3 |
2145 | G | U | 801,809 | 8,294,390 | N/A | 8.55 | 523.0 | 0.0 | 0.4 | 0.2 |
2149 | C | U | 801,824 | 8,294,392 | 0.45 | 6.19 | 97.0 | 0.1 | 0.4 | 0.4 |
2150 | C | U | 802,276 | 8,293,072 | 0.90 | 0.14 | 40.1 | 0.1 | 2.1 | 1.3 |
2152 | C | U | 802,297 | 8,293,075 | 0.30 | 2.11 | 48.5 | 0.0 | 1.6 | 3.6 |
2154 | C | U | 802,297 | 8,293,075 | 0.50 | 0.11 | 6.3 | 0.0 | 0.3 | 0.8 |
2156 | C | U | 802,374 | 8,293,117 | 0.90 | 0.18 | 6.6 | 0.1 | 0.2 | 0.4 |
2157 | C | U | 802,382 | 8,293,119 | 1.50 | 0.16 | 13.7 | 0.1 | 0.3 | 2.2 |
2159 | C | U | 802,412 | 8,293,119 | 0.40 | 0.16 | 22.7 | 0.0 | 2.7 | 1.6 |
2160 | C | U | 802,439 | 8,293,126 | 0.80 | 0.10 | 34.1 | 0.2 | 2.3 | 2.7 |
2162 | G | U | 802,498 | 8,293,150 | N/A | 0.60 | 5.0 | 0.0 | 0.1 | 0.2 |
2163 | C | U | 802,520 | 8,293,161 | 0.65 | 0.24 | 7.2 | 0.0 | 0.5 | 1.0 |
2165 | C | U | 802,542 | 8,293,167 | 0.30 | 0.11 | 2.9 | 0.0 | 0.2 | 0.2 |
2166 | C | U | 802,596 | 8,293,176 | 0.55 | 0.29 | 2.4 | 0.0 | 0.1 | 0.2 |
2167 | C | U | 802,595 | 8,293,175 | 0.60 | 0.20 | 23.5 | 0.0 | 2.9 | 2.2 |
2169 | C | U | 802,327 | 8,293,090 | 0.55 | 0.27 | 4.3 | 0.0 | 0.0 | 0.1 |
2171 | C | U | 802,327 | 8,293,091 | 0.50 | 0.43 | 29.4 | 0.0 | 0.6 | 0.7 |
2173 | C | U | 802,367 | 8,293,108 | 0.45 | 0.37 | 14.7 | 0.0 | 0.6 | 0.3 |
2175 | C | U | 802,385 | 8,293,111 | 0.90 | 0.32 | 69.0 | 0.6 | 3.8 | 2.6 |
2176 | C | U | 802,405 | 8,293,113 | 0.35 | 1.22 | 60.8 | 0.2 | 3.7 | 2.7 |
2178 | C | U | 802,424 | 8,293,116 | 0.55 | 0.17 | 5.8 | 0.0 | 0.2 | 0.3 |
2179 | C | U | 802,424 | 8,293,115 | 0.40 | 0.49 | 210.0 | 0.3 | 23.7 | 9.9 |
2181 | C | U | 802,424 | 8,293,115 | 0.70 | 0.16 | 35.3 | 0.1 | 0.1 | 1.0 |
2182 | C | U | 802,453 | 8,293,126 | 0.75 | 0.17 | 7.8 | 0.0 | 0.2 | 0.2 |
2183 | C | U | 802,510 | 8,293,155 | 0.80 | 0.25 | 6.6 | 0.0 | 0.2 | 0.5 |
2184 | C | U | 802,509 | 8,293,156 | 0.50 | 0.65 | 30.5 | 0.1 | 1.8 | 6.1 |
2185 | C | U | 802,629 | 8,293,181 | 0.40 | 0.12 | 5.7 | 0.1 | 0.1 | 0.3 |
2187 | C | U | 802,676 | 8,293,176 | 0.55 | 0.54 | 10.6 | 0.0 | 0.4 | 0.8 |
2188 | C | U | 802,676 | 8,293,176 | 0.35 | 0.27 | 15.9 | 0.1 | 1.6 | 0.6 |
2189 | C | U | 802,331 | 8,293,090 | 2.00 | 0.40 | 12.9 | 0.0 | 0.5 | 0.3 |
2200 | C | U | 802,361 | 8,293,107 | 0.40 | 0.19 | 3.3 | 0.0 | 0.3 | 0.4 |
2202 | C | U | 802,371 | 8,293,108 | 0.70 | 0.12 | 5.1 | 0.0 | 0.1 | 0.1 |
2203 | C | U | 802,371 | 8,293,107 | 0.65 | 0.11 | 9.1 | 0.0 | 0.9 | 0.2 |
2206 | C | U | 802,375 | 8,293,108 | 1.60 | 0.16 | 2.4 | 0.0 | 0.1 | 0.2 |
2209 | C | U | 802,383 | 8,293,111 | 0.30 | 0.13 | 23.0 | 0.1 | 0.6 | 0.8 |
All Samples were sent for To CERTIMIN S.A. Laboratories, Lima, Peru for analysis. Standards and duplicates were inserted every 10 th samples.
Recent data from assay results is pivotal for Element 79. Firstly, it will serve as the foundation for the Company’s resource development and future mine planning. These reports are both essential steps the mine evaluation process and highlights crucial milestones in demonstrating the project's viability.
Secondly, this data will inform the direction of the Company’s upcoming 2024 drill program, which will be guided by a 3D modelling of both geology and historic mine workings, designed to maximize efficiency and accuracy. The 3D model will harness the comprehensive dataset that has been amassed, including historic data compilation from the past-producing era leading up to 2005, current surface and underground geochemistry, review and channel sampling of underground workings, mapping (both underground and surface), geophysical surveys, as well as cross-sectional and longitudinal interpretations.
Tworek continues: “This data helps to prove from a methodical and unbiased perspective where both the ore “is” as much as where the ore “isn’t”. When modelled in conjunction with past sampling data and historical production data, this proves that the current underground addits and open veins as well as their surface level expressions are strong economically, where future exploration and drilling campaigns will highlight where we will focus for ore extraction.“
As the Element79 team moves forward, its confidence is both in the skill and experience of its team as well as the continued positive results its work programs have yielded. The Company’s mission is to maximize shareholder value through continued development of the Lucero project, by bringing it back into commercial production, in a safe, ethical, sustainable and profitable fashion.
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.
About Element79 Gold Corp.
Element79 Gold is a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in 2024.
The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant potential for near-term resource development. Three properties in the Battle Mountain Portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date in the first half of 2024. The Company has also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and anticipates completing this sale on or before July 21, 2024.
In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James.
The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.
For more information about the Company, please visit www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79gold.com
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedarplus.ca . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Rio Silver Inc. Proposes to Extend Warrant Expiry Date
Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) (OTC: RYOOF) is pleased to announce that it has entered into an advertising and investor awareness campaign agreement (the "Agreement") with Dig Media Inc. dba Investing News Network ("INN"). INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007.
INN will introduce the Company to INN's audience of educated, active investors. Using a variety of methods including an Enhanced Advertiser Profile, News Marketing, website and newsletter advertising and dedicated emails, INN will encourage its audience to engage directly with the Company to consider investing in the Company. INN does not provide investor relations or market-making services as defined by TSX Venture Exchange (the "TSXV") policies. The engagement is subject to acceptance by the TSXV.
Under the terms of the Agreement with INN, the Company has agreed to pay INN $60,000. for the 12-month campaign, payable in cash in installments of $5,000. per month. INN currently holds no common shares in the Company.
"We are very pleased to be working with INN to expand our audience," stated Chris Verrico, CEO of the Company. "With their experience in the mining industry and our portfolio of silver and gold assets, we are confident that they will be able to help increase awareness of Rio Silver as we move forward into a precious metals super cycle."
In addition, the Company announces that it intends to apply to the TSX Venture Exchange (the " Exchange ") to amend the terms of a total of 6,400,000 warrants (the " Warrants ") which were issued in a private placement which closed on May 12, 2020. These Warrants are exercisable at a price of $0.08 per share and are currently set to expire on May 12, 2024. The proposed amendment is limited to the extension of the expiry date of the Warrants without changes to the exercise price of $0.08 per share. Subject to regulatory approval, the proposed new date for expiry of the Warrants is anticipated to be May 12, 2025.
For more information contact:
Christopher Verrico, President, CEO
Tel: 604.762.4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
News Provided by GlobeNewswire via QuoteMedia
Auld Creek Project Announcement Clarification
Siren Gold Limited (ASX: SNG) (Siren or the Company) refers to the announcement dated 15 April 2024 titled “Bonanza East 12.4m @ 33.4 g/t AuEq, including 6m @ 53.4 g/t AuEq” and Mineral Resource Estimate as released on 21 August 2023 (Announcements).
The Company wishes to retract references in the Announcements to all gold equivalents in the Announcements, due to Siren having not carried out any metallurgical test work on Antimony at the Reefton Project and was instead relying on metallurgical recoveries of similar geological projects. Investors should not rely on that information as a basis for any investment decision in relation to the Company’s shares.
This announcement has been authorised by the board of directors of Siren Gold Limited.Click here for the full ASX Release
This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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