Gold

Western Copper and Gold

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 Drilling

The 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 Logging

The 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 Drilling

The 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 Policy

The 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 CORPORATION

Western Copper and Gold Corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world. For more information, visit www.westerncopperandgold.com.

On behalf of the board,

"Paul West-Sells"

Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward-looking statements concerning anticipated developments in Western's operations in future periods. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. These forward-looking statements may include, but are not limited to, statements regarding perceived merit of properties; mineral reserve and resource estimates; capital expenditures; feasibility study results (including projected economic returns, operating costs, and capital costs in connection with the Casino Project); exploration results at the Company's property; budgets; permitting or other timelines; economic benefits from the mine and/or the access road; strategic plans; market price of precious and base metals; or other statements that are not statement of fact. In making the forward-looking statements herein, the Company has applied certain material assumptions including, but not limited to, the assumptions that the circumstances surrounding the COVID-19 pandemic, although evolving, will stabilize or at least not worsen; that the extent to which COVID-19 may impact the Company, including without limitation disruptions to the mobility of Company personnel, increased labour and transportation costs, and other related impacts, will not change in a materially adverse manner; that all regulatory approvals required to complete the Company's planned exploration and development activities will be received in a timely manner and on acceptable terms; that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis; and that general business conditions will not change in a materially adverse manner.

Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; COVID-19 risks to employee health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.

Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

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WESTERN COPPER AND GOLD FILES FORM 40-F AND ANNUAL FILINGS

WESTERN COPPER AND GOLD FILES FORM 40-F AND ANNUAL FILINGS

Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) has filed its Annual Report on Form 40-F for the year ended December 31, 2022 with the U.S. Securities and Exchange Commission (the "SEC").

Western Copper And Gold logo (CNW Group/Western Copper and Gold Corporation)

The Company filed Form 40-F for the year ended December 31, 2022 with the SEC on March 23, 2023 . The Form 40-F includes Western's Annual Information Form ("AIF"), audited consolidated financial statements and management's discussion and analysis ("MD&A"). The Form 40-F is available for viewing and retrieval through EDGAR at www.sec.gov/edgar.shtml .

The Company has also filed its AIF, audited consolidated financial statements, and MD&A for the year ended December 31, 2022 with the appropriate Canadian regulatory bodies. These filings are available for viewing on SEDAR at www.sedar.com .

The filings described above are also available on the Company's website: westerncopperandgold.com/investors/forms . Western will also provide a copy of the filings to any shareholder, without charge, upon request. Requests may be made by email, telephone, or regular mail.

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,

"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. 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'S CASINO PROJECT TO HAVE SIGNIFICANT IMPACT ON YUKON'S ECONOMY

WESTERN COPPER AND GOLD'S CASINO PROJECT TO HAVE SIGNIFICANT IMPACT ON YUKON'S ECONOMY

Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) is pleased to announce the results of an updated study on the potential economic impact of the development of its wholly owned Casino Copper-Gold Project ("Casino" or the "Project") on the Yukon and Canada recently completed by MNP LLP (the "Report").

Western Copper And Gold logo (CNW Group/Western Copper and Gold Corporation)

The Report incorporates the results from the Casino Feasibility Study dated August 8, 2022 .

The Report highlights the impressive cumulative economic effect that developing Casino will have on the Yukon and Canada during the project's construction, operation, closure, and reclamation. The Casino project is estimated to contribute $44.3 billion to Canada's Gross Domestic Product ("GDP"), create 132,280 full-time equivalent positions ("FTE"), and generate $12.8 billion in wages and salaries over the entire life of the Project. Note that the use of FTEs is a method to account for partial employment or employment for different durations and 1.0 FTE is equivalent to a full-time job for one year of employment.

The Report estimates the GDP generated in Yukon by the construction of Casino at $1.7 billion . The construction phase is estimated to contribute $3.6 billion to Canada's economy while generating 25,580 FTEs resulting in $2.1 billion in wages and salaries across Canada .

During each of its 27 years of operation, the Casino Project is expected to contribute $1.3 billion to Yukon's economy. Operation of the mine is estimated to contribute $1.5 billion to Canada's GDP annually while creating 3,880 FTEs and generating $391 million in wages and salaries across Canada .

The Casino Project is also expected to generate $11.2 billion in taxes and royalties to various governments during the life of mine.

"The Casino Project is one of the most significant critical minerals projects in Canada and in addition to providing much needed minerals to assist the energy transition will provide great economic benefit to the Yukon and Canada ," said Dr. Paul West-Sells , President and CEO of Western. "Additionally, the Casino project will provide additional benefits such as training, education, and infrastructure enhancements, which will benefit the Yukon over the longer term. Importantly, we can do this while developing the Casino Project in a way that reflects Yukoners environmental and socio-cultural values."

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,

"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. 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.

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SOURCE Western Copper and Gold Corporation

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WESTERN COPPER AND GOLD PROVIDES METALLURGICAL AND DRILL PROGRAM RESULTS FOR CASINO

WESTERN COPPER AND GOLD PROVIDES METALLURGICAL AND DRILL PROGRAM RESULTS FOR CASINO

Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces results from a metallurgical program (the "Metallurgical Program") and a drill program (the "Drill Program") executed in 2022 for its wholly owned Casino Copper-Gold Project ("Casino").

Western Copper And Gold Logo (CNW Group/Western Copper and Gold Corporation)

The Metallurgical and Drill Programs were 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 ).  Results from the Programs were reviewed by a joint team consisting of Rio Tinto and Western personnel and consultants.

"Metallurgical results from the recent testing support and in some cases improve upon the metallurgical recoveries used in the Feasibility Study", said Paul West-Sells , President and CEO, "and the drill results continue to build out our geological understanding of the deposit."

Metallurgical Program

Test work consisted of detailed mineralogy, heap leach testing, comminution testing, flotation testing and detailed analysis of flotation concentrates.  Sample selection and composite sample generation followed the expected mining plan, as outlined in the 2022 feasibility study (the "Feasibility Study", see news release dated August 9, 2022 ).  Heap leach test work within the Metallurgical Program was completed at SGS Mineral Services of Burnaby, B.C. , while all other test work was completed at ALS Metallurgy of Kamloops, B.C.

The Metallurgical Program primarily used drill core composites of material representing both potential mill and heap leach feed taken from the 2021 diamond drilling program (see news release dated March 24, 2022 ).  Seven drill holes were used to create 21 metallurgical composites for testing.  These holes intersected all significant lithologic zones of the Casino deposit, ranging from a copper depleted leached cap ("CAP") zone near surface, through a supergene zone ("SUP") of low to moderate copper mineral oxidation and secondary sulphide mineralization, to unweathered hypogene ("HYP") material at depth.

The heap leach test work included samples that were taken in 2020 from near surface ( 0.5 m or greater below the overburden-bedrock interface) using an excavator and separated into lithologic composites representing Dawson Range Batholith ("WR"), Patton Porphyry ("PP") and Intrusive Breccia ("IX") mineralization and assay rejects.

Grinding and Flotation Test Work

Test Samples

Table 1 shows drill holes DDH21-6 and DDH21-7, indicating composite intervals generated, as well as sample grades and lithologies.  The HYP and SUP zones represent approximately 70 and 30 percent of the planned mill feed respectively.

Table 1:  Flotation composite sample characterization of selected test samples.

Composite

Hole

From
(m)

To
(m)

Lithology

Cu

(%)

CuOx*

(%)

Mo
(%)

Au
(g/t)

7

DDH21-6

161.1

241.1

SUP

0.30

14.6

0.023

0.42

8

DDH21-6

241.1

324.6

SUP

0.18

6.7

0.025

0.30

9

DDH21-7

51.7

143.7

HYP

0.53

1.1

0.026

0.66

10

DDH21-7

143.7

257.7

HYP

0.48

0.9

0.032

0.60

11

DDH21-7

257.7

326.1

HYP

0.22

1.4

0.030

0.26

*Oxide copper is shown as percentage of total copper contained in the feed sample.

Comminution Test Results

Comminution test work expanded the database of results available to support the project.  There were no significant new comminution results that altered the expected grinding characteristics of the Casino materials from previous test work.  Sag Media Competency testing and JKTech Drop Weight tests were completed and used in grinding simulations, indicating a SAG mill power requirement of 7.6 to 10.6 kWh/t.  Bond Ball mill work index results ranged from 11.0 to 16.1 kWh/t, which is considered as "soft to average" hardness in terms of ball milling energy requirements.

Flotation Test Results

The Casino Project proposes using flotation to produce saleable copper-gold and molybdenum concentrates using an industry standard process flowsheet. Gold values are expected to be recovered within a copper concentrate and be payable under typical copper concentrate smelting terms.  Table 2 shows metallurgical recoveries obtained for SUP and HYP composites using locked cycle testing and reflecting the selected samples shown in Table 1.

Table 2:  Summary of locked cycle flotation results for selected samples.

Composite

No.

Copper Concentrate Grade

Metal Recoveries


Cu (%)

Au (g/t)

Cu (%)

Au (%)

Mo (%)

7

26.5

35.7

75.7

66.9

81.9

8

26.3

39.6

80.0

59.6

55.8

9

28.0

29.5

91.7

82.8

76.5

10

30.1

25.9

91.9

67.6

77.4

11

29.5

29.5

90.9

67.6

84.1

The results in Table 2 show the impact of weathering and oxidation of copper minerals on the copper recovery for composites 7 and 8 and is typical of Casino material.  HYP materials demonstrate consistently high copper recoveries and very good quality copper concentrates.  Copper concentrate quality does not appear to be significantly impacted when processing SUP weathered materials, and minor reductions in copper content appear to be offset by increases in gold grades produced from these weathered zones.  For the SUP samples that contain a component of copper as copper oxide minerals, the expected reduction in overall copper recovery in flotation is approximately equal to the copper oxide content.  Gold recovery to copper concentrates is not expected to be significantly impacted when processing SUP materials in the Casino flotation plant.

Copper Concentrate Quality

The flotation concentrates produced from the Casino project continue to demonstrate very good grades in terms of copper and gold, as well as low levels of potential penalty elements.  Shown below is a summary table of the concentrates produced from the recent test work from selected samples, including key penalty elements relevant to smelter terms.

Table 3:  Casino concentrate analysis – key elements for smelter terms.

Composite

No.

Copper Concentrate

Grades

Smelter Sensitive Elements


Cu (%)

Au (g/t)

S (%)

As (%)

Sb (%)

Hg (g/t)

F (%)

7

26.5

35.7

30.5

0.148

0.108

1.19

na

8

26.3

39.6

31.8

0.086

na

0.49

na

9

28.0

29.5

33.4

0.011

0.005

0.03

0.013

10

30.1

25.9

32.8

0.158

0.076

0.36

0.016

11

29.5

29.5

31.2

0.406

0.168

0.81

0.025

Heap Leach Test Work

Test Samples

Gold recovery by heap leaching is planned from the oxidized, upper zones of the Casino Deposit.  This near surface material is typically depleted in copper and has retained the gold values originally contained in the deposit.  Column leaching of crushed samples was used to determine an expected gold recovery and to obtain key metallurgical parameters related to heap leaching. For the column leach tests, three composite samples from the 2021 drill program and three excavated samples were used as outlined below in Table 4.

Table 4:  Composite and excavated samples used in column tests

Sample

Hole

From
(m)

To
(m)

Cu
(%)

Au
(g/t)

Ag
(g/t)

Comp 1

DDH21-04

29.8

108.9

0.05

0.52

3.4

Comp 12

DDH21-02

5.2

99.2

0.40

4.0

Comp 14

DDH21-03

4.1

88.7

0.16

1.4

IX Comp

excavated

-

-

0.05

0.46

4.2

PP Comp

excavated

-

-

0.06

0.35

2.1

WR Comp

excavated

-

-

0.02

0.44

1.8

Crusher Work Index and Bond Abrasion Test Results

Crusher Work Index testing was completed to better understand the crushing energy requirements of preparing heap leach feed.  The crusher work indices covered a wide range, from 3.7 to 12.0 kWh/t with an average value of 8.5 kWh/t and fell in the very soft to moderately hard range of hardness.  The bond abrasion indices also varied widely from 0.027 to 0.417 g with an average value of 0.247 g and fell in the very mild to moderately abrasive range of abrasiveness.

Column Test Results

Column testing was carried out in 20-foot high by 4-inch diameter PVC columns irrigated at 10 L/h/m 2 with a solution containing 1.0 g/L NaCN and 300 mg/L Cu to approximate the buildup of copper in the expected operating circuit, at a pH between 11 and 11.5 for 96 days.  The samples were crushed to 100 percent passing ¾ inch which is consistent with the design criteria from the Feasibility Study.

Table 5: Gold and silver recovery and cyanide and lime consumption for column tests after rinsing.

Sample

Gold Recovery (%)

Silver Recovery
(%)

NaCN Consumption

(kg/t)

Lime Consumption

(kg/t)

Comp 1

82.7

19.1

1.47

3.36

Comp 12

83.8

7.4

1.48

4.57

Comp 14

78.0

15.1

1.55

3.58

IX Comp

85.8

21.8

1.37

3.36

PP Comp

88.3

25.2

1.87

3.50

WR Comp

85.1

24.9

1.23

3.70

Gold recoveries for the 6 samples tested ranged from 78.0 to 88.3 percent, which compares favorably to the 80 percent gold recovery used in the Feasibility Study and suggests that some of the material designated for the heap leach pad may produce gold recoveries in excess of what is carried in the Feasibility Study. Lime and cyanide consumption are also consistent with previous testing.

Drill Program

The Drill Program included a diamond drill hole (DDH22-01) targeting a deep-seated magnetotelluric ("MT") geophysical anomaly indicating potential for a conical mineralized zone directly southeast of the Casino Deposit core zone.  Additionally, 23 short diamond drill holes totaling 853.71 m , and 9 combined sonic/diamond drill holes totaling 364.43 m , were completed on various targets for geotechnical and water-monitoring purposes.  The program also included 34,387 m of drill core scanning utilizing the GeologicAI scanning device built by Enersoft Inc.

DDH22-01 was collared along the Casino deposit's southeastern limit (UTM NAD 83, Zone 7V coordinates: 611160E, 6958125N, elev. 1,236 m ) and drilled at an azimuth of 170° and dip of -80° to a depth of 1,008 m.  Downhole measurements were made at regular intervals to verify that the hole was on target and successfully intersected the projected MT feature.  The top of the anomaly was encountered at approximately 800 m total depth.

The lithology of the entire drill hole was dominated by Dawson Range granodioritic intrusive rocks, crosscut by only a few dykes, interpreted as members of the younger Patton Porphyry intrusion.  Intrusive Breccias, the principal host rock of the Casino deposit, were not intersected.  Phyllic and argillic alteration was logged at shallow depths along the deposit margin, and propylitic alteration dominated within and directly overlying the anomaly.  Elevated copper, gold, and silver values were exclusively hosted by thin pyritiferous structural zones throughout the drill hole.  The top of the sulphide zone was encountered at approximately 100 m depth; the percentage of sulphides decreased with depth, apart from those hosted by the thin structures.  Select intervals are shown in Table 6.

Table 6: Select Intervals of DDH22-01.

Interval

From (m)

Interval

To (m)

Width 1

(m)

Au (g/t)

Ag (g/t)

Cu (%)

Mo (g/t)

950.20

953.20

3.00

4.85

10.1

0.85

1.1

989.20

992.20

3.00

1.76

2.9

0.43

0.5

992.20

995.20

3.00

2.92

7.0

0.91

1.1

1 Widths are core length, not true width of mineralized intersection

Qualified Persons

The metallurgical 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 Jeffrey B. Austin , P.Eng., President of International Metallurgical and Environmental Inc., a "Qualified Person" as defined by NI 43-101.

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 Carl Schulze , P.Geo., 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,

"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. 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 EXTENSION OF RIO TINTO'S RIGHTS

WESTERN COPPER AND GOLD ANNOUNCES EXTENSION OF RIO TINTO'S RIGHTS

Rights associated with the Investor Rights Agreement have been Extended

Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN); (NYSE American: WRN) announces that Rio Tinto Canada Inc. ("Rio Tinto") has exercised its right to extend certain rights under the investor rights agreement (the "Agreement") between the Company and Rio Tinto dated May 28, 2021 .

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WESTERN COPPER AND GOLD PROVIDES UPDATE ON CASINO ASSESSMENT PROCESS

WESTERN COPPER AND GOLD PROVIDES UPDATE ON CASINO ASSESSMENT PROCESS

Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) through its wholly-owned subsidiary, Casino Mining Corporation ("Casino") has been informed by the Executive Committee of the Yukon Environmental and Socio-Economic Assessment Board ("YESAB") that it is necessary to revise the Environmental and Socio-Economic Statement Guidelines (the "Guidelines"), which were issued June 20, 2016 following the Casino Copper-Gold Project's (the "Project") referral to a Panel of the Board (the "Panel Review").

Wester Copper and Gold logo (CNW Group/Western Copper and Gold Corporation)

The need to revise the Guidelines is the result of discussions between the Company and YESAB on how to address changes in assessment methods, environmental best practices, and enhancements to the Project that have occurred since the issuance of the original Guidelines in 2016. The revision process will commence immediately and is not expected to have a material impact on overall permitting timelines.

The Guidelines are an important component of the Panel Review process and outline the structure and scope of the Environmental and Socio-Economic Statement Casino will submit to describe the potential effects of the Project, showing stakeholders how the Project can be developed in a socially and environmentally responsible way.

Revising the Guidelines ensures that the Panel Review process reflects leading industry best practices. The revision process includes a public comment period that provides Casino with an opportunity to engage the broader public in addition to Federal, Territorial and First Nation governments.

"The Company is committed to ensuring that review of the Casino Project occurs in a robust manner using the most up to date methodologies in environmental assessment and this review will achieve that without material impact to overall timelines." stated Paul West-Sells , President and Chief Executive Officer. "We remain confident that the Casino Project is a great asset for Yukon that will provide benefits to Yukon communities and First Nations for generations to come."

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,

"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"). 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: mineral resource and reserve estimation; mine plan and operations; internal rate of return; sensitivities; net present value; potential recoveries; design parameters; economic potential; processing mineralized material; the potential of robust economics at Casino; advancing the Project through additional engineering and towards the next step in permitting and submission of an environmental and socio-economic effects statement; key changes to the TMF design; increases to the gold recovery in the heap leach; potential economic returns from the Project; estimated initial capital investment costs; estimated operating costs; estimated mining costs; development of the airstrip and all weather access road; anticipated concentrate handling service charges; developing and operating the Project in a safe, ethical and socially-responsible manner; plans for further development and securing the required permits and licenses for further studies to consider operation; 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.

SOURCE Western Copper and Gold Corporation

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SKRR Exploration Inc. enters into Acquisition Agreement for the Disposition of the Watts Lake Zinc Property in Saskatchewan

SKRR Exploration Inc. enters into Acquisition Agreement for the Disposition of the Watts Lake Zinc Property in Saskatchewan

SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) (" SKRR " or the " Company ") is pleased to announce it has entered into a definitive arm's length acquisition agreement with Fathom Nickel Inc. (CSE: FNI) (" Fathom ") dated March 21, 2023 (the " Acquisition Agreement ") for the disposition of SKRR's 100% owned Watts Lake zinc property (the " Property "). The Property consists of 24 mineral claims comprising a total of 13,708.11 hectares and is approximately 65 km north-east of the town of La Ronge, Saskatchewan and 20km northwest of the community of Missinipe, SK .

SKRR EXPLORATION Logo (CNW Group/SKRR EXPLORATION INC.)

Terms of the Acquisition Agreement

Under the terms of the Acquisition Agreement, Fathom will acquire a 100% interest in the Property by making the following cash and share payments to SKRR:

    1. an initial cash payment of C$75,000 ;

    2. 2,000,000 common shares in the capital of Fathom; and

    3. an additional cash payment of C$75,000 within 60 days of the execution of the Acquisition Agreement. The Acquisition Agreement provides for an underlying 2% net smelter return royalty in favour of Edge Geological Consulting Inc. (subject to a buy down to 1% for C$1,000,000 ).

The common shares to be issued pursuant to the Acquisition Agreement will be subject to a four month hold period from the date of issuance in accordance with applicable securities laws.

Sherman Dahl , President and CEO of SKRR, commented:

"SKRR is an asset-rich project generator, having acquired numerous high potential precious metal, and strategic base and battery metal projects, primarily focused in the province of Saskatchewan . Working with strong groups like Fathom Nickel Inc. allows SKRR to unlock hidden value within our company. Multiple occurrences of near-surface mineralization, including the historic Borys Lake lead-zinc deposit, along an extensive >14km conductive trend, make Watts Lake a very exciting property. There is not only potential for further mineralization potential but, as VMS deposits often occur in clusters, and numerous mineralized showings associated with structural conductive features on the property, there is good potential for further discoveries. Located in one of the World's top mining jurisdictions, the shallow depth, favorable geology and proximity to major infrastructure, means there is the potential to fast-track exploration and development activity."

Watts Lake Property Highlights
  • World-Class Jurisdiction: Saskatchewan is consistently ranked globally as a top mining investment jurisdiction.
  • Large Land Package in a Favorable Geological Setting: Watts Lake is a large contiguous land package consisting of 13,708 ha in the established, deposit endowed La Ronge Domain, of Saskatchewan . The Property is strategically located near important infrastructure, including within 20km of major provincial highway network.
  • Historic Borys Lake Lead-Zinc Zones: The Borys Lake Corridor is anchored by the shallow depth historic Borys Lake lead-zinc deposit, including all four known drill hole delineated zones; Mac, Main, Will A/Will B and Sam zones. The main zone was interpreted to have an approximate strike length of 975 m and widths varying from 5.3 to 19.5 m with the zinc to lead ratio being approximately 10:1. Mineralization is open along strike and at depth.
  • Strong Blue-Sky Potential: Watts Lake project area covers multiple, parallel basement conductive corridors, identified by a 2008 airborne versatile time-domain electromagnetic (VTEM) geophysical survey, including the entire approximately 14km-long Borys Lake conductive corridor, as well as significant portions of parallel corridors. The conductive corridors have numerous drill intersected and surface identified mineralized occurrences of zinc, copper, and silver as well as anomalous gold, nickel and cobalt.

See Fathom's news release dated March 22, 2023 for additional details regarding Fathom, the transaction and the Property.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy P.Geol , a director of the Company and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects .

SKRR is a Canadian-based precious and base metal explorer with properties in British Columbia and Saskatchewan – some of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious and base metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan . SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.

ON BEHALF OF THE BOARD

Sherman Dahl
President & CEO
Tel: 250-558-8340

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.

Forward-Looking Information

This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements that address the Property and the Acquisition Agreement, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters, and the Company's plans and goals. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out work programs, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, the interpretation of technical and scientific data, risks related to the inherent uncertainty of exploration and development and cost estimates and the potential for unexpected costs and expenses and including those filed under the Company's profile on SEDAR at www.sedar.com . There is a possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, decrease in the price of metals, equipment failures or failure to obtain the necessary equipment, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

SOURCE SKRR Exploration Inc.

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