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Western Copper and Gold Announces Acquisition of Canadian Creek Property from Cariboo Rose

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Cariboo Rose Resources Ltd. (TSX-V: CRB) and Casino Mining Corp. a wholly owned subsidiary of Western Copper and Gold Corp. (TSX: WRN) (NYSE MKT:WRN) are pleased to announce that they have entered into a property purchase agreement dated July 29, 2019 whereby Casino Mining has agreed to purchase the 311 mineral claims that comprise the Canadian Creek Property owned by Cariboo Rose. The Property lies directly adjacent to Western’s Casino Project.

 

The total consideration to be paid to Cariboo Rose for the Property will consist of the issuance of 3 million common shares of Western at a deemed price of C$0.928 per Share for an aggregate Acquisition cost of C$2.78 million.

 

KEY HIGHLIGHTS

 

  • Potential Extension of the Casino Project: The Acquisition would secure critical ground immediately adjacent to the Company’s Casino Project, and there is likelihood that the Casino deposit will extend into the Property. The immediate plan following closing would be to begin drilling on Canadian Creek as part of the current drill program at Casino in hopes of identifying additional mineralization. The primary target is a 700 meter untested area between the most westerly Casino drill holes and the closest drill-holes on the Canadian Creek Property. The nearest four holes on the Canadian Creek Property to Casino have moderate potassic alteration to strong propylitic alteration, leach capping or incipient leaching, weak enrichment and hypogene copper-gold-molybdenum mineralization, which are typical of that occurring at the outer edges of a porphyry copper – gold – molybdenum deposit.
  • Additional Exploration Potential: An additional target for porphyry copper-gold-molybdenum mineralization is the Ana Zone lying 1.5 kilometers west of the primary target. The historical drill holes testing the Ana Zone show consistent moderate to strong propylitic to potassic alteration associated with anomalous levels of copper, gold and molybdenum. Within this alteration are small bodies of intrusion breccia and Patton Porphyry, both closely associated with mineralization at the Casino deposit. The Ana Zone measures 1.5 by 1.0 kilometers with no historical drill holes in the centre of the area of interest. The Property also hosts structurally controlled gold-bearing zones in the northern half of the property similar in style to the Coffee Project.
  • Strategic Land Package: The Property is strategically positioned between the Casino Project and Newmont Goldcorp’s Coffee Project. The Property shares a 6 kilometer long north-south boundary on its eastern side with the Casino Project and a 12 kilometer long east-west boundary on its north side with the Coffee Project. The Coffee–Casino connector road, as identified by the Yukon Government as part of the Gateway Project (see Western’s news release dated September 5, 2017), also partially lies on these claims.

 

Paul West-Sells, President & CEO of Western commented, “The acquisition of the Canadian Creek Project will considerably strengthen the Casino Project. It will add significant exploration potential, with a number of exploration targets with the potential to increase mineralization of the Casino project – particularly the initial heap leach. By increasing the overall land package and increased border with the Coffee project, it will also further solidify the key position of the Casino Project in the region.”

 

Bill Morton President and CEO of Cariboo Rose commented, “The sale of our Canadian Creek Project to Western allows Cariboo Rose to maintain a strongly levered position in the development of the Casino Deposit while at the same time bringing focused and immediate exploration spending on the Canadian Creek targets. The enhanced potential for advancing not only the Casino Deposit but also in tying potential future infrastructure development to the Newmont Goldcorp Coffee Project is very significant.”

 

Completion of the Acquisition is conditional upon, among other things, receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange and TSX Venture Exchange.

 

Any Shares issued pursuant to the Agreement will be subject to a 4 month hold period pursuant to applicable securities laws.

 

About Cariboo Rose Resources Limited

 

Cariboo Rose Resources is a well-funded prospect generating mineral exploration company with six precious and base metal exploration projects in BC and the Yukon.

 

About Western Copper and Gold Corporation

 

Western is developing the Casino Project, Canada’s premier Copper-Gold mine in the Yukon.

 

Posted July 30, 2019

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