Vancouver — With the acquisition of Lumina Copper under its belt, drilling at Western Copper’s (WRN-T, WCPCF-O) North West Expo copper-gold-molybdenum project, on northern Vancouver Island, is confirming significant tonnage potential and has tapped a new zone of molybdenum mineralization.
Recent drill holes EC-233 and EC-234, which straddle a couple of 2005 holes by about 100 metres on each side, delivered mineralized intercepts and indicate continuity of an upper molybdenum-gold zone and a lower gold-copper-molybdenum zone.
Hole EC-233 cut 82.6 metres (from 138.7 metres down-hole) grading 0.033% molybdenum and 0.14 gram gold per tonne, plus a deeper interval of 182.5 metres (from 271.3 metres) that averaged 0.58 gram gold, 0.078% copper and 0.013% moly.
Hole EC-234 returned 27.4 metres (from 140.2 metres) of 0.022% moly and 0.13 gram gold, followed by 204.2 metres (from 246.9 metres) grading 0.74 gram gold, 0.11% copper and 0.012% moly.
Western Copper is hoping to add additional tonnage of higher-grade material for potential development in conjunction with its nearby Hushamu deposit. Hushamu contains a measured and indicated resource of 230.9 million tonnes of 0.28% copper and 0.31 gram gold plus an additional 52.8 million inferred tonnes at similar grades.
The Hushamu porphyry copper-gold-molybdenum project sits within the northern Vancouver Island Copper Belt that also hosts the now-closed open-pit Island Copper mine, operated by BHP Billiton (BHP-N) predecessor company BHP-Utah Mines from 1971-94. Island Copper had past reserves of 345 million tonnes grading 0.41% copper and 0.19 gram gold.
Additionally, drilling on the Cougar zone, a new porphyry discovery about 1 km east-northeast of North West Expo, has intersected wide intervals of copper-gold mineralization.
As part of the Lumina Resources merger, Western Copper also acquired the Casino project, in the Yukon, and Redstone, in the Northwest Territories. The company’s other projects include the advanced-stage Carmacks copper deposit, in the Yukon, and the Sierra Almoloya silver-gold-lead-zinc property, under option to Queenston Mining (QMI-T, QNMNF-O), in the Central Mexican Silver Belt.
Western Copper shares have recently traded around $2.30, giving the company a $165-million market capitalization based on its 71.6 million shares outstanding. The stock has a 52-week trading range of 89-$2.68.
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