The staking of an additional 89 claims on and around the Williams Creek property by partners Western Copper Holdings (VSE) and Thermal Exploration (ASE) brings the companies’ holdings in the area up to 209 claims.
Most of the ground is located to the north of the No. 1 zone, and covers the strike extent of anomalies identified in a ground geophysical survey conducted last summer.
Located near Carmacks, Yukon, the Williams Creek project has preliminary minable reserves totaling 11.6 million tons grading 1.08% copper at a 2.8-to-1 strip ratio.
The joint venture hopes to bring the project on line as a heap-leach solvent extraction-electrowinning (SX-EW) operation. Metallurgical testing is continuing and the companies report leaching tests indicate that sulphuric acid consumption will be less than anticipated.
Field work including additional drilling is expected to begin in May. The joint venture plans to drill-test other copper-mineralized zones adjacent to the No. 1 zone as well as condemnation drilling of the proposed plant and leach sites.
A feasibility study will be initiated in the fall.
Western Copper, operator of the joint venture, must fund and incur $960,000 in expenditures by Aug. 31, 1992, to earn its 50% interest.
The company secured the funds through a recently completed $760,000 private placement of units at $1.10 each. The units include a warrant to purchase an additional share at $1.20 for a period of one year.
Teck (TSE), which holds 43% of the company’s common shares, agreed to subscribe for its pro-rata share of the financing.
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