TORONTO (miningweekly.com) - TSX-listed Western Copper has increased the inferred resource at its Casino project, in the Yukon territory, a whopping six times, to 1,07-billion tons, the company announced on Monday.
The measured and indicated resources at the gold/copper/molybdenum project have also increased to 1,06-billion tons.
"This resource upgrade to the Casino Project, one of the world's largest open-pittable gold, copper, and molybdenum deposits, is remarkable," said CEO Dale Corman.
"This new resource will be included in a revised pre-feasibility study scheduled for completion in early 2011 where we expect the large increase in supergene mineralisation to result in higher grades over the initial operation of the mine, lower strip ratios, and thus much better economics."
The new resource estimates includes 26 000 m of drilling conducted by Western Copper over the last three years, and also reflects a re-interpretation of the geology of the deposit, the company said.
The drilling focused on the near-surface supergene sulphide zinc, which has increased 90% to 252-million tons of measured and indicated resources.
The total increase to the inferred resources at Casino represents an additional 7,4-million ounces of gold, 4,4-billion pounds of copper, and 615-million pounds of molybdenum, Western Copper said.
Shares in the company jumped 12,93% on Monday morning, to C$1,66 a share by 10:22 in Toronto.
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