Yukon copper/gold project proposal passes next stage
Western Copper (TSX: WRN) has received formal notification from the Yukon Environmental and Socioeconomic Assessment Board that its proposal for the Carmacks copper/gold project has been deemed adequate and that screening of the Proposal will commence pursuant to the Yukon Environmental and Socioeconomic Assessment Act (YESAA). Western also notes that the technical review of the project under the Yukon Environmental Assessment Act (YEAA) has been ongoing for 20 months and is approaching the final stages.
A draft Comprehensive Study Report under YEAA is expected to be issued by the Yukon Government in early March this year.
Western anticipates that its extensive environmental assessment submissions and the reviews already performed under YEAA will help speed the screening of the project under YESAA.
Last month Western reported that the No. 1 Zone historical resource estimate at Carmacks was now fully compliant under NI 43101.
Engineering company, Aurora Geosciences, in its technical report to Western, confirmed and classified the resource by reviewing historical results and by verification sampling undertaken during the 2006 drilling programme. At a 0.5% total copper cutoff grade, the Measured resource is reported as 13.5 million tons at 1.098% copper and 0.48 g/t gold, with another 2.4 million tons of Indicated resource at 1.094% copper and the same gold grade.
The results of the 2006 drill programme on the No. 1 Zone will be incorporated into an updated resource and reserve estimate that will be included in the updated feasibility study that is currently being generated by M3 Engineering.
Western expects to receive initial permits between the second and third quarters this year and to initiate and complete mine construction between the second quarter of 2007 and fourth quarter 2008. It would then initiate production between third quarter to 2008 and third quarter 2009.
The 1997 Kilborn basic engineering report indicated a historical open pit mineable reserve of 13.3 Mt grading 0.97% total Cu and production of 14,310 tons a year of 99.9% copper cathode.
Source: www.mineweb.net
