Western Copper and Gold Corporation Completes Casino Project PEA
Western Copper and Gold Corporation has been developing its world-class online casino project in the politically stable Yukon Territory. The company has been working on the project since 2008. They have completed two pre-feasibility studies and a full feasibility study. They also released an updated resource for the project in 2020. In June of 2021, they will release a Preliminary Economic Assessment (PEA). The PEA shows that the Casino project is an economically viable prospect.
The project is currently in the permitting stage and is expected to create a thousand jobs during the peak of production. The casino project is a porphyry deposit and is characterized by a variety of mineralisation styles. It is composed of supergene oxide, leached cap, and hypogene. The deposit is believed to be a result of hydrothermal fluids. It is estimated to contain 965 million tonnes of proven and probable mill ore reserves, and 8.9 million ounces of gold and 4.5 billion pounds of copper.
As of May, the Casino project is still in the permitting phase. Once it is up and running, it will create more than 1,000 jobs. The Casino project is expected to produce 1.6 million tonnes of gold and 5.5 billion pounds of copper. The company expects to complete this project in the second quarter of 2022, and is aiming to complete construction in 2021. In June, the company completed a preliminary economic assessment. This will be the basis for the feasibility study.
Rio Tinto will invest C$300 million in the Casino project to fund further exploration. It will remain the sole owner of the project, while the investment from Rio Tinto will go towards a feasibility study and further exploration. As an investor, Rio will have certain rights, including appointing one member of the technical committee, and being a non-voting observer at all board meetings. This is a significant investment for the region and will benefit local communities.
The casino project is being developed using heap leaching, sulphide-leaching, and other metallurgical processes. M3 Engineering and Technology has undertaken a preliminary economic assessment of the project. The study will be completed by the second quarter of 2022. It is estimated that the project will generate C$2.3 billion in net present value and an internal rate of return of 19.5%. The feasibility study will also include an environmental impact study.
The project is a metallurgical development, heap leaching, and metallurgical development project. The company has engaged M3 Engineering and Technology to undertake a feasibility study. The project is expected to be completed in the second quarter of 2022. M3 will be responsible for the development of the project and completing the final financial report. Further exploration will be performed in the next phase. The company's technical reports and technical assessments will provide the investor with a detailed understanding of the project.