Receive our newsletter – data, insights and analysis delivered to you
  1. News
July 31, 2019

Casino Mining to acquire Canadian Creek Property from Cariboo Rose

Casino Mining, a subsidiary of Western Copper and Gold has signed an agreement to acquire the 311 mineral claims that comprise the Canadian Creek Property from Cariboo Rose.

Casino Mining, a subsidiary of Western Copper and Gold has signed an agreement to acquire the 311 mineral claims that comprise the Canadian Creek Property from Cariboo Rose.

The property is located adjacent to Western’s Casino Project, a porphyry copper-gold-molybdenum deposit being developed in Yukon Territory, Canada.

Under the terms of the property purchase agreement, Cariboo Rose will receive a total consideration of three million common shares of Western priced at C$0.928 a share for an aggregate acquisition cost of C$2.78m ($2.11m), as part of the agreement.

The transaction highlights the possibility of extension of the Casino project and also adds exploration potential to target porphyry copper-gold-molybdenum mineralisation.

Western Copper and Gold president and CEO Paul West-Sells said: “The acquisition of the Canadian Creek Project will considerably strengthen the Casino Project.

“It will add significant exploration potential, with a number of exploration targets with the potential to increase mineralization of the Casino project – particularly the initial heap leach.”

The Creek property is positioned between the Casino project and Newmont Goldcorp’s Coffee project. It shares a 6km long north-south boundary on its eastern side with the Casino project and a 12km long east-west boundary on its north side with the Coffee project.

Cariboo Rose president and CEO Bill Morton said: “The sale of our Canadian Creek Project to Western allows Cariboo Rose to maintain a strongly levered position in the development of the Casino Deposit while at the same time bringing focused and immediate exploration spending on the Canadian Creek targets.

“The enhanced potential for advancing not only the Casino Deposit but also in tying potential future infrastructure development to the Newmont Goldcorp Coffee Project is very significant.”

The transaction will be completed after securing the necessary regulatory approvals.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU