Corporate Properties News Investors
 
 
Last 0.06 Volume 20 Day High 0.06 Day Low 0.06 Last Trade Date 5/24/2017 - 2:02pm
Archive 2017
Archive 2016
Archive 2015
Archive 2014
Archive 2013
Archive 2012
Archive 2011
Archive 2010
Archive 2009
Archive 2008
Archive 2007
Archive 2006
Archive 2005
Archive 2004

2008 Exploration Program Identifies New Targets And Confirms Strong Gold System At Mud Lake

December 11, 2008

Wescan Goldfield Inc. (“Wescan”) and its Joint Venture partner Alto Ventures Ltd. (“Alto”) have completed the 2008 exploration program at Mud Lake in the Beardmore-Geraldton Gold Belt, Ontario. The property is located south of the Hercules Project operated by Kodiak Exploration Ltd and north of the Brookbank Gold Deposit which is reported to contain 629,900 ounces of gold.

The Mud Lake Shear Zone (“MLS”) is a major gold-bearing shear structure that extends for over six kilometres along strike and traverses through the centre of the property. Several gold occurrences have been exposed in surface trenches along the MLS and sampling of these returned gold assays as high as 50 grams per tonne (g/t) in grab samples and up to 13.9 g/t gold/1.0 metre in drill cores in previous work.

The 2008 summer program was part of a longer term strategy to evaluate each of the gold targets on the property and included airborne high-resolution magnetometer and XDS/VLF electromagnetic surveys over the entire property, as well as prospecting, mechanical stripping and sampling. The surface work was followed by diamond drilling of 12 holes totaling 1,032 m.

The airborne geophysical surveys have identified several new targets that will require follow-up work in 2009. The mechanical stripping has exposed the MLS at several locations along the MLS including a set of quartz veins that start at the northeast end of Showing No 6 and extend continuously for 120 m on surface. Channel sampling of these veins has returned up to 3.0 g/t gold across 1.0 m. Diamond drilling of the trenched areas intersected shearing and quartz veining including hole MUD08-40 which cut a 6.9 m wide shear zone containing a quartz vein that is 1.4 m wide. Anomalous gold values of greater than 100 parts per billion (0.1 g/t) were detected in several drill holes.

The 2007 and 2008 drilling programs confirmed that the MLS is a major zone of shearing with a strong associated gold system. A large number of targets remain to be explored along the MLS including at the Oliver Severn Showing where Alto previously intersected 13.9 g/t gold across 1.0 m. To date, 42 drill holes have been completed on this property which will assist in targeting the most prospective areas for the next phase of exploration.

The Mud Lake Project is operated under the terms of the Mud Lake Option Agreement which grants Wescan the right to earn 50% interest in the property by funding $600,000 in exploration and issuing a total of 150,000 Wescan shares to Alto over two years.

Quality Assurance/ Quality Control

Core processing included descriptive logging and selection of samples for analyses. The NQ-size cores selected for analyses were sawed in half and one half was delivered to a commercial laboratory by Alto staff for analyses and the other half retained for future reference. Gold assays were performed at Accurassay Laboratories in Thunder Bay, Ontario. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram sub-sample taken from a 500 gram split from the submitted sample. Commercially prepared standards were inserted by Alto every 25 samples to ensure precision of the results. The laboratory ran internal check assays every 10 samples to ensure lab quality control.

Surface channel samples are 5 cm wide and cut perpendicular to the strike of the target being sampled (vein, shear zone or sulphide horizon). The channels were cut continuously across the width of the sample with a motorized saw using a diamond saw blade to a depth of 10 cm and then the cut rock was chipped out with hammer and chisel. The samples were then described by Alto geologists noting rock types and mineralization and bagged for delivery to the assay laboratory for quantitative analyses for gold and selected elements. The samples were analyzed at Accurassay Laboratories in Thunder Bay using standard Fire Assay/AA procedures.

Mike Koziol, P. Geo., P.Eng. and Alto’s President and Director is the Qualified Person who has reviewed and approved this news release.

Wescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Wescan trade on the TSX Venture Exchange under the trading symbol "WGF".

For further information please contact: Kirsten Marcia, Vice President of Exploration or Darren Anderson, Investor Relations at (306) 664-2422.

-END-

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.

Caution regarding Forward-looking Information

From time to time, Wescan makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Ontario Securities Act. Wescan may make such statements in this MD&A, in other filings with Canadian regulators, in reports to shareholders or in other communications. These forward-looking statements include, among others, statements with respect to Wescan's objectives for the ensuing year, our medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may," "could," "should," "would," "suspect," "outlook," "believe," "plan," "anticipate," "estimate," "expect," "intend," and words and expressions of similar import are intended to identify forward-looking statements. In particular, statements regarding Wescan's future operations, future exploration and development activities or other development plans contain forward-looking statements.

All forward-looking statements and information are based on Wescan's current beliefs as well as assumptions made by and information currently available to Wescan concerning anticipated financial performance, business prospects, strategies, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, developments in world gold markets, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of Wescan or its joint venture partners; the effects of competition in the markets in which Wescan operates; the impact of changes in the laws and regulations regulating mining exploration and development; judicial or regulatory judgments and legal proceedings; operational and infrastructure risks and the additional risks described in Wescan's most recently filed annual and interim MD&A and Wescan's anticipation of and success in managing the foregoing risks.

Wescan cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Wescan, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, Wescan does not undertake to update any written forward-looking statement, that may be made from time to time by Wescan or on our behalf.

Further information relating to the Company has been filed on SEDAR and may be viewed at www.sedar.com.

 

 

 

 
 
© Copyright Wescan Goldfields Inc. 2007 Home  |  Corporate  |  Properties  |  News  |  Investors  |  Contact Us
 
Designed & Powered by Blender Media