Business
Wescan - Alto approves $300,000 Fall exploration program at Mud Lake, Beardmore-Geraldton Gold Belt
Wescan - Alto approves $300,000 Fall exploration program at Mud Lake, Beardmore-Geraldton Gold Belt.
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\nSASKATOON, Aug. 21 /CNW/ - Wescan Goldfields Inc. (WGF: TSX-V) and Alto\nVentures Ltd. (ATV: TSX-V) are pleased to announce that a $300,000 surface\nexploration program and budget has been approved by the parties for the Mud\nLake property in the Beardmore-Geraldton Gold Belt. The program will include\nmechanical stripping and trenching which is scheduled to start in mid\nSeptember followed by diamond drilling in October or early November when the\ncontracted drill becomes available.\n\n\nA major auriferous shear zone (Mud Lake Shear - "MLS") that extends for\nover six kilometers along strike has been identified on the property. Thirteen\ngold occurrences are exposed in surface trenches along the MLS and sampling of\nthese has returned gold assays as high as 50 g/t in grab samples (see Alto's\nnews release from November 27, 2006). The planned mechanical stripping and\nwashing program will concentrate on areas of mapped shearing in-between some\nof the previously identified surface occurrences along the MLS to determine if\nthese segments of the shear zone contain mineralized quartz veins.\n\n\nPrevious drilling by Alto (see Alto's news releases from March 5 and\nMarch 20, 2007) has intersected gold in each of three surface occurrences\ntested along the MLS, with values of up to 13.9 g/t gold over 1.0 meters. The\n2007 fall drill program will consist of 18 to 20 holes and will in part\nfollow-up on gold mineralization intersected at two of the three occurrences\ndrilled previously and test for the first time, another three occurrences\nalong the MLS not yet drilled.\n\n\nThe current program is part of a longer term strategy to evaluate each of\nthe surface occurrences with diamond drilling and start to delineate in detail\nthose that display continuity of mineralization and grade and show potential\nfor the concentration of economic mineralization.\n\n\nUnder the terms of the Mud Lake Option Agreement entered into in June\n2007 by the two parties, Wescan can earn 50% in the property by funding\n$600,000 in exploration and issuing a total of 150,000 Wescan shares to Alto\nover two years. This program is funded by Wescan as per terms of the Option\nAgreement.\n\n\nThe Beardmore Geraldton Gold Belt is experiencing a resurgence of gold\nexploration and Wescan is pleased to participate with its partner Alto in this\n...