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Wescan-Alto Joint Venture approves $300,000 summer exploration program at Mud Lake, Beardmore-Geraldton Gold Belt
Stock Symbol: WGF: TSX-V SASKATOON, June 25 /CNW/ - Wescan Goldfields Inc. ("Wescan") is pleased ...
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\nStock Symbol: WGF: TSX-V\n\n\nSASKATOON, June 25 /CNW/ - Wescan Goldfields Inc. ("Wescan") is pleased\nto announce that a $300,000 exploration program and budget have been approved\nby Joint Venture partners Wescan and Alto Ventures Ltd. ("Alto") for the Mud\nLake property in the Beardmore-Geraldton Gold Belt. The program includes\nairborne high-resolution magnetometer and XDS/VLF electromagnetic surveys as\nwell as surface work consisting of prospecting, mechanical stripping and\nsampling. The geophysical work was completed last week with the survey report\npending. The surface work will commence in early July, followed by diamond\ndrilling scheduled to start in late September.\n\n\nThe property lies adjacent to Kodiak Exploration Ltd's ("Kodiak")\nHercules Project and hosts the Mud Lake Shear (MLS), a major gold-bearing\nshear zone that extends for over six kilometres along strike. Several gold\noccurrences have been exposed in surface trenches along the MLS and sampling\nof these has returned gold assays as high as 50 grams per tonne (g/t) in grab\nsamples. Drilling in 2007 and 2008 tested six of the surface occurrences and\nintersected gold at each one, up to 13.9 g/t gold/1.0 metre; another seven\nsurface gold occurrences remain to be drilled.\n\n\nThe 2008 work will focus on identifying extensions to the known gold\nzones as well as locating new zones for drill testing. This program is part of\na longer term strategy to evaluate each of the surface gold zones with diamond\ndrilling as well as to delineate in greater detail those zones that display\ncontinuity of mineralization and show potential for developing into an\neconomic deposit.\n\n\nUnder the terms of the Mud Lake Option Agreement, Wescan can earn 50%\ninterest in the property by funding $600,000 in exploration and issuing a\ntotal of 150,000 Wescan shares to Alto over two years. Upon completion of the\nwork, Wescan will have satisfied the work expenditures commitments to earn its\ninterest in the project.\n\n\nThe prolific Beardmore-Geraldton Gold Belt has produced over four million\nounces of gold in the past with grades comparable to the Red Lake mining camp\nin north western Ontario. Alto has commenced exploration work on four other\nprojects in the area including the Cote-Archie Lake property where project\noperator, Kodi...