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Wescan-Alto joint venture exploration update on the Mud Lake, Beardmore-Geraldton Gold Belt property
Stock Symbol: WGF: TSX-V SASKATOON, Sept. 4 /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, Sept. 4 /CNW/ - Wescan Goldfields Inc. ("Wescan") is pleased\nto provide an update on the Mud Lake property exploration program, a joint\nventure between Wescan and Alto Ventures Ltd. ("Alto") in the\nBeardmore-Geraldton Gold Belt in northwestern Ontario. The prolific\nBeardmore-Geraldton Gold Belt has produced over four million ounces of gold in\nthe past with grades comparable to the Red Lake mining camp in north western\nOntario.\n\n\nThe 2008 program includes airborne high-resolution magnetometer and\nXDS/VLF electromagnetic surveys as well as surface work consisting of\nprospecting, mechanical stripping and sampling. The geophysical work has been\ncompleted and follow-up prospecting was carried out. Mechanical stripping and\nsampling are currently in progress and the targets generated from this program\nwill be combined with those identified from previous work for a core drill\nprogram later in the year.\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 returning results up to 13.9 g/t gold over\n1.0 metre; another seven surface gold occurrences remain to be drilled.\n\n\nThe 2008 program is part of a longer term strategy to evaluate each of\nthe surface gold zones with core drilling as well as to delineate in greater\ndetail those zones that display continuity of mineralization and show\npotential for hosting economic deposits at depth.\n\n\nUnder the terms of the Mud Lake Option Agreement, Wescan can earn\n50% interest 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. Mike Koziol, P. Geo., P.Eng. and Alto's President,\nCEO and Director is the Qualified Person for the joint venture.\n\n\nWescan is a Canadian based corpor...