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Wescan-Alto start drilling Mud Lake project, Beardmore-Geraldton gold belt
Stock Symbol: WGF: TSX-V SASKATOON, Nov. 22 /CNW/ - Wescan Goldfields Inc. (Wescan) (WGF: TSX-V) ...
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\nStock Symbol: WGF: TSX-V\n\n\nSASKATOON, Nov. 22 /CNW/ - Wescan Goldfields Inc. (Wescan) (WGF: TSX-V)\nand Alto Ventures Ltd. (Alto) (ATV: TSX-V) are pleased to announce that\ndiamond drilling has commenced on the Mud Lake Project in the\nBeardmore-Geraldton Gold Belt. The Mud Lake Property shares a common boundary\nwith the Hercules Property, located to the north of Mud Lake, where Kodiak\nExploration Ltd. recently reported the discovery of significant gold\nmineralization. To the south of Mud Lake, Ontex Resources Ltd. is exploring\ntheir Brookbank Gold Deposit which is reported to contain 629,900 ounces of\ngold (see Ontex news release dated November 15, 2007).\n\n\nThe planned drill program consists of 18 to 20 holes and will test\ntargets along the Mud Lake Shear Zone (MLS). Previous work identified twelve\nsurface gold occurrences along a six kilometre segment of the MLS and only\nthree were drilled in the past (see Alto news releases dated March 6 and\nMarch 20, 2007). The drilling will follow-up on gold mineralization\nintersected at the three previously drilled occurrences (up to 13.9 g/t gold\nacross 1.0 m were intersected within a wider zone of gold mineralization that\nassays 3.39 g/t across 6.1 m) and test for the first time another three\ntargets along the MLS which have yet to be drilled. This work is part of a\nlonger term strategy to evaluate each of the gold targets with diamond\ndrilling and start to delineate in detail those that display continuity of\nmineralization and grade.\n\n\nThe drill program is estimated to take up to four weeks to complete and\nbecause of the approaching Christmas Holidays and overwhelming industry demand\nfor assay-laboratory services, the gold assay results will not be anticipated\nbefore January 2008.\n\n\nIn June 2007, Wescan entered into an Option Agreement with Alto on the\nMud Lake Property. Under the terms of the Option Agreement, Wescan can earn\n50% in the property by funding $600,000 in exploration and issuing a total of\n150,000 Wescan shares to Alto over two years. The diamond drilling program is\nfunded by Wescan in accordance with the terms of the Option Agreement.\n\n\nMike Koziol, P. Geo., P.Eng. and Alto's President and Director is the\nQualified Person who has reviewed and approved this news release.\n\n\nWescan is a growth oriented mineral exploration com...