Business
Wescan Goldfields Inc. announces new option agreement with Alto Ventures Ltd. to explore the Beardmore gold belt
Wescan Goldfields Inc. announces new option agreement with Alto Ventures Ltd. to explore the Beardmore gold belt.
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\nStock Symbol: WGF: TSX-V\n\n\nSASKATOON, June 13 /CNW/ - Maurice (Moe) F. Lindsay, President of Wescan\nGoldfields Inc. (Wescan), (WGF: TSX-V) is pleased to announce that Wescan has\nentered into an option agreement with Alto Ventures Ltd. (Alto), (ATV: TSX-V).\nUnder the terms of the agreement, Wescan has an exclusive and irrevocable\noption to acquire an undivided 50% interest in Alto's Mud Lake Project by\nmaking $600,000 in exploration expenditures and issuing 150,000 Wescan shares\nto Alto over a two year period. Upon exercising the option by Wescan at the\ncompletion of the two year term, the parties will enter into a 50:50 joint\nventure agreement to carry out on-going exploration and or development. Alto\nwill remain the project operator until the completion of a positive\npre-feasibility study, at which time Wescan will have the option to assume the\nrole of operator. The agreement is subject to the approval of the TSX Venture\nExchange.\n\n\nThe Mud Lake Project consists of 2,592 hectares (ha) and is located\n25 kilometers (km's) northeast of Beardmore, Ontario, in the\nBeardmore-Geraldton gold belt where historical production has exceeded 4.0\nmillion ounces of gold. A major auriferous shear extends for over 6.0 km's on\nthe property but was never drilled prior to Alto's 2006/2007 winter drill\nprogram. This drilling program tested three of twelve surface gold showings\nand confirmed the existence of the strong shear system, the Mud Lake Shear,\nwhich contains gold-bearing quartz veins at each of the three showings. Gold\nvalues up to 13.9 grams/tones (g/t) across 1.0 meter (m) were intersected\nwithin a wider zone of gold mineralization that assays 3.39 g/t across 6.1 m.\n(See Alto news releases dated March 6 and March 20, 2007.)\n\n\nWescan is excited about this opportunity in a well known gold camp which\nhas recently seen a significant growth in the number of companies exploring in\nthe Beardmore-Geraldton area. Moe Lindsay, President of Wescan, stated that\n"Alto's management is well known to Wescan and we have complete confidence in\ntheir ability to carry out the exploration of the Mud Lake Project in a\nprofessional and thorough manner. This opportunity is consistent with Wescan's\ngrowth objectives and we look forward to working with Alto on the exploration\nof the Mud Lake Project."\n\n\nWe...