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Wescan Goldfields Inc. - NI 43-101 gold resource at Jojay
Wescan Goldfields Inc. - NI 43-101 gold resource at Jojay
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\nFeb. 4, 2010 (Canada NewsWire Group) -- SASKATOON, SK, Feb. 4 /CNW/ -- Wescan Goldfields Inc. (\"Wescan\" or the \"Company\") is pleased to announce an updated independent geological model and corresponding mineral resource statement from its 100 percent owned and operated Jojay Gold Project located in the La Ronge Gold Belt of northern Saskatchewan. The La Ronge Gold Belt hosts numerous known gold deposits, four past producing gold mines, and a licensed gold mill located 11 kilometres from the Jojay Deposit.The Mineral Resource Estimate (\"Mineral Resource\") was completed by A.C.A. Howe International Limited (\"Howe\") in accordance with Canadian Securities Administrators National Instrument 43-101 (\"NI 43-101\") and CIM Standards on Mineral Resources and Reserves. Indicated and Inferred Mineral Resources have been determined in the Red Zone (also referred to as the Main Zone) and six minor zones at the Jojay Gold Deposit. The Mineral Resources include 21 Wescan diamond drill holes completed in 2005 and 2007-2008 and 79 historic drill holes. At a block cut-off grade of 2 g/tonne Au, non-diluted Indicated mineral resources, located entirely in the Red Zone, amounted to 420,000 tonnes with an average grade of 3.7 g/tonne Au, for 50,000 ounces gold. Non-diluted Inferred mineral resources, approximately half of which were located in the Red Zone amounted to 630,000 tonnes with an average grade of 4.3 g/tonne Au, for 87,000 ounces gold. No Measured Resources or Reserves of any category were identified. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.This NI 43-101 compliant resource estimate is a major milestone for the Jojay Gold Project. Wescan's exploration to date has confirmed and expanded a significant gold resource on the Jojay zone hosted by a continuous shear structure (i.e. Jojay structural zone) at a volcanic-sedimentary contact. The mineral resource estimate outlines the Red Zone and six minor mineralized zones. The zones are vertically dipping with a north-south strike. The Red Zone is modeled over a strike length of approximately 500 metres to a depth of 400 metres, and averages 4-5 metres wide. The Red Zone remains open down-plunge at depth.The Jojay De...