Stock Symbol: WGF: TSX-VEN
SASKATOON, Nov. 27 /CNW/ - Wescan Goldfields Inc. ("Wescan") is pleased
to report updated results from its recent exploration activities on the
Jasper, Fork Lake, Jojay, and Athabasca uranium projects.
Jasper Project - Drilling Confirms Continuation of the DJ and Roxy Zones
This summer's drill program successfully confirmed the continuation of
the Deep Jasper Zone (DJ) and the Roxy Zone in all holes drilled in the
pattern. Wescan's previous drill program delineated a new Deep Jasper Zone
(see Wescan Press Release dated April 7, 2006) that is down plunge and similar
in size to that previously mined by the property's former owners at the Jasper
Gold Mine. In addition, a "wildcat hole" intersected a new zone, named the
South Broeder Zone that Wescan intends to actively explore in the near term.
In April, 2006 Wescan reported that the DJ Zone had a strike length of
over 250 meters and a vertical extent of approximately 250 meters and the new
results show that the strong structure continues to the east. The same holes
also intersected the Roxy Zone and continue to extend this large low grade
zone that is located near surface.
Based on these continued encouraging results, Wescan intends to evaluate
the merits of dewatering the underground workings of the Jasper Mine and to
delineate the DJ zone with an underground exploration program.
Summary of Results: Drill holes JN-06-31, JN-06-33 and JN-06-34 are wide
spaced holes that were designed to test the continuation of the Roxy and DJ
zones as far to the north-east as the terrain would allow (i.e. to lakeshore).
Encouraging results were realized as all three holes intersected strong
structural zones at the projected locations of the Roxy and DJ zones
indicating that both zones do continue to the northeast. The significant
widths of the structural zones and grades are listed below.
<<
JS-06-31
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Core
Zone From To Length Au Grade
(m) (m) (m) (g/t)
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Significant Assays Roxy 86.8 87.4 0.60 5.63
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Roxy 93.4 94.3 0.90 6.30
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Strong Structure DJ 540.5 543.7 3.2 Anomalous
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JS-06-33
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Core
Zone From To Length Au Grade
(m) (m) (m) (g/t)
-------------------------------------------------------------------------
Significant Assays Roxy 338.1 338.7 0.60 3.62
-------------------------------------------------------------------------
Strong Structure Roxy 238.1 262.9 24.8 Anomalous
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Strong Structure DJ 377.5 430 52.5 Anomalous
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JS-06-34
-------------------------------------------------------------------------
Core
Zone From To Length Au Grade
(m) (m) (m) (g/t)
-------------------------------------------------------------------------
Strong Structure Roxy 278.2 382.5 104.3 Anomalous
-------------------------------------------------------------------------
Strong Structure DJ 645.3 655.1 9.8 Anomalous
-------------------------------------------------------------------------
>>
Three additional drill holes (JN-06-35, JN-06-36, JN-06-37) were also
designed to test for the potential extension of the JN-Footwall and JN-East
zones. Drill holes JN-06-36 intersected a 10 meter wide anomalous shear zone
and JN-06-37 intersected a 2.5 meter wide anomalous shear zone, confirming the
existence of the JN-East zone to the north-east and to depth, again providing
promising results that prompts a follow-up program.
Drill hole JN-06-32 is a "wildcat hole" drilled under the south arm of
Broeder Lake that intersected a 1.9 meter wide grey quartz vein mineralized
with pyrite and native copper. This intersection has characteristics similar
to zones that host significant gold mineralization in this area and is
considered an entirely new and promising exploration target. This new zone has
been named the "South Broeder Zone".
Fork Lake Project - New Drill Targets Identified
The results of a ground geochemical sampling program completed this fall
produced very encouraging results, with 11 new drill targets being identified.
A drill program was also completed during this summer with every hole
intersecting favorable structural and mineralogical targets, providing
evidence of the continuation of the zone previously intersected in drill hole
DL-06-03 (Transect Zone-Boulder area) with intersections of up to 12.07 g/t Au
over 1.0 meters (core length) reported.
Summary of Geochemical Sampling: The southwest portion of the Fork Lake
property hosts a geological setting that is favorable to host large gold
deposits and historic exploration of this area has been sparse. A four (4)
kilometer long field grid was set up over the most favorable portion and the
area was sampled by Wescan employees (soil and grab samples) on a 25 meter by
100 meter grid pattern (over 2,000 samples). The preliminary results from the
ground geochemical sampling program are very encouraging and indicate there
are at least eleven (11) new areas that require drill-testing.
Summary of Drill Results: 3,373 meters were drilled around previously
drilled DL-06-03 (12.07 g/t Au over 1.0 meter) to test the continuation of
this gold mineralized zone along strike and to depth. Strong structural zones,
quartz veining, extensive mineralization and faults were encountered in many
places in every drill hole, demonstrating that large scale ore-forming
processes were once active in this area. The highlights are listed below.
<<
DL-06-22
-------------------------------------------------------------------------
Core
Zone From To Length Au Grade
(m) (m) (m) (g/t)
-------------------------------------------------------------------------
Quartz Vein Transect-Boulder 55.3 66.3 11.0 Trace
-------------------------------------------------------------------------
JS-06-23 (Below DL-06-22)
-------------------------------------------------------------------------
Core
Zone From To Length Au Grade
(m) (m) (m) (g/t)
-------------------------------------------------------------------------
Shear and
Quartz Transect-Boulder 56.1 59.4 3.3 See below
-------------------------------------------------------------------------
Assay Transect-Boulder 56.1 57.0 0.90 2.9
-------------------------------------------------------------------------
Assay Transect-Boulder 57.0 57.8 0.80 2.23
-------------------------------------------------------------------------
Assay Transect-Boulder 57.8 58.6 0.80 1.55
-------------------------------------------------------------------------
>>
No drilling was conducted in the area of previously drilled DL-06-09
(Transect Zone - Transom West area) (7.55 g/t Au over 0.70 meters) as the
swampy nature of the terrain prohibits summer drill access. It is intended
that this will be followed up as part of a winter drill program currently
being developed.
Jojay Project - Acquisition of 100% allows Re-Focus of Exploration
The acquisition of Claude Resource's 75% interest to bring Wescan's
ownership in Jojay to 100% (see Wescan Press Release dated November 1, 2006)
now permits Wescan to re-focus full attention to the exploration of this
advanced stage exploration target; previous drilling has outlined a resource
on Jojay (see Wescan Press Release dated July 5, 2005) and a Gemcom Model was
developed during the third quarter as the next stage in pursuing the Jojay
Project. This model is a key tool in developing the next phase of exploration
which is planned to commence in early 2007.
At this time, it is expected that the next phase will include a surface
drilling program, an in-house study to evaluate and permit an underground
exploration program designed to confirm gold grade and ore continuity.
Athabasca Basin Uranium Properties - Interpretation and Planning Underway
During the second quarter of 2006, the Wescan-Santoy Joint Venture
completed a helicopter-borne time domain electromagnetic survey of the Black
Lake block (Fir Island project) and an airborne magnetic and MEGATEM survey of
the Hozempa Lake, Pattyson Lake-Umpherville Lake, Dowler Lake and Richards
Lake blocks. In the third quarter of 2006, interpretation and evaluation of
the geophysical results were initiated by Santoy Resources Ltd. ("Santoy")
(the operator) with the expectation of completing and developing a follow-up
exploration plan for 2007 prior to year-end.
Frank Hrdy, Wescan's Exploration Manager, States:
"Our exploration of the Jasper Zone continues to give us encouraging
results. To date the size of the DJ zone has been defined with wide spaced
drilling (75-100 meter spacing) to determine the general outline of this gold
mineralized zone. This zone now needs to be better defined with close spaced
drilling to increase the level of confidence in the continuity of the
mineralization. We are planning to carry out an internal study to determine
the merits of dewatering the Jasper Mine and carrying out the next phase as an
underground exploration program."
"I am very pleased with the results from our Fork Lake ground geochemical
sampling program as we have discovered many gold anomalies that have resulted
in eleven (11) entirely new drill targets. This is particularly encouraging as
the area covered by this sampling program displays many similarities to the
local geology of the Madson Gold Mine (Red Lake, Ontario), historically the
third largest gold mine in the Red Lake camp."
"Jojay is our most promising project and now that Wescan owns 100% of the
Jojay gold veins we can concentrate our efforts to advance this project to the
development stage. We are planning to undertake a significant program on Jojay
in 2007."
"Further, with uranium prices at record highs, we are very excited to be
participating in uranium exploration in the very prospective Athabasca Basin
through our joint venture with Santoy. This was our initial year of
participation and we look forward to a more active year in 2007."
"These results provide us with a solid basis to plan an aggressive
program for the coming year."
Assaying was completed by TSL Laboratories Inc. in Saskatoon,
Saskatchewan.
The exploration program reported herein was designed, supervised and
reported on by Frank Hrdy, MSc., MBA, P.Geo., Wescan Exploration Manager. Mr.
Hrdy is a member of the Association of Professional Engineers and
Geoscientists in the provinces of Saskatchewan and Manitoba. He has reviewed
this News Release and is the Qualified Person in accordance with National
Instruments 43-101. Wescan is a Canadian based corporation engaged in the
acquisition, exploration and development of mineral properties. Shares of the
Company trade on the TSX Venture Exchange under the trading symbol "WGF"
Caution Regarding Forward-Looking Statements
From time to time, Wescan makes written or oral forward-looking
statements within the meaning of certain securities laws, including the "safe
harbor" provisions of the Ontario Securities Act and the United States Private
Securities Litigation Reform Act of 1995. Wescan may make such statements in
this press release, in other filings with Canadian regulators or the United
States Securities and Exchange Commission, in reports to shareholders or in
other communications. These forward-looking statements include, among others,
statements with respect to Wescan's objectives for the ensuing year, our
medium and long-term goals, and strategies to achieve those objectives and
goals, as well as statements with respect to our beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. The words "may,"
"could," "should," "would," "suspect," "outlook," "believe," "plan,"
"anticipate," "estimate," "expect," "intend," and words and expressions of
similar import are intended to identify forward-looking statements. In
particular, statements regarding Wescan's future operations, future
exploration and development activities or other development plans contain
forward-looking statements.
All forward-looking statements and information are based on Wescan's
current beliefs as well as assumptions made by and information currently
available to Wescan concerning anticipated financial performance, business
prospects, strategies, regulatory developments, development plans,
exploration, development and mining activities and commitments. Although
management considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, and risks exist that
predictions, forecasts, projections and other forward-looking statements will
not be achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual results to
differ materially from the beliefs, plans, objectives, expectations,
anticipations, estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, developments in
world gold markets, risks relating to fluctuations in the Canadian dollar and
other currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing budget
priorities of Wescan or its joint venture partners; the effects of competition
in the markets in which Wescan operates; the impact of changes in the laws and
regulations regulating mining exploration and development; judicial or
regulatory judgments and legal proceedings; operational and infrastructure
risks and the additional risks described in Wescan's most recently filed
annual and interim MD&A and Wescan's anticipation of and success in managing
the foregoing risks.
Wescan cautions that the foregoing list of factors that may affect future
results is not exhaustive. When relying on our forward-looking statements to
make decisions with respect to Wescan, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events.
Wescan does not undertake to update any forward-looking statement, whether
written or oral, that may be made from time to time by Wescan or on our
behalf.
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