Business
Wescan-Santoy Joint Venture Reports Uranium Exploration Results- Athabasca Basin, Saskatchewan
Wescan-Santoy Joint Venture Reports Uranium Exploration Results- Athabasca Basin, Saskatchewan.
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\nStock Symbol: WGF: TSX-VEN\n\n\nSASKATOON, March 14 /CNW/ - Wescan Goldfields Inc. (TSX Venture Exchange\n- WGF) and its 50:50 joint venture partner, Santoy Resources Ltd. (TSX Venture\nExchange - SAN) are pleased to report the progress of their uranium\nexploration on six joint venture project areas in Saskatchewan. Santoy is the\noperator of this joint venture.\n\n\nFive of the areas are within the Athabasca Basin and have been flown with\nhigh resolution electromagnetic and magnetic surveys. Final interpretive\nresults are in hand for four of these project areas. The interpretations have\nbeen prepared by Roman Tykajlo, P.Geo., a qualified person as defined under NI\n43-101. All the prospecting permits have come to their two year term and the\nfavorable areas based on geophysical surveys and historical exploration\nresults have been protected by staking of claims. The total property package\nhas been reduced by a net 24,746 ha. Selected maps illustrating the\ngeophysical results will be posted on the respective websites for each of the\ncompanies.\n\n\nFIR ISLAND PROJECT\n\n\nProspecting Permit 1213 has been converted to claims S-110434 to S-110346\ncontiguous with a prior existing claim, S-108622. Two additional claims\n(S-110453 and S-110454) have been staked to the north. The property is\nsituated in the Black Lake area on the northeast edge of the Athabasca Basin.\nThe western boundary of the property covers the Black Lake fault zone, a major\nnortheast-trending tectonic element. The historic Nisto Uranium mine, an\nunconformity style deposit, is situated immediately west of the property. The\nproperty was investigated using a helicopter-borne time-domain Versatile\nElectromagnetic (VTEM) and magnetic system operated by Geotech Ltd.\n\n\nTwo zones of potential graphitic meta-pelites in basement are outlined\nfrom magnetic data along with two northwest-trending faults cross-cutting\nbasement stratigraphy as well as one northeast-trending fault parallel with\nbasement stratigraphy.\n\n\nModeling of pronounced magnetic features supports an interpretation of a\nsignificant down drop to the east side of the Black Bay fault with potentially\n200 metres or more of movement resulting in the preservation of significant\nthickness of Athabasca Formation and the unconformity.\n\n\nThese favorable settings are the focus of ex...