Owner
Post by Franko10 ™ on Jan 30, 2008 12:09:48 GMT -5
Gold intersected on the Wescan Goldfields Inc. - Alto Ventures Ltd. Mud Lake Project, Beardmore-Geraldton Gold Belt (cnw)
Stock Symbol: WGF: TSX-V
SASKATOON, SK, Jan. 30 /CNW/ - Wescan Goldfields Inc. (Wescan) (WGF: TSX-V) is pleased to announce results from nine of a total of eighteen diamond drill holes (MUD07-13 to 21) completed in December 2007 and January 2008 on the Wescan - Alto Ventures Ltd. (Alto) (ATV: TSX-V) Mud Lake Project located in the Beardmore-Geraldton Gold Belt. The Mud Lake Project shares a common boundary with the Hercules Property, located to the north of Mud Lake, where Kodiak Exploration Ltd. continues to report significant gold mineralization from its drilling (see Kodiak news release dated January 14, 2008). To the south and southwest of Mud Lake, Ontex Resources Ltd. is exploring the Brookbank Gold Deposit which is reported to contain 629,900 ounces of gold (see Ontex news release dated November 15, 2007).
The December 2007 drilling continued to test targets along the Mud Lake Shear Zone ("MLS"), where previous work identified twelve surface gold occurrences along a six kilometer (km) segment of the MLS (see Wescan news releases dated November 22, 2007). The holes reported here tested one km of the MLS near the northeast end, drilling three of the occurrences (Showing No.3, No.4, and No.5) not drilled previously.
Significant amounts of gold, up to 6.34 grams per ton (g/t) across 0.5 meters (m), were intersected in four of the nine holes. Shearing and quartz veining were also intersected in the other holes although the gold values were lower.
<<
Table of Significant Assay Results from the December, 2007 Mud Lake
Drilling Program
-------------------------------------------------------------------------
Hole From (m) To (m) Width (m) Au (g/t) Zone
-------------------------------------------------------------------------
MUD07-14 19.0 21.0 2.0 2.12 Showing No.3
-------------------------------------------------------------------------
MUD07-16 21.1 21.6 0.5 6.34 Showing No.4
-------------------------------------------------------------------------
MUD07-17 23.7 24.7 1.0 3.77 Showing No.4
-------------------------------------------------------------------------
MUD07-19 61.3 62.3 1.0 1.44 Showing No.5
-------------------------------------------------------------------------
>>
Intersecting gold in shear hosted quartz veins under these surface showings is encouraging as it corroborates the strength of the gold system along the MLS. The drill holes completed in March and December of 2007 have tested the MLS intermittently for almost five km's along strike and confirmed that the mineralization exposed in the surface trenches does have depth continuity.
An additional nine holes were drilled in January 2008, and samples from these were delivered to the laboratory on January 25, 2008. These holes follow up mineralization discovered during Alto's program in March 2007, where gold values of up to 13.9 g/t gold across 1.0 m were intersected within a wider zone that assays 3.39 g/t across 6.1 m (see Alto news releases dated March 6 and March 20, 2007). Results for these holes will be released when they become available.
Mike Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person who has reviewed and approved this news release.
Core processing included descriptive logging and selection of samples for analyses. The NQ-size cores selected for analyses were sawed in half and one half was delivered to a commercial laboratory by Alto staff for analyses and the other half retained for future reference. Gold assays were performed at Accurassay Laboratories in Thunder Bay, Ontario. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram sub-sample taken from a 500 gram split from the submitted sample. Commercially prepared standards were inserted by Alto every 25 samples to ensure precision of the results. The laboratory ran internal check assays every 10 samples to ensure lab quality control.
Mineralized intervals reported are down-hole lengths as there is insufficient drill hole density to estimate true widths.
In June 2007, Wescan entered into an Option Agreement with Alto on the Mud Lake Project. Under the terms of the Option Agreement, Wescan can earn 50% in the property by funding $600,000 in exploration and issuing a total of 150,000 Wescan shares to Alto over two years. The diamond drilling program is funded by Wescan in accordance with the terms of the Option Agreement.
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".
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release."
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.
%SEDAR: 00021049E
For further information: Maurice (Moe) F. Lindsay, President, or Kirsten Marcia, Vice President of Exploration at (306) 664-2422
Stock Symbol: WGF: TSX-V
SASKATOON, SK, Jan. 30 /CNW/ - Wescan Goldfields Inc. (Wescan) (WGF: TSX-V) is pleased to announce results from nine of a total of eighteen diamond drill holes (MUD07-13 to 21) completed in December 2007 and January 2008 on the Wescan - Alto Ventures Ltd. (Alto) (ATV: TSX-V) Mud Lake Project located in the Beardmore-Geraldton Gold Belt. The Mud Lake Project shares a common boundary with the Hercules Property, located to the north of Mud Lake, where Kodiak Exploration Ltd. continues to report significant gold mineralization from its drilling (see Kodiak news release dated January 14, 2008). To the south and southwest of Mud Lake, Ontex Resources Ltd. is exploring the Brookbank Gold Deposit which is reported to contain 629,900 ounces of gold (see Ontex news release dated November 15, 2007).
The December 2007 drilling continued to test targets along the Mud Lake Shear Zone ("MLS"), where previous work identified twelve surface gold occurrences along a six kilometer (km) segment of the MLS (see Wescan news releases dated November 22, 2007). The holes reported here tested one km of the MLS near the northeast end, drilling three of the occurrences (Showing No.3, No.4, and No.5) not drilled previously.
Significant amounts of gold, up to 6.34 grams per ton (g/t) across 0.5 meters (m), were intersected in four of the nine holes. Shearing and quartz veining were also intersected in the other holes although the gold values were lower.
<<
Table of Significant Assay Results from the December, 2007 Mud Lake
Drilling Program
-------------------------------------------------------------------------
Hole From (m) To (m) Width (m) Au (g/t) Zone
-------------------------------------------------------------------------
MUD07-14 19.0 21.0 2.0 2.12 Showing No.3
-------------------------------------------------------------------------
MUD07-16 21.1 21.6 0.5 6.34 Showing No.4
-------------------------------------------------------------------------
MUD07-17 23.7 24.7 1.0 3.77 Showing No.4
-------------------------------------------------------------------------
MUD07-19 61.3 62.3 1.0 1.44 Showing No.5
-------------------------------------------------------------------------
>>
Intersecting gold in shear hosted quartz veins under these surface showings is encouraging as it corroborates the strength of the gold system along the MLS. The drill holes completed in March and December of 2007 have tested the MLS intermittently for almost five km's along strike and confirmed that the mineralization exposed in the surface trenches does have depth continuity.
An additional nine holes were drilled in January 2008, and samples from these were delivered to the laboratory on January 25, 2008. These holes follow up mineralization discovered during Alto's program in March 2007, where gold values of up to 13.9 g/t gold across 1.0 m were intersected within a wider zone that assays 3.39 g/t across 6.1 m (see Alto news releases dated March 6 and March 20, 2007). Results for these holes will be released when they become available.
Mike Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person who has reviewed and approved this news release.
Core processing included descriptive logging and selection of samples for analyses. The NQ-size cores selected for analyses were sawed in half and one half was delivered to a commercial laboratory by Alto staff for analyses and the other half retained for future reference. Gold assays were performed at Accurassay Laboratories in Thunder Bay, Ontario. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram sub-sample taken from a 500 gram split from the submitted sample. Commercially prepared standards were inserted by Alto every 25 samples to ensure precision of the results. The laboratory ran internal check assays every 10 samples to ensure lab quality control.
Mineralized intervals reported are down-hole lengths as there is insufficient drill hole density to estimate true widths.
In June 2007, Wescan entered into an Option Agreement with Alto on the Mud Lake Project. Under the terms of the Option Agreement, Wescan can earn 50% in the property by funding $600,000 in exploration and issuing a total of 150,000 Wescan shares to Alto over two years. The diamond drilling program is funded by Wescan in accordance with the terms of the Option Agreement.
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".
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release."
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.
%SEDAR: 00021049E
For further information: Maurice (Moe) F. Lindsay, President, or Kirsten Marcia, Vice President of Exploration at (306) 664-2422
