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Post by Franko10 ™ on May 6, 2008 6:33:42 GMT -5
Wescan Goldfields Inc. - Exploration update Wescan-Santoy joint venture, Athabasca Basin, SK
12:21 EST Monday, March 03, 2008
Stock Symbol: WGF: TSX-V
SASKATOON, SK, March 3 /CNW/ - Wescan Goldfields Inc. (TSX.V: WGF) and our 50:50 Joint Venture partner, Santoy Resources Ltd. (TSX.V: SAN) are pleased to report on the progress of our six uranium exploration projects in Saskatchewan. Like many other companies we have experienced unusual delays receiving results due to the high activity levels in our industry. Final laboratory results are still pending for SGH (soil gas hydrocarbon) sampling and sandstone boulder and outcrop sampling for clay mineral alteration analyses. Planning of exploration programs has commenced where sufficient information is available.
A winter linecutting program followed by Transient ATM surveys are planned for all the sandstone hosted properties. Diamond drilling is anticipated to be considered for most of the properties, subject to receiving all the results. Additional soil sampling and other geochemical sampling will be completed to help define other drill targets.
The Karpinka Lake property will have ground geochemistry, prospecting and geophysics completed over the airborne targets in preparation of prioritizing drill targets.
The joint venture encompasses six individual project areas totaling 134,217 ha, five of which are situated within the Athabasca Basin. Exploration on the sandstone areas consisted of deep penetrating airborne geophysics followed last year by additional CDI processing of conductive trends. Surface work consisted of: lake sediment geochemistry, muskeg and lake water sampling for multi-element analyses and radon determinations, detailed prospecting, sandstone boulder sampling and soil geochemical sampling. Preliminary results for the sandstone areas are as follows:
Fir Island
This property straddles the northeast portion of the Athabasca unconformity and is transected by the Black Lake - Virgin River tectonic zone. This trend is considered to be very prospective for unconformity-style uranium deposits. The historic Nisto Mine, which is considered to be an unconformity-style deposit developed in basement rocks, is located on the west boundary of the property on the shore of Black Lake.
Structural features identified in both the airborne magnetic and electromagnetic interpretations warrant drill investigations. Significant post-Athabasca movement on these features could be in excess of 200 vertical metres. Available date indicates the presence of anomalous uranium and pathfinder metals in lake sediments and waters, anomalous radon in waters, and indications of elevated scintillometer readings in sandstone outcrop areas.
Several lines of Transient AMT surveys are planned and the permits for the line cutting and surveys are in hand. The timing for diamond drilling will in part be influenced by contractor availability and drill hole targeting awaits the final geochemical results.
Pattyson Lake
The lake sediment sampling results have identified a number of areas of interest with elevated uranium and pathfinder elements. Other target areas are indicated by the radon and multi-element analyses from water samples. A number of these target areas are supported by the airborne interpretations.
Winter line cutting followed by Transient AMT surveys are planned for a number of lines to determine more specific drill targets.
Richards Lake
The airborne magnetic and airborne MEGATEM results delineated east-west structural trends that appear regional in nature. The CDI profiles suggest vertical movements as well as possible sandstone alteration. Anomalous uranium values in lake sediment samples were obtained within this trend.
Winter line cutting followed by two Transient AMT lines are planned to further define drill locations.
Hozempa Lake
The presence of post-Athabasca faulting is indicated by the airborne geophysical interpretations and is further evident in Landsat imagery. The presence of elevated uranium and metal values in lake sediment and water sampling as well as elevated radon in waters spatially associated with these structures supports the anomalous designation of these features. Significant vertical movement on these structures is considered important for possible unconformity related uranium targets.
A program of winter linecutting to be followed by Transient AMT surveys should assist in selection of drill targets. Solitaire Minerals Corp. is currently drilling a SGH target immediately to the north and east of our project.
Dowler Lake
Results to date indicate possible basement structures and the possibility of an alteration halo in the overlying sandstones. The MEGATEM survey did not penetrate to the basement due to a flat lying conductive horizon at approximately 500m.
Limited Transient AMT lines are proposed to ascertain if basement features of interest are present.
Karpinka Lake
This property straddles the boundary of the Wollaston Fold Belt with the Mudjatik Domain approximately 25 km south of the present Athabasca unconformity. The historical extent of the Athabasca cover could have extended south of the property. It is considered to be prospective for basement-hosted unconformity style deposits as well as Aphebian age uranium deposits. The presence of numerous uranium occurrences in the region supports its prospectivity.
A TEMPEST Airborne survey was completed in 2007 which has outlined conductivity trends associated with the Wollaston -Mujadic boundary and what is interpreted to be basal Aphebian sediments which ring interpreted Archean Domal features.
Exploration of these targets is ongoing to the north and south of this property. These settings are the southern continuation of the basement geology present at Key Lake and other Athabasca hosted deposits. A program of summer prospecting, geochemistry and ground geophysics will be completed to define drill targets.
The qualified person, as defined by National Instrument 43-101, responsible for review of technical information in this news release is J. R. Allan, P. Geol.
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 theUnited States Private Securities Litigation Reform Act of 1995. Wescan may make such statements in this press release, in other filings with Canadian regulators or theUnited 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
12:21 EST Monday, March 03, 2008
Stock Symbol: WGF: TSX-V
SASKATOON, SK, March 3 /CNW/ - Wescan Goldfields Inc. (TSX.V: WGF) and our 50:50 Joint Venture partner, Santoy Resources Ltd. (TSX.V: SAN) are pleased to report on the progress of our six uranium exploration projects in Saskatchewan. Like many other companies we have experienced unusual delays receiving results due to the high activity levels in our industry. Final laboratory results are still pending for SGH (soil gas hydrocarbon) sampling and sandstone boulder and outcrop sampling for clay mineral alteration analyses. Planning of exploration programs has commenced where sufficient information is available.
A winter linecutting program followed by Transient ATM surveys are planned for all the sandstone hosted properties. Diamond drilling is anticipated to be considered for most of the properties, subject to receiving all the results. Additional soil sampling and other geochemical sampling will be completed to help define other drill targets.
The Karpinka Lake property will have ground geochemistry, prospecting and geophysics completed over the airborne targets in preparation of prioritizing drill targets.
The joint venture encompasses six individual project areas totaling 134,217 ha, five of which are situated within the Athabasca Basin. Exploration on the sandstone areas consisted of deep penetrating airborne geophysics followed last year by additional CDI processing of conductive trends. Surface work consisted of: lake sediment geochemistry, muskeg and lake water sampling for multi-element analyses and radon determinations, detailed prospecting, sandstone boulder sampling and soil geochemical sampling. Preliminary results for the sandstone areas are as follows:
Fir Island
This property straddles the northeast portion of the Athabasca unconformity and is transected by the Black Lake - Virgin River tectonic zone. This trend is considered to be very prospective for unconformity-style uranium deposits. The historic Nisto Mine, which is considered to be an unconformity-style deposit developed in basement rocks, is located on the west boundary of the property on the shore of Black Lake.
Structural features identified in both the airborne magnetic and electromagnetic interpretations warrant drill investigations. Significant post-Athabasca movement on these features could be in excess of 200 vertical metres. Available date indicates the presence of anomalous uranium and pathfinder metals in lake sediments and waters, anomalous radon in waters, and indications of elevated scintillometer readings in sandstone outcrop areas.
Several lines of Transient AMT surveys are planned and the permits for the line cutting and surveys are in hand. The timing for diamond drilling will in part be influenced by contractor availability and drill hole targeting awaits the final geochemical results.
Pattyson Lake
The lake sediment sampling results have identified a number of areas of interest with elevated uranium and pathfinder elements. Other target areas are indicated by the radon and multi-element analyses from water samples. A number of these target areas are supported by the airborne interpretations.
Winter line cutting followed by Transient AMT surveys are planned for a number of lines to determine more specific drill targets.
Richards Lake
The airborne magnetic and airborne MEGATEM results delineated east-west structural trends that appear regional in nature. The CDI profiles suggest vertical movements as well as possible sandstone alteration. Anomalous uranium values in lake sediment samples were obtained within this trend.
Winter line cutting followed by two Transient AMT lines are planned to further define drill locations.
Hozempa Lake
The presence of post-Athabasca faulting is indicated by the airborne geophysical interpretations and is further evident in Landsat imagery. The presence of elevated uranium and metal values in lake sediment and water sampling as well as elevated radon in waters spatially associated with these structures supports the anomalous designation of these features. Significant vertical movement on these structures is considered important for possible unconformity related uranium targets.
A program of winter linecutting to be followed by Transient AMT surveys should assist in selection of drill targets. Solitaire Minerals Corp. is currently drilling a SGH target immediately to the north and east of our project.
Dowler Lake
Results to date indicate possible basement structures and the possibility of an alteration halo in the overlying sandstones. The MEGATEM survey did not penetrate to the basement due to a flat lying conductive horizon at approximately 500m.
Limited Transient AMT lines are proposed to ascertain if basement features of interest are present.
Karpinka Lake
This property straddles the boundary of the Wollaston Fold Belt with the Mudjatik Domain approximately 25 km south of the present Athabasca unconformity. The historical extent of the Athabasca cover could have extended south of the property. It is considered to be prospective for basement-hosted unconformity style deposits as well as Aphebian age uranium deposits. The presence of numerous uranium occurrences in the region supports its prospectivity.
A TEMPEST Airborne survey was completed in 2007 which has outlined conductivity trends associated with the Wollaston -Mujadic boundary and what is interpreted to be basal Aphebian sediments which ring interpreted Archean Domal features.
Exploration of these targets is ongoing to the north and south of this property. These settings are the southern continuation of the basement geology present at Key Lake and other Athabasca hosted deposits. A program of summer prospecting, geochemistry and ground geophysics will be completed to define drill targets.
The qualified person, as defined by National Instrument 43-101, responsible for review of technical information in this news release is J. R. Allan, P. Geol.
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 theUnited States Private Securities Litigation Reform Act of 1995. Wescan may make such statements in this press release, in other filings with Canadian regulators or theUnited 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
