Wescan recommences exploration on its Jojay and Fork Lake projects
Tuesday June 12, 1:26 pm ET
biz.yahoo.com
Stock Symbol: WGF: TSX-V
SASKATOON, SK, June 12 /CNW/ - M. F. (Moe) Lindsay, President of Wescan Goldfields Inc. ("Wescan" or the "Company") is pleased to announce the recommencement of exploration work on its 100% owned Jojay and Fork Lake projects in Northern Saskatchewan's Greenstone Belt. Both projects are approximately 135 road kilometers north of La Ronge Saskatchewan.
Work on Wescan's advanced stage Jojay project is planned to recommence this month. Most significantly, Wescan announces the award of a contract to AMEC's Saskatoon office to carry out a scoping study of the Jojay project to evaluate the economics of the project in anticipation of moving to an underground bulk sample phase. As well, it is intended as part of the next phase of the contract to complete a NI 43-101 compliant technical report and resource estimate. Associated activities by Wescan will include the necessary environmental baseline work required to permit an underground exploration program, and the completion of the construction of an all weather access road to the site estimated to involve 11 kilometers of road upgrading. Completion of this segment of road work will connect the Jojay project to an existing all weather road and link the project to an existing gold processing plant; the work is expected to be completed in August of this year.
It also planned to carry out a two phase drilling program at Jojay later this summer or early fall. The first phase of drilling will consist of 13 drill-holes totaling some 3,000 meters. The second phase will consist of an additional 5 holes totaling some 1,000 meters. The information gained is expected to supplement the existing data base and will be used to update the resource model and to test for new sub-parallel zones that may occur along the main shear zone (the Jojay Structural Zone). The gold mineralization in the project area is associated with mafic-felsic volcanics. It is anticipated that approximately $500,000 will be expended on the foregoing program during the year.
Work on the Fork Lake project will include the continuation of a soil sampling grid that was initiated last year in the Transom Lake area as well as follow-up drilling of identified targets. Eleven "targeted" areas were identified from last year's results for follow-up work to include trenching (for verification of results) and if warranted, drill testing. Previous exploration has identified numerous gold occurrences within the project area and plans call for follow-up drilling of these targets. The gold mineralization in the project area is "shear-hosted", in association with intrusion/metavolcanics, with mesothermal characteristics. An estimated $500,000 is earmarked to be expended in this phase which includes approximately 2,500 meters of drilling.
Wescan Goldfields Inc. is a growth oriented exploration company based in Saskatchewan engaged in the acquisition, exploration and development of mineral properties. Wescan has a portfolio of properties that include prospects for gold, uranium and base metals located in northern Saskatchewan's "Greenstone Belt" and "Athabasca Basin". Shares in 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 Information
From time to time, Wescan makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Ontario Securities Act. Wescan may make such statements in this news release, in other filings with Canadian regulators, 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.
For further information
Maurice (Moe) F. Lindsay - President or Darren Anderson - Investor Relations at (306) 664-2422
Source: Wescan Goldfields Inc. |
