Stock Symbol: WGF: TSX-V
SASKATOON, SK,
June 17, 2013 /CNW/ - Wescan
Goldfields Inc. ("Wescan" or the "Company") (WGF: TSX.V) is pleased
to announce the results of their winter dill program on its Munro
Lake Gold Property. The Munro Lake Gold Project is located
approximately 7 kilometers north of Claude Resources' ("Claude")
Seabee gold mine/mill complex and 4.5 kilometers north of Claude's
Santoy 8 mine. The Munro Lake Project is an early stage gold
exploration play which encompasses the northeast projection of the
E-W Laonil Shear Zone which is the main deposit control structure
for the Seabee Mine gold mineralization and contains a prominent
6.5 kilometre long NW-SE trending structure which is a continuation
of the structure that hosts Claude's Santoy 2, 3 & CRJ 100 gold
showings.
Historical drilling on the CRJ100 gold showing
by Claude have reported grades of up to 38.4 g/t over 0.9m. This
lies less than 0.5 km to the SE of the Munro Lake property
boundary. The NW-SE trending structure contains numerous gold
showings along its entire length and extends from the Santoy 2, 3
and CRJ 100 gold showings all the way through Wescan's property.
This same structure also extends to Claude's most northerly
disposition and their Trident exploration target.
The winter drill program included a total of
1,052.34 metres of diamond drilling over 4 holes. The program was
designed to test areas of anomalous gold in the long NW-SE trending
structure identified from historic ground prospecting. Three (3)
holes (EXML-001, 002 & 004) were drilled in the southeastern
(metavolcanics), and one (EXML-003) in the northwest
(granodiorite), extent of the structure. In the southeast all holes
intersected anomalous gold in shear hosted quartz/pyrite veins
highlighted by an interval of 67.1 g/t Au over 1.00 in EXML-002 in
a vein with associated visible gold and 7.1 g/t Au over 1.00 m in
hole EXML-001. In the northeast hole (EXML-003) intercepts were
also well above background in two pyritised shears within the
granodiorite. Gold intersection highlights are summarized in the
table below:
Drill Hole |
From
(m) |
To
(m) |
Core Length
(m) |
Au
(g/t) |
EXML-001 |
59.58 |
60.60 |
1.02 |
7.10 |
EXML-002 |
167.70 |
168.70 |
1.00 |
67.10 |
EXML-004 |
31.62 |
32.47 |
0.85 |
0.70 |
& |
92.35 |
93.60 |
1.25 |
0.26 |
Drill core was halved and samples between 0.10
to 1.54 metres in length were submitted to SRC Geoanalytical
Laboratories' in Saskatoon,
Saskatchewan. The remaining half core will be archived at
the property. Rigorous quality assurance and quality control
procedures have been implemented including the use of standards and
duplicates. Core samples were initially analyzed by fire assay, and
then all samples above 3000 ppb from fire assay were analyzed by
metallic assay. Where available; metallic assays are reported
instead of fire assay results. Holes were drilled with inclinations
of -45o, approximately perpendicular to the steeply
dipping known mineralized areas. Mineralized intersections are
reported as drilled core lengths, future modeling is required to
interpret true widths of the mineralized intersections.
Mr. Darren
Anderson, President of Wescan stated: "We are very pleased
with the results of the winter drill program and further work at
Munro Lake is warranted to follow up these significant diamond
drilling results".
Technical Information
All technical information in this press release
has been prepared under the supervision of Daniel Leroux of A.C.A. Howe International
Limited, Professional Geoscientist in the Province of Saskatchewan, and is the Company's "Qualified
Person" under the definition of NI 43-101.
Caution Regarding Forward-looking
Information
This press release contains forward-looking
statements within the meaning of certain securities laws, including
the "safe harbour" provisions of Canadian Securities legislation
and the United States Private
Securities Litigation Reform Act of 1995. 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, and, in particular, statements
regarding Wescan's future operations, future exploration and
development activities or other development plans contain
forward-looking statements. Forward-looking statements in this
press release include, but are not limited to, statements related
to anticipated explorations plans, statements related to the
Company's ability to expand and delineate mineralized zones,
identification of future drilling targets, and assumptions made
regarding the impacts of increase in the price of gold on the
Company's exploration programs.
These forward-looking statements are based on
Wescan's current beliefs as well as assumptions made by and
information currently available to it and involve inherent risks
and uncertainties, both general and specific. Risks exist that
forward-looking statements will not be achieved due to a number of
factors including, but 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, 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 and operational risks and the additional risks
described in Wescan's most recently filed annual and interim
MD&A, news releases and technical reports. Wescan's
anticipation of and success in managing the foregoing risks could
cause actual results to differ materially from what is anticipated
in such forward-looking statements.
Although management considers the assumptions
contained in forward-looking statements to be reasonable based on
information currently available to it, those assumptions may prove
to be incorrect. When making decisions with respect to Wescan,
investors and others should not place undue reliance on these
statements and should carefully consider the foregoing factors and
other uncertainties and potential events. Unless required by
applicable securities law, Wescan does not undertake to update any
forward-looking statement that may be made.
"Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE Wescan Goldfields Inc.