Wescan Goldfields Inc. (WGF: TSX-V) and Alto Ventures Ltd. (ATV: TSX-V) are pleased to announce that diamond drilling has commenced on the Mud Lake Project in the Beardmore-Geraldton Gold Belt. The Mud Lake Property shares a common boundary with the Hercules Property, located to the north of Mud Lake, where Kodiak Exploration Ltd. recently reported the discovery of significant gold mineralization.
To the south of Mud Lake, Ontex Resources Ltd. is exploring their Brookbank Gold Deposit which is reported to contain 629,900 ounces of gold (see Ontex news release dated November 15, 2007).
The planned drill program consists of 18 to 20 holes and will test targets along the Mud Lake Shear Zone (MLS). Previous work identified twelve surface gold occurrences along a six kilometre segment of the MLS and only three were drilled in the past (see Alto news releases dated March 6 and March 20, 2007). The drilling will follow-up on gold mineralization intersected at the three previously drilled occurrences (up to 13.9 g/t gold across 1.0 m were intersected within a wider zone of gold mineralization that assays 3.39 g/t across 6.1 m) and test for the first time another three targets along the MLS which have yet to be drilled. This work is part of a longer term strategy to evaluate each of the gold targets with diamond drilling and start to delineate in detail those that display continuity of mineralization and grade.
The drill program is estimated to take up to four weeks to complete and because of the approaching Christmas Holidays and overwhelming industry demand for assay-laboratory services, the gold assay results will not be anticipated before January 2008.
In June 2007, Wescan entered into an Option Agreement with Alto on the Mud Lake Property. 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.
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director is the Qualified Person who has reviewed and approved this news release.
Wescan is a growth oriented mineral exploration company based in Saskatoon, Saskatchewan, focused on the exploration of its current portfolio of gold, uranium and base metal properties and the acquisition of new advanced stage exploration targets.
Wescan is actively exploring its advanced stage Jojay as well as its Fork Lake gold properties in the greenstone belt of northern Saskatchewan with the objective of expanding known gold resources and advancing them to the development stage. Wescan is also pursuing exploration of its uranium properties in the Athabasca Basin through its joint ventures with Santoy Resouces Ltd. The company is continuing to expand its interests with the addition of claim blocks in north-eastern Saskatchewan adjacent to the former producing Hanson Lake Mine and the McIlvenna Bay deposit as well as the Mud Lake Project. Wescan continues to pursue new opportunities and is carrying out on-going evaluations of acquisition targets with the full intention to grow the company. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
