VANCOUVER, Feb. 2 /CNW/ - Wesgold Minerals Inc. (TSX-V: WSG) is pleased
to provide an update on exploration work at the Snowcap project in
central Yukon Territory.
The Snowcap project covers at least two previously unexplored Tertiary
volcaniclastic basins controlled by graben fault structures along a 15
kilometre-long structural trend. Three alteration zones have been
identified in these basins. Radius Gold Inc. (TSX-V: RDU) staked 198
claims covering 45 square kilometers to cover the trend in 2009, and
optioned the ground to Wesgold.
In 2009, Wesgold completed airborne geophysics and soil geochemistry,
which resulted in the identification of anomalous gold and mercury
values in two of the alteration zones coincident with aeromagnetic lows
over the volcaniclastic basins. In late 2010, Wesgold completed four
diamond drill holes totaling 420 meters at one of the alteration zones
near the southern part of the Snowcap project to test for the source of
the anomalous mercury and gold values in soil in an area of no
outcrop. The drill holes intersected variably altered volcanic and
epiclastic rocks with irregular quartz, carbonate, and pyrite veining.
While assay results did not return gold values of economic interest,
cinnabar mineralization and anomalous concentrations of antimony,
arsenic, and mercury were encountered. These pathfinder elements are
considered a highly favourable indicator of epithermal precious metal
mineralization in this geological environment. The source of the
anomalous gold values in soil remains unexplained, and Wesgold is
integrating the geological, geochemical and geophysical data to plan
for more exploration work in 2011.
Wesgold has the right to earn a 60% interest in Snowcap by incurring an
aggregate of $1,000,000 of exploration expenditures and issuing to
Radius a total of 1,000,000 Wesgold shares in staged payments by
October 30, 2013.
In addition to exploring the Snowcap project, Wesgold is currently
reviewing several prospective gold projects for acquisition.
Harmen Keyser, P.Geol. (NWT), the President of Wesgold and a Qualified
Person in accordance with NI 43-101, is responsible for the accuracy of
this news release.
About Wesgold Minerals
Wesgold Minerals Inc. is a Vancouver-based mineral exploration company
focused on the acquisition and exploration of early-stage gold
ON BEHALF OF THE BOARD
Harmen Keyser, President
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Wesgold Minerals Inc.
For further information:
please refer to the Company's filings on SEDAR (www.sedar.com) or contact the Company by telephone at 604-801-5432