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
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:
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.
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.
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.
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
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
Limited Transient AMT lines are proposed to ascertain if basement
features of interest are present.
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
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
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
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 the United States Private
Securities Litigation Reform Act of 1995. Wescan may make such statements in
this press release, in other filings with Canadian regulators or the United
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
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
For further information:
For further information: Maurice (Moe) F. Lindsay, President, or Kirsten
Marcia, Vice President of Exploration, at (306) 664-2422