Stock Symbol: WGF: TSX-V
SASKATOON,
Jan. 21, 2013 /CNW/ - Wescan
Goldfields Inc. ("Wescan" or the "Company") is pleased to announce
the results of its VTEM ("Versatile Time Domain Electromagnetic"),
and Magnetic Gradiometer airborne geophysical survey on Wescan's
100 percent owned Jojay Gold Property located 135 kilometers north
of La Ronge, Saskatchewan. The
airborne geophysical survey and interpretation was conducted by
Geotech Limited ("Geotech") of Aurora,
Ontario.
The new magnetic gradiometer data traces the
Jojay Structural Zone for approximately 3 kms to the south of the
Jojay gold deposit and 0.5 kms to the north which extends the
original 1 km zone by more than triple in length. The Jojay
Structural Zone was defined by historical airborne and/or ground
geophysics and surface geological mapping.
The survey also identified two prospective
target zones for gold which should be followed up by surface
exploration. These prospective target zones lie on intersections of
major North-South trending structures and cross cutting faults with
close proximity to prominent intrusives similar in area of the
Jojay deposit. One of these target zones of interest lies on the
southern tip of the interpreted continuation of the Jojay
Structural Zone that hosts the Jojay gold deposit.
Mr. Darren
Anderson, President of Wescan stated, "We are very pleased
with the results from the 2012 airborne geophysical survey on our
Jojay Gold Property, as the known structural zone has tripled in
length." As a consequence of these results, management is reviewing
the original 2013 budget to determine if the 2013 exploration
program should be altered to pursue the recommendations resulting
from the survey. With the price of gold currently stable and near
all-time highs, the Company intends to continue exploration on its
most prospective properties with known gold mineralization.
The airborne geophysical survey utilized
Geotech's VTEM plus® time domain and magnetic gradiometer
system. The observed VTEM anomalies which are geologic in nature,
are concentrated in the southern portion of the property area, and
appear to align themselves with the observed northeastern linear
trend of the historic Jolu mine. There are three other VTEM
anomalies, aligned with the linear trend of the Jolu mine (one more
to the northeast), extending even further north of the main VTEM
anomaly.
Results of Geotech's Maxwell 2.5D plate modeling
indicates that the southern VTEM anomaly is made up of two separate
VTEM conductors with one major VTEM conductor striking over 700m
with a dip extent of 200m. This VTEM conductor is subsurface,
steeply dipping and thin in nature. Drill testing has been
recommended for testing this VTEM anomaly. Three localized VTEM
anomalies to the north of the main Jojay gold deposit area were
also identified and flagged for ground prospecting with one
identified for drill testing.
Daniel Leroux of
A.C.A Howe International Limited, a Professional Geoscientist in
the Province of Saskatchewan is
the Independent Qualified Person, as defined by NI 43-101
standards, who reviewed and approved the technical content of this
news release.
Wescan is a Canadian based corporation engaged
in the acquisition, exploration and development of mineral
properties. Shares of Wescan trade on the TSX Venture Exchange
under the trading symbol "WGF".
"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."
Caution Regarding Forward-Looking Statements
This news 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. Forward-looking
information is often, but not always, identified by the use of
words such as "anticipate", "believe", "expect", "plan", "intend",
"forecast", "target", project", "guidance", "may", "will",
"should", "could", "estimate", "predict" or similar words
suggesting future outcomes or language suggesting an outlook. In
particular, statements regarding Wescan's future operations, future
exploration and development activities or other development plans
constitute forward-looking statements. Forward-looking statements
in this press release include, but are not limited to, statements
related to anticipated exploration 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 increases 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 Wescan. 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 and coal markets, changes in
exploration 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, operational and the
additional risks described in Wescan's most recently filed Annual
Information Form, 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.
Unless required by applicable securities legislation, Wescan does
not undertake to update any forward-looking statement that may be
contained herein.
SOURCE Wescan Goldfields Inc.