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Highlights:
- Drill permit received for the Munro Lake Project, authorizing exploration over a three-year period
- Phase 1 of the 2026 program to include up to 2,000 metres of helicopter-supported diamond drilling, expected to commence in the coming weeks
- Drilling to follow up high-grade gold intercepts from the 2013 drill program in the southeast zone, including 67.1 g/t gold over 1.00 metre in drill hole EXML-002 and 7.1 g/t gold over 1.02 metres in EXML-001, by testing mineralization down-dip and along strike
- Drilling to also follow up multiple high-grade surface grab samples, assaying up to 38 g/t gold, collected across a prospective strike length of approximately 7 kilometres spanning three principal mineralized areas*
- UAV-based magnetic and LiDAR surveys contracted with Tuzo Geo Surveys to refine structural interpretation and drill targeting
- Munro Lake is located approximately 7 kilometres northeast of SSR Mining's Seabee mine and mill complex, Saskatchewan's only producing gold operation**
- Dahrouge Geological Consulting Ltd. engaged to support the design and execution of Wescan's exploration programs
Wescan Goldfields Inc. (TSXV: WGF,OTC:WEGOF) ("Wescan" or the "Company") is pleased to announce that it has received a drill permit for its Munro Lake Project in northern Saskatchewan, marking a key operational milestone as the Company advances its 2026 exploration program.
The permit authorizes exploration on the Munro Lake Project for a period of three years, providing Wescan with the flexibility to advance exploration in a phased and systematic manner. Phase 1 of the 2026 exploration program is planned to include up to 2,000 metres of diamond drilling. The Munro Lake Project is located approximately 7 kilometres northeast of SSR Mining's Seabee mine and mill complex in northern Saskatchewan, within the same broader structural corridor that hosts the Seabee/Santoy mining camp, the province's only producing gold operation**. As shown in Figure 1, the favourable mineralization corridor that hosts the Seabee and Santoy mines, highlighted in red, extends northwest onto the Munro Lake property**.
Phase 1 of Wescan's 2026 summer diamond drilling program will consist of up to 2,000 metres of helicopter-supported diamond drilling and is expected to commence in the coming weeks, with a small fly camp to be mobilized to support the program. The main objective of the program is to follow up the high-grade gold intercepts in the southeast zone from Wescan's 2013 diamond drilling program by testing the extent of mineralization down-dip and along strike. Highlights of the 2013 drill campaign, which totaled 1,052 metres, include 67.1 g/t gold over 1.00 metre in drill hole EXML-002 and 7.1 g/t gold over 1.02 metres in EXML-001 (see Company news release dated June 17, 2013). Additional objectives include testing high-grade gold outcrop grab samples generated through historic work. Multiple mineralized grab samples have been collected across a prospective strike length of approximately 7 kilometres, with the highest assaying 38 g/t gold (collected in 2019), defining three principal mineralized areas on the property*.
The grab sample locations, 2013 drill hole locations and the three principal mineralized areas are shown in Figure 2. Drill targeting will prioritize areas where the favourable mineralized trend is interpreted to thicken as a result of structural dilation or the intersection of cross-cutting structures, settings considered prospective for hosting wider zones of gold mineralization.
In parallel with the drill permit, the Company has signed a contract with Tuzo Geo Surveys to complete UAV-based magnetic and LiDAR surveys on the Munro Lake Project. These geophysical surveys are expected to enhance the Company's understanding of the project's structural controls and aid in the refinement of drill targets for follow-up programs.
The Company has engaged Dahrouge Geological Consulting Ltd. ("Dahrouge") to help design and execute Wescan's exploration programs at Munro Lake. Dahrouge is a full-service mineral exploration consulting group that, together with its predecessor, has been advising on mineral projects since 1971. Dahrouge brings extensive northern Saskatchewan experience and a strong technical support team, which Wescan believes will be valuable in advancing the project in an efficient and disciplined manner.
* Surface grab samples, by their nature, are selective samples and may not represent underlying mineralization. |
** Exploration on adjacent or nearby properties does not guarantee that similar mineralization exists on a specific property |
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by John Shmyr, P.Geo., of Dahrouge Geological Consulting Ltd., a registered member of the Association of Professional Engineers and Geoscientists of Saskatchewan. Mr. Shmyr is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Shmyr has verified the data disclosed in this news release and consents to the inclusion of the matters based on his information in the form and context in which it appears.
About Wescan Goldfields Inc.
Wescan Goldfields Inc. is a Canadian junior exploration company focused on the exploration and development of gold projects in Saskatchewan's historic La Ronge Gold Belt. The Company holds a 100% interest in three gold projects: the Munro Lake Project, the Jojay Lake Project, which hosts the Jojay gold deposit, and the Fork Lake Project, which hosts the past-producing Jasper gold mine.
The Jojay gold deposit is the subject of a 2010 NI 43-101 compliant mineral resource estimate completed by A.C.A. Howe International Limited, comprising an Indicated Resource of 420,000 tonnes grading 3.7 g/t gold and an Inferred Resource of 630,000 tonnes grading 4.3 g/t gold (at a 2.0 g/t gold cut-off). The Jasper gold mine was operated by Cameco Corporation in the early 1990s and produced approximately 155,000 tons at a grade of approximately 18.5 g/t gold prior to its closure. The locations of the Company's projects are shown in Figure 3. Shares of Wescan trade on the TSX Venture Exchange under the symbol "WGF".
Important Information Regarding Forward-Looking Statements
Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "plan," "continue," "estimate," "expect," "may," "will," "intend," "could," "might," "should," "believe," "scheduled," "to be," "will be" and similar expressions. Forward-looking statements in this news release are based upon the opinions and expectations of management of the Company as of the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements in this news release include, but are not limited to, statements relating to the Company's corporate strategy; the Munro Lake Project and its mineralization potential; and the Company's 2026 exploration program, including, but not limited to, up to 2,000 metres of diamond drilling; the Company's objectives, goals, or future plans with respect to the 2026 exploration program; and further exploration work in the future. These forward-looking statements are subject to numerous risks and uncertainties, including those described in the publicly filed documents of the Company, available on SEDAR+ at www.sedarplus.ca. Such risks and uncertainties could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release, and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements are based on the Company and its management's good-faith assumptions relating to the financial, market, regulatory, and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward-looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by those or other factors not foreseen or foreseeable by the Company or management, or beyond the Company's control.
The forward-looking statements contained in this news release are made as of the date hereof, and the Company does not undertake any obligation to update or revise any of the included forward-looking statements, except as required by applicable securities laws in force in Canada. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Neither the 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.
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