Nov 4 2010
Wesgold Minerals Inc. (TSX-V: WSG) announced that a first phase program of diamond drilling has been completed on the Snowcap Property in central Yukon Territory.
A total of four drill holes were completed to test for the source of anomalous mercury and gold values in soil overlying a structurally-controlled Tertiary volcaniclastic basin. Chalcedony-bearing tuffs and phreatic breccias with sinter clasts have been identified along a discontinuous 15 kilometre long trend. The drill holes intersected variably altered volcanic and epiclastic rocks with quartz, carbonate, and pyrite veining. Assay results are pending.
The Snowcap Property consists of 198 claims covering 45 square kilometres owned 100% by Radius Gold Inc. (TSX-V: RDU). Wesgold has the right to earn a 60% interest in the Snowcap property 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 Property, Wesgold is currently reviewing several generative and advanced gold projects for acquisition.
Source: WESGOLD MINERALS INC.