Oct 19 2010
Wesgold Minerals Inc. (TSX-V: WSG) has announced that a Phase 1 exploration program has commenced on the Snowcap property in central Yukon Territory.
E. Caron Diamond Drilling Ltd. of Whitehorse has been contracted to drill 500 metres of core at the Goo Zone, as recommended by independent consulting geologist and qualified person, Lori Walton, M.Sc., P.Geol. The purpose of the drilling is to test for the source of anomalous gold and mercury values identified in soil by the Company's 2009 exploration program. In addition, prospecting, geological mapping, geophysics, and soil geochemistry will be completed.
The exploration target at Snowcap is low-sulfidation, structurally controlled, epithermal gold mineralization related to previously untested Tertiary volcanic centres along the regional Big Salmon Fault. Chalcedonic tuffs and phreatic breccias with sinter clasts are associated with the felsic volcanic rocks along a 15 kilometre long structural basin.
"With the price of gold at record high levels, this is an exciting time to be exploring in the Yukon," said Harmen Keyser, Wesgold's President. "Significant gold discoveries have been made by Atac, Kaminak, Underworld (now Kinross) and others in a variety of geological settings and deposit styles. Wesgold's management has significant experience in Yukon mineral exploration, which will help leverage our exploration investments."
The Snowcap property consists of 198 claims covering 45 square kilometres owned 100% by Radius Gold Inc. (TSX-V: RDU). The Company 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 over a period of three years.
In addition to exploring the Snowcap property, Wesgold is currently reviewing several generative and advanced gold projects for possible acquisition.
Source: Wesgold Minerals Inc.