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Wednesday, 25th June 2008 (1224 views)

Wescan Goldfields has signed a $300,000 exploration programme for the Mud Lake gold property with its joint venture partners Alto Ventures.

The programme in the Beardmore-Geraldton gold belt will involve electromagnetic surveys and mechanical stripping on the surface.

Mud Lake is near the Mud Lake Shear zone which is six kilometres long. Sampling along surface trenches in the zone has produced a gold assay of up to 50 g/t of gold.

The agreement will allow Wescan to "earn 50 per cent interest in the property by funding $600,000 in exploration and issuing a total of 150,000 Wescan shares to Alto over two years".

After completing the work at the site, Wescan Goldfields will have earned its interest in the project.

In the past mining at the Beardmore-Geraldton gold belt has produced four million ounces of gold.

Alto Ventures has recently started exploration work at Cote-Archie Lake property which is also in the Beardmore-Geraldton gold belt.

The Mud Lake project covers 2,592 hectares.

 

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