The last of the results from its winter drill program are in, and Wescan Goldfields (WGF-V) enjoyed a strong run on the market courtesy of them.
The Saskatoon based company saw its shares climb 30% or 5 cents to 20 on 184,000 shares traded in Toronto on Apr. 10 after announcing results highlighted by:
- Hole JJ08-13 62.5 grams gold per tonne over 1 metre.
- Hole JJ08-20 — 30.62 grams gold over 1.1 metres.
- Hole JJ08-21 — 11.71 grams gold over 2.4 metres.
- Hole JJ08-22 — 25.41 grams gold over 1.1 metres.
- Hole JJ08-22 — 8.39 grams gold over 4.30 metres.
Those assays came from the company’s wholly owned Jojay Project in the La Ronge greenstone belt in Saskatchewan.
In all the company drilled 6,336 metres of diamond drilling over 22 holes.
Wescan says drilling has resulted in the northern zones being extended to 300 metres from 200 while the southern zones got a significant boost as well, moving to 250 metres from just 150 metres.
Wescan plans to have a more detailed interpretation of what lies within those zones by the middle of this year, as its first national instrument 43-101 compliant resource estimate on the property is due to be finished by then.
Until then, investors will have to go by encouraging drill results that have been coming from the field — at the end of February the company announced initial results from the same drill program which were highlighted by 22.95 grams gold per tonne over 1.7 metres.
Wescan picked up Jojay at its corporate inception in 2004 by issuing 12 million shares to the former holder of the property Shore Gold (SGF-T). While Shore is now more concerned with diamonds, it remains a significant stakeholder in Wescan through its 18% interest in the company.
Wescan says its corporate plan is to develop Jojay while exploring for uranium in the Athabasca Basin. It has an interest in six properties there through its 50/50 joint venture with Santoy Resources (SAN-V).
Wescan has 59 million shares outstanding and its shares have traded between 15 and 46 over the last 52 weeks.
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