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Canadian Gold Producer Shows Interest in WestCan\’s Hedley Properties

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Canadian Gold Producer Shows Interest in WestCan\’s Hedley Properties

 

WestCan Uranium Corp announces that a large Canadian based gold mining company recently approached WestCan\’s management concerning a review of the 16,000 hectare Hedley Gold Project which WestCan has under option in the Hedley Gold Basin of Southern British Columbia, located 230 kilometres east of Vancouver. The major, which cannot be named in view of confidentiality agreements, has sent two geologists to the area who are currently evaluating the historical data which has been assembled over the winter, by Mr. Grant Crooker,  P. Geo., WestCan\’s Qualified Person for the project, and the Vendor of 11,000 of the 16,000 hectares.

 

The area concerned has been broken down into six target areas; the WP, Chevron, Blitz, Lookout, Paul and Kel, based on geological, geochemical and geophysical parameters. WestCan has issued a news release on the WP target (Stockwatch Feb 8 2012) and has finished the examination of the second of the six target areas, the Chevron target. (Stockwatch February 23, 2012). This target covers an area 1500 metres long by 1000 metres wide and contains the Speculator, Don, and Lost Horse 86 showings. The target area is underlain by Hedley Formation sedimentary and Whistle Formation volcanic rocks of the Nicola Group that have been intruded by diorite of the Hedley intrusions and granodiorite of the Cahill Creek pluton.

 

The Hedley Formation is considered to be the most favourable host rock for gold-skarn type deposits in the Hedley District, and hosts the strata-bound gold-skarn deposits at Nickel Plate Mountain. Gold production at Nickel Plate Mountain commenced in 1904 and continued until 1996 with production of 2,524,313 ounces of gold from the Nickel Plate and Hedley-Mascot mines.

 

Discussions between the two companies are still in the early stages and there is no assurance that a definitive agreement will be reached.  However, the initial evaluation has shown to be positive and a report is being prepared for presentation to both Boards of Directors.

Posted June 3, 2012

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