01:25:18 EDT Thu 17 Sep 2026
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Wescan Goldfields Inc (2)
Symbol WGF
Shares Issued 77,118,557
Close 2026-09-16 C$ 0.19
Market Cap C$ 14,652,526
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Wescan Goldfields begins surveys at Munro Lake

2026-09-16 20:39 ET - News Release

Mr. W. Connor MacNeill reports

WESCAN GOLDFIELDS COMMENCES UAV MAGNETIC AND LIDAR SURVEYS AT MUNRO LAKE PROJECT

High-resolution unmanned aerial vehicle magnetic and lidar surveys are under way at Wescan Goldfields Inc.'s Munro Lake project in Northern Saskatchewan. The surveys are designed to map the faults and contacts that are favourable targets for gold mineralization at the project and to refine drill targets along the seven-kilometre mineralized trend ahead of the company's 2026 drill campaign.

Gold at Munro Lake occurs in quartz veins developed along and adjacent to structural breaks, and the company considers the intersections, flexures and dilational jogs along those breaks to be the most prospective settings for wider or higher-grade mineralization. High-resolution magnetics resolve these structures through the offset, truncation and alteration of magnetic stratigraphy, while lidar-derived terrain modelling images their surface expression as topographic lineaments, breaks in slope and outcrop patterns beneath variable overburden. Mapping that structural framework across the property is the principal objective of the survey.

The magnetic survey also carries the potential to detect mineralized structures directly. Gold-bearing quartz veins at Munro Lake commonly contain pyrrhotite, a magnetic iron sulphide, which may produce discrete magnetic responses over individual veins in addition to the broader structural signature resolved by the survey.

The magnetic survey is being flown on 30-metre flight lines with 300-metre tie lines oriented northeast-southwest, broadly perpendicular to the interpreted trend of mineralization, for a total of approximately 520 line kilometres. Coverage totals approximately 11.6 square kilometres (1,160 hectares) in a single contiguous block extending along the seven-kilometre mineralized trend and encompassing the northwest, southwest and southeast zones. Drone-based magnetics provide much tighter line spacing and lower flight heights than conventional fixed-wing or helicopter surveys, yielding a level of structural detail those platforms cannot resolve.

The surveys are being flown by Tuzo GeoSurveys Corp. of Calgary, Alta., under the direction of Chase Wood, PGeo, MSc, the firm's chief executive officer. Mr. Wood's MSc research was completed on the adjacent Seabee/Santoy gold complex and is titled Structural study of the auriferous Santoy shear zone, northeastern Glennie domain, Saskatchewan (2016). His familiarity with the regional geology and the structural style of the Seabee/Santoy corridor is expected to aid in the rapid interpretation of the Munro Lake data and in translating geophysical anomalies into practical drill targets.

In conjunction with the airborne surveys, Mr. Wood will complete limited structural mapping in the southeast zone, where Wescan's 2013 diamond drilling intersected 67.1 grams per tonne gold over 1.00 metre in drill hole EXML-002 and 7.1 g/t gold over 1.02 metres in EXML-001 (see company news release dated June 17, 2013). The mapping will measure the strike and plunge of the gold-bearing quartz veins exposed at surface in this area. Establishing the orientation and plunge of the vein system is expected to inform the siting, azimuth and dip of holes in the company's coming 2026 drill campaign, which is intended to test the extent of the 2013 mineralization down plunge and along strike.

When integrated with historical drill holes, surface grab samples and geological mapping, these data sets will allow the company to refine its structural interpretation, prioritize drill-ready targets along the trend, and more effectively position future drill holes to test down plunge extensions and structurally dilated zones. This workflow bridges the gap between broad reconnaissance and precise drill planning, helping Wescan lower exploration risk and focus capital on the highest-confidence targets ahead of subsequent drilling phases.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by John Shmyr, PGeo, of Dahrouge Geological Consulting Ltd., a registered member of the Association of Professional Engineers and Geoscientists of Saskatchewan. Mr. Shmyr is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Shmyr has verified the data disclosed in this news release and consents to the inclusion of the matters based on his information in the form and context in which it appears.

About Wescan Goldfields Inc.

Wescan Goldfields is a Canadian junior exploration company focused on the exploration and development of gold projects in Northern Saskatchewan. The company holds a 100-per-cent interest in four gold projects: the Munro Lake project, located in the Pine Lake greenstone belt adjacent to the Seabee/Santoy gold camp; and, in Saskatchewan's historic La Ronge gold belt, the Jojay Lake project, which hosts the Jojay gold deposit, the Fork Lake project, which hosts the past-producing Jasper gold mine, and the recently acquired Lindsay Lake project.

The Jojay gold deposit is the subject of a 2010 NI 43-101-compliant mineral resource estimate completed by ACA Howe International Ltd., comprising an indicated resource of 420,000 tonnes grading 3.7 grams per tonne gold and an inferred resource of 630,000 tonnes grading 4.3 g/t gold (at a 2.0 g/t gold cut-off). The Jasper gold mine was operated by Cameco Corp. in the early 1990s and produced approximately 155,000 tons at a grade of approximately 18.5 g/t gold prior to its closure. Shares of Wescan trade on the TSX Venture Exchange under the symbol WGF.

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