Wolfden Announces Positive Precious Metal Results at Canoe Landing Metallurgical Test Work Indicates Potential to Double Gold Recoveries
Wolfden Announces Positive Precious Metal Results at Canoe Landing
Metallurgical Test Work Indicates Potential to Double Gold Recoveries
Toronto, Ontario , August 19, 2026 - Wolfden Resources Corporation (WLF.V) (“Wolfden” or the “Company”) is
pleased to announce that it has completed proof of concept metallurgical testing on its wholly owned Canoe Landing
volcanic massive sulphide deposit in central New Brunswick (see Figure 1) where the current potential in-situ precious
metal value accounts for more than 50% of the total in-situ value. Given that standard flotation processing is expected
to deliver reasonably high copper, lead zinc and silver recoveries, the work focused on how to best increase the gold
recoveries from the ore which typically averages about 1.0 g/t Au. The results of that test work indicate that gold
recoveries can be increased from 3 2 to 60 percent via Bio-oxidation and thereby the potential to significantly impact
the economics of this large VMS deposit.
The deposit was first discovered by Rio Tinto in the 1960’s and drilled by Noranda in the 1980’s and represents one of
the largest un -developed polymetallic mineral deposits in the Bathurst mining camp. Like most VMS deposits in the
Bathurst camp, there was little attention paid to recovering the precious metals due to lower metal prices and the higher
costs associated with improving those recoveries. However, at current and forecast precious metal prices and using
modern mineral processing techniques, the Company’s focus has been to ascertain if the project has the potential to
be economically developed in one of the most supportive mining jurisdictions in North America.
FEBRUARY 15, 2026 – CANOE LANDING MINERAL RESOURCE STATEMENT
Category Tonnes % Cu % Pb % Zn g/t Ag g/t Au
Indicated 3,693,000 0.52 0.57 1.71 32.87 1.04
Inferred 17,133,000 0.53 0.61 1.83 33.73 0.95
(See additional mineral resource estimate information below)
The Company worked with the Research and Productivity Council of New Brunswick (RPC), an independent laboratory
facility, on a program to largely focus on increasing precious metal recoveries using a post flotation treatment
metallurgical process flow sheet. Wolfden provided RPC with 40kg of historical drill core samples that were assayed
and composited to create a representative average grade of the deposit. Samples went through mill standardization,
open circuit rougher testing followed by pyrite concentrate oxidation and leaching using various methods over a period
of 8 months.
The flotation test work resulted in 4 concentrates produced: Copper, Lead, Zinc, and Pyrite. The pyrite concentrate
containing 32.8% of the total gold, was then exposed to bio -oxidation to break down the pyrite and expose the gold
grains for subsequent cyanide leaching and recovery. This work was compared to base case results as well as roasting
oxidation. The resulting total process Au recovery is shown in the following table.
Table 1. Gold Recovery % - comparisons of the treatment methods including no treatment
Circuit Gold Recovery (%)
Post-Flotation Treatment Method Gold Rec (%)
No Post Flotation Treatment 32.01
Roasting 32.89
Bio-oxidation 60.00
The test work demonstrates that Bio-oxidation post flotation treatment of a pyrite concentrate at Canoe Landing
supports increased gold recoveries and net revenues for a potential mining operation. “We consider the results to be
very positive and warrants the collection of drilled-fresh core samples for further metallurgical testing. This would
include verification of the base metal flotation circuit as well as confirmation and improvement of the post flotation
treatment for precious metals.” Stated Jeremy Ouellette, Wolfden’s Vice President of Project Development. “Our goal
with this first round of testing was to identify which methods may provide improved precious metal recoveries. We
would like to thank RPC and the particularly the support of Genome Atlantic in these efforts.”
Table 2 below lists the current potential unoptimized metallurgical recoveries using flotation followed by bio-oxidation.
These preliminary results indicate the potential to yield a recoverable metal value of $216 tonne using the current spot
prices of $ 6.51/lb copper, $ 1.73/lb zinc, $ 0.84/lb lead, $ 4,375.60/oz gold and $ 64.58/oz silver. The value includes
estimated mining dilution and recoveries, but does not include any capital requirements, operating or smelting costs.
Described another way, the bio -oxidation method has the potential to add an approximate additional $36/tonne in
revenue at the above metal prices. These process results are preliminary and there remains further upside through
more detailed optimization studies for all of the contained metals.
Table 2. Estimated Unoptimized Metallurgical Recoveries
Estimated Metallurgical Recoveries
Recovered Copper 85%
Recovered Zinc 85%
Recovered Lead 63%
Recovered Gold 60%
Recovered Silver 58%
Bio-oxidation Methodology:
The bio-oxidation process is initiated by culturing microorganisms naturally present on the ore surface and/or in run -
of-mine water. The use of site -specific microorganisms is advantageous, as these organisms are already adapted to
the prevailing mineralog ical, chemical, and environmental conditions. These microbes promote the oxidation of
sulphide minerals to ferric iron, sulfate, and elemental sulfur, either directly at the mineral surface or indirectly via ferric
iron as a strong oxidant. The overall result is extensive sulphide destruction without the need for high temperatures or
pressures.
Once bio-oxidation is complete, the residue can then be treated using conventional gold recovery methods. Cyanide
leaching of bio-oxidized material typically results in substantially higher gold recoveries compared to untreated feed.
Relative to roasting or pressure oxidation, bio -oxidation offers lower energy requirements and reduced gaseous
emissions, making it a technically and environmentally favorable pre-treatment for refractory gold ores.
Next Steps
Wolfden intends on designing a subsequent sample collection and testing program that can be used to confirm both
the flotation circuit and precious metals recoveries. Future testing will focus on further increasing all metal recoveries
by using fresh (unoxidized) drill core and more focused circuit chemistry using open circuit cleaner testing and closed
circuit testing. Results from flotation are expected t o improve the pyrite circuit gold recovery as well as minimize the
mass split to the pyrite concentrate resulting in reduced capital and operating cost of the post flotation treatment circuit.
In addition to further optimizing the bio -oxidation and leaching circuit, Wolfden intends on testing other technologies
such as Albion and to further optimize roasting to ensure the best post-flotation treatment process is selected for future
programs.
About Wolfden
Wolfden is a North American exploration and development company focused on high-margin metallic mineral deposits
including precious, base, and critical metals that represent significant development projects with the potential to
produce domestic supply of strategic metals.
For further information please contact Ron Little, President & CEO at (807) 624-1136.
The information in this news release has been reviewed and approved by Ron Little, P.Eng., President and CEO, and
Jeremy Ouellette, VP Project Development, who are Qualified Persons under National Instrument 43-101.
Notes for Mineral Resource Estimate effective February 15, 2026 Canoe Landing:
1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other
relevant issues.
2. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral
Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3. The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),
CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the
CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4. The Mineral Resource Estimate was based on 3-year trailing average metal prices of $2,714/oz Gold, $22.59 /oz Silver, $1.33
/lb Zinc, $0.98 /lb Lead, $4.18 /lb Copper and an exchange rate of 1.36.
5. The estimate accounts for the following metals recovered and payable respectively; Gold 35%, 95%; Silver 53%, 95%; Zinc
85%, 75%; Lead 63%, 75%; Copper 85%, 75%.
6. The resource estimate utilized 70 drill hole intersections that span a strike length of approximately 1 kilometre, and down to a
depth 850 metres with an average true thickness of 7 metres. Indicated resources are estimated from 0 to 30 metres from a
drill hole intercepts and Inferred resources from 30 to 150 metres.
7. The deposit remains open at depth and in part along strike where expansion and infill diamond drilling has the potential to
further upgrade and expand the mineral resource.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward -looking information (within the meaning of applicable Canadian securities legislation) that
involves various risks and uncertainties regarding future events, including the potential for projects to be domestic sources of ethically
produced base and critical metals for the expansion of renewable energy in North America . Such forward -looking information
includes statements based on current expectations involving a number of risks and uncertainties and such forward -looking
statements are not guarantees of future performance of the Company, and include, without limitation, metal price assumptions, cash
flow forecasts, permitting, land transactions, community and other regulatory approvals, and the timing and completion of exploration
programs in the USA and Canada, and the respective drilling and other technical results. There are numerous risks and uncertainties
that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forwa rd-
looking information in this news release, including without limitation, the follow ing risks and uncertainties: (i) risks inherent in the
mining industry; (ii) regulatory and environmental risks; (iii) results of exploration activities and development of mineral properties;
(iv) risks relating to the estimation of mineral resources; (v) stock market volatility and capital market fluctuations; and (vi) general
market and industry conditions. Actual results and future events could differ materially from those anticipated in such infor mation.
This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified
by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials
filed with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes no obligation to update any
forward-looking information or to update the reasons why actual results could differ from such information unless required by
applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1. The Canoe Landing Deposit and past produc ing mines in the Bathurst Mining Camp of New
Brunswick
Figure 2. Canoe Landing Deposit Cross Section and Long Section