Wolfden Announces Positive Update on its Pickett Mt. Project Rezoning Process
Wolfden Announces Positive Update on its
Pickett Mt. Project Rezoning Process
THUNDER BAY, ON
,
July 28, 2020
/CNW/ -
Wolfden Resources Corporation
(TSXV: WLF.V)
("Wolfden" or the "Company") is pleased to announce that The Department of Agriculture,
Conservation and Forestry's Land Use Planning Commission (LUPC) has accepted the Wolfden Mt.
Chase LLC (Wolfden) zoning petition as complete for processing. Wolfden applied to rezone
approximately 530 acres (8%) of its wholly owned 6800-acre Pickett Mt. Property in
Northern
Maine
, where Wolfden owns the land, timber and mineral rights, from General Management and
Shoreland Protection 2 Subdistricts, to a Planned Development Subdistrict (D-PD) in T6 R6 WELS.
The proposed purpose of the D-PD rezoning is to allow for the development of an underground
metallic mineral mine with associated processing facilities and infrastructure. The zoning petition is
subject to and will be reviewed by the LUPC and other relevant State agencies.
"This is another positive milestone in the process of developing a high-margin polymetallic operation
at Pickett Mountain", stated
Ron Little
, President and CEO for Wolfden. "We have resumed our
summer exploration program that includes a minimum of 5,000 meters of drilling focused on adding
to our total mineral resource. In addition, we have also commenced gathering environmental and
technical data that will supplement more detailed baseline and feasibility studies required for a
mining permit application.
The LUPC accepting the rezoning petition as complete for processing, is the next step in a multi-
agency review process. A copy of the petition amendments, public comments to date and
information about the process, are available on the LUPC project-specific
webpage
with updates
posted as the process continues. A public hearing will be held by the LUPC before making a final
decision. The public hearing is expected to occur before year end with a decision by the LUPC in
Q1 2021.
About Wolfden and the Pickett Mountain Project
With the support of major investors Kinross Gold Corporation and Altius Minerals, Wolfden plans to
explore and develop its wholly owned
Pickett Mountain Project
in
Maine, USA
, one of the highest-
grade polymetallic projects in
North America
(Zn, Pb, Cu, Ag, Au). This relatively advanced project is
well-located near excellent infrastructure which will support straight forward development.
Pickett Mountain Mineral Resources*
as at
January 7, 2019
using a 9% ZnEq cut-off
2.05 Mt at 19.32% ZnEq of Indicated (9.9% Zn, 3.9% Pb, 1.4% Cu, 102 g/t Ag & 0.92 g/t Au)
2.03 Mt at 20.61% ZnEq of Inferred (11.0 % Zn, 4.4% lead, 1.2% Cu, 111 g/t Ag & 0.92 g/t
Au)
Upcoming Milestones
5,000 metre exploration drill program underway to further expand resources and discover new
zones
Preliminary Economic Assessment planned for Q3 2020
Approval of the rezoning petition in 2021 would be a significant milestone
Securing additional high-grade projects and exploration drill targets in
Maine
The information in this news release has been reviewed and approved by
Don Dudek
, P. Geo., VP
Exploration, and
Ron Little P.Eng
., President and CEO, who are Qualified Persons' under National
Instrument 43-101. The metal prices used to determine Zinc Equivalent (ZnEq) grades are
US$1.20
/pound for zinc,
US$1.00
/pound for lead,
US$2.50
/pound for copper,
US$16.00
/troy ounce
for silver, and
US$1200
/troy ounce for gold. For further information on the project, see technical
report entitled "National Instrument 43-101 Technical Report, Pickett Mountain Project Resource
Estimation Report,
Penobscot County, Maine
, USA" dated
January 7, 2019
.
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. 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, statements
relating to
information about future activities at the Pickett Mountain Project that include plans to
complete a preliminary economic assessment in 2020, receive approval of a rezoning petition by
2021, and secure other high-grade projects and exploration drill targets in
Maine
. 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 forward-looking information in this news
release, including without limitation, the following 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
information. 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.
SOURCE
Wolfden Resources Corporation
View original content:
http://www.newswire.ca/en/releases/archive/July2020/28/c9438.html
%SEDAR: 00033002E
For further information:
please contact Ron Little, President & CEO, at (807) 624-1136 or Rahim
Lakha at (416) 414-9954
CO: Wolfden Resources Corporation
CNW 06:00e 28-JUL-20