Wolfden Announces Silver Exploration Results Drill results include 496 g/t AgEq over 5.3 metres and 866 g/t AgEq over 2.0 metres
1
Wolfden Announces Silver Exploration Results
Drill results include 496 g/t AgEq over 5.3 metres and 866 g/t AgEq over 2.0 metres
Thunder Bay, Ontario, April 11, 2022- Wolfden Resources Corporation (WLF.V) (“Wolfden” or the “Company”) is
pleased to provide the exploration results from its fall exploration program at its California Lake Project in New
Brunswick. Drilling included 9 holes in some 1,368 metres across five target areas. The objective of the program was
to test new drill targets and the potential to expand a couple of know n silver-gold zones. This work discovered and
confirmed the presence of five silver-gold-base metal zones and suggests the potential to add to them. The Company
holds the mineral rights to a land package of 127 square kilometres in this portion of the Bathurst Greenstone Belt in
New Brunswick.
Highlights of the drill results include:
• 496 g/t AgEq over 5.3 metres1 from 47.7 metres in hole CL-21-01
• 866 g/t AgEq over 2.0 metres1 from 108 metres in hole CL-21-02
• 160 g/t AgEq over 3.1 metres1 from 95.8 metres in hole CL-21-04
• 563.2 g/t AgEq over 0.5 metres from 21.5 metres1 in hole W-21-01
True widths are estimated at 80-90% of hole length shown with exception of W-21-01, where estimated true width is unknown.
Silver Equivalent grades (AgEq) was calculated using metal prices of $20/oz silver, $1.25/lb zinc and $1.00/lb lead. AgEq =
Ag g/t + (Zn% x 42.8) + (Pb% x 34.2). No assumed metallurgical recoveries were included in the AgEq calculation as no
metallurgical testing has been completed to date.
Wolfden is targeting large scale, breccia type, epithermal silver-gold-base metal deposits in New Brunswick (and Maine).
The California Lake deposit is the largest of its kind discovered to date in the province and is comprised of more than
seven northeast-trending mineralized structures that have been traced for 1,000 metres along strike and to 150 metres
depth. The deposit is open along strike and to depth and is situated at the southwest end of a 17 -kilometre trend of
epithermal-style precious and base metal mineralization.
“The high silver equivalent grades within the 17-kilometre trend are quite compelling and with more than five untested
kilometre-long soil anomalies, there remains the potential to discover additional mineralized zones and preferably the
centre of gravity of the epithermal systems.” stated Don Dudek, VP Exploration for Wo lfden. “The next program will
include trenching and drilling of these targets and to consider the open -pit potential of the combined near surface
mineralization.”
Technical Details
During the fourth quarter, Wolfden completed nine drill holes totalling 1,368 metres (Figure 1). As part of the preparation
for this program, Wolfden compiled historic exploration data, modelled the known silver zones , collected 1,130 soil
samples, 397 of which are b eing analyzed now, excavated 1,194 linear metres of trenches and completed 42-line
kilometres of Induced Polarization (IP) geophysical surveys.
The soils surveys validated several geochemical anomalies and defined several new anomalous zones. IP geophysical
surveys show good resistivity, and selective chargeability correlation with the mineralized zones. Additional IP surveys
are warranted in 2022.
All 2021 holes intersected structurally controlled epithermal -style silver -gold-base metal mineralization within
northwest- to northerly-trending, structurally controlled breccia zones and banded open-space veins that are often
bound by a halo of mineralized fractures, and associated alteration , in felsic volcanics (see Figure 2) and felsic
intrusions. A summary of drill intercepts is presented in Table 1.
2
Figure 1. Drill hole plan map, significant results, regional geology, anomalous soil trends, Wolfden claims
Figure 2. 900.1 g/t AgEq over 0.63 m in hole CL-21-04
Four of the holes were drilled into the California Lake Zone with the holes intersecting from 2 to 7, parallel, moderate-
northeast-dipping zones of epithermal mineralization with a best intercept of 496.4 g/t AgEq over 5.3 metres in hole CL-
21-01 from 47.7 metres (Figure 3). The California Lake Zone has been traced for 1,000 metres along strike to
approximately 150 metres depth and returned assays to 7,895 g/t AgEq over 0.1 metres (0.08 m true thickness). This
mineralized system remains open to depth and along strike.
3
Figure 3. California Lake Zone cross-section
Holes FM-21-01, FM-21-02 and BL-21-01 (see Figure 1 for locations), were drilled to test coincident IP anomalies and
soil anomalies. All three holes intersected narrow zones of epithermal mineralization with a best intercept of 48.6 g/t
AgEq over 1.3 metres (true width unknown) in hole FM-21-02. An 800 metre by 400 metre zone of silver-enriched soils
occurs north and east of FM -21-02, suggesting potential for additional silver -gold zones. Since these drill holes only
tested one spot on kilometre scale geophysical and geochemical targets, additional testing of the structures is likely
warranted.
One hole, W-21-01, was drilled to test the Woodside Brook Zone, which historically returned 0.7 g/t Au and 347 g/t Ag
over 0.9 metres (true width unknown). This compares well to Wolfden’s hole which returned 0.46 g/t Au and 501 g/t Ag
over 0.52 metres. This zone appears to be open to the southeast.
One hole, CZ-21-01, was drilled to test the Carroll Zone. Historic trenches over this zone returned up to 8 metres at 61
g/t Ag, 0.34 g/t Au, 0.29% Zn, 0.69% Pb and 359 ppm Sb . CZ-21-01, intersected two, northly -trending, mineralized
quartz porphyritic felsic dykes that returned intercepts of 38 g/t AgEq over 7.7 metres and 42.3 g/t AgEq over 3.1 metres.
Both dykes displayed stockwork-type, fracture-controlled silver-gold-base metal mineralization throughout the entire
felsic dyke units. Soil geochemistry suggests extensions to this zone and parallel zones to the east and west. Trenching
and additional holes are planned.
All mineralized intercepts also are related to significantly anomalous arsenic and antimony values, both in soils and in
rocks with both elements viewed as clear indications of epithermal style precious and base metal mineralization.
4
Table 1. Summary of Significant Results
Hole ID From To Length
(m)
Ag
g/t
Au
g/t
Pb
ppm
Zn
ppm
Sb
ppm
As
ppm
AgEq
g/t
AgEq
Oz/t
CL-21-01 47.7 53.0 5.3 426.2 0.54 3990 1930 217 6138 496.4 16.0
Includes 51.9 53.0 1.2 1400.0 0.44 5880 1320 405 7100 1465.6 47.1
CL-21-01 73.9 75.9 2.0 24.6 0.34 159 923 47 7475 59.8 1.9
CL-21-01 83.8 84.8 1.0 19.6 0.63 124 438 90 11400 78.7 2.5
CL-21-02 46.0 47.0 1.0 233.0 0.02 184 168 30 763 236.5 7.6
CL-21-02 108.0 110.0 2.0 781.2 0.64 3057 4008 142 14507 866.1 27.8
CL-21-03 112.8 116.0 3.2 8.5 0.09 36 286 12 832 18.3 0.6
Includes 112.8 113.3 0.5 37.4 0.39 158 1420 55 3730 79.1 2.5
CL-21-03 144.6 145.1 0.5 23.9 0.39 485 2090 114 9700 69.4 2.2
CL-21-04 69.8 71.2 1.3 375.4 0.10 1922 4056 57 235 408.2 13.1
Includes 70.6 71.2 0.6 827.0 0.22 4210 9100 117 470 900.1 28.9
CL-21-04 95.8 99.0 3.1 123.4 0.34 491 1103 139 3428 160.1 5.1
Includes 97.1 97.7 0.6 585.0 1.48 1900 3590 598 10200 740.1 23.8
CL-21-04 133.0 138.2 5.2 26.3 0.11 311 1181 39 3548 42.6 1.4
Includes 135.2 138.2 3.0 39.9 0.11 420 1477 46 2944 57.2 1.8
includes 135.2 135.6 0.4 137.0 0.32 398 792 147 7000 170.4 5.5
CL-21-04 151.8 155.0 3.2 24.6 0.35 172 1537 72 5881 63.5 2.0
Includes 151.8 152.4 0.5 69.1 1.24 408 6660 209 18300 210.6 6.8
CL-21-04 189.6 191.4 1.8 4.8 0.50 67 455 52 6642 51.8 1.7
CL-21-04 190.6 191.4 0.8 5.9 0.96 39 687 87 10900 95.6 3.1
CZ-21-01 25.9 33.6 7.7 11.9 0.09 2089 2649 93 7104 38.0 1.2
Includes 25.9 26.4 0.5 34.3 0.12 4190 2700 148 7800 71.0 2.3
CZ-21-01 29.2 32.7 3.5 15.4 0.08 3434 4412 130 7737 53.1 1.7
CZ-21-01 47.4 50.5 3.1 14.4 0.07 3159 2619 137 7446 42.3 1.4
Includes 48.5 49.4 0.9 21.7 0.08 4920 2520 68 10800 56.5 1.8
FM-21-01 92.0 92.3 0.3 2.1 0.06 406 404 11 2810 10.4 0.3
FM-21-02 23.9 25.1 1.3 5.1 0.24 3153 2584 < 5 310 48.6 1.6
W-21-01 21.5 22.0 0.5 501.0 0.46 2840 2600 95 8500 563.2 18.1
BL-21-01 87.7 88.1 0.4 5.2 0.18 381 5070 43 10800 44.8 1.4
True widths are estimated at approximately 80-90% of the reported hole lengths for the CL-, FM- and BL-series holes, 70-75%
for CZ-21-01 and unknown for W-21-01.
Wolfden adheres to strict Quality Assurance and Quality Control protocols including routine insertion of blanks and
certified reference standards in each sample batch of drill core that is sent to the lab for analyses. Drill core samples
are split in half using a diamond saw with one half saved for reference and the other half shipped via secure transport
to Activation Laboratories sample preparation facility in Fredericton, New Brunswick. Core samples are analyzed for
zinc, lead, copper and silver utilizing 4-acid dissolution followed by ICP-OES (Code 8). Gold is analyzed by fire assay
(30 g) utilizing AA finish (Code 1A2) and samples with over 5 g/t are analyzed by fire assay with gravimetric finish (Code
1A3). Silver over 100 g is analyzed by fire assay with gravimetric finish (Code 8-Ag).
5
Wolfden does not have any QAQC data for the historic drill and trench results at the Woodside, Carrol and Bear Creek
Zones.
About Wolfden
Wolfden is an exploration and development company focused on high-margin metallic mineral deposits including base,
precious and strategic metals. Its wholly owned Pickett Mountain Project is one of the highest -grade polymetallic
projects in North America (Zn, Pb, Cu, Ag, Au) and its two nickel sulphide deposits in Manitoba repres ent significant
development projects with the potential to support the growing battery and EV markets.
For further information please contact Ron Little, President & CEO, at (807) 624-1136 or Don Dudek VP Exploration
at (647) 401-9138.
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, both of whom are Qualified Persons’ under National Instrument 43-101.
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, metal price assumptions, cash flow forecasts, permit and community
approvals, and the timing and completion of exploration programs in Manitoba, Maine, New Brunswick and the respective drill
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 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 e nvironmental 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.