Wolfden Announces Update on Pickett Mt. Exploration Program in Maine
Wolfden Announces Update on Pickett Mt.
Exploration Program in Maine
THUNDER BAY, ON
,
Aug 11, 2020
/CNW/ -
Wolfden Resources Corporation
(TSXV: WLF.V)
("Wolfden" or the "Company") is pleased to announce an update for its ongoing fully-funded
exploration and 5,000 metre drill program at its wholly owned Pickett Mountain Project in
Northeastern Maine.
Figure 1 - Completed Drill Hole Locations on Color Contoured Combined Soils (CNW Group/Wolfden
Resources Corporation)
Diamond Drilling
Five of the fifteen planned drill holes have been completed to date as per the drill plan outlined in the
Pickett Mountain Project
presentation and on the attached plan map Figure 1. Those holes that
have intersected massive sulphide and stringer mineralization have been sampled and sent to an
independent laboratory for assessment. Assays are pending in the coming weeks. The various
holes are designed to test new targets and develop an updated geological model with a goal to
discover additional resources proximal to the Pickett Mt deposit and within the 30km belt.
"We are encouraged by the drilling and regional exploration results to date ," stated
Don Dudek
, VP
Exploration for Wolfden. "Our field crews and drilling contractor are now well underway and now
that Boart Longyear has a second drill rig on site, downtime has been minimized and the program
can expanded as required."
Other Exploration
Mapping and sampling (rock and soils) continues on others areas along the 30km belt with the goal
of identifying exploration targets that could host additional massive sulphide mineralization. A
folded,1.2 km-long conductor has been identified by both airborne and ground geophysics that is
coincident with nearby felsic volcanic rocks and a lead-in-soil anomaly. Drilling is planned on these
new targets for this fall.
Relogging of the approximate 100 historical drill holes is now complete and the gathering of this
information has been extremely useful for improving the geological modelling of the known sulphide
zones and developing genetic models to support our search for additional massive sulphides in the
region.
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
, expanding the
drill program, timing of pending assay 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
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
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For further information:
please contact Ron Little, President & CEO, at (807) 624-1136 or Rahim
Lakha, Corporate Development, at (416) 414-9954
CO: Wolfden Resources Corporation
CNW 06:00e 11-AUG-20