Wolfden Applies for Rezoning at Pickett Mt. Project in Northern Maine
Wolfden Applies for Rezoning at Pickett Mt.
Project in Northern Maine
THUNDER BAY, ON
,
Feb. 19, 2020
/CNW/ -
Wolfden Resources Corporation
(WLF.V)
("Wolfden" or the "Company") is pleased to announce that its wholly owned subsidiary Wolfden Mt.
Chase, LLC, has submitted a rezoning petition to the Maine Land Use Planning Commission (LUPC)
in order to rezone a 200 acre parcel on its wholly owned 6,800 acre Pickett Mountain Project in
Northern Maine
, from a General Management designation to Planned Development. The proposed
purpose and conceptual designs are to develop a small underground base metal mine and
associated buildings and infrastructure within a small footprint. The parcel is located approximately
10 miles Northeast of
Patten, Maine
, just North of State Highway 11, where there is a very low
population density between the local towns and the proposed site.
This is the first step in a multi-agency process to review the merits of this proposal. The zoning
petition is subject to and will be reviewed under the Commission's
Chapter 12 rules
. Chapter 12
requires a public hearing to be held by the Commission before a final decision on the petition. A
copy of the petition and more information about the process is available for download from the
project-specific webpage
https://www.maine.gov/dacf/lupc/projects/wolfden/wolfden_rezoning.html
and in part, on
the Company's website
.
Wolfden developed its preliminary designs with a focus utilizing the smallest possible footprint and
lowest environmental impact. The designs are based on proven and safe technologies that have
been operating successfully in similar climates and topography for many years. Pending approval of
the petition, the Company looks forward to completing detailed baseline and technical studies under
the guidance and approvals of the Maine Department of Environmental Protection that will be
required for any final designs and mine permitting process.
The Company presented
highlights of the petition
at a recent meeting of the Commission on
February 12, 2020
in
Brewer Maine
. The conceptual operation includes the mining and processing of
1000 tonne per day using an onsite concentrator and dry-stack tailings storage facility. Metallurgical
results thus far have indicated the ability to produce three separate high-quality mineral concentrates
of zinc, lead, and copper, including a significant amount of silver and gold that will be shipped out of
state for refining. The entire process envisions a net-zero water discharge with little to no impact to
the surrounding natural resources in all phases of the operation, including post-closure. The studies
to date indicate no net negative long term impacts to the environment or society in the surrounding
area, communities or the State.
Based on current mineral resources* and the potential to discover more, the conceptual operation
envisions a minimum 8 year mine life and a work force of >60 persons. The petition also highlights
the potential significant economic benefits to the surrounding communities and the State.
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) located near excellent
infrastructure and arguably has a favored location and could be one of the most straight forward to
develop.
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
New Drill Targets identified in late 2019 to be followed-up with drilling in H1 2020
Exploration programs underway to further expand resources
Preliminary Economic Assessment planned for Q3 2020
Approval of the rezoning petition would be a significant milestone by 2021
Securing additional high-grade projects and exploration drill targets in
Maine
The information in this news release has been reviewed and approved by
Don Hoy
, P. Geo., SVP
Exploration,
Jeremy Ouellette
, P.Eng., Vice President of Project Development 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 additional drilling and technical studies in 2019 to support a preliminary economic
assessment of an underground mining scenario on the Project
. 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/February2020/19/c2517.html
%SEDAR: 00033002E
For further information:
please contact Ron Little, President & CEO, at (807) 624-1136 or Jeremy
Ouellette, VP Project Development, at (807) 624-1134.
CO: Wolfden Resources Corporation
CNW 06:00e 19-FEB-20