Wolfden Commences Expansion Drill Program at Pickett Mountain in Maine Drilling to test step-out extensions, new regional targets and resource model upgrades
Wolfden Commences Expansion Drill Program
at Pickett Mountain in Maine
Drilling to test step-out extensions, new regional targets and resource model upgrades
THUNDER BAY, ON
,
July 8, 2020
/CNW/ -
Wolfden Resources Corporation
(TSXV: WLF.V)
("Wolfden" or the "Company") is pleased to announce the start of a fully-funded 5,000 metre drill
program on its high-grade polymetallic (Zinc, Lead, Copper, Silver & Gold) Pickett Mountain Project
in
Northern Maine
. The drill program is designed to test new targets identified from recent
exploration work that are both proximal and distal to its known high-grade polymetallic massive
sulphide resource. This includes follow-up of a new 200-metre long sulphide stringer zone
discovered during the 2019 drill program. The diamond drilling will be carried out by Boart Longyear
of
Virginia
and is expected to continue into the fall.
A summary of the drill targets are as follows:
A combined EM, Zn-in-soil and gravity anomaly located approximately 800 metres along strike
from to the southwest of the Pickett Mountain West Lens. This target is interpreted to occur in
the same time horizon as the lower massive sulphide horizon of the East Lens.
Test the eastern edges of both the East and West zones where re-logging of historic holes
indicates up to four, fold repetitions of the main massive sulphide horizon. If the mineralization is
continuous, these fold repetitions could lead to the delineation of additional massive sulphide
resources.
Follow-up on the 200-metre long base metal stringer zone intercepted in hole PX-001 (see
release
Feb 2020
) to test for a proximal massive sulphide horizon. Soil geochemistry and IP
geophysical data indicates that this anomalous zone may extend to the north and east for at
least 700 metres.
Additional holes to test the lower massive sulphide horizon (footwall zone) where Wolfden
previously intersected 3.1 metres at 38.1% ZnEq (16.6% Zn, 8.4% Pb, 1.9% Cu, 612 g/t Ag
and 0.5 g/t Au, see Wolfden news release
January 15, 2019
). Modelling indicates that this silver
and base metal-enriched zone lies at a clear time break at the lower contact of the felsic unit
that hosts the Pickett Mountain deposit, a part of the stratigraphy that has seen limited drilling
and could expand resources if mineralization is continuous.
3D, IP geophysical inversion targets, which suggest the presence of sulphide mineralization both
east of the East Lens massive sulphide and in the footwall of the West and East lenses.
"
We are excited to get this year's fully-funded drill program underway and with multiple new drill
targets that have been further refined and prioritized over the last seven months," stated
Ron Little
,
President and CEO for Wolfden. "With Boart Longyear now joining our team to complete the drill
program, we have additional confidence in executing deeper drill holes that could expand our
mineral resource at depth. We look forward to releasing drill results as they become available."
Re-logging of the historic drill core from the 1980's continues with the goal of updating the geological
model of the Pickett Mountain deposit, including the architecture of the felsic volcanics that host the
massive sulphide zones, and the collection of lithogeochemcial samples to document both alteration
and lithological units. This goal of this work is to develop a predictive model that could lead to the
delineation of additional massive sulphide lenses in the vicinity of the deposit as well as the potential
structural controls of the higher-grade portions that are known to occur in each lens.
The summer exploration program also includes Induced polarization (IP) surveys that are planned to
cover areas west, north and east of the Pickett Mountain deposit where previously identified soil and
electromagnetic geophysical anomalies occur. These surveys will be completed before the end of
the drill program so that any new high priority drill targets of potential massive sulphide mineralization
can be tested.
Regional soil sampling will also be carried out during the summer and fall months over select areas
along the 30km favorable volcanic belt where repetitions of the Pickett Mountain meta-volcanic
stratigraphy is expected to occur. The Pickett Mountain deposit was initially identified and
discovered through a regional soil sampling program in the 1908's.
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
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 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/July2020/08/c0265.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 08-JUL-20