Wolfden Extends High-Grade FWZ Discovery with a Second Drill Hole Initial follow-up hole intercepts polymetallic mineralization - assays pending
Wolfden Extends High-Grade FWZ Discovery
with a Second Drill Hole
Initial follow-up hole intercepts polymetallic mineralization - assays pending
THUNDER BAY, ON
,
July 3, 2019
/CNW/ -
Wolfden Resources Corporation
(WLF.V)
("Wolfden" or the "Company") is pleased to announce that the second hole drilled into the high-grade
footwall zone (FWZ) discovery at its wholly owned Pickett Mountain Project in
Maine, USA
, has
intersected a 4.2 metre sulphide bearing horizon approximately 25 metres above the discovery hole
(PM-18-031) that intersected
4.1 m
grading 38.2 % ZnEq and confirms the potential for this new
lens to add to the Pickett Mountain mineral resources.
The 2019 drill program includes up to 10,000 metres of diamond drilling, focused on expanding the
Pickett Mountain mineral resource including the FWZ and other lenses as well as testing high-priority
local and regional targets. Pickett Mountain is a high grade undeveloped volcanogenic massive
sulphide ('VMS') deposit close to infrastructure that hosts a mineral resource of 2.05 Mt at 19.3%
ZnEq of indicated resources and 2.03 Mt at 20.6% ZnEq of inferred resources, using a 9% ZnEq
cut-off grade, and conservative metal prices as listed below (see also press release
January 7,
2019
).
The new intersection is the result of a wedge-hole drilled off of hole PM-18-031 and confirms that
the FWZ is a steeply dipping lens and with a horizontal width of
3.5 m
at a vertical depth of
625 m
below surface. The intercept is comprised of disseminated to semi-massive sulphide mineralization
with appreciable sphalerite and galena and lesser amounts of chalcopyrite and pyrite contained
within a silica-iron carbonate-bearing volcanic exhalative horizon. The new intercept exhibits similar
textural and lithological characteristics to that of hole PM-18-031, however with lessor amounts of
massive sulphides. No assessment of the base and precious metal grades or values should be
assumed until the half-cut core has been analyzed at the laboratory in the coming weeks. The
program will continue with one or two additional wedge holes from the same setup prior to stepping
out further in all directions where the zone remains open.
The Footwall Zone
The FWZ discovery hole PM-18-031 included
4.1 m
at 38.2% ZnEq. The FWZ (or lens) is located
approximately 150 metres north of the East Lens at a vertical depth of 650 metres. Details of the
metals included this discovery hole intersection are tabulated below.
Hole No
From
(m)
To
(m)
Length
(m)
ZnEq
(%)
Zinc
(%)
Lead
(%)
Copper
(%)
Silver
(g/t)
Gold
(g/t)
PM-18-031
733.9
737.0
4.1
38.2
16.6
8.4
1.9
612.0
0.5
The wedge holes from the hole PM-18-031 setup are expected to yield a
25 m
spacing that will then
be followed up with
50 m
step-out holes. The step-out holes may also include the deepening of
historical drill holes that targeted the East Lens and were not drilled deep enough to intersect the
FWZ. Assay results for wedge hole PM18-031A will be released when available.
The ongoing drill program will focus on resource expansion of the FWZ and the East and West
lenses as well as other potential lenses in the footwall and along strike. A recent assessment by a
prominent structural geologist indicates the potential repetition of the favourable volcanic package of
rocks that contains the known massive sulphide-rich mineralization by tight folding, to the north (or
deeper into the footwall) and long strike of the preferred volcanic sequence. Ground truthing in
these areas, including trenching, is underway in order to prioritize the drill targets.
Quality Assurance / Quality Control
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 and
copper utilizing sodium peroxide fusion, 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 is analyzed by fire assay with gravimetric
finish (Code 8-Ag).
The information in this news release has been reviewed and approved by
Don Hoy
, P. Geo., SVP
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.
Don Dudek Further Strengthens the Technical Advisory Board
"We are very pleased to add Mr.
Don Dudek
to our Technical Advisory Board," stated
Ron Little
,
President and CEO for Wolfden. "Don has a very successful track record in exploration and deposit
delineation that includes a wealth of expertise with VMS deposits in
North America
." Mr. Dudek is
geologist with over 40 years experience in various roles with senior mining companies and junior
explorers. Mr. Dudek served as Exploration Manager for Aur Resources Inc., where he focused on
VMS deposits and similarly as a Senior geologist for Noranda Mining and Exploration. He was
recently President & CEO of Savary Gold Corp., which was taken over by Semafo in
May 2019
and
prior to that as Senior Vice President, Technical Services for Endeavour Mining Corporation and
Senior Vice President Exploration of Avion Gold Corporation, a successful junior producer that was
acquired by
Endeavour
. Mr. Dudek holds a B.Sc. Geology (Honors) from the
University of
Saskatchewan
.
The Company granted Mr. Dudek on
June 27, 2019
options to acquire up to
200,000 common shares in the capital of the Company at an exercise price of
$0.20
per share. The
options expire five years from the date of grant and are subject to specific vesting conditions.
About Wolfden
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
, which is one of the
highest-grade polymetallic projects in
North America
(Zn, Pb, Cu, Ag, Au) and located near excellent
infrastructure.
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/July2019/03/c9144.html
%SEDAR: 00033002E
For further information:
please contact Ron Little, President & CEO, at (807) 624-1136 or Don
Hoy, SVP Exploration at (807) 624-1131.
CO: Wolfden Resources Corporation
CNW 06:00e 03-JUL-19