Wolfden Files NI-43-101 Technical Report for the Rice Island Nickel Project
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Wolfden Files NI-43-101 Technical Report for the Rice Island Nickel Project
Thunder Bay, Ontario, January 27, 2022 - Wolfden Resources Corporation (WLF.V) (“Wolfden” or the “Company”)
is pleased to announce that an independent technical report entitled "National Instrument 43-101 Technical Report and
Mineral Resource Estimate on the Rice Island Project, Snow Lake Manitoba, UTM NAD 83 Zone 14N 442 500 E, 6
077 500 N”, with an effective date of December 13, 2021 has been filed on SEDAR.
Highlights of the report were previously announced by the Company in a news release dated December 13, 2021
including:
Rice Island Mineral Resource Estimate dated December 12, 2021 using a 0.5% NiEq cut-off
• 4.3 Mt at 1.11% NiEq of Indicated (0.74% Ni, 0.49% Cu, 0.03% Co, 0.02% Pt, 0.03 g/t Pd, 0.06 g/t Au)
• 3.4 Mt at 0.89% NiEq of Inferred (0.55% Ni, 0.37% Cu, 0.04% Co, 0.02% Pt, 0.04 g/t Pd, 0.09 g/t Au)
“The Mineral Resource Estimate confirms that Rice Island Deposit has sufficient size, grade and expansion potential
to be regarded as a significant development project in the North American EV metal space,” commented Ron Little,
President and CEO for Wolfden. “ The simple, predictable geometry and excellent expansion potential along with its
close proximity to existing infrastructure in Snow Lake support that this asset has been largely overlooked and should
be re-valued to the upside, within Wolfden’s stable of high-quality advanced projects. We look forward to an upcoming
expansion drill program to draw further attention on this project”.
Rice Island Expansion Drill Program about to Commence
A 2,500-metre expansion drill program is expected to commence shortly to test the down-plunge extension of the Keel
Zone and down -dip extension of the Feeder Zone. Geophysical, bore hole electromagnetic data indicates that the
conductive zones associated with the nickel mineralization continues beyond the current depth of 475 metres.
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 represent 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.
Mineral Resource Estimate information: NiEq was calculated using metal prices of US$7.50/lb nickel, US$3.50/lb copper, US$24
per pound cobalt, US$1,700/oz gold, US$1,000/oz platinum and US$2,100/oz palladium. NiEq% = Ni% + (Cu% x 0.467) + (Co% x
3.200) + (Pt g/t x 0.194) + (Pd g/t x 0.408) + (Au g/t x 0.331) . An assumed metallurgical recovery of 85% was used in the Mineral
Resource Estimate and is therefore incorporated into the NiEq% value calculation. Underground Mineral Resources were calculated
using a 0.5% NiEq cut-off after an estimated process recovery of 85% using a nickel price of US$7.50/lb, an exchange rate US$:C$ of
0.78, mining cost of C$65/t, processing cost of C$20/t and G&A cost of C$5/t. The Rice Island Mineral Resource Estimate was
prepared, supervised, and reviewed by Independent Qualified Perso ns of P&E Mining Consultants Inc. with an effective date of
December 13, 2021.
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
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performance of the Company, and include, without limitation, metal price assumptions, cash flow forecasts, permit and community
approvals, and the timing and completion of drill programs in Manitoba 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 environmental risks; (iii) results of exploration activit ies 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 diff er 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.