Wolfden Provides Exploration Update on Silver and Nickel Projects Two drill programs are underway in Maine and New Brunswick
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Wolfden Provides Exploration Update on Silver and Nickel Projects
Two drill programs are underway in Maine and New Brunswick
Thunder Bay, Ontario, November 1, 2021 - Wolfden Resources Corporation (WLF .V) (“Wolfden” or the “Company”)
is pleased to provide an update on two separate exploration drill programs that are underway in Maine and New
Brunswick both targeting large -scale silver -rich hydrothermal systems . In addition, the Company has resource
estimates underway for its two significant nickel-sulphide deposits in Manitoba.
Big Silver Project– Maine
• Wolfden is earning up to a 100% interest in a property package in Washington County of south -east Maine
close to the New Brunswick border.
• Historic drill intercepts include 133.5 g/t Ag, 1.86% Zn, 0.22% Cu and 0.59% Pb over 40.5 metres (TW ~32.0
metres). All historic drill holes (+100 holes to an average depth of 125 metres) were anomalous in silver and
most were not assayed for gold. One hole contained 8.0 metres at 13.5 g/t gold (TW unknown).
• Eight recent confirmatory holes (1,708 metres) have been completed to a maximum depth 458 metres down-
hole. All but one of the holes has intersected wide intervals of mineralization containing trace to 15% combined
sphalerite (zinc mineralization), galena (lead mineral ization), tetrahedrite (silver and copper mineralization),
chalcopyrite (copper mineralization) and pyrite. The m ineralization is hosted within fracture zones and as
disseminations in intermediate composition intrusions and volcanics, sedimentary rocks and debris flows, local
breccias (see core photograph) with stronger zones of mineralization in the more porous host rocks. Alteration
manifests as bleaching, sericitization and silicification. It is expec ted that those rocks exhibiting pervasive
silicification with tetrahedrite and those enriched in galena, have the potential for silver enrichment as well .
Assays are pending.
• Exploration data, including drilling, mapping and soil sample results, indicate that the Big Silver mineralization
event was quite extensive (open 2 km by 2 km area) with base and precious metals being deposited within
primary, and structurally enhanced, permeable zones in both mafic volcanics and sediments. The core of the
system is copper-rich with late-stage vein-controlled gold enrichment that is flanked by a zinc-lead-silver zone,
flanked again by a silver -zinc-lead mineralization. Silicified breccias and coarse sedimentary rocks are
important hosts for the mineralized zones.
• Strong silver (up to 20.4 g/t) and zinc + lead + copper values (to 6,188 ppm) have been received from a recent
2021 soil sampling survey in the area (see Figure 3.).
• An induced polarization (IP) geophysical survey, designed to see to a maximum depth of 400 metres, and to
indicate the potential for the style of mineralization described above, will be completed before the next drill
program.
Silver Projects – New Brunswick
• The program is centred on our wholly owned California Lake, Woodside Brook and Carroll properties.
• Historic drill intercepts include 534.8 g/t silver and 0.52 g/t gold over 4 metres (TW ~3.2 metres)
• Eight holes have been completed to date (1,273 meters). Four of the holes tested the California Lake Zone.
One hole tested the Woodside Brook Zone area. Three holes tested new geophysical (IP) and soil geochemical
anomalies. All five holes drilled into the California Lake and Woodside Brook areas intersected variabl e
sulphide-mineralized hydrothermal breccia s and banded hydrothermal veins over narrow widths. Sulphide
minerals include sphalerite, galena, tetrahedrite, arsenopyrite and pyrite.
• One to two more holes will test a felsic intrusion-hosted silver-gold zone as well as geophysical/soil anomaly
targets. Additional holes may be drilled pending results.
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Nickel Projects – Manitoba
• The Company is earning a 100% interest in its Rice Island project in Snow Lake and holds a 100% interest in
its Nickel Island project in Island Lake Manitoba.
• Modelling of the both projects is complete using historical drill data bases, as well as all of the Wolfden drilling
completed at Rice Island.
• A site visit by the independent consultant and Qualified Person was completed in September . A resource
estimate for both projects are expected before year end.
• A highlight of the check sampling of the historical Nickel Island deposit drill core exhibited better than expected,
values of palladium and platinum that averaged 0.72 g/t and 0.21 g/t, respectively in 11 samples with highs of
2.72 g/t Pd and 0.67 g/t Pt in a sample that returned 7.43% Ni and 0.49% Cu. None of the historical drilling was
assayed previously for PGE’s and could represent some significant upside.
• Geophysical surveys will be carried out over t wo additional gabbro hosted nickel -copper occurrences after
freeze-up on the Rice Island Property. One of the occurrences is associated with a 3 km by 1 km, magnetic
feature (mapped as a gabbro intrusion) and an airborne electromagnetic anomaly . In comparison , the Rice
Island nickel deposit is associated with a 300 m by 200 m gabbroic body that remains open down-plunge along
strike.
• The Company plans to be in a position to drill both projects in the winter of 2022.
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). This relatively advanced project in northern Maine is well-located near
excellent infrastructure that will support near term development as detailed in a Preliminary Economic Assessment date
September 14, 2020.
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, who are Qualified Persons’ under National Instrument 43-101. For further information
on the Pickett Mountain project, see technical report entitled "National Instrument 43-101 Technical Report, Preliminary
Economic Assessment Pickett Mountain Project, Penobscot County, Maine, USA” dated September 14, 2020 on Sedar.
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, copper and silver utilizing 4-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 over 100 g is analyzed by fire assay with gravimetric finish (Code 8-Ag).
Note that the historical grade and width data presented for the New Brunswick projects is generally not from Wolfden
work and while the Company has reasonable confidence in the quality of the data, the Company cannot guarantee the
accuracy of the drill results at this time without carrying out further work.
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, metal price assumptions, cash flow forecasts, projected capital and
operating costs, metal or mineral recoveries, mine life and production rates, and other assumptions used in Preliminary Economic
Assessment dated September 14, 2020 , information about future activities at the Pickett Mountain Project that include plans to
complete additional drilling and rezoning, the results of the Preliminary Economic Assessment dated September 14, 2020, the
potential upside of the Pickett Mt. Project, and the timing and completion of drill programs in Maine, Manitoba and New Brunswick
and the respective drill results , and the timing of mineral resource estimates and updates . There are numerous risks and
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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 environ mental 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 condi tions. 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.
Figure 1. Big Silver Core photo – sedimentary breccia with silicified clasts and 10-15% light brown sphalerite
(zinc mineralization)
Figure 2. California Lake Zone core photo – multi-stage cross-cutting hydrothermal breccia. Darker areas
contain fine grained sulphides including sphalerite, galena, tetrahedrite and arsenopyrite. Fractures, outside
of breccia are also sulphide-bearing.
5 cm
5 cm
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Figure 3. Soil Sample Map 2021– Combined Zn + Pb + Cu ppm and Ag g/t on airborne magnetic base
1,000 m