Wolfden Recommences Exploration at its Polymetallic Pickett Mt. Project in Maine
Wolfden Recommences Exploration at its
Polymetallic Pickett Mt. Project in Maine
THUNDER BAY, ON
,
June 17, 2020
/CNW/ -
Wolfden Resources Corporation
(TSXV: WLF)
("Wolfden" or the "Company") is pleased to announce that it has recommenced exploration field
work on its high-grade polymetallic (Zinc, Lead, Copper, Silver & Gold) Pickett Mountain Project in
Northern Maine. Crews have returned to site to continue with ground geophysical surveys to
position new targets in advance of the next drill program that is planned to start in the coming
weeks. The groundwork is designed to finalize some of the step-out drill targets that were identified
by airborne geophysics and soil geochemistry in 2019. In addition, relogging of historical drill cores
has also commenced and is almost 50% complete. This work will assist in developing a greater
understanding the geometry of the deposit and assist in designing the next round of delineation
drilling with a goal of expanding the known mineral resource.
"We are very excited to get this year's fully-funded exploration program back underway after a
pause since early April," stated
Ron Little
, President and CEO for Wolfden. "We are especially
pleased to have
John Breedlove
of
Bangor Maine
, join the team to manage Wolfden's exploration
efforts in
Maine
and the
USA
. Mr. Breedlove holds an MSc. in Geology from the
University of Maine
and is well experienced in the exploration of volcanogenic massive sulphide ("VMS") deposits such
as Pickett Mountain and precious metal deposits. John will also be instrumental in our project
development and permitting efforts in
Maine
as the company continues to advance its rezoning
application for an underground mining operation at Pickett Mountain through the LUPC commission."
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
.)
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
New Drill Targets to be followed-up in
July 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 Dudek
, P. Geo,
Advisor,
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
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http://www.newswire.ca/en/releases/archive/June2020/17/c4941.html
%SEDAR: 00033002E
For further information:
Ron Little, President & CEO, at (807) 624-1136 Rahim Lakha, Corporate
Development at (416) 414-9954
CO: Wolfden Resources Corporation
CNW 06:00e 17-JUN-20