Wolfden Reports Additional High Grade Drill Results at Pickett Mtn. Highlights include the West Lens with 19.5 m at 33.1% ZnEq and the new Footwall Zone Discovery 4.1 m at 38.2% ZnEq
Wolfden Reports Additional High Grade Drill
Results at Pickett Mtn.
Highlights include the West Lens with
19.5 m
at 33.1% ZnEq and
the new Footwall Zone Discovery 4.1 m at 38.2% ZnEq
THUNDER BAY, ON
, Jan. 15, 2019 /CNW/ -
Wolfden Resources Corporation
(WLF.V)
("Wolfden" or the "Company") is pleased to announce additional encouraging assay results from its
100%-owned Pickett Mountain Project,
located in
Penobscot County
in north-eastern
Maine
,
U.S.A. These assay results are from the final four drill holes of the 2018 infill and expansion drill
program. The Pickett Mtn, Project is one of the high-grade undeveloped zinc-rich, volcanogenic
massive sulphide ('VMS') deposits in the world and the new footwall zone discovery adds a third
zone to the two known zones (East Lens and West Lens) that remain open for potential expansion.
Footwall Zone Discovery
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 new footwall zone (or lens) was discovered in hole PM-18-031 approximately 150 metres to the
north (deeper into the footwall) below the East Lens (E1) at a vertical depth of 650 metres. The 4.1
metre massive sulphide intersection occurs in intensely altered felsic fragmental rocks suggesting
the presence of folded and or stacked massive sulphide lenses. The replacement-style massive
sulphide mineralization consists of pyrite, sphalerite, galena and chalcopyrite, that includes the high-
grade base and precious-metal values as documented in the table below.
Historic drill results from the 1980's, indicate that only two of the +70 drill holes were extended deep
enough to intersect what would be the plane of the footwall zone. Those holes are situated at some
distance away from the high-grade intercept of hole 031, and returned several narrow intervals of
massive sulphide mineralization bearing appreciable zinc-lead values. Follow-up drilling is clearly
warranted to test for extensions of this zone.
"We are very excited by these results that indicate the potential to develop the new footwall zone
and to expand resources at depth in the known zones, stated
Don Hoy
, SVP of Exploration for the
Company. "The next program will include down-hole electromagnetic surveys (BHEM) to assist in the
targeting of possible extensions of the footwall zone prior to drill testing. Some BHEM surveying of
the main zones that was completed in December, is under review and will be incorporated into an
aggressive 2019 follow-up drill program as part of the Company's efforts to continue to expand and
upgrade the mineral resources of the project".
West Lens Results
Hole No.
From
(m)
To
(m)
Length
(m)
ZnEq.
(%)
Zinc
(%)
Lead
(%)
Copper
(%)
Silver
(g/t)
Gold
(g/t)
PM-18-029A
608.7
609.4
0.70
10.2
3.8
1.4
1.5
47.0
0.7
PM-18-032
654.8
674.3
19.5
33.1
18.4
8.3
0.9
269.0
1.1
Drill holes PM-18-029A and 032 represent deep step-out holes that intersected the West Lens at
vertical depth of 550 and 600 metres below surface, respectively. These results were not included in
the recently announced mineral resource estimate of
January 7, 2019
and indicate the significant
potential to add to the mineral resources at depth.
East Lens Results
Hole No.
From
(m)
To
(m)
Length
(m)
ZnEq.
(%)
Zinc
(%)
Lead
(%)
Copper
(%)
Silver
(g/t)
Gold
(g/t)
PM-18-035
361.0
401.1
40.1
4.5
1.1
0.3
1.1
17.7
0.4
Hole PM-18-035, intersected the East Lens at a vertical depth of 380 metres, with a massive
sulphide intercept of 37.5 metres. This intercept is 40 metres west and 60 metes deeper than the
neighbouring historical drill hole G-70, that yielded multiple intercepts including 17.2 metres of 4.1%
ZnEq., 38.1 metres of 4.7% ZnEq. and 17.9 metres of 8.2% ZnEq., within a 90 metre massive
sulphide interval. The excessive thickness of the massive sulphide lens at this locale is of more
interest and may represent the hinge or keel of a fold in the lens that plunges at depth towards the
southwest. Further drilling to test this theory and explore for higher grades is warranted.
Future Program
Planning is underway for the 2019 drill program that will include additional holes proximal to the new
Footwall Zone and a full review of the geological model and recent the geophysical data. Some
metallurgical test work and baseline environmental sampling will also be completed in order to
supplement the next technical study for the project.
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.
About Wolfden
Wolfden is a Canadian Exploration and Development Company focused on advancing high-quality
polymetallic projects in
Canada
and it's high-grade (Zn, Pb, Cu, Ag) VMS Pickett Mtn. Project in
Maine
, USA. Pickett Mtn. consists of a 100% ownership in a 6,800 acre property, close to excellent
infrastructure, that includes the land, all access and rights to minerals and timber without any historic
or aboriginal encumbrances. With a mineral resource of 2.05 Mt at 19.3% ZnEq of indicated and
2.03 Mt at 20.6% inferred resources
,
the Company plans to complete sufficient exploration,
definition drilling and various technical studies in order to demonstrate the economic potential for an
underground mining scenario on the Project. The Mineral Resource Statement was issued by the
Company on
January 7, 2019
and the Technical Report will be filed by
February 25, 2019
.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain information that may constitute forward-looking information or
forward-looking statements under applicable Canadian and
United States
securities legislation
(collectively, "forward-looking information"), including but not limited to information about future
activities at the Pickett Mountain
Project that include: the timing and completion of future studies
including those related to mining scenarios; the timing of future infill, expansion and exploration
drill programs; the potential to discover other lenses or mineralization on the Project either locally
or regionally based on all information gathered to date; the potential to significantly expand and
upgrade the resource; the timing and work required to verify the conceptual exploration target; and
the scope of and the anticipated effect of the 2017 mining legislation in
Maine
. This forward-
looking information entails various risks and uncertainties that are based on current expectations
and actual results may differ materially from those contained in such information. These
uncertainties and risks include, but are not limited to, the strength of the global economy; the price
of base metals and minerals generally; operational, funding and liquidity risks; the degree to which
mineral resource estimates are reflective of actual mineral resources; the degree to which factors
which would make an underground mineral deposit commercially viable are present; the risks and
hazards associated with mineral exploration and mining operations; and the ability of Wolfden to
fund its substantial capital requirements and operations. 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
available at
www.sedar.com
. Readers are urged to read
these materials. Wolfden 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 law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Wolfden Resources Corporation
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For further information:
Ron Little, President and CEO at (613) 862-3699, or Don Hoy SVP
Exploration at (807) 624-1131
CO: Wolfden Resources Corporation
CNW 07:00e 15-JAN-19