Wolfden Second Drill Hole Into FWZ Discovery Yields High-Grade Results
Wolfden Second Drill Hole Into FWZ Discovery
Yields High-Grade Results
THUNDER BAY, ON
,
July 18, 2019
/CNW/ -
Wolfden Resources Corporation
(WLF.V)
("Wolfden" or the "Company") is pleased to announce the assay results for the second drill hole into
the high-grade footwall zone (FWZ) discovery, at its wholly-owned Pickett Mountain Project in
Maine, USA
that was previously announced on
July 3, 2019
.
Hole PM-18-031A, was a wedge hole drilled from the discovery hole PM-18-031 and intersected
4.2
m
of sulphide mineralization grading 15.3% ZnEq (zinc equivalent) that includes
2.9 m
of 19.9%
ZnEq. This second intersection of polymetallic mineralization occurs 25 metres above the discovery
hole that intersected
4.1 m
grading 38.2 % ZnEq and confirms the potential for this new lens to add
to the Pickett Mountain mineral resource. Details of the intercept are tabulated below where true
width is estimated to be 55% of the core length.
Hole No.
From
(m)
To
(m)
Length
(m)
ZnEq
(%)
Zinc
(%)
Lead
(%)
Copper
(%)
Silver
(g/t)
Gold
(g/t)
PM-18-031A
712.3
716.5
4.2
15.3
7.4
3.7
1.0
104.5
0.6
including
713.6
716.5
2.9
19.9
9.5
4.8
1.3
133.0
0.8
"These results are very positive and indicate that the FWZ is a steeply dipping lens and with an
estimated true width of <
2.0 m
at a vertical depth of
625 m
below surface," said
Don Hoy
, SVP
Exploration for the Company. "The two intercepts exhibit similar textural and lithological
characteristics and the assay results correspond directly to the amount of massive to semi massive
sulphides that occur in the respective drill cores." The diamond drill is currently targeting a third
intercept with a stronger bore hole electromagnetic (BHEM) signature than second intersection. The
drill is expected to reach the target depth by early next week and intercept the FWZ approximately
100 metres further to the east and at a vertical depth of 700 metres.
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 of
January 7, 2019
).
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,
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).
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
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/July2019/18/c8299.html
%SEDAR: 00033002E
For further information:
Ron Little, President & CEO, at (807) 624-1136; or Don Hoy, SVP
Exploration at (807) 624-1131.
CO: Wolfden Resources Corporation
CNW 06:30e 18-JUL-19