Wolfden Updates Exploration on its High Grade Pickett Mt. Project in Maine
Wolfden Updates Exploration on its High
Grade Pickett Mt. Project in Maine
THUNDER BAY, ON
,
Nov. 20, 2019
/CNW/ -
Wolfden Resources Corporation
(WLF.V)
("Wolfden" or the "Company") is pleased to provide the following update on its wholly owned high-
grade Zn-Pb-Cu-Ag-Au deposit located in northern
Maine
, USA. The 2019 exploration program
recently concluded with 3,530 metres of diamond drilling, ground and bore-hole geophysics, soil
sampling, mapping and prospecting; all focused on expanding the known mineral resource of 2.05 Mt
at 19.3% ZnEq of indicated resources (9.9% Zn, 3.9% Pb, 1.4% Cu, 102 g/t Ag & 0.92 g/t Au) and
2.03 Mt at 20.6% ZnEq of inferred resources (11.0 % Zn, 4.4% lead, 1.2% Cu, 111 g/t Ag & 0.92
g/t Au). In addition, new drill targets where delineated on the property and along the 30 km trend.
Expansion Drilling
A total of 8 holes and
1,846 m
was focused on drill testing extensions of the Footwall Zone (FWZ), a
recent higher-grade zone discovered approximately
150 m
further north of the two main lenses of
the main zone at a depth of
600 m
(see Figure 1). Positive results were received from these deeper
holes that were drilled as wedge holes off of previous holes and resulted in 25 to
35 m
step-out
intersections and included 15.3% ZnEq over
4.2 m
in hole 031A (
7.4% Zn, 3.7% Pb, 1.0% Cu, 105
g/t Ag & 0.6 g/t Au)
. Further deep drilling is warranted (see Figure 2). The drill program also
included the reaming of 8 previous drill holes for down-hole geophysics (bore hole electromagnetics
– BHEM). All holes were successfully surveyed and the results confirmed this technique can be used
to identify the East and West Lens extensions at depth that occur within a 100-
200 m
distance of the
hole. As a result, there is obvious potential to expand both lenses at depth in addition to testing near
surface targets (conductors) with coincident soil and whole rock geochemical signatures.
Hole 137A, a wedge hole targeting the FWZ, intersected
9.6 m
of the East Lens, semi massive to
massive sulphides that yielded 6.7% ZnEq (3.0% Zn, 1.3% Pb, 0.5% Cu, 54.0 g/t Ag & 0.3 g/t Au),
including a higher-grade portion of
2.6 m
at 11.7% ZnEq (6.2% Zn, 2.7% Pb, 0.4% Cu, 109.4 g/t Ag
& 0.3 g/t Au). Hole 137 (
7 m
to the East) also intersected the East Lens yielding
3.5m
at 2.3%
ZnEq. Additionally, hole 137 intercepted a narrow FWZ yielding
0.7 m
at 9.2% ZnEq (7.5% Zn,
1.6% Pb, 0.2% Cu, 5.8 g/t Ag & 0.01 g/t Au). A subsequent BHEM survey of hole 137A and another
nearby historic hole, yielded strong build-up conductors, suggesting significant expansion potential of
the East Lens at depths of 400 to 700 vertical metres. Further drilling of the East Lens and FWZ is
warranted in order to potentially expand mineral resources.
Pickett Mountain East Lens and FWZ Highlights
Hole
No.
Zone
From
(m)
To
(m)
Length
(m)
ZnEq
(%)
Zinc
(%)
Lead
(%)
Copper
(%)
Silver
(g/t)
Gold
(g/t)
137A
East Lens
555.7
565.3
9.6
6.7
3.1
1.3
0.4
54.0
0.3
including
558.9
561.5
2.6
11.7
6.2
2.7
0.4
109.4
0.3
137
East Lens
565.1
568.6
3.5
2.3
0.8
0.4
0.3
20.4
0.1
137
FWZ
809.0
809.7
0.7
9.2
7.5
1.6
0.2
5.8
0.01
Note: Hole 137 and 137A are drilled from the same set up at a dip of -71, azimuth 327 and location of 541,414.12 m E and 5,108,915.35 m N.
True width is estimated to be approximately 86% of the length.
Exploration Drilling
Drill hole PX-001, (see Figure 3) the last hole completed in the 2019 exploration program, tested a
coincident gravity and soil anomaly, situated 500 metres to the north of the main horizon hosting the
East and West Lenses. The hole intersected an open-ended
207 m
interval of stringer zone with
disseminated and veinlet-type pyrite, and subordinate sphalerite, galena and chalcopyrite
mineralization coincident with silica-sericite alteration. This type of rock unit along with the sulphides
and alteration could possibly be a significant indicator that another base metal rich sulphide lens is
nearby. The width of the stringer zone is viewed as a positive indicator of a robust mineralizing
system. The hole was unfortunately stopped short of the planned target depth, in stringer zone-
altered fine-grained sediments, when the drill rods jammed at the bottom of the hole. A review of
nearby historic holes, revealed the presence of additional stringer zone mineralization and a felsic
breccia unit that hosts sulphide fragments that are interpreted to have been derived from a nearby
massive sulphide lens. The combination of these features is encouraging and will be followed-up in
the next drill program.
Metallurgical Test Work
A representative bulk sample comprised of the 2018 drill core was processed by RDI Laboratories
in Colorado. Results of flotation test work indicates that zinc and copper have high recoveries and
concentrate grades as anticipated from historical results. The copper circuit recovery is anticipated
to be 80.5% Cu, and with a concentrate grade of 27.0% Cu. The Zinc circuit recovery is anticipated
to be 87% Zn, with a concentrate grade of 62.3% Zn. The lead circuit results are still pending the
processing of a fresh drill core sample and are anticipated late in Q4 2019.
The majority of the gold and silver present in the sample reported to the copper concentrate during
sequential flotation (41% to 52%). Approximately 20% of the gold and 30% of the silver reported to
the lead concentrate, while the rest of the precious metals were collected in the zinc concentrate
and tailings.
The Company has been working on various components of a Preliminary Economic Assessment
including the metallurgical test work as well as conceptual mine and processing designs, that will
ultimately assist in any mine permitting process.
Mapping and Soil Sampling
Geological mapping, trenching, whole rock geochemistry and re-logging of historic holes indicates
that the deposit appears to remain open for expansion (see Figure 2). The historic drill holes contain
broad intervals of highly anomalous Zn-Pb values within strongly altered volcanic rocks, similar to
those of the Pickett Mountain main zone horizon. Bore hole geophysics (BHEM) indicates potential
expansion of both the East and West Lenses at depth. A large-loop EM geophysical survey was
completed and has identified new drill targets along the trend.
Regional Target Generation
Numerous, quality targets in the 30 km belt were defined by Wolfden's 2018 a belt-scale VTEM
airborne geophysical survey. Work on these targets has also included mapping, whole-rock
geochemistry and soil sampling that have yielded compelling results that were never identified or
drilled previously. The Company is positioning itself to drill test these targets in due course.
Pickett Mountain Timber Value
Wolfden owns the 6800-acre property including the timber which formed a significant portion of the
US$8.5M
property purchase price in 2017. Since that time, some cut timber prices have improved.
To date, the Company has been harvesting some of its timber resulting in net profits of
US$300k
per
year and is now considering alternatives to unlock additional value as a means to fund future
exploration programs with limited capital dilution.
Capital Markets Development
The Company is pleased to announce the addition of
Rahim Kassim-Lakha
to its Advisory
Committee. Mr. Kassim-Lakha brings a wealth of experience with almost 25 years capital markets
experience including seven years of U.S. buy-side training focused on portfolio management of
global assets. Mr. Kassim-Lakha will work closely with
Ron Little
, CEO and Director of Wolfden to
lead the company's capital market activities and increase the company's visibility to both institutional
and retail investors.
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,
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
.
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.
Figure 1 FWZ Longitudinal Section (CNW Group/Wolfden Resources Corporation)
Figure 2 Main Zone Longitudinal Section (CNW Group/Wolfden Resources Corporation)
Figure 3 Geology Plan Map (CNW Group/Wolfden Resources Corporation)
SOURCE
Wolfden Resources Corporation
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For further information:
please contact Ron Little, President & CEO, at (807) 624-1136 or Don
Hoy, SVP Exploration at (807) 624-1131
CO: Wolfden Resources Corporation
CNW 07:00e 20-NOV-19