THUNDER BAY, ON, March 6, 2017 /CNW/ - Wolfden Resources
Corporation (WLF:TSX-V) ("Wolfden" or the "Company)
is pleased to announce favourable initial results from the ongoing
winter drilling program, on the Company's 100%-owned Rice Island
property (the "Property"). The 26 square-kilometre Property is
located 10 kilometres south-southeast of the Town of Snow Lake, in west-central
Manitoba.
RICE ISLAND DRILL RESULTS:
The current drilling program on the Property has successfully
extended nickel-copper-cobalt mineralization within a recently
discovered feeder structure, proximal to the historic Rice Island
deposit. Specifically, the first four (4) drill holes tested a
prominent electromagnetic conductor at shallow depth, believed to
be reflecting mineralization located to the southwest of the known
deposit, in an area where there had been no historical drilling.
All four of the drill holes intersected significant
nickel-copper-cobalt mineralization highlighted by hole RI-17-30,
yielding an intercept of 2.24% Ni, 1.42% Cu & 0.10% Co over
8.30 metres. Full assay results for the first 4 drill holes are
summarized in the table below.
Hole
No.
|
Coordinates
|
Dip
|
Azimuth
(degrees)
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Ni
(%)
|
Cu
(%)
|
Co
(%)
|
Pt+Pd+Au
(ppb)
|
RI-17-27
|
440786E,
6074642N
|
-55
|
302
|
80.20
|
82.70
|
2.50
|
3.08
|
1.13
|
0.16
|
201
|
RI-17-28
|
440786E,
6074642N
|
-73
|
302
|
107.60
|
109.70
|
2.10
|
1.12
|
1.14
|
0.05
|
165
|
RI-17-29
|
440768E,
6074603N
|
-55
|
302
|
83.00
|
85.20
|
2.20
|
1.67
|
0.63
|
0.16
|
753
|
RI-17-30
|
440768E,
6074603N
|
-76
|
302
|
169.70
|
178.00
|
8.30
|
2.24
|
1.42
|
0.10
|
181
|
|
|
|
|
Inc.
169.70
|
172.30
|
2.60
|
3.57
|
1.67
|
0.19
|
393
|
Note 1: True
widths are estimated at 70% of core width
|
|
Note 2:
Sample analyses performed by Actlabs Ltd. of
Thunder Bay, Ontario utilizing the 4 Acid ICP-OES method; a 0.25 g
sample is digested with hydrofluoric acid followed by a mixture of
nitric and perchloric acid; the sample is then dried and brought
back into solution using aqua regia; the sample is then analyzed
using Agilent 735 ICP instrumentation
|
This new zone of mineralization known as the Boundary Zone (BZ),
is interpreted to be a feeder dike or conduit, comprising
fine-grained gabbro containing stringer, semi-massive and massive
sulphides (pyrrhotite, chalcopyrite & pentlandite), enveloped
by sedimentary rocks. Conduits are an important component within
magmatic Ni-Cu-Co mineralizing systems and on their own, can be
hosts to economic deposits. The BZ remains completely open along
strike to the southwest and to depth.
The remainder of the winter drilling program will test a series
of conductors believed to be related to the BZ that continue for at
least 700 metres to the southwest of drilling completed to date
(see Figure 1 attached). Additional drilling will be completed on a
series of strong conductors underlying the New Lower Zone (NLZ) on
Rice Island. Previous drilling completed by Wolfden on the NLZ,
returned intercepts of up to 2.32% Ni, 1/29% Cu and 0.16% Co
over 21.1 metres as well as 3.97% Ni, 0.95% Cu and 0.18% Co
over 4.60 metres; it also remains open at depth. Additional
drill results will be reported as they become available.
Rice Island is well situated proximal to the established mining
communities of Flin Flon and
Snow Lake and approximately 5
kilometres from HudBay Minerals' Snow
Lake concentrator. The area offers access to power,
labour force, supplies and mineral processing facilities.
Proximity to such infrastructure will enable the Company to explore
the Property year-round.
ABOUT WOLFDEN RESOURCES:
Wolfden is a mineral exploration company that recently acquired
the Rice Island and Nickel Island properties in Manitoba. Manitoba is ranked #2 in Canada and #2 in the world as the most
favourable jurisdiction to conduct mining and exploration (Fraser
Institute Survey 2016). The Company also holds a dominant, 24,000
hectare land position in the heart of the Bathurst Mining Camp in
New Brunswick.
The technical information in this news release has been prepared
and approved by Donald Hoy, P. Geo.,
President, CEO and a director of the Company. Mr. Hoy is also a
Qualified Person under National Instrument 43-101.
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 plans and results of exploration and the
magnitude and quality of the property. 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 the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
accuracy and adequacy of this news release.
SOURCE Wolfden Resources Corporation