THUNDER BAY, ON, July 16, 2020 /CNW/ - Wolfden Resources
Corporation (WLF.V) ("Wolfden" or
the "Company") announces that an aggregate of 1,070,000
restricted share units ("RSUs") have been granted to management of
the Company pursuant to the terms of their employment agreements
and in respect of annual performance in 2019. Each RSU entitles the
recipient to receive one common share in the capital of the
Company, or a cash payment equal to the equivalent of one common
share in the capital of the Company, following the vesting period
of the RSU.
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
- 5,000 metre exploration drill program 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., VP
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. 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 a preliminary economic assessment in 2020,
receive approval of a rezoning petition by 2021, and secure other
high-grade projects and exploration drill targets in Maine. 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