THUNDER BAY, ON, Dec. 18, 2017 /CNW/ - Wolfden Resources
Corporation (WLF:TSX-V) ("Wolfden" or
the "Company") is pleased to announce that it has
commenced diamond drilling on its wholly-owned Pickett
Mountain Property, located in Penobscot
County, northern Maine,
U.S.A (the "Property'). The Property comprises
6,871 acres of timberland and all mineral, mining, subsurface and
surface rights and includes the Pickett Mountain volcanogenic
massive sulphide (VMS) deposit.
The Pickett Mountain VMS Deposit:
The Pickett Mountain
Zn-Pb-Cu-Ag deposit is thought to be one of the highest-grade
undeveloped VMS deposits in North
America. The deposit was discovered by Getty Mines Ltd. in
1979, using a combination of soil surveys and diamond drilling and
has not been explored since 1989.
Wolfden management believes that the Property has excellent
potential to host a VMS deposit as evidenced by grades obtained
from historic diamond drilling1 that intersected
(true widths):
- 18.66% Zn, 10.27% Pb, 1.63% Cu & 6.72 oz/t Ag over 7.70
metres
- 14.65% Zn, 6.48% Pb, 2.74% Cu & 3.78 oz/t Ag over 7.68
metres
- 15.95% Zn, 7.41% Pb, 1.41% Cu & 5.25 oz/t Ag over 7.30
metres
- 13.71% Zn, 5.25% Pb, 1.07% Cu & 3.57oz/t Ag over 6.30
metres
1
|
Data documented in
an internal report authored by Getty Mines Ltd.
|
The Pickett Mountain deposit has been traced over a strike
length of approximately 900 metres and remains open along trend and
at depth. The first phase exploration program that will
continue into 2018 is expected to include some 10,000 metres of
delineation and expansion drilling. A large loop ground
electromagnetic survey (EM) and downhole EM surveys will be
completed concurrent with the drilling program to assist in
targeting. Drill results will be released as they become
available.
About Wolfden Resources:
Wolfden is a mineral exploration company holding nickel
properties in Manitoba and
Zn-Pb-Cu base-metal properties in Maine,
USA and in New Brunswick
(>24,000 hectares). Manitoba is
ranked #2 in Canada and #2 in the
world as the most favorable jurisdiction to conduct mining and
exploration (Fraser Institute (2016-2017)).
The information in this news release has been prepared and
approved by Donald Hoy, M.Sc., P.
Geo., President and CEO and a director of the Company. Mr. Hoy is
also a Qualified Person under National Instrument 43-101.
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 (collectively,
"forward-looking information"), including but not limited to
information about future drilling activities and results at the
Pickett Mountain Project; the potential of the Picket
Mountain Project, ; and the scope of and the anticipated effect of
new 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 a 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 the 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