Initial 10,000 metre Drill Program Underway to
Define and Expand Resources
THUNDER BAY, ON, Jan. 15, 2018 /CNW/ - Wolfden Resources
Corporation (WLF.V) is pleased to announce that it has
intersected massive sulphide mineralization (VMS) in each of the
first two drill holes completed on its wholly owned Pickett
Mountain base-metal property, located in Northern Maine, U.S.A. The 10,000 metre
definition and expansion drill program is designed to confirm and
expand upon historical drill results from the 1970's and 1980's on
what was known then as the Mount Chase VMS deposit. Wolfden
renamed the project as the main zone of mineralization, comprised
of two lenses that span 900 metres in length and up to 800 m deep, is located closer to Pickett Mountain
than Mount Chase. Based on the
historical drill results, Pickett Mountain is one of the
highest-grade undeveloped VMS projects in North America. The
project has not been explored in thirty years and remains open at
depth and along strike. Wolfden acquired the project last
fall with financing from Altius Minerals Corporation (ALS.T), after
changes were implemented to the State of
Maine's mining code. The 6870-acre property includes
all mineral, mining and timber rights.
With drilling underway, the 2018 work program will also include
during the first quarter, detailed ground and airborne geophysical
surveys over the main zone and the favourable package of host
rocks. By defining the signature and characteristics of the
main zone, the company hopes to identify other lenses of VMS
mineralization in the wall rocks and along stratigraphic trend.
All work is focused on developing a qualified resource
estimate during 2018 that will be sufficient to study the economic
potential of an underground mining scenario for the Project.
The first two holes intersected massive sulphide mineralization
in the West Lens, above and below historical drill hole
intersections. These intersections were targeted using
the historical drilling information and as expected, exhibit
similar widths and appreciable amounts of sulphide (pyrite,
sphalerite, galena and chalcopyrite) mineralization. No assay
results have been received to date and photographs of these drill
intercepts will be available on the company's website
www.wolfdenresources.com/pickett.html. The drilling will
continue to infill and confirm other holes in order to validate the
historical information and to expand the extent of the known
mineralization. Assay results will be released in due
course.
The Company has completed the previous announced non-brokered
private placement with Ronald
Little, a new and active Director of the Company, for gross
proceeds of $217,500. Mr.
Little subscribed for 750,000 units at $0.29 per unit, with each unit comprised of one
common share and one-half of a 60 month warrant with an exercise
price of $0.61 share, for a total of
750,000 common shares and 375,000 warrants. The common shares and
warrants issued in connection with the private placement are
subject to a four month hold period under applicable securities
laws that expires May 16, 2018. The
private placement is subject to final acceptance of the TSX Venture
Exchange.
About Wolfden
Wolfden is a Canadian exploration and development company
focused on advancing its wholly owned high-grade (Zn, Pb, Cu, Ag)
VMS Pickett Mountain Project in Maine, USA. Located close to excellent
infrastructure, the company plans to complete sufficient
exploration, definition drilling and various technical studies in
order to demonstrate the economic potential for an underground
mining scenario on the Project.
The information in this news release has been prepared and
approved by Donald Hoy, M.Sc., P.
Geo., President and CEO, who is 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 and United States securities legislation
(collectively, "forward-looking information"), including but not
limited to information about future drilling activities at the
Pickett Mountain Project; the timing and completion of an
anticipated mineral resource estimate and technical studies at
the Pickett 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 an
underground 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