Hole intersects 4.7
m at 24.0% Zn, 10.0% Pb, 0.9% Cu, 267 g/t Ag & 1.6 g/t
Au at 530 m depth
THUNDER BAY, ON, July 9, 2018 /CNW/ - Wolfden Resources
Corporation (WLF.V) (the "Company" or
"Wolfden") is pleased to announce that the ongoing
infill and expansion drill program on its wholly-owned Pickett
Mountain Project in Maine USA, has
intersected high grade base metal mineralization at a vertical
depth of 530 metres in the West lens of the deposit. Assay
results for hole PM-18-022 yield 4.7m
grading 24.0% Zn, 10,0% Pb, 0.9% Cu, 267 g/t Ag and 1.6 g/t
Au. In addition, assay results are pending for a second deep
drill hole, PM-18-023 that was recently completed, and intersected
multiple intervals of massive sulphide mineralization approximately
100 metres further to the east of hole PM-18-022 and at a similar
depth (see the updated drilling long section in the Pickett Mtn.
presentation on the Company website).
These recent holes are the deepest drilling completed by the
Company to date and clearly demonstrate the potential to expand
resources below a depth of 400 metres where there was little
historical drilling. The drill program consists of infill and
expansion drilling but will also test several new high priority
exploration targets identified proximal to the main deposit that
have recently been outlined by ground and airborne geophysical
surveys.
The detailed and regional airborne geophysical surveys are now
complete and have identified several new targets and confirmed
others previously identified by ground geophysical and soil
sampling surveys. Most importantly, the geophysical surveys
indicate the potential for expansion of the system in several
directions. Site preparation is underway to drill test those
targets as soon as possible and a second drill will be considered
to accelerate the program.
The Company is in the process of modelling the historical and
recent drill results drill results in order to generate a updated
mineral resource estimate before the end of the year and one that
can be further expanded as drilling continues. Independent
geological experts familiar with base-metal mineralization in the
Bathurst Mining Camp in New
Brunswick and the Buchans
District in Newfoundland have
visited the property and concluded that the results to date suggest
that Pickett Mountain has the potential to host a large and
multi-lens volcanogenic massive sulphide system. The host
rocks of Bathurst and Buchans are similar to Pickett Mtn. and
characterized by clusters of massive sulphide deposits and/or
lenses that exhibit similar high grades.
Wolfden June 26, 2018 AGM
Results
The Company is also pleased to announce that Mr. Ron Little, director has been appointed as
President and Chief Executive Officer and Mr. Don Hoy, Senior Vice-President of
Exploration. Mr. Ian Atkinson,
Mr. Don Bubar and Mr. John Seaman are newly elected directors and Mr.
Ewan Downie will continue as the
board's non-executive Chairman.
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 and copper utilizing sodium peroxide
fusion, 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 is analyzed by fire assay with
gravimetric finish (Code 8-Ag). The information in this news
release has been prepared and approved by Don Hoy, P. Geo.,SVP Exploration and
Ron Little P.Eng., President and CEO
for the Company who are both Qualified Persons under National
Instrument 43-101.
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.
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 TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Wolfden Resources Corporation