THUNDER BAY, ON, March 29, 2019 /CNW/ - Wolfden Resources
Corporation (WLF.V) ("Wolfden" or
the "Company") is pleased announce that it has
completed a non-brokered private placement of 12,500,000 common
shares of the Company ("Common Shares") at a price of
C$0.20 per Common Share with Kinross
Gold Corporation ("Kinross") for gross proceeds of
C$2,500,000. Kinross now holds approximately 9.7% of the
issued and outstanding shares of the Company. The shares issued to
Kinross are subject to a
four-month hold period under applicable Canadian securities laws,
which expires on July 30, 2019.
The majority of the proceeds from the Offering will be used to
explore the Company's 100%-owned Pickett Mountain high-grade
polymetallic deposit in North-eastern Maine, USA. The Company expects to
resume its expansion and exploration drill program in the spring
once the road access conditions are dry enough.
"We look forward to working with Kinross as a strategic partner in our efforts
to expand the current mineral resources and search for additional
deposits at Pickett Mountain," said Ron
Little, President and CEO for the Company. This will
include follow up of the recently discovered footwall zone in a
drill hole that intersected 4.1 m of
38.2% ZnEq (incl. 612 g/t Ag and 0.5 g/t Au) and one of the last
deeper holes that hit 19.5 m of 33.1%
ZnEq (incl. 269 g/t Ag and 1.1 g/t Au) see press release dated
January 15, 2019.
About Wolfden
Wolfden is a Canadian exploration and development company
primarily focused on advancing its 100%-owned Pickett Mountain
Project in Maine, USA. The 6,800
acre Project is host to a high-grade (Zn, Pb, Cu, Ag, Au)
zinc-rich, volcanogenic massive sulphide deposit that is close to
excellent infrastructure and includes the land and all rights to
minerals and timber, without any historic or aboriginal
encumbrances. With a mineral resource of 2.05 Mt at 19.3% ZnEq of
indicated resources and 2.03 Mt at 20.6% ZnEq of inferred
resources, the Company plans to expand resources with further
drilling and complete sufficient exploration, definition drilling
and various technical studies in order to demonstrate the economic
potential for an underground mining scenario on the Project.
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.
The information in this news release has been prepared, reviewed
and approved by Don Hoy, P.Geo., SVP
Exploration and Ron Little P.Eng.,
President and CEO, who are Qualified Persons' 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 information about
future activities at the Pickett Mountain Project that include
plans to expand resources with further drilling and complete
sufficient exploration, definition drilling and various technical
studies in order to demonstrate the economic potential for an
underground mining scenario on the Project . 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