THUNDER BAY, ON, June 17, 2020 /CNW/ - Wolfden Resources
Corporation (TSXV: WLF) ("Wolfden" or
the "Company") is pleased to announce that it has
recommenced exploration field work on its high-grade polymetallic
(Zinc, Lead, Copper, Silver & Gold) Pickett Mountain Project in
Northern Maine. Crews have returned to site to continue with
ground geophysical surveys to position new targets in advance of
the next drill program that is planned to start in the coming
weeks. The groundwork is designed to finalize some of the
step-out drill targets that were identified by airborne geophysics
and soil geochemistry in 2019. In addition, relogging of
historical drill cores has also commenced and is almost 50%
complete. This work will assist in developing a greater
understanding the geometry of the deposit and assist in designing
the next round of delineation drilling with a goal of expanding the
known mineral resource.
"We are very excited to get this year's fully-funded exploration
program back underway after a pause since early April," stated
Ron Little, President and CEO for
Wolfden. "We are especially pleased to have John Breedlove of Bangor Maine, join the team to manage
Wolfden's exploration efforts in Maine and the USA. Mr. Breedlove holds an MSc. in
Geology from the University of Maine
and is well experienced in the exploration of volcanogenic massive
sulphide ("VMS") deposits such as Pickett Mountain and precious
metal deposits. John will also be instrumental in our project
development and permitting efforts in Maine as the company continues to advance its
rezoning application for an underground mining operation at Pickett
Mountain through the LUPC commission." A copy of the petition
and more information about the process is available for download
from the project-specific
webpage https://www.maine.gov/dacf/lupc/projects/wolfden/wolfden_rezoning.html and
in part, on the Company's website.)
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
- New Drill Targets to be followed-up in July 2020
- Exploration programs 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,
Advisor, Don Hoy, P. Geo., SVP
Exploration, Jeremy Ouellette,
P.Eng., Vice President of Project Development 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 additional drilling and technical studies
in 2019 to support a preliminary economic assessment of 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