THUNDER BAY, ON, Aug 11, 2020 /CNW/ - Wolfden Resources
Corporation (TSXV: WLF.V) ("Wolfden" or
the "Company") is pleased to announce an update for
its ongoing fully-funded exploration and 5,000 metre drill program
at its wholly owned Pickett Mountain Project in Northeastern
Maine.
Diamond Drilling
Five of the fifteen planned drill holes have been completed to
date as per the drill plan outlined in the Pickett Mountain
Project presentation and on the attached plan map Figure
1. Those holes that have intersected massive sulphide and
stringer mineralization have been sampled and sent to an
independent laboratory for assessment. Assays are pending in
the coming weeks. The various holes are designed to test new
targets and develop an updated geological model with a goal to
discover additional resources proximal to the Pickett Mt deposit
and within the 30km belt.
"We are encouraged by the drilling and regional exploration
results to date ," stated Don Dudek,
VP Exploration for Wolfden. "Our field crews and drilling
contractor are now well underway and now that Boart Longyear has a
second drill rig on site, downtime has been minimized and the
program can expanded as required."
Other Exploration
Mapping and sampling (rock and soils) continues on others areas
along the 30km belt with the goal of identifying exploration
targets that could host additional massive sulphide mineralization.
A folded,1.2 km-long conductor has been identified by both airborne
and ground geophysics that is coincident with nearby felsic
volcanic rocks and a lead-in-soil anomaly. Drilling is planned on
these new targets for this fall.
Relogging of the approximate 100 historical drill holes is now
complete and the gathering of this information has been extremely
useful for improving the geological modelling of the known sulphide
zones and developing genetic models to support our search for
additional massive sulphides in the region.
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
- 5,000 metre exploration drill program underway to further
expand resources and discover new zones
- Preliminary Economic Assessment planned for Q3 2020
- Approval of the rezoning petition in 2021 would be a
significant milestone
- 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., VP
Exploration, 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 a preliminary economic assessment in 2020,
receive approval of a rezoning petition by 2021, and secure other
high-grade projects and exploration drill targets in Maine, expanding the drill program, timing of
pending assay results. 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