Wolverine Exploration Announces Results of IP Survey at Cache River
February 17 2011 - 9:00AM
Marketwired
Wolverine Exploration Inc. ("Wolverine") (OTCBB: WOLV)(OTCQB: WOLV)
is pleased to announce an update to the ongoing exploration program
on its Cache River copper-gold property in Labrador.
The final report on the recently completed induced polarization
(IP) survey by Abitibi Geophysics has been received and reviewed by
Wolverine. The report outlines a number of chargeability anomalies
that require follow-up by prospecting and drilling. Some additional
IP work is suggested to further outline newly detected targets that
are open along strike and extend beyond the survey grids.
The Abitibi report outlines a chargeability anomaly (CR1-01) on
Grid One that is located adjacent to an airborne electromagnetic
(EM) conductor that was detected from a 2007 AeroTEM survey and is
located close to previous drillhole DDC04-10. Further prospecting
will be undertaken to establish the strike extent and composition
of this combined EM-IP target. The CR1-01 anomaly extends from Line
68,800E to 70,600 on Grid One for a strike length of 1.8 km and is
present on 13 of 19 survey lines. A second target CR1-05 is located
approximately 650 m north of CR1-01 and extends for a strike length
of 1 km as an anomalous chargeability response continuous on 10 of
11 survey lines. CR1-05 is a Priority One target. A third target
CR1-06 is located about 150 m south of CR1-05 and extends for a
strike length of 1.5 km, also a Priority One target.
On Grid Two are located several chargeability anomalies with
high associated resistivity that is more suggestive of bedrock
sulphide conductors than overburden. These targets are generally
shallow (within 10 - 15 m of surface) and could be targeted by
shallow drilling. Anomalies CR2-06 and CR2-07, for example, have
strike extents of 1.3 km and 1.0 km respectively and are both
Priority One targets. Both anomalies are open to the southwest and
extend beyond the survey grid.
Also on Grid Two are a series of chargeability anomalies
(CR2-01, CR2-02 and CR2-03) that are located in close proximity to
previously discovered malachite showings in rock cuts along the
Trans Labrador Highway. These three anomalies could represent
copper-carrying sulphide mineralization that has leached out the
malachite. These anomalies are all open to the northeast ad have
strike lengths ranging from 325 m to 900 m.
The Abitibi report recommends a total of 11 drillholes (or 600 m
of drilling) to test the best targets with additional trenching and
more IP surveying to fully delineate IP anomalies that remain open
along strike or are still unexplained. Ground-checking is
recommended prior to drilling to ensure the proposed drill collars
can be accessed.
Commenting on the report, Wolverine President & CEO Lee
Costerd commented, "The report has identified specific areas that
can be directly targeted by drilling. These targets could represent
disseminated sulphide carrying copper and gold. This is our target
at Cache River and we intend to follow-up with a drill program to
test all the targets that have been identified from this
survey."
Wolverine is currently negotiating the drill contract and will
plan to test the IP targets as early as March 2011.
On behalf of the Board
Lee Costerd, President
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements", as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including but not limited to, statements regarding the results of
the IP survey and future drilling, prospecting and geophysics.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration and difficulties associated with obtaining
financing on acceptable terms. We are not in control of metals
prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our most recent annual report
for our last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Contacts: Wolverine Exploration Inc. Ronald Jones (778) 297-4409
investor@wolverineexplorationinc.com
www.wolverineexplorationinc.com
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