Targets include the expansion of 19.5 m at 33.1% ZnEq at depth and the
Footwall Zone Discovery of 4.1 m at
38.2% ZnEq
THUNDER BAY, ON, June 13, 2019 /CNW/ - Wolfden Resources
Corporation (WLF.V) ("Wolfden" or
the "Company") is pleased to announce that it has
commenced its 2019 exploration program at its 100%-owned high-grade
polymetallic Pickett Mountain Project, located in Penobscot County in north-eastern Maine, U.S.A. The program will include
up to 10,000 metres of diamond drilling that will be focused on
expanding resources and testing high priority drill targets that
could lead to the discovery of other lenses similar to the Footwall
Zone (FWZ) that was discovered at the end of 2018 drill
program.
The 2019 drill program will include step-out holes (wedging)
around the FWZ, the West and East lenses and testing favourable
targets to the north that indicate the potential for other
mineralization. Recent review by a geological structural
specialist indicates the potential for repetition to the north of
the similar volcanic sequence, that hosts the massive sulphide
mineralization. Further ground truthing of this area is
underway prior to drilling. The Pickett Mountain Project is one of
the highest grade undeveloped volcanogenic massive sulphide ('VMS')
deposits in North America.
Footwall Zone Discovery
One of the highlights of the 2018 program was the discovery of
the Footwall Zone in hole PM-18-031 with 4.1
m at 38.2% ZnEq. The FWZ is a poly-metallic rich zone
located approximately 150 metres north of the East Lens at a
vertical depth of 650 metres. Assay results are in the
table below.
Hole
No.
|
From
(m)
|
To
(m)
|
Length
(m)
|
ZnEq
(%)
|
Zinc
(%)
|
Lead
(%)
|
Copper
(%)
|
Silver
(g/t)
|
Gold
(g/t)
|
PM-18-031
|
733.9
|
737.0
|
4.1
|
38.2
|
16.6
|
8.4
|
1.9
|
612.0
|
0.5
|
"Ongoing work indicates that the FWZ has the potential to be a
completely separate and parallel lens that has not been tested by
previous drilling," stated Don Hoy,
SVP of Exploration for the Company. "The 2019 program will
focus on expanding the FWZ, the West Lens at depth and the
discovery of new high-grade lenses at Pickett Mountain".
West Lens Expansion
The West Lens is host to some of the highest grade
mineralization within the deposit. One of the final step-out
holes of the 2018 drill program, was PM-18-032 that intersected
high-grade mineralization in the West Lens at vertical depth of 600
metres. Assay results are in the table below. This
intercept of 19.5 m at 33.1% ZnEq was
not included in the mineral resource estimate released on
January 7, 2019 and indicates the
significant potential to add to the mineral resources at depth.
Hole
No.
|
From
(m)
|
To
(m)
|
Length
(m)
|
ZnEq
(%)
|
Zinc
(%)
|
Lead
(%)
|
Copper
(%)
|
Silver
(g/t)
|
Gold
(g/t)
|
PM-18-032
|
654.8
|
674.3
|
19.5
|
33.1
|
18.4
|
8.3
|
0.9
|
269.0
|
1.1
|
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 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. 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.
About Wolfden
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, which is one of the highest-grade
polymetallic projects in North
America (Zn, Pb, Cu, Ag, Au) and located near excellent
infrastructure.
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