THUNDER BAY, ON, Nov. 20, 2019 /CNW/ - Wolfden Resources
Corporation (WLF.V) ("Wolfden" or
the "Company") is pleased to provide the following update
on its wholly owned high-grade Zn-Pb-Cu-Ag-Au deposit located in
northern Maine, USA. The 2019
exploration program recently concluded with 3,530 metres of diamond
drilling, ground and bore-hole geophysics, soil sampling, mapping
and prospecting; all focused on expanding the known mineral
resource of 2.05 Mt at 19.3% ZnEq of indicated resources (9.9% Zn,
3.9% Pb, 1.4% Cu, 102 g/t Ag & 0.92 g/t Au) and 2.03 Mt at
20.6% ZnEq of inferred resources (11.0 % Zn, 4.4% lead, 1.2% Cu,
111 g/t Ag & 0.92 g/t Au). In addition, new drill targets
where delineated on the property and along the 30 km trend.
Expansion Drilling
A total of 8 holes and 1,846 m was
focused on drill testing extensions of the Footwall Zone (FWZ), a
recent higher-grade zone discovered approximately 150 m further north of the two main lenses of the
main zone at a depth of 600 m (see
Figure 1). Positive results were received from these deeper
holes that were drilled as wedge holes off of previous holes and
resulted in 25 to 35 m step-out
intersections and included 15.3% ZnEq over 4.2 m in hole 031A (7.4% Zn, 3.7% Pb, 1.0% Cu,
105 g/t Ag & 0.6 g/t Au). Further deep drilling is
warranted (see Figure 2). The drill program also included the
reaming of 8 previous drill holes for down-hole geophysics (bore
hole electromagnetics – BHEM). All holes were successfully surveyed
and the results confirmed this technique can be used to identify
the East and West Lens extensions at depth that occur within a
100-200 m distance of the
hole. As a result, there is obvious potential to expand both
lenses at depth in addition to testing near surface targets
(conductors) with coincident soil and whole rock geochemical
signatures.
Hole 137A, a wedge hole targeting the FWZ, intersected
9.6 m of the East Lens, semi massive
to massive sulphides that yielded 6.7% ZnEq (3.0% Zn, 1.3% Pb, 0.5%
Cu, 54.0 g/t Ag & 0.3 g/t Au), including a higher-grade portion
of 2.6 m at 11.7% ZnEq (6.2% Zn, 2.7%
Pb, 0.4% Cu, 109.4 g/t Ag & 0.3 g/t Au). Hole 137
(7 m to the East) also intersected
the East Lens yielding 3.5m at 2.3%
ZnEq. Additionally, hole 137 intercepted a narrow FWZ
yielding 0.7 m at 9.2% ZnEq (7.5% Zn,
1.6% Pb, 0.2% Cu, 5.8 g/t Ag & 0.01 g/t Au). A subsequent BHEM
survey of hole 137A and another nearby historic hole, yielded
strong build-up conductors, suggesting significant expansion
potential of the East Lens at depths of 400 to 700 vertical
metres. Further drilling of the East Lens and FWZ is
warranted in order to potentially expand mineral resources.
Pickett Mountain East Lens and FWZ Highlights
Hole
No.
|
Zone
|
From
(m)
|
To
(m)
|
Length
(m)
|
ZnEq
(%)
|
Zinc
(%)
|
Lead
(%)
|
Copper
(%)
|
Silver
(g/t)
|
Gold
(g/t)
|
137A
|
East Lens
|
555.7
|
565.3
|
9.6
|
6.7
|
3.1
|
1.3
|
0.4
|
54.0
|
0.3
|
|
including
|
558.9
|
561.5
|
2.6
|
11.7
|
6.2
|
2.7
|
0.4
|
109.4
|
0.3
|
137
|
East Lens
|
565.1
|
568.6
|
3.5
|
2.3
|
0.8
|
0.4
|
0.3
|
20.4
|
0.1
|
137
|
FWZ
|
809.0
|
809.7
|
0.7
|
9.2
|
7.5
|
1.6
|
0.2
|
5.8
|
0.01
|
Note: Hole 137 and
137A are drilled from the same set up at a dip of -71, azimuth 327
and location of 541,414.12 m E and 5,108,915.35 m N.
True width is estimated to be approximately 86% of the
length.
|
Exploration Drilling
Drill hole PX-001, (see Figure 3) the last hole completed in the
2019 exploration program, tested a coincident gravity and soil
anomaly, situated 500 metres to the north of the main horizon
hosting the East and West Lenses. The hole intersected an
open-ended 207 m interval of stringer
zone with disseminated and veinlet-type pyrite, and subordinate
sphalerite, galena and chalcopyrite mineralization coincident with
silica-sericite alteration. This type of rock unit along with the
sulphides and alteration could possibly be a significant indicator
that another base metal rich sulphide lens is nearby. The width of
the stringer zone is viewed as a positive indicator of a robust
mineralizing system. The hole was unfortunately stopped short of
the planned target depth, in stringer zone-altered fine-grained
sediments, when the drill rods jammed at the bottom of the
hole. A review of nearby historic holes, revealed the
presence of additional stringer zone mineralization and a felsic
breccia unit that hosts sulphide fragments that are interpreted to
have been derived from a nearby massive sulphide lens. The
combination of these features is encouraging and will be
followed-up in the next drill program.
Metallurgical Test Work
A representative bulk sample comprised of the 2018 drill core
was processed by RDI Laboratories in Colorado. Results of
flotation test work indicates that zinc and copper have high
recoveries and concentrate grades as anticipated from historical
results. The copper circuit recovery is anticipated to be 80.5% Cu,
and with a concentrate grade of 27.0% Cu. The Zinc
circuit recovery is anticipated to be 87% Zn, with a
concentrate grade of 62.3% Zn. The lead circuit results are
still pending the processing of a fresh drill core sample and are
anticipated late in Q4 2019.
The majority of the gold and silver present in the sample
reported to the copper concentrate during sequential flotation (41%
to 52%). Approximately 20% of the gold and 30% of the silver
reported to the lead concentrate, while the rest of the precious
metals were collected in the zinc concentrate and
tailings.
The Company has been working on various components of a
Preliminary Economic Assessment including the metallurgical test
work as well as conceptual mine and processing designs, that will
ultimately assist in any mine permitting process.
Mapping and Soil Sampling
Geological mapping, trenching, whole rock geochemistry and
re-logging of historic holes indicates that the deposit appears to
remain open for expansion (see Figure 2). The historic drill holes
contain broad intervals of highly anomalous Zn-Pb values within
strongly altered volcanic rocks, similar to those of the Pickett
Mountain main zone horizon. Bore hole geophysics (BHEM)
indicates potential expansion of both the East and West Lenses at
depth. A large-loop EM geophysical survey was completed and has
identified new drill targets along the trend.
Regional Target Generation
Numerous, quality targets in the 30 km belt were defined by
Wolfden's 2018 a belt-scale VTEM airborne geophysical survey. Work
on these targets has also included mapping, whole-rock geochemistry
and soil sampling that have yielded compelling results that were
never identified or drilled previously. The Company is positioning
itself to drill test these targets in due course.
Pickett Mountain Timber Value
Wolfden owns the 6800-acre property including the timber which
formed a significant portion of the US$8.5M property purchase price in 2017.
Since that time, some cut timber prices have improved. To date, the
Company has been harvesting some of its timber resulting in net
profits of US$300k per year and is
now considering alternatives to unlock additional value as a means
to fund future exploration programs with limited capital
dilution.
Capital Markets Development
The Company is pleased to announce the addition of Rahim Kassim-Lakha to its Advisory Committee.
Mr. Kassim-Lakha brings a wealth of experience with almost 25 years
capital markets experience including seven years of U.S. buy-side
training focused on portfolio management of global assets. Mr.
Kassim-Lakha will work closely with Ron
Little, CEO and Director of Wolfden to lead the company's
capital market activities and increase the company's visibility to
both institutional and retail investors.
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, copper and silver utilizing 4-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 over 100 g 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, 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.
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