Drilling to test step-out extensions, new
regional targets and resource model upgrades
THUNDER BAY, ON, July 8, 2020 /CNW/ - Wolfden Resources
Corporation (TSXV: WLF.V) ("Wolfden" or
the "Company") is pleased to announce the start of a
fully-funded 5,000 metre drill program on its high-grade
polymetallic (Zinc, Lead, Copper, Silver & Gold) Pickett
Mountain Project in Northern
Maine. The drill program is designed to test new targets
identified from recent exploration work that are both proximal and
distal to its known high-grade polymetallic massive sulphide
resource. This includes follow-up of a new 200-metre long sulphide
stringer zone discovered during the 2019 drill program. The diamond
drilling will be carried out by Boart Longyear of Virginia and is expected to continue into the
fall.
A summary of the drill targets are as follows:
- A combined EM, Zn-in-soil and gravity anomaly located
approximately 800 metres along strike from to the southwest of the
Pickett Mountain West Lens. This target is interpreted to occur in
the same time horizon as the lower massive sulphide horizon of the
East Lens.
- Test the eastern edges of both the East and West zones where
re-logging of historic holes indicates up to four, fold repetitions
of the main massive sulphide horizon. If the mineralization is
continuous, these fold repetitions could lead to the delineation of
additional massive sulphide resources.
- Follow-up on the 200-metre long base metal stringer zone
intercepted in hole PX-001 (see release Feb
2020) to test for a proximal massive sulphide horizon. Soil
geochemistry and IP geophysical data indicates that this anomalous
zone may extend to the north and east for at least 700 metres.
- Additional holes to test the lower massive sulphide horizon
(footwall zone) where Wolfden previously intersected 3.1 metres at
38.1% ZnEq (16.6% Zn, 8.4% Pb, 1.9% Cu, 612 g/t Ag and 0.5 g/t Au,
see Wolfden news release January 15,
2019). Modelling indicates that this silver and base
metal-enriched zone lies at a clear time break at the lower contact
of the felsic unit that hosts the Pickett Mountain deposit, a part
of the stratigraphy that has seen limited drilling and could expand
resources if mineralization is continuous.
- 3D, IP geophysical inversion targets, which suggest the
presence of sulphide mineralization both east of the East Lens
massive sulphide and in the footwall of the West and East
lenses.
"We are excited to get this year's fully-funded drill program
underway and with multiple new drill targets that have been further
refined and prioritized over the last seven months," stated
Ron Little, President and CEO for
Wolfden. "With Boart Longyear now joining our team to complete the
drill program, we have additional confidence in executing deeper
drill holes that could expand our mineral resource at depth. We
look forward to releasing drill results as they become
available."
Re-logging of the historic drill core from the 1980's continues
with the goal of updating the geological model of the Pickett
Mountain deposit, including the architecture of the felsic
volcanics that host the massive sulphide zones, and the collection
of lithogeochemcial samples to document both alteration and
lithological units. This goal of this work is to develop a
predictive model that could lead to the delineation of additional
massive sulphide lenses in the vicinity of the deposit as well as
the potential structural controls of the higher-grade portions that
are known to occur in each lens.
The summer exploration program also includes Induced
polarization (IP) surveys that are planned to cover areas west,
north and east of the Pickett Mountain deposit where previously
identified soil and electromagnetic geophysical anomalies occur.
These surveys will be completed before the end of the drill program
so that any new high priority drill targets of potential massive
sulphide mineralization can be tested.
Regional soil sampling will also be carried out during the
summer and fall months over select areas along the 30km favorable
volcanic belt where repetitions of the Pickett Mountain
meta-volcanic stratigraphy is expected to occur. The Pickett
Mountain deposit was initially identified and discovered through a
regional soil sampling program in the 1908's.
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
- 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., 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. 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
