THUNDER BAY, ON, July 28, 2020 /CNW/ - Wolfden Resources
Corporation (TSXV: WLF.V) ("Wolfden" or
the "Company") is pleased to announce that The
Department of Agriculture, Conservation and Forestry's Land Use
Planning Commission (LUPC) has accepted the Wolfden Mt. Chase LLC
(Wolfden) zoning petition as complete for processing. Wolfden
applied to rezone approximately 530 acres (8%) of its wholly owned
6800-acre Pickett Mt. Property in Northern Maine, where Wolfden owns the land,
timber and mineral rights, from General Management and Shoreland
Protection 2 Subdistricts, to a Planned Development Subdistrict
(D-PD) in T6 R6 WELS. The proposed purpose of the D-PD rezoning is
to allow for the development of an underground metallic mineral
mine with associated processing facilities and
infrastructure. The zoning petition is subject to and will be
reviewed by the LUPC and other relevant State agencies.
"This is another positive milestone in the process of developing
a high-margin polymetallic operation at Pickett Mountain", stated
Ron Little, President and CEO for
Wolfden. "We have resumed our summer exploration program that
includes a minimum of 5,000 meters of drilling focused on adding to
our total mineral resource. In addition, we have also
commenced gathering environmental and technical data that will
supplement more detailed baseline and feasibility studies required
for a mining permit application.
The LUPC accepting the rezoning petition as complete for
processing, is the next step in a multi-agency review process. A
copy of the petition amendments, public comments to date and
information about the process, are available on the LUPC
project-specific webpage with updates posted as the
process continues. A public hearing will be held by the LUPC before
making a final decision. The public hearing is expected
to occur before year end with a decision by the LUPC in Q1
2021.
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. 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
