Wolverine Options the Shamrock Property
December 21 2010 - 3:05PM
Marketwired
WOLVERINE MINERALS CORP. ("Wolverine" or the "Company") (TSX
VENTURE: WLV)(FRANKFURT: 4LP) is pleased to announce that it has
entered into an option agreement dated December 17, 2010 to acquire
the Shamrock property (the "Shamrock Option"), Dawson Range area,
Whitehorse Mining Division, Yukon from 4763 NWT Ltd. (the
"Optionor").
The Shamrock property consists of 12 claims aggregating
approximately 250 hectares and is located about 80 km. west of
Carmacks, Yukon, adjacent to the DDD property. The DDD property is
one of 21 properties that are the subject of an agreement between
the Company and Strategic Metals Ltd. (see news release of December
14, 2010).
The property is underlain by Late Proterozoic to Paleozoic
Nisling Group metamorphic rocks, which are overlain by Cretaceous
intermediate to acidic volcanics and intruded by a variety of
related plutonic and sub-volcanic feeder dikes and plugs of
probable Middle Cretaceous to Early Tertiary age. These multiple
intrusions represent the core area of a porphyry copper system
measuring roughly 3500 meters (E-W) by about 1500 meters (N-S).
Chalcopyrite and molybdenite is found with quartz in thin veinlets
and as disseminations in a hydrothermally altered zone about 300
meters in diameter.
The property has been the subject of several exploration
programs between 1969 and 2005, which consisted of geological,
geochemical and geophysical surveys as well as roughly 810 meters
of core drilling in 10 holes.
From the exploration completed to date "the geological
environment and mineralization on this property are similar to
those at other gold prospects in the Dawson Range. Three features
are of specific interest. First, the sub-volcanic, altered and
locally brecciated porphyry intrusions are significant as rocks of
this type host bulk tonnage gold mineralization at the Nucleus,
Nitro, Revenue and Antoniuk properties. Second, the presence of
north to north-northwesterly trending linear structures is
encouraging as structures with this trend host most epithermal vein
mineralization at the nearly Mount Nanson camp. Thirdly, the rocks
are deeply oxidized (due to the absence if Pleistocene glaciation)
offering potential for cyanide extraction of the gold should a
deposit be outlined" (Eaton, W.D.:1986; Geological and Geochemical
Report on the Maloney Property (Shamrock property); Latitude 62
degrees 01' N, Longitude 137 degrees 54' W on Map Sheets 115 I/4
and 115 H/13; Yukon Territory Assessment report No. 091810).
The Company intends to further explore the mineralized system by
basal till sampling and trenching to prioritize targets for
drilling.
In consideration for the Shamrock Option, the Company agreed to
pay the Optionor $20,000 on execution of the Shamrock Option,
$50,000 on or before December 17, 2011, and $200,000 on or before
December 17, 2013. In addition, the Company granted a 2.0 % net
smelter return to the Optionor, of which 1% can be re-purchased by
the Company at anytime for $1 million.
The technical data in this news release has been reviewed and
approved by James M. Dawson, P.Eng, who is a qualified person under
the definition of National Instrument 43-101.
WOLVERINE MINERALS CORP.
Thomas A. Doyle, President & CEO
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.
Contacts: Wolverine Exploration Inc. Thomas A. Doyle (604)
689-5722 Wolverine Exploration Inc. Logan Anderson (604) 689-5722
(604) 685-9182 (FAX) info@wolverineminerals.ca
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