THUNDER BAY, ON, Aug. 27, 2014 /CNW/ - Wolfden Resources
Corporation (WLF:TSX-V) ("Wolfden" or the
"Company") announced today the initial results obtained from
an ongoing exploration program, currently being undertaken at the
Company's Tetagouche property (the "Property"). The
Property, comprising greater than 20,000 hectares, is located in
the heart of the Bathurst Mining Camp ("BMC"), 25 kilometres
west of the City of Bathurst in
north-eastern New Brunswick. The
BMC is a well-established mining district containing the
recently-closed Brunswick #12 deposit that produced zinc, lead,
silver and gold for well over 60 years and Trevali Mining
Corporation's Caribou mine and mill facility, scheduled to re-open
in 2015.
The Property contains 5 historic massive sulphide deposits and a
number of mineral occurrences including the Armstrong A, Armstrong
B, Rocky Turn, McMaster and Canoe Landing Lake deposits (see
Wolfden News Release dated December
9, 2013). The early stages of 2014 exploration on the
Property, focused on exploring the McMaster and Armstrong A deposit
locales and on commencing systematic exploration to discover a
bedrock source for several high-grade massive sulphide boulder
clusters, located within and down-ice from the eastern part of the
Property (V10 target area). The comprehensive surface
exploration program is well underway and is already yielding
multiple prospective targets for near-term
drilling.
A summary of the work completed at each of the deposits
follows.
McMaster Deposit Locale:
A gravity survey comprising 17 line-kilometres was completed
over the McMaster deposit (250,000T @0.75%
Cu1) and surrounding locale. The objective of
the survey was to obtain a gravity signature over the deposit
itself and to look for similar signatures elsewhere along
stratigraphic trend, in the search for new massive sulphide
deposits. Notably, Trevali Mining Corporation's Caribou
deposit likely lies along the same stratigraphic horizon as the
McMaster deposit, some 11 kilometres to the southwest.
The residual gravity anomaly over the McMaster deposit and
hosting stratigraphy, is approximately 0.5 mgals. A prominent
residual gravity anomaly of similar signature extends to the
northeast and southwest of the McMaster deposit, marking the
McMaster horizon. The peak of the residual gravity anomaly at both
the McMaster deposit and its possible on-strike extensions,
coincides with a conductor, recently defined by a Max-Min
electromagnetic survey (see Figure 1). Closely associated with the
residual gravity anomaly and conductor are anomalous lead-zinc soil
anomalies defined by previous operators and a historic trench
sample yielding assays of 5% lead+zinc. A second target area is
located south of the McMaster deposit and consists of a residual
gravity anomaly intimately associated with a Max-Min conductor.
Both areas provide excellent drill targets and were overlooked in
previous diamond drilling efforts. The final details of an upcoming
drill program on these target areas are currently being prepared
and drilling is anticipated to commence in the near future.
V10 Target Area:
A primary goal of the 2014 exploration program is to find a
bedrock source for numerous high-grade massive sulphide boulder
clusters located in the V10 target area (on the Tetagouche
property) and down-ice from it, on adjacent properties. In
the V10 area, recent massive sulphide boulder discoveries yielded
assays of 19.80% Zn, 3.88% Pb, 0.33% Cu, 649 g/t Ag and 1.08 g/t
Au as well as 20.10% Zn, 4.20% Pb, 0.33% Cu, 694 g/t Ag and
0.88 g/t Au2. Accumulating evidence suggests
that the V10 area could be the bedrock source area for the above
boulder discovery and for those boulders that are located down-ice
from the V10 target area.
A program of soil sampling, Max-Min electromagnetic surveys and
geological mapping has commenced in efforts to locate a bedrock
source for the boulders. Geological mapping has uncovered 2
broad, in-situ chlorite-sericite alteration zones in felsic
volcanics in close proximity to the massive sulphide boulders. The
most prominent of these alteration ones is located 60 metres to the
west (up-ice) of the boulders that yielded 19.80% Zn, 3.88% Pb,
0.33% Cu, 649 g/t Ag and 1.08 g/t Au2. The
alteration zones are also closely associated with anomalous levels
of lead and zinc in soils and with weak to moderate strength
Max-Min conductors (see Figure 2).
To date, 700 soil samples have been collected, 40 line
kilometres of geophysics completed and the recently commenced
gravity survey is planned for completion in mid-September.
Subsequent drilling is planned for late September/early October.
Additional exploration results from this target area will be
released as they become available.
Armstrong A Deposit Locale:
The Armstrong A deposit contains a historic resource
of 3.8 MT grading 2.26% Zn, 0.42% Pb, 0.29% Cu, 25.4 g/t Ag
and 0.41 g/t Au1. Three holes were drilled to
test the Armstrong horizon to the
north and south of the deposit in efforts to find new satellite
massive sulphide deposits.
Drill hole AB-14-01 located approximately 1.2 kilometres north
of the Armstrong A deposit, tested an off-hole electromagnetic
anomaly generated from a historic drill hole. Hole AB-140-01
intersected 10.4 metres of massive sulphide with a sub-economic
grade of 0.22% Cu, 0.48% Pb, 1.27% Zn, 14.3 g/t Ag and 0.74 g/t
Au2. The other drill holes, AB-14-01 and AB-14-02
intersected disseminated sulphides over relatively narrow widths.
Additional drilling may be warranted in the locale of AB-14-01 at a
later date.
About Wolfden Resources:
Wolfden is an exploration company with a dominant, 20,000
hectare, land position in the heart of the Bathurst Mining Camp in
New Brunswick. New Brunswick was ranked #7 in the world as
the most favourable jurisdiction to undertake mining and
exploration by the Fraser Institute (2013). The company's
Tetagouche property is host to 5 historic massive sulphide deposits
and offers excellent potential for new discoveries. The property is
located within 20 kilometres of the famous Brunswick No. 12 mine
(Glencore) and mill and the soon to be commissioned Caribou complex
(Trevali). The Company also has a 100% interest in the
Clarence Stream gold-antimony property in southern New Brunswick that hosts a significant 43-101
compliant mineral resource.
The technical information in this news release has been prepared
and approved by Donald Hoy, P. Geo.,
President and a director of the Company. Mr. Hoy is a Qualified
Person under National Instrument 43-101.
Note 1: All of the deposits are historic estimates that are
not compliant with National Instrument 43-101 and cannot be relied
upon for valuation purposes. A qualified person has not done
sufficient work to classify the above historic estimates as current
mineral resources and accordingly, the Company is not treating the
historical estimates as current mineral resources.
Note 2: Analyses completed by Activation Laboratories in
Ancaster, Ontario utilizing the
1A2 – Fire Assay AA, 1H INAA (INAAGEO)/Total Digestion(Total) and
UT-7 Sodium Peroxide Fusion (ICP & ICPMS) analytical
packages
This press release contains forward-looking information 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 plans and results of exploration and the
magnitude and quality of the property. 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) stock market
volatility and capital market fluctuations; and (v) general market
and industry conditions. Actual results and future events could
differ materially from those anticipated in such information. These
forward-looking statements are based on estimates and opinions of
management on the date hereof and are expressly qualified by this
notice. 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 the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
accuracy or adequacy of this release.
SOURCE Wolfden Resources Corporation