THUNDER BAY, ON, July 18, 2019 /CNW/ - Wolfden Resources
Corporation (WLF.V) ("Wolfden" or
the "Company") is pleased to announce the assay results
for the second drill hole into the high-grade footwall zone (FWZ)
discovery, at its wholly-owned Pickett Mountain Project in
Maine, USA that was previously
announced on July 3, 2019.
Hole PM-18-031A, was a wedge hole drilled from the discovery
hole PM-18-031 and intersected 4.2 m
of sulphide mineralization grading 15.3% ZnEq (zinc equivalent)
that includes 2.9 m of 19.9%
ZnEq. This second intersection of polymetallic mineralization
occurs 25 metres above the discovery hole that intersected
4.1 m grading 38.2 % ZnEq and
confirms the potential for this new lens to add to the Pickett
Mountain mineral resource. Details of the intercept are tabulated
below where true width is estimated to be 55% of the core
length.
Hole
No.
|
From
(m)
|
To
(m)
|
Length
(m)
|
ZnEq
(%)
|
Zinc
(%)
|
Lead
(%)
|
Copper
(%)
|
Silver
(g/t)
|
Gold
(g/t)
|
PM-18-031A
|
712.3
|
716.5
|
4.2
|
15.3
|
7.4
|
3.7
|
1.0
|
104.5
|
0.6
|
including
|
713.6
|
716.5
|
2.9
|
19.9
|
9.5
|
4.8
|
1.3
|
133.0
|
0.8
|
"These results are very positive and indicate that the FWZ is a
steeply dipping lens and with an estimated true width of
<2.0 m at a vertical depth of
625 m below surface," said
Don Hoy, SVP Exploration for the
Company. "The two intercepts exhibit similar textural and
lithological characteristics and the assay results correspond
directly to the amount of massive to semi massive sulphides that
occur in the respective drill cores." The diamond drill is
currently targeting a third intercept with a stronger bore hole
electromagnetic (BHEM) signature than second intersection.
The drill is expected to reach the target depth by early next week
and intercept the FWZ approximately 100 metres further to the east
and at a vertical depth of 700 metres.
The 2019 drill program includes up to 10,000 metres of
diamond drilling, focused on expanding the Pickett Mountain mineral
resource including the FWZ and other lenses as well as testing
high-priority local and regional targets. Pickett Mountain is
a high grade undeveloped volcanogenic massive sulphide ('VMS')
deposit close to infrastructure that hosts a mineral
resource of 2.05 Mt at 19.3% ZnEq of indicated
resources and 2.03 Mt at 20.6% ZnEq of inferred
resources, using a 9% ZnEq cut-off grade, and conservative
metal prices as listed below (see also press release of
January 7, 2019).
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 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.
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