Woulfe Mining Increases Indicated Resource by 2.75 Times to Support the Initial 10 Years Mining at Sangdong
25 January 2012 - 12:00AM
Marketwired Canada
Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX
VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce the following
completion of the phase 2 drilling and further historical data compilation at
the Sangdong mine in South Korea, Tetra Tech Wardrop (Tetra Tech) have completed
an update of the Mineral Resources. The Resource for the skarn mineralised zones
is summarised in Table 1.
It is important to note that this Resource represents mineralisation only within
the Upper Section of the mine. The Resource given in Table 1 represents
approximately one-quarter of the known dip length, broadly that above the
historical -2 level, of known mineralisation from the old mine. An updated
estimate for the mineralisation down dip will be forthcoming in the near future.
Woulfe are continuing to drill and explore within the accessible working areas
to refine the Resource.
Table 1. Resource estimate for Sangdong, skarn mineralised zones, Upper
Section.
----------- --------------- ---------- ------- ------ -------
Class Skarn Zone Tonnes Density WO3(%) MoS2(%)
----------- --------------- ---------- ------- ------ -------
'Indicated' Main 5,952,106 3.25 0.50 0.03
----------- --------------- ---------- ------- ------ -------
'Indicated' Footwall F2 2,298,570 2.98 0.63 0.04
----------- --------------- ---------- ------- ------ -------
'Indicated' FW Intermediate 5,576,578 2.91 0.27 0.03
----------- --------------- ---------- ------- ------ -------
'Indicated' Footwall F3 2,604,460 2.96 0.56 0.05
----------- --------------- ---------- ------- ------ -------
'Indicated' Total 16,431,714 3.05 0.45 0.04
--------------------------- ---------- ------- ------ -------
'Inferred' Hangingwall 7,191,922 2.96 0.58 0.08
----------- --------------- ---------- ------- ------ -------
'Inferred' Main 259,481 2.92 0.52 0.02
----------- --------------- ---------- ------- ------ -------
'Inferred' Footwall F2 2,680,957 2.91 0.50 0.03
----------- --------------- ---------- ------- ------ -------
'Inferred' FW Intermediate 6,523,488 2.88 0.23 0.02
----------- --------------- ---------- ------- ------ -------
'Inferred' Footwall F3 2,712,775 2.90 0.49 0.03
----------- --------------- ---------- ------- ------ -------
'Inferred' Total 19,368,623 2.92 0.44 0.05
--------------------------- ---------- ------- ------ -------
Details
This Resource update (effective date January 5th, 2012) represents the
combination of the new compliant phase 2 drilling results and further
compilation of detailed historical geological and mining data.
Work concentrated on developing more detailed models of the three skarn zones
from both drill data and additional historical geological mapping. Importantly,
additional Intermediate alteration mineralisation was defined between the two
thinner skarn zones, the F2 and F3 zones, that go to make up the footwall zone.
Additional mining records were digitised and detailed models of historical
mining depletion were created.
Each of the skarn zones is described below. In each figure blocks in green are
of Indicated category, blue of Inferred category. Blocks shown in red are not
classified for reasons described by zone.
Hangingwall Zone
Figure 1: Illustrative perspective view of the model of the Sangdong Hangingwall
Zone with historical workings.
CLICK HERE TO VIEW IMAGE
Figure 1 shows that the Hangingwall Zone above -2 level is unclassified in this
update. This is a change from the interim resource update of July 2011.
Geotechnical studies showed poor ground conditions in this upper area where this
zone is close to the surface. In addition the phase 2 drilling encountered
consistent problems in attempting to core this zone with little addition to the
sample inventory. This reduction in confidence in this zone at this level in the
mine led to non-classification. Tetra Tech note, however, that there is still
good potential for this zone down dip, which will be reported in the near
future.
Main Zone
The detailed study of historical mining areas largely concentrated on the Main
Zone. Areas of mining depletion were modelled and Figure 2 shows the effects of
historical mining. The Main Zone is largely mined below the -2 level as shown by
the blocks in red. A zone of Indicated mineralisation is defined on the Eastern
periphery of the Main Zone. The down dip Resource potential is thought to be
limited to pillars remaining in the lowest levels of the old mine.
Footwall Zones
The footwall zones were the main subject of the detailed study of historical
geological mapping and distribution of the mineralisation. This resulted in a
change of approach from that in the Interim Resource report. This estimate has
divided the Footwall Zone into two separate skarn zones, the F2 and F3 zones,
plus a zone of lower grade alteration material between these zones termed the
Intermediate Zone. It is anticipated that in some areas it will be possible to
mine the three units together and this will be determined in the current
Feasibility Study work.
Figure 3 shows the distribution of Indicated and Inferred blocks in the F2 Zone.
The current modelling is consistent with historical down dip information for the
Footwall Zone and the down dip potential of these zones is good and will be
reported in the near future.
Figure 2: Illustrative perspective view of the model of the Sangdong Main Zone
with historical workings.
CLICK HERE TO VIEW IMAGE
Figure 3: Illustrative perspective view of the model of the Sangdong F2 Zone
with historical workings.
CLICK HERE TO VIEW IMAGE
Future work
Woulfe are continuing to drill, explore and sample within the Upper Section of
the old mine and plan to dewater down to -4 level in the near future to allow
these efforts to be expanded. Definition and refinement of the Sangdong models
will continue as more underground drilling is completed. This data will increase
the sample density increasing the area meeting the criteria for the 'Indicated'
category.
This news release has been reviewed and approved in the form and context in
which it appears by Mr Paul Gribble FIMMM, C.Eng, of Tetra Tech who are working
with Woulfe on the Sangdong studies. Mr. Gribble has appropriate qualifications
and sufficient relevant experience to qualify as a Qualified Person for the
reporting of mineral resources and exploration results for the Sangdong deposit.
Brian Wesson, President and CEO of Woulfe Mining, commented, "The drilling
programs have been successful and produced a significant upgraded in the
indicated resource. The proving up of over 10 years of mining resources to
accommodate the mining of 1.2 million per annum from above the valley floor
(above 2 level) takes the project forward a large step as it provides sufficient
ore for the feasibility. The feasibility study is running three months late due
to the drilling and the metallurgical test work which was moved to China.
Tungsten was mined and APT manufactured for many years by the previous mine
owner Korea Tungsten. Woulfe is focused on reconfirming the recoveries and
looking to optimise the flow sheet using new age Chinese technology that has
been developed over the last 20 years as the world's largest APT supplier.
Feasibility is due for release at the end of the quarter."
On Behalf of the Board of Directors
Woulfe Mining Corp.
Brian Wesson (FAusIMM), President, CEO and Director
About Woulfe Mining Corp.
Woulfe Mining Corp. is a TSX-V listed company with a diversified portfolio of
mining licenses for tungsten, molybdenum, gold, base metals and uranium-vanadium
in South Korea.
The Company's current projects include the Sangdong tungsten-molybdenum mine,
historically, one of the largest tungsten mines in the world; the Muguk
gold-silver mine, formerly South Korea's largest gold mine, as well as a number
of other properties with significant known mineralization and excellent regional
exploration potential.
Woulfe has high expectations for near-term, low-cost production. The company has
assembled a highly skilled, in-country, bilingual technical team and a board of
directors with an outstanding track record of success.
Forward-looking statements and forward-looking information by their nature are
based on assumptions and involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements or
information. We have made certain assumptions about the forward-looking
statements and information and even though our management believes that the
assumptions made and the expectations represented by such statements or
information are reasonable, there can be no assurance that the forward-looking
statement or information will prove to be accurate. Furthermore, should one or
more of the risks, uncertainties or other factors materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in forward-looking statements or information. These risks,
uncertainties and other factors include, among others, the following: commodity
price volatility; discrepancies between actual and estimated production, mineral
reserves and resources and metallurgical recoveries; mining operational and
development risk; litigation risks; regulatory restrictions, including
environmental regulatory restrictions and liability; risks of sovereign
investment; currency fluctuations; speculative nature of mineral exploration;
global economic climate; dilution; share price volatility; competition; loss of
key employees; additional funding requirements.
There can be no assurance that forward-looking statements or information will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, you should
not place undue reliance on the forward-looking statements or information
contained herein. Except as required by law, we do not expect to update
forward-looking statements and information continually as conditions change and
you are referred to the full discussion of the Company's business contained in
the Company's reports filed with the appropriate regulatory authorities.
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