Woulfe Mining Reports Drill Results for the Sangdong Drilling Program
18 February 2012 - 12:00AM
Marketwired Canada
Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX
VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce assay results
for three batches of samples associated with the drilling program at Sangdong.
The results for the drilling completed during 2011 will be used in the
calculation of the Feasibility Study resource estimate. Drilling from
underground locations is continuing at Sangdong.
This batch of assay results comprises 17 holes, of which eight were drilled from
Taebaek Level mostly to test the Main Zone, and nine were drilled from Sangdong
Level mostly to test the Footwall Zones. Three of the holes encountered poor
ground conditions and were abandoned prior to hitting the target.
Overall nine Footwall and six Main Zone intersections were recorded. Significant
Main Zone intersections include 3.9 metres true width at 1.04% WO3 (WSDD0047)
and 5.3 metres true width at 0.49% WO3 (WSDD0080). Significant Footwall Zone
intersections include 11.9 metres true width at 0.44% WO3 (WSDD0069) and 4.6
metres true width at 0.98% WO3 (WSDD0071).
The significant drilling results are summarised as below:
Main Zone
(The Main Zone was not included in NI43-101 resources March 2010 but was
included in the Interim Resource of July 2011)
----------------------------------------------------------------------------
Interval True Width Grade Grade
Hole (m) Length (m) (m) (%WO3) (%MoS2) Zone
----------------------------------------------------------------------------
WSDD0047 Collar 4111449N, 485298E, Azimuth 95, Dip +36, Depth 65m, Target
Main
----------------------------------------------------------------------------
Intersection 4.0-9.0 5.0 3.9 1.04 0.23 Main
----------------------------------------------------------------------------
WSDD0080 Collar 4111462N, 485313E, Azimuth 177, Dip -8, Depth 30m, Target
Main
----------------------------------------------------------------------------
Intersection 0.0-11.0 11.0 5.3 0.49 0.07 Main
----------------------------------------------------------------------------
including 0.5-3.0 2.5 1.2 1.26 0.07 Main
----------------------------------------------------------------------------
WSDD0061 Collar 4111405N, 485356E, Azimuth 23, Dip +36, Depth 63m, Target
Main
----------------------------------------------------------------------------
Intersection 50.6-60.7 10.2 8.8 0.34 0.03 Main
----------------------------------------------------------------------------
Footwall Zones
----------------------------------------------------------------------------
Interval True Width Grade Grade
Hole (m) Length (m) (m) (%WO3) (%MoS2) Zone
----------------------------------------------------------------------------
WSDD0069 Collar 4111713N, 484664E, Azimuth 15, Dip +25, Depth 50m, Target
F/W zones
----------------------------------------------------------------------------
Intersection 13.0-30.0 17.0 11.9 0.44 0.03F2 and F3
----------------------------------------------------------------------------
Includes 25.0-30.0 5.0 3.5 0.92 0.08 F2
----------------------------------------------------------------------------
WSDD0071 Collar 4111687N, 484701E, Azimuth 17, Dip +26, Depth 50m, Target
F/W zones
----------------------------------------------------------------------------
Intersection 20.0-26.0 6.0 4.2 0.34 0.03 F3
----------------------------------------------------------------------------
Intersection 34.5-41.0 6.5 4.6 0.98 0.02 F2
----------------------------------------------------------------------------
WSDD0070 Collar 4111713N, 484664E, Azimuth 53, Dip +25, Depth 50m, Target
F/W zones
----------------------------------------------------------------------------
Intersection 12.5-15.0 2.5 1.8 0.54 0.00 F3
----------------------------------------------------------------------------
Intersection 25.5-29.5 4.0 2.8 0.81 0.03 F2
----------------------------------------------------------------------------
Significant drill intercepts, defined as any mineralisation of 1 metre lengths
or longer, are presented in the tables above. A cut-off of 0.15% WO3 was used
for the intersection calculations.
The drilling program is targeting the unmined mineralisation in the upper
section of the mine above the old No. 2 Level for mine planning and feasibility
reserve estimation purposes. This represents approximately one quarter of the
dip length of known mineralisation from the old mine. The resource for this
section of the mine was recently re-estimated (see Company release dated 24th
January 2012), resulting in an Indicated Resource of 16.4 million tonnes at
0.45% WO3, 0.04% MoS2 and an Inferred Resource of 19.4 million tonnes at 0.44%
WO3, 0.05% MoS2 at a cut-off of 0.2% WO3. This compares with the Scoping Study
Inferred Resource of 103.6 million tonnes at 0.35% WO3, 0.04% MoS2 at a cut-off
of 0.1% WO3 for the entire mine.
The samples are prepared on-site in Korea to appropriate industry standards and
sent to SGS Perth, Australia for analysis. Samples are analysed by Inductively
Coupled Plasma Mass Spectrometry (ICP) and for ore-grade quantities of specific
elements by aqua regia or 4-acid digestion followed by ICP analysis. Molybdenum
is analysed by X-ray fluorescence. The QA/QC protocol comprises insertion of one
standard, one blank (crushed glass) and one pulp duplicate in every batch of 20
samples. No QA/QC results are available as yet.
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 Wardrop, a Tetra Tech
company, who is 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 exploration results and Mineral Resources
for the Sangdong deposit.
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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