Property is host to 5 massive sulphide deposits and adjoins Wolfden's
Armstrong Brook property
More than 25 km of prospective geological stratigraphy offers potential
for the discovery of additional massive sulphide deposits
Hosts several untested conductors located up-ice and protecting the
high-grade boulder clusters discovered on the Company's Armstrong Brook
THUNDER BAY, ON, Nov. 20, 2013 /CNW/ - Wolfden Resources Corporation (TSXV: WLF) ("Wolfden or "the Company") today announces the signing of a non-binding letter of intent to
acquire a large strategic land package situated in the Bathurst Mining
Camp and surrounding area in north-eastern New Brunswick.
Collectively, the property acquisition comprises land holdings totaling
more than 20,000 hectares (the "Property").
The Bathurst Mining Camp is a well-established mining district, hosting
numerous mines and deposits including the Brunswick No. 12 deposit, one
of the world's premier large massive sulphide deposits, having produced
zinc, lead, silver and gold for well over 60 years. In addition to
Brunswick No. 12, there are more than 30 other massive sulphide
deposits in the Bathurst Mining Camp attesting to its vast world-class
endowment and mineral potential.
The core Property adjoins Wolfden's Armstrong Brook property immediately
to the west of it and provides the Company with: (1) additional up-ice
target areas that may potentially host some of the bonanza-grade
boulders occurring on the Armstrong Brook property and (2) an extensive
strategic property position underlain by fertile terrain known to
contain several known massive sulphide deposits (see Image 1 attached
to this news release).
Five (5) massive sulphide deposits and numerous base-metal occurrences
occur on the Property including the Armstrong A, Armstrong B, Rocky Turn, Canoe Landing Lake and McMaster
deposits. All of the deposits contain significant historic mineral resources
that are not compliant with National Instrument 43-101 and cannot be
relied upon for valuation purposes1 (see table below).+
Canoe Landing Lake
A qualified person has not done sufficient work to classify the above
historical estimates as current mineral resources. The Company is not
treating the historical estimates as current mineral resources.
The Property covers a minimum 25-kilometre strike length of the Spruce
Lake formation ("SLF") a favourable felsic volcanic sequence that hosts massive sulphide
deposits at the Armstrong A, Armstrong B, Rocky Turn, McMaster and
Orvan Brook (not on Property) deposits.
Notably, historical drilling testing the Spruce Lake formation on the
Property has been at shallow depths. Recent deep-searching geophysical surveys (Titan 24 in 2007-2008) has
identified several deeper targets within the SLF, several of which have not been tested by diamond drilling.
Additionally, recent MegaTEM airborne geophysical surveys flown in the
Bathurst Mining Camp, identified a series of conductors situated near
the eastern boundary of the Property and the adjoining west boundary of
the Armstrong Brook property. These conductors occur immediately
up-ice from the nine high-grade boulder clusters discovered at
Armstrong Brook and occur within an untested area along a similar
stratigraphic horizon hosting the Rocky Turn, Orvan Brook and Canoe
Landing Lake massive sulphide deposits.
Nearby massive sulphide deposits that also occur along the favourable
stratigraphy but not within the Property include the Caribou deposit
(NI 43-101 compliant Measured and Indicated Resource of 7,730,000
tonnes grading 6.40% Zn, 2,93% Pb, 0.43% Cu, 84.4 g/t Ag and 0.89g/t Au2), the Murray Brook deposit (NI 43-101 compliant Mineral Resource of
18,710,000 tonnes grading 1.18% Zn, 0.41% Pb, 1.46% Cu, 24.0 g/t Ag and
0.39g/t Au3) and the Orvan Brook deposit (historical resource of 2,690,000 tonnes
at a grade of 6.00% Zn, 1.70% Pb, 0.40% Cu and 72.0 g/t Ag1). A qualified person has not done sufficient work to classify the above
historical estimates as current mineral resources. The Company is not
treating the historical estimates as current mineral resources.]
Trevali Mining Corporation is currently completing pre-production work
at the Caribou mine while at Murray Brook, partners Votarantim Metals
Canada (65%) and El Nino Ventures Ltd. (35%) recently completed a
Preliminary Economic Assessment.
Upon satisfaction of certain conditions, including Wolfden completing
its due diligence review of the Property, the parties entering into a
definitive agreement on or before November 29, 2013 and receipt of
approval of the TSX Venture Exchange, Wolfden will acquire the Property
from 8100896 Canada Inc (the "Vendor"), a wholly-owned subsidiary of
GeoVenCap Inc. (the "Parent" and collectively the "GeoVen Entities"). Under the terms of the
transaction, Wolfden will pay the GeoVen Entities $125,000 in cash and
$100,000 in common shares of Wolfden.
The technical information in this news release has been reviewed and
approved by Donald Hoy, P. Geo., the Chief Executive Officer, President
and a director of the Company. Mr. Hoy is a Qualified Person under
National Instrument 43-101.
1 Technical Report on the Appalachian Property Held by Blue Note Mining
Inc. Gloucester, Northumberland and Restigouche Counties, New
Brunswick, Canada; February 29, 2012; for GeoVenCap Inc., by Mercator
Geological Services Ltd.
2Independant Technical Report for the Caribou Massive Sulphide Project,
Bathurst, New Brunswick, Canada; February 25, 2013; for Trevali Mining
Corporation, by SRK Consulting
3Technical Report on the Murray Brook Property, Restigouche County, New
Brunswick, Canada: April 13, 2012; for El Nino Ventures Inc., by G.A.
Harron and Associates Inc.
This press release contains forward-looking information that involve
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
the acquisition 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.
Neither the TSX Venture Exchange nor its regulation services provides
(as that term is defined in the policies of the TSX Venture Exchange)
has reviewed or accepts responsibility for the accuracy or adequacy of
SOURCE: Wolfden Resources Corporation
For further information:
President and CEO
Wolfden Resources Corporation
Tel: (807) 624-1131
Fax: (807) 624-1133
Proconsul Capital Ltd.
Tel: (416) 577-9927