THUNDER BAY, ON, March 20, 2013 /CNW/ - Wolfden Resources Corporation (the "Company") or ("Wolfden") (TSXV: WLF) is pleased to report the discovery by prospecting, of additional high-grade massive sulphide boulders on its Armstrong Project (the "Property") in north-eastern New Brunswick. The Property comprises a high-grade polymetallic volcanogenic massive sulphide (VMS) prospect located in the Bathurst Mining Camp, 15 kilometres northwest of the Brunswick No. 12 deposit. Brunswick No. 12 is one of the world's premier VMS deposits, having produced lead, zinc, silver and gold over the last 60 years.
The new boulder discoveries are located close to the contact between mafic volcanic and sedimentary rocks. The contact locale is also characterized by the presence of minor outcrops and abundant float of felsic volcanic rocks. The Company believes that taken as a whole, the close spatial association of the massive sulphide boulders with the mafic volcanic - sediment contact (and minor felsic volcanic component), suggests that the mafic volcanic-sediment contact marks a favourable stratigraphic horizon, potentially hosting significant VMS mineralization on the Property. An airborne geophysical survey completed in the fall of 2012, also shows a close relationship of the high-grade boulders with the boundary between conductive sediments and non-conductive volcanic rocks.
Assay results from three samples taken from three separate locales from the new discoveries are summarized below: 1
|SAMPLE NO.||Coordinates (UTM)||% ZN||% PB||% CU||AG (G/T)||AU (G/T)|
|1Analysis of the samples were completed at ALS Chemex in Vancouver, utilizing the ME-OG46 method. A prepared sample is digested in 75% aqua regia for 120 minutes. After cooling, the resulting solution is diluted to volume (100 ml) with de-ionized water, mixed and then analyzed by inductively coupled plasma-atomic absorption spectrometry or by atomic absorption spectrometry. ALS Chemex is independent of the Company.|
The new boulder discoveries enhance earlier discoveries made by prospecting on the Property, during 2011 and 2012. The 2011-2012 discoveries consist of 11 boulder clusters occurring over a sizeable area, a number of which returned bonanza-grade values in lead, zinc and silver. The 2011-2012 discoveries are located at least 5 kilometres away from the new discoveries reported above but show the same close spatial association of VMS boulders with the mafic volcanic-sediment contact. One cluster where 9 boulders were analyzed, yielded an average of 16.9% Zn, 5.09% Pb, 217 g/t Ag and 0.90 g/t Au. A second cluster returned average assays of 13.3% Zn, 4.01% Pb, 214 g/t Ag and 0.80 g/t Au 1 (see Wolfden news release dated November 26, 2012).
Donald Hoy, President and CEO stated; "Due to the abundance and angular nature of the VMS boulders at Armstrong Brook in addition to the thin overburden cover, I believe the boulders come from a nearby source. The close association of the boulders with the mafic volcanic-sediment contact seen in the field and on subsequent geophysical surveys is also encouraging and suggests that it comprises a favourable horizon for VMS mineralization".
As soon as access can be gained on the Property which is expected in the second quarter of 2013, the 2013 exploration program will commence. It will consist of prospecting, detailed ground geophysical surveys, trenching and diamond drilling.
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.
This press release contains projections and 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 that: (i) the Company plans to commence its 2013 exploration program as soon as it gains access to the property in the second quarter of 2013 which will include ground geophysics followed by anticipated trenching and diamond drilling on the Armstrong property in the summer of 2013; (ii) the Company belief that the mafic volcanic-sediment contact in connection with the new boulder discoveries marks a favourable strati-graphic horizon, potentially hosting significant VMS mineralization on the Armstrong 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. Except as required by law, the Company does not intend to update this forward-looking information.
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 of adequacy of this release.
SOURCE: Wolfden Resources Corporation
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