THUNDER BAY, ON, Jan. 22, 2014 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) ("Wolfden" or the "Company") is pleased to announce that it has begun planning for a 2014 exploration program to be completed on its recently acquired Tetagouche property (the "Property"), situated in the Bathurst Mining Camp in northeastern New Brunswick. The large Property, comprising greater than 30,000 hectares, contains 5 historic massive sulphide deposits and numerous mineral occurrences (see Image 1). The Company also announces that it has dropped its option on the adjoining Armstrong Brook Property.
Deposits situated on the Tetagouche Property include the Armstrong A, Armstrong B, Rocky Turn, McMaster and Canoe Landing Lake deposits (see Wolfden Press Release dated December 9, 2013) and are host to historic resources as tabulated below1.
|DEPOSIT||TONNAGE||%ZN||%PB||%CU||g/t AG||g/t AU|
|Canoe Landing Lake||23,800,000||1.82||0.64||0.56||32.23||1.17|
All of the deposits are historical estimates that have not been prepared in accordance with with National Instrument 43-101 and cannot be relied upon. A qualified person has not done sufficient work to classify the above estimates as current mineral resources and accordingly, the Company is not treating the historic estimates as current mineral resources.
Deposits including McMaster and Rocky Turn have not been drilled since the late 1960's and are open at depth as well as along strike. The Canoe Landing Lake deposit will be assessed for its potential to host smaller tonnages of higher-grade base-metal mineralization and to further examine its mineral content. It is expected that these deposits will be tested in an initial modest drilling program beginning in mid-March.
Wolfden's option agreement on the Armstrong Brook Property has been terminated and the property returned to the vendor following a 10-hole diamond drilling program completed in late 2013 that failed to locate a bedrock source for numerous clusters of high-grade Zn-Pb-Ag-Au massive sulphide boulders found on the property. Based on such drilling, the evidence suggests that the boulders have likely travelled greater distances than originally thought. Notably, the Tetagouche Property contains a series of untested airborne electromagnetic anomalies (MegaTEM and Aerodat frequency-domain surveys) up-ice from the boulders that could be source areas for some of the boulders discovered on the Armstrong Brook property.
The technical information in this news release has been prepared and approved by Donald Hoy P. Geo., 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.
This press release contains forward-looking information 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 plans and results of exploration. 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 this release.
All of the deposits are historical estimates that have not been prepared in accordance with National Instrument 43-101 and cannot be relied upon. A qualified person has not done sufficient work to classify the above estimates as current mineral resources and accordingly, the Company is not treating the historic estimates as current mineral resources.
Source of Historic Estimates
- 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.
- Independent Technical Report for the Caribou Massive Sulphide Project, Bathurst, New Brunswick, Canada; February 25, 2013; for Trevali Mining Corporation, by SRK Consulting
- Technical 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
Image with caption: "Image 1: Bathurst Mining Camp Property Acquisition (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20140122_C4263_PHOTO_EN_35744.jpg
SOURCE: Wolfden Resources Corporation
For further information:
Wolfden Resources Corporation
Tel: (807) 624-1131 Fax: (807) 624-1133
Email: [email protected]
Chief Executive Officer
Wolfden Resources Corporation
Tel: (416) 268-1043
Email: [email protected]