THUNDER BAY, ON, Nov. 5, 2018 /CNW/ - Wolfden Resources Corporation (WLF.V) is pleased to announce that it has commenced a 2,500 metre diamond drill program on its 100%-owned Orvan Brook property in the heart of the Bathurst Mine Camp of New Brunswick. The property is close to excellent infrastructure including the producing Caribou Mine, operated by Trevali Mining Corporation.
The Orvan Brook project comprises several parallel lenses of disseminated to banded massive sulphide mineralization that can be traced over a three kilometre strike-length and to a depth of 500 metres. It remains open at depth and the lenses can vary in thickness up 12.7 metres. The deposit is hosted within the same rhyolitic sequence of the Spruce Lake formation that also hosts the Caribou Mine. An historical resource estimate for Orvan Brook, as reported in the Canadian Institute of Mining & Metallurgy - Exploration & Mining Geology, Vol. 15, Nos. 3-4, 2006, is 2,690,000 tonnes grading 5.9% Zn, 1.7% Pb, 0.4% Cu, 72 g/t Ag and 1.0 g/t Au. The historical resource was not prepared in accordance with NI 43-101 and was not classified by a qualified person and therefore, Wolfden does not treat it as a current mineral resource.
Since acquiring the property, Wolfden has completed 21 drill holes testing the massive sulphide lenses of the deposit. The grade and tenor of those results are comparable to those at Caribou and underscore the potential to define an economically significant massive sulphide mineral resource. The potential down plunge extension of these lenses is the focus of the drill program (see longitudinal section) in an effort to build a 43-101 compliant mineral resource.
The eastern lens features widely spaced intercepts including 4.7 metres of 9.1% Zn, 2.9% Pb, 0.4% Cu, 111.0 g/t Ag and 0.5 g/t Au in OB-17-21A, as well as 5.5 metres of 8.2% Zn, 2.9% Pb, 0.3% Cu, 82.9 g/t Ag in ORB-95-3. Similarly, the western lens contains 2.9 metres of 7.4% Zn, 2.6% Pb, 0.6% Cu, 128.4 g/t Ag and 1.1 g/t Au in OB-17-17.
Wolfden is a Canadian exploration and development company focused on advancing high-quality polymetallic projects in Canada and it's wholly owned high-grade (Zn, Pb, Cu, Ag) VMS Pickett Mountain Project in Maine, USA. Located close to excellent infrastructure, the company plans to complete sufficient exploration, definition drilling and various technical studies in order to demonstrate the economic potential for an underground mining scenario on the projects.
The information in this news release has been prepared and approved by Donald Hoy, M.Sc., P. Geo., Senior Vice President of exploration and Ron Little, President and CEO, who are Qualified Person's under National Instrument 43-101.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian and United States securities legislation (collectively, "forward-looking information"), including but not limited to information about future drilling activities at the Orvan Brook Project; the timing and completion of an anticipated mineral resource estimate and technical studies at the Orvan Brook Project; the results of historical resource estimates, and what defines an economically significant massive sulphide mineral resource. This forward-looking information entails various risks and uncertainties that are based on current expectations and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of base metals and minerals generally; operational, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make an underground mineral deposit commercially viable are present; the risks and hazards associated with mineral exploration and mining operations; and the ability of Wolfden to fund its substantial capital requirements and operations. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada available at www.sedar.com. Readers are urged to read these materials. Wolfden assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Wolfden Resources Corporation
For further information: please contact Ron Little, President and CEO at (613) 862-3699, or Don Hoy SVP Exploration at (807) 624-1131.