THUNDER BAY, ON, Dec. 9, 2013 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) ("Wolfden" or the "Company") is pleased to announce the signing of a definitive purchase agreement (the "Agreement") regarding the purchase by Wolfden of a large strategic land package situated in the Bathurst Mining Camp in north-eastern New Brunswick. comprising land holdings totaling more than 20,000 hectares (the "Property") (see Wolfden news release dated November 20, 2013). The Bathurst Mining Camp contains over 30 massive sulphide deposits including the Brunswick No. 12 zinc-lead-silver deposit; a testament to its world-class endowment and mineral potential.
The Property adjoins Wolfden's Armstrong Brook property immediately to the west of it and contains a number of untested, up-ice, airborne electromagnetic anomalies (MegaTEM & Aerodat frequency-domain surveys), that may potentially host some of the bonanza-grade boulders on the Armstrong Brook property (see attached Image 1). In addition, the Property contains 5 historic massive sulphide deposits and numerous mineral occurrences including the Armstrong A, Armstrong B, Rocky Turn, McMaster and Canoe Landing Lake deposits. The area is well served with access infrastructure and the Brunswick No. 12 mill is located approximately 25 kilometres to the east of the Property. Historic resources are documented for these deposits in the table below.
|DEPOSIT||TONNAGE||%ZN||%PB||%CU||G/T AG||G/T AU|
|Canoe Landing Lake||22,800,000||1.82||0.64||0.56||32.23||1.17|
All of the deposits are historic mineral resources that are not compliant with National Instrument 43-101 and cannot be relied upon for valuation purposes. A qualified person has not done sufficient work to classify the above historic resources as current mineral resources and accordingly, the Company is not treating the historical estimates as current mineral resources.
Wolfden intends to complete ground geophysical surveys early in 2014, detailing the up-ice airborne electromagnetic anomalies as potential sources for the massive sulphide boulders on the adjacent Armstrong property situated to the east (see attached Image 2). It also plans on further exploring the Spruce Lake formation ("SLF"), a favourable felsic volcanic sequence that occurs over a minimum 25 kilometre strike-length on the Property. Notably, deposits including the Rocky Turn and McMaster deposits hosted within the SLF were last drilled in the 1960's and to relatively shallow depths.
George Topping, Wolfden's CEO, said, "This massive increase in Wolfden's property holdings dramatically increases our exploration opportunities. This property addition provides accelerated development options as it adds several known deposits with existing resources as well as multiple highly prospective targets in one of Canada's most prolific yet underexplored mining camps. "
Wolfden acquired the Property from 8100896 Canada Inc., a wholly-owned subsidiary of GeoVenCap Inc. (collectively the "Vendors"). Pursuant to the terms of the Agreement, Wolfden has agreed to purchase all of the Vendors' right, title and interest to and in the Property for cash consideration of $125,000 and $100,000 in common shares of Wolfden. The closing date of the transaction is expected to occur on or about December 11, 2013 and is subject to the receipt of an approval and vesting order from the Superior Court (Commercial Division) in Québec and satisfaction or waiver of closing conditions typical for a transaction of this nature. The transaction has been approved by the TSX Venture Exchange.
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.
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 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 this release.
Image with caption: "Bathurst Mining Camp Property Acquisition - Image 1 (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20131209_C8900_PHOTO_EN_34693.jpg
Image with caption: "Bathurst Mining Camp Property Acquisition - Image 2 (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20131209_C8900_PHOTO_EN_34694.jpg
SOURCE: Wolfden Resources Corporation
For further information:
Proconsul Capital Ltd.
Tel: (416) 577-9927
Chief Executive Officer
Wolfden Resources Corporation
Tel: (416) 268-1043
Email: [email protected]