Bonanza Red Lake drilling returns 5.31g/t Au Bonanza Red Lake drilling returns 5.31g/t Au across 24.9 meters
6/29/05
Shares Issued: 50,982,878
THUNDER BAY, ON, Jun 29, 2005 (Canada NewsWire via COMTEX) --
WOLFDEN RESOURCES INC. (TSX:WLF) is pleased to announce that drilling continues to intersect significant gold grades in a new gold zone identified on the Company's 100% owned Bonanza Property. The zones trend onto the adjacent Follansbee joint venture project (40% Wolfden - 60% Sabina Resources Limited (TSX-V:SBB)) in the Red Lake Mining District, Ontario.
Drilling has intersected parallel horizons, displaying both vertical and horizontal continuity both on the wholly owned Bonanza Property, and on the boundary area of the Bonanza and Follansbee Properties. The target of future exploration by Wolfden will focus on a "near surface bulk tonnage model" - as demonstrated by holes 05WB-24 and 28 which intersected 2.43g/t Au across 33.65m and 5.31g/t Au across 24.90m respectively in the "Sulphide Zone"; and holes 05WB-06 and 27 which intersected 2.15g/t Au across 82.55m and 2.51g/t Au across 86.00m respectively in the "Silicified Zone". It should be noted that the last 11.3m of hole 05WB-06 assayed 4.53g/t Au and the last 16.0m of hole 05WB-27 (drilled up-dip of 06) assayed 6.41 g/t Au. The gold-bearing zones have been traced over a strike length of more than 500 meters across the Bonanza and Follansbee Properties. Mineralization remains open both along strike and down dip as demonstrated by the western-most hole on the Bonanza Property which intersected 3.71g/t Au across 17.0m.
Within many of the intersections are higher-grade vein zones that could become underground targets. Numerous holes from the Bonanza drilling have returned high-grade intersections including 10.03g/t Au across 3.95m in hole 05WB-01, 8.64g/t Au across 6.0m in hole 05WB-03, 6.41g/t Au across 16.0m in hole 05WB-27, and 13.34g/t Au across 7.3m in hole 05WB-28. Additionally, drilling on Follansbee project has returned high-grade intersections including 71.72 g/t gold (2.09oz/short ton) over 2.26m within a mineralized section grading 12.00 g/t over 15.57m in hole SWF-05-24 and 52.67g/t Au across 3.1m in hole SWF-05-08.
Gold mineralization at Bonanza and Follansbee occurs along the main Red Lake "Mine Trend" in a major east-west shear/alteration zone, proximal to a contact phase between Bruce Channel(?) sediments and Balmer Assemblage volcanics containing ultramafic rock units. High-grade gold in the Red Lake Greenstone belt is often found in high strain zones proximal to ultramafic rock units. Red Lake is world renowned for high-grade gold, with Placer Dome's Campbell Gold Mine and Goldcorp's Red Lake Mine, located approximately 3 kilometers to the east of Bonanza-Follansbee, being two of the highest grade gold mines in the world. The significant widths of gold mineralization in a near-surface setting as seen on the Bonanza property are rare in Red Lake. With existing gold mills located within several kilometers, Wolfden believes that there could be potential to initially exploit the zone(s) by open pit mining methods - an approach being used successfully in the historic Timmins and Hemlo gold camps. Future drilling will also test the up-dip extension of these new zones in an effort to identify mineralization that can be accessed by open pit.
Bonanza Property ----------------
28 of 29 holes drilled to date have been drilled due north at dips ranging from 45-60 degrees. True widths are believed to be approximately 50-75% of core length.