Woulfe Mining Corp WFEMF

NEWS - Revised Mineral Resource

[ark88]

Woulfe Mining Announces a Revised Mineral Resource Estimate for its Sangdong Tungsten Project

Wednesday, October 15, 2014

 

Woulfe Mining Announces a Revised Mineral Resource Estimate for its Sangdong Tungsten Project

09:30 EDT Wednesday, October 15, 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 15, 2014) - Woulfe Mining Corp. ("Woulfe" or the "Company") (CSE:WOF)(FRANKFURT:OZ4) - Woulfe announces a revised Mineral Resource Estimate for its Sangdong Tungsten Project. The Company determined, after a detailed review during the calendar year 2013 (See News Releases dated May 17, 2013 and October 28, 2013) that it was urgent and necessary to reassess and de-risk the 2012 TetraTech Feasibility Study of the Sangdong Project.

To this end, the Company embarked on an additional Phase 5, closely-spaced grid drilling program, which started in April 2014 and was completed in August 2014. The recent drilling program added 11,340 meters of resource definition drilling to the data available for the 2012 TetraTech Feasibility Study. In addition to the drilling program, an important and necessary geotechnical study was carried out by Turner Mining and Geotechnical Pty Ltd. during June and July 2014, using a database that increased from 22 to over 400 geotechnically-logged boreholes. The 2014 drilling program, combined with an enhanced geotechnical database, provides satisfactory input for the completion of a revised Feasibility Study which is currently being prepared for the Company and which is expected to be released by the end of calendar 2014.

Woulfe commissioned AMC Consultants Pty Ltd. of Melbourne, Australia ("AMC") in August 2014 to undertake a Mineral Resource Update to be reported in accordance with Canadian National Instrument 43-101 for the Sangdong Tungsten Property. This study was based on the additional available data.

The AMC Report details a Mineral Resource estimate carried out by independent Qualifed Person, Dr. Andrew Fowler MAusIMM (CP). The Mineral Resource estimate complies with NI 43-101 and is in line with industry good practice as defined in the Canadian Institute of Mining and Metallurgy and Petroleum (CIM) Mineral Resource, Mineral Reserve Best Practice Guidelines (which is referenced by NI 43-101). The Mineral Resource was estimated using a block modeling approach in Datamine's ™ dynamic anisotropy application.

The following table, extracted from the AMC Report, shows the Mineral Resource and metal content for the Sangdong Property as of September 15, 2014. The cut-off grade of 0.4% WO₃ was provided by the Company and was based on an assumed mining method, production rate, metallurgical recovery and metal prices. AMC reviewed these assumptions and considered that they met the requirement of reasonable prospects of eventual economic extraction:

Mineral Resource estimate as of September 2014:

Resource Category	Mineralized Zone	Mtonnes	Density (t/m3)	WO 3 %	MoS 2 (%)	Contained WO 3 metal (Mt)
Measured	Main	0.55	3.19	0.61	0.066	0.33
	F2	0.86	3.01	0.56	0.057	0.48
	F3	0.74	3.06	0.55	0.057	0.41
Measured Total		2.15	3.07	0.57	0.059	1.22
Indicated	HW	0.19	2.90	0.46	0.095	0.09
	Main	0.31	3.19	0.62	0.031	0.19
	F2	0.58	2.96	0.55	0.029	0.32
	F3	0.57	2.97	0.53	0.026	0.31
Indicated Total		1.66	3.00	0.55	0.036	0.91
Measured + Indicated		3.81	3.04	0.56	0.049	2.12
Inferred	HW	7.93	2.90	0.68	0.089	5.38
	Main	0.34	2.93	0.74	0.047	0.26
	F2	0.93	2.91	0.53	0.073	0.49
	F3	0.76	2.91	0.48	0.047	0.37
	F4	1.31	2.92	0.52	0.053	0.69
Inferred Total		11.28	2.90	0.64	0.080	7.18

Notes:

(1) There are no current Mineral Reserves that are based on this September 2014 Mineral Resource

(2) Exclusive of mine production to 15 September 2014

(3) Rounding of some figures may lead to minor discrepancies in totals

In Dr. Fowler's opinion, the geological data used to inform the Sangdong Property block model estimates above -3 level (594 mRL), were collected in line with industry good practice as defined in the Canadian Institute of Mining and Metallurgy and Petroleum (CIM) Exploration Best Practice Guidelines and the CIM Mineral Resource, Mineral Reserve Best Practice Guidelines. As such, the data are suitable for use in the estimation of Minerals Resources. There is inadequate documentation for the geological data below -3 level, which precludes an assessment of its quality. The resulting uncertainty in the location and/or grade below -3 level is reflected in the Mineral Resource classification.

AMC confirms Measured and Indicated Resources, prepared in accordance with NI 43-101, at the plus 0.4% cut-off grade, of 3.81 million tonnes at a grade of 0.56% WO₃ containing 21,336 tonnes of metal_. The AMC Report also reports substantially less Inferred Resources compared to the TetraTech Feasibility Study when using the same cut-off grade used by TetraTech, which was 0.15% WO₃.

The 2012 TetraTech Feasibility Study produced mineral resource estimates at a cut-off grade of 0.15% WO₃ based on a bulk mining approach contemplated at that time. By comparison, the AMC Report, having been delivered to the Company on October 3, 2014, uses a cut-off grade of 0.4% WO₃ based on a more selective mining approach currently being considered.

The first phase of development of the Sangdong Property will be focused between Level -1 to the Taebaek Level which are three immediately reachable levels above a further 15 levels to be de-watered progressively after start-up of operations, which all represent reasonable prospects of eventual economic extraction.

In the AMC Report, which is expected to be available on SEDAR at www.sedar.com within 45 days, AMC recommends that Woulfe continue to investigate the lower levels down to -16 Level as the mine is progressively de-watered in the future, and to grid drill the thicker part of the Hanging Wall Mineralization from the -1 to Taebaek levels, which represents 75% of the inferred resources and contains widely spaced historic drill intersections containing plus 0.5% WO₃ across ten plus meters. Grid drilling of the Hanging Wall Mineralization commenced in late September 2014 and is expected to finish during November 2014.

Woulfe is now developing a revised mining plan adapted to the Mineral Resource Model established by AMC. The new mining plan is anticipated to be substantially different from the 2012 TetraTech Feasibility Study.

The mining plan is expected to be completed by early November 2014 and will be an important building block in the finalization of the revised Feasibility Study expected to be completed by the end of calendar 2014.

The technical information disclosed in this press release was reviewed and approved by Mr. Andrew P. Fowler, AusIMM CP (Geo), Phd, of AMC, who is a "Qualified Person" as defined in NI 43-101.

On Behalf of the Board of Directors

Woulfe Mining Corp.

Michel Gaucher, CEO and Director

[chizzles]

Finally something...can somebody with more knowledge than I translate this for me exactly what the Mineral Resource estimate states...never been great at completely comprehending the results... (and there hasn't been any shares picked up or sold yet this morning so I can't judge by that)... Thanks in advance, Chizzles

[Zynfandel]

Finally a news! A lot of things seemed to have happened during the past few months. Great to know that they were not just sleeping at the wheel! Zyn

[Flow23]

For me quite good news - they grade is mugh higher than before, that is very positive to me as it leads to lower production cost. The tonnage is quite reduced, but that might be because of the small section drilled. The announced revised Feasibility Study end of the year sounds like things are on the right track. After that financing can be resumed....next year should be bright!

[chizzles]

Based on the ask, looks like someone is trying to keep the SP down...50 000 on the ask at .07 while there has been a lot of buying at .075...why can't we just let this thing go!!!

[GaiusGermanicus]

With that mineralization report who cares?  Just buy all you can when you can as this will be a .30 company minimum the instant the deal is signed JUST from the value of Sangdong and completely ignoring the other properties which the income from Sangdong will let them develop. If Dundee screws this up at this point it's because they backed themselves into a corner and can't get out.

[$HAWK]

Chizzles:  Today is the same as earlier in the last 3 trading days, when top bid value was @ .o65 and lots of action was @ .06 ( buy or sell) as I mentioned to another blogger. I know this is frustrating but now with good news and communication SH will feel connected, buying will increase and SP, slowly will appreciate. I have not had very much exposure to Leval 11, but this has been