THUNDER BAY, ON, Oct. 31, 2013 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) ("Wolfden" or the "Company") provided today an exploration update on its 100%-owned Armstrong Brook
property (the "Property").
The Armstrong Brook property contains a number of high-grade
poly-metallic volcanic-sediment hosted massive sulphide prospects
(VSHMS) located in the well-established Bathurst Mining Camp of
north-eastern New Brunswick. The Property is situated approximately 15
kilometres northwest of the Brunswick No. 12 Zn-Pb-Cu-Ag-Au deposit;
one of the world's premier massive sulphide deposits having produced
zinc, lead, copper, silver and gold over a mine life of some 60 years.
Massive Sulphide Boulders Believed to be Close to Bedrock Source:
Over the latter part of the 2012 and the current 2013 exploration
programs, a total of nine major clusters of massive sulphide boulders
were discovered and sampled on the Property; namely VMS Valley 1 through VMS Valley 9 (see Wolfden news releases dated March 20, 2013, May 30, 2013 and July
8, 2013). The boulder clusters are widespread, occurring in an area of
the Property with dimensions of at least 20 square kilometers. All of
the boulder clusters contain at least in part, high-grade values in
zinc, lead, copper, silver and gold (see attached Mineral Occurrence Map (Exhibit 1)).
Donald Hoy, Wolfden's President and CEO, said, "We are excited to
initiate the first diamond drill campaign on our flagship Armstrong
Brook Project. Our expectations are positive based on our compelling
work to date and on the high prospectivity of the Bathurst Camp. The
results of this inaugural drill campaign will help us further refine
our understanding of the project and guide us in choosing our next set
of targets."
A diamond drill will be mobilized to the Armstrong Brook property by the
end of this week. A first phase diamond drilling program, anticipated
to be a minimum of 2500 metres, will test the highest priority targets.
Results from the drilling will be released as they become available.
Background and Historical Work:
The geological evidence accumulated to date, is strongly suggestive of a
local bedrock source for the numerous boulder clusters. All of the
boulder clusters occur adjacent or close to the contact between
sedimentary rocks of the Millstream Formation and overlying mafic
volcanic rocks of the Sormany Formation. Proximal to this contact,
where the massive sulphide boulders occur, the sediments are altered
(silicified and pyritic) and outcrops of altered felsic volcanic rocks
have also been identified. Collectively, these features suggest the
potential for a local occurrence of a favourable horizon for massive
sulphides within the sediments, below the mafic volcanics in a
sedimentary-exhalative-type setting.
Over the last several months, a follow-up program of line-cutting,
geological mapping and ground geophysics were undertaken to create a
detailed database to correlate with the high-grade boulders and to
assist in defining drill targets. In all, a total of 100 kilometres of
survey lines were cut (covering all of VMS Valleys 1 through 9),
followed by horizontal-loop electromagnetic (Max-Min), total field
magnetic and gravity surveys. Currently, the Max-Min and magnetic
survey have been completed and results obtained, whereas the gravity
survey is still ongoing. It is anticipated that the gravity survey will
be completed by the end of October with results in the Company's hands
shortly thereafter.
Survey Results and Priority Targets:
Based on the data received to date, three (3) target areas have emerged
as priority targets that will be drilled over the next 4 weeks.
VMS Valley 5 (located in the north-western portion of the property) contains
high-grade massive sulphide boulders discovered over an intermittent
1-kilometre strike length. Such boulders assay up to 14.2% Zn, 6.1% Pb, 1.2% Cu, 251 g/t Ag and 1.8 g/t Ag. A prominent, linear shaped residual gravity anomaly (amplitude 0.8 to
1.0 milligal) is situated up-ice and up-slope, 350 metres to the west
of the massive sulphide boulders. One massive sulphide boulder is
located within the confines of the gravity anomaly itself. The gravity
anomaly is also semi-coincident with a moderate strength Max-Min
electromagnetic anomaly and a circular-shaped magnetic anomaly (see attached Gravity Survey (Exhibit 2) and Magnetic Survey (Exhibit 3)
Maps from VMS Valley 5).
An additional high-priority target is VMS Valley 7; consisting of 1 major massive sulphide boulder cluster and 3 smaller
massive boulder clusters, occurring in an area measuring 100 metres by
50 metres. The largest cluster returned bonanza-grade mineralization
yielding combined zinc + lead values of 14.6% as the lowest assay and 28.2% as
the highest assay. These samples comprise angular banded massive sphalerite-galena-pyrite
boulders, the largest of which is approximately 50 kilograms in weight.
A moderate strength conductor defined over at least 300 metres by the
Max-Min survey (440 Hz) occurs 50 to 75 metres to the west of the
boulder cluster. Gravity results have not yet been received from VMS Valley 7.
Several boulders were discovered at VMS Valley 8, in the central portion of the property, an additional high priority
target. Boulders at VMS Valley 8 yield assays as high as 13.4% Zn, 7.3% Pb, 2.9% Cu, 319 g/t Ag and 2.5 g/t Au. A prominent cluster occurring proximal to the contact between
sediments and mafic volcanics, is intimately associated with a
moderate-strength Max-Min anomaly (440 Hz) occurring over a minimum
300-metre strike length. VMS Valley 8 is also the locale where in-situ 'books' or "sheets" of massive
sulphide have been discovered within altered sedimentary rocks. Gravity
results from VMS Valley 8 have yet to be received.
The technical information in this news release has been reviewed and
approved by Donald Hoy, P. Geo., the Chief Executive Officer, President
and a director of the Company. Mr. Hoy is a Qualified Person under
National Instrument 43-101.
This press release contains projections and forward-looking information
that involve 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 that: (i) the
Company plans to undertake an exploration program commencing in the
spring of 2013 involving ground geophysics followed by anticipated
trenching and diamond drilling on the Armstrong property in the summer
of 2013; (ii) the Company expects there is a reasonable opportunity to
locate a bedrock source of the high-grade boulders with respect to the
Armstrong 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.
SOURCE Wolfden Resources Corporation
Image with caption: "Exhibit 1 - ARMSTRONG BROOK - Property Geology and Massive Sulphide Boulder Clusters (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20131031_C8887_PHOTO_EN_32771.jpg
Image with caption: "Exhibit 2 - ARMSTRONG BROOK - VMS VALLEY 5 - Residual Gravity & Massive Sulphide Boulders (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20131031_C8887_PHOTO_EN_32772.jpg
Image with caption: "Exhibit 3 - ARMSTRONG BROOK - VMS VALLEY 5 - Total Field Magnetics & Massive Sulphide Boulders (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20131031_C8887_PHOTO_EN_32773.jpg
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