THUNDER BAY, ON, Jan. 22, 2014 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) ("Wolfden" or the "Company") is pleased to announce that it has begun planning for a 2014
exploration program to be completed on its recently acquired Tetagouche
property (the "Property"), situated in the Bathurst Mining Camp in northeastern New Brunswick.
The large Property, comprising greater than 30,000 hectares, contains 5
historic massive sulphide deposits and numerous mineral occurrences
(see Image 1). The Company also announces that it has dropped its
option on the adjoining Armstrong Brook Property.
Deposits situated on the Tetagouche Property include the Armstrong A, Armstrong B, Rocky Turn, McMaster and Canoe Landing Lake
deposits (see Wolfden Press Release dated December 9, 2013) and are host to historic resources as tabulated
below1.
|
DEPOSIT
|
TONNAGE
|
%ZN
|
%PB
|
%CU
|
g/t AG
|
g/t AU
|
|
Armstrong A
|
3,377,000
|
3.26
|
0.43
|
0.29
|
25.37
|
0.41
|
|
Armstrong B
|
488,583
|
1.10
|
0.23
|
0.67
|
13.71
|
0.10
|
|
Rocky Turn
|
131,000
|
8.43
|
2.69
|
0.28
|
101.00
|
3.10
|
|
Canoe Landing Lake
|
23,800,000
|
1.82
|
0.64
|
0.56
|
32.23
|
1.17
|
|
McMaster
|
250,000
|
|
|
0.75
|
|
|
All of the deposits are historical estimates that have not been prepared
in accordance with with National Instrument 43-101 and cannot be relied
upon. A qualified person has not done sufficient work to classify the
above estimates as current mineral resources and accordingly, the
Company is not treating the historic estimates as current mineral
resources.
Deposits including McMaster and Rocky Turn have not been drilled since
the late 1960's and are open at depth as well as along strike. The
Canoe Landing Lake deposit will be assessed for its potential to host
smaller tonnages of higher-grade base-metal mineralization and to
further examine its mineral content. It is expected that these deposits
will be tested in an initial modest drilling program beginning in
mid-March.
Wolfden's option agreement on the Armstrong Brook Property has been
terminated and the property returned to the vendor following a 10-hole
diamond drilling program completed in late 2013 that failed to locate a
bedrock source for numerous clusters of high-grade Zn-Pb-Ag-Au massive
sulphide boulders found on the property. Based on such drilling, the
evidence suggests that the boulders have likely travelled greater
distances than originally thought. Notably, the Tetagouche Property
contains a series of untested airborne electromagnetic anomalies
(MegaTEM and Aerodat frequency-domain surveys) up-ice from the boulders
that could be source areas for some of the boulders discovered on the
Armstrong Brook property.
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.
1 Technical Report on the Appalachian Property Held by Blue Note Mining
Inc. Gloucester, Northumberland and Restigouche Counties, New
Brunswick, Canada; February 29, 2012; for GeoVenCap Inc., by Mercator
Geological Services Ltd.
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
plans and results of exploration. 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.
All of the deposits are historical estimates that have not been prepared
in accordance with National Instrument 43-101 and cannot be relied
upon. A qualified person has not done sufficient work to classify the
above estimates as current mineral resources and accordingly, the
Company is not treating the historic estimates as current mineral
resources.
Source of Historic Estimates
-
Technical Report on the Appalachian Property Held by Blue Note Mining
Inc. Gloucester, Northumberland and Restigouche Counties, New
Brunswick, Canada; February 29, 2012; for GeoVenCap Inc., by Mercator
Geological Services Ltd.
-
Independent Technical Report for the Caribou Massive Sulphide Project,
Bathurst, New Brunswick, Canada; February 25, 2013; for Trevali Mining
Corporation, by SRK Consulting
-
Technical Report on the Murray Brook Property, Restigouche County, New
Brunswick, Canada: April 13, 2012; for El Nino Ventures Inc., by G.A.
Harron and Associates Inc
SOURCE Wolfden Resources Corporation
Image with caption: "Image 1: Bathurst Mining Camp Property Acquisition (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20140122_C4263_PHOTO_EN_35744.jpg
