THUNDER BAY, ON, June 10, 2014 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) ("Wolfden" or the "Company") is pleased to announce the discovery of additional high-grade massive
sulphide boulders proximal to a large geophysical/geochemical anomaly
on the Company's Tetagouche property ("the Property"). This discovery was made in the early stages of the 2014 exploration
program on the Property, which comprises over 20,000 hectares located
in the heart of the Bathurst Mining Camp, 25 kilometres west of the
City of Bathurst in north-eastern New Brunswick.
The Bathurst Mining Camp ("BMC") is a well-established mining district with excellent infrastructure,
hosting a number of mines and deposits, including the recently closed
Brunswick #12 deposit that produced zinc, lead, silver and gold for
well over 60 years and Trevali Mining Corporation's Caribou mine and
mill, due to re-open in 2015. There are more than 30 other known
massive sulphide deposits in the BMC district. Wolfden's Tetagouche
property contains 5 historic massive sulphide deposits and a number of
mineral occurrences including the Armstrong A, Armstrong B, Rocky Turn, McMaster and Canoe Landing Lake
deposits (see Note 1 below, Map 1 and Wolfden News Release dated December 9,
2013).
New Massive Sulphide Boulder Discovery:
Recent prospecting resulted in the discovery of high-grade boulders of
massive sulphide on the Property up-ice from previous boulders
identified to the east in earlier exploration. The large angular
boulders recently discovered are located approximately 40 metres apart
and comprise sphalerite, galena, pyrite and minor chalcopyrite. The
boulders are located immediately to the east of a large Pb-Zn soil
anomaly, are coincident with a moderate-strength airborne
electromagnetic anomaly (MegaTEM) and are hosted within strongly
altered felsic volcanics of the Spruce Lake formation (see Map 2).
This discovery will be a prime target in the current exploration
program in the search for new, in-situ massive sulphide deposits. The
discovery locale is situated in a large fold structure between the
Rocky Turn and Armstrong deposits and has not previously been tested by
diamond drilling. Complete assays for the boulders are tabulated below
(see Note 2 below).
SAMPLE NO.
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Coordinates (UTM)
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% ZN
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% PB
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%PB+ZN
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% CU
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AG (OZ/T)
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AU (G/T)
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V10-1
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5278121N, 722715E
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19.80
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3.88
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23.68
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0.33
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20.9
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1.08
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V10-2
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5278081N, 722712E
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20.10
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4.20
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24.30
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0.33
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22.3
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0.88
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2014 Exploration Program Commences:
The 2014 exploration program will test several targets identified on the
property. The first target of the diamond drilling program will test
extensions of the Armstrong A deposit. Armstrong A contains a historic resource of 3.38 MT grading 2.26% Zn, 0.42% Cu, 0.29% Cu, 25.4 g/t Ag and 0.41 g/t
Au1. Three drill holes totaling 1000 metres, will test the Armstrong
horizon to the north and south of the deposit; specifically two holes
testing off-hole Pulse Electromagnetic responses (PEM) generated from
historic drill holes of massive sulphide yielding strongly anomalous
base metal values and a third hole, testing a Titan 24 IP anomaly
situated immediately to the south of the deposit (see Map 3).
Drilling is slated to commence by mid-June on these targets; results
will be released as they become available.
Secondly, an extensive ground exploration program involving
line-cutting, prospecting, geological mapping, ground geophysics,
trenching and diamond drilling will be completed over a broad, folded
belt of felsic volcanic rocks of the Spruce Lake formation (orange
colour on Map 2). Five of the known massive sulphide deposits in the
district are hosted within felsic volcanics of the Spruce Lake
formation including the Armstrong A, Armstrong B, Rocky Turn, McMaster
and Orvan Brook deposits. The belt of the Spruce Lake formation
situated between the Rocky Turn deposit and the Armstrong deposits
contains a number of mineral occurrences and untested soil anomalies,
airborne and ground geophysical anomalies and recently, the discovery
of high-grade Zn-Pb-Ag bearing float (V10-1 and V10-2). This area is
the priority target of the 2014 program.
The new boulders appear to be part of a "boulder train" consisting of
numerous clusters of boulders containing high-grade values in Zn, Pb,
Ag and Au. The source of the boulders, including those discovered
down-ice to the east on the adjacent Armstrong property, have yet to be
sourced to bedrock (see Map 2). Geological evidence suggests that the
boulders have been mechanically moved by glacial and melt water
processes from a bedrock source area to their present position,
potentially the Tetagouche property. Notably, many of the high-grade
boulders on the Armstrong property are much higher in tenor than the
known up-ice deposits. This discrepancy in grade suggests the presence
of additional undiscovered mineralized horizons up-ice to the west
within the Spruce Lake formation and/or the Canoe Landing Lake
formation on the Tetagouche property.
The detailed ground work over this large target area is expected to be
completed by the end of July and will be followed by trenching and
diamond drilling later in the summer. Results will be released as they
become available. The budget for this work is C$620,000 which will be
funded from the Company's recent $1.25mm flow through financing.
Additional exploration will be undertaken at the Company's McMaster
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.
Note 1: All of the deposits are historic estimates 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 estimates as current mineral resources and
accordingly, the Company is not treating the historical estimates as
current mineral resources.
Note2: Analysis of the samples were completed at ALS Chemex in
Vancouver, utilizing the ME-OG46 method. A prepared sample is digested
in 75% aqua regia for 120 minutes. After cooling, the resulting
solution is diluted to volume (100 ml) with de-ionized water, mixed and
then analyzed by inductively coupled plasma-atomic absorption
spectrometry or by atomic absorption spectrometry. ALS Chemex is
independent of the Company.
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 and the magnitude and quality 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. The Company assumes no obligation to update any forward looking
information or to update the reasons why actual results could differ
from such information unless required by applicable law.
Neither the TSX Venture Exchange nor its regulation services provider
(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: "Map 1: Property Map (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20140610_C9251_PHOTO_EN_41231.jpg
Image with caption: "Map 2: Boulders Location (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20140610_C9251_PHOTO_EN_41232.jpg
Image with caption: "Map 3: Armstrong A Horizon Longitudinal Section (CNW Group/Wolfden Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20140610_C9251_PHOTO_EN_41233.jpg