Targets include the expansion of 19.5 m at 33.1% ZnEq at depth and the Footwall Zone Discovery of 4.1 m at 38.2% ZnEq
Wolfden Resources Corporation (WLF.V) ("Wolfden" or the "Company") is pleased to announce that it has commenced its 2019 exploration program at its 100%-owned high-grade polymetallic Pickett Mountain Project, located in Penobscot County in north-eastern Maine, U.S.A. The program will include up to 10,000 metres of diamond drilling that will be focused on expanding resources and testing high priority drill targets that could lead to the discovery of other lenses similar to the Footwall Zone (FWZ) that was discovered at the end of 2018 drill program.
The 2019 drill program will include step-out holes (wedging) around the FWZ, the West and East lenses and testing favourable targets to the north that indicate the potential for other mineralization. Recent review by a geological structural specialist indicates the potential for repetition to the north of the similar volcanic sequence, that hosts the massive sulphide mineralization. Further ground truthing of this area is underway prior to drilling. The Pickett Mountain Project is one of the highest grade undeveloped volcanogenic massive sulphide ('VMS') deposits in North America.
Footwall Zone Discovery
One of the highlights of the 2018 program was the discovery of the Footwall Zone in hole PM-18-031 with 4.1 m at 38.2% ZnEq. The FWZ is a poly-metallic rich zone located approximately 150 metres north of the East Lens at a vertical depth of 650 metres. Assay results are in the table below.
"Ongoing work indicates that the FWZ has the potential to be a completely separate and parallel lens that has not been tested by previous drilling," stated Don Hoy, SVP of Exploration for the Company. "The 2019 program will focus on expanding the FWZ, the West Lens at depth and the discovery of new high-grade lenses at Pickett Mountain".
West Lens Expansion
The West Lens is host to some of the highest grade mineralization within the deposit. One of the final step-out holes of the 2018 drill program, was PM-18-032 that intersected high-grade mineralization in the West Lens at vertical depth of 600 metres. Assay results are in the table below. This intercept of 19.5 m at 33.1% ZnEq was not included in the mineral resource estimate released on January 7, 2019 and indicates the significant potential to add to the mineral resources at depth.
Wolfden adheres to strict Quality Assurance and Quality Control protocols including routine insertion of blanks and certified reference standards in each sample batch of drill core that is sent to the lab for analyses. Drill core samples are split in half using a diamond saw with one half saved for reference and the other half shipped via secure transport to Activation Laboratories sample preparation facility in Fredericton, New Brunswick. Core samples are analyzed for zinc, lead and copper utilizing sodium peroxide fusion, acid dissolution followed by ICP-OES (Code 8). Gold is analyzed by fire assay (30 g) utilizing AA finish (Code 1A2) and samples with over 5 g/t are analyzed by fire assay with gravimetric finish (Code 1A3). Silver is analyzed by fire assay with gravimetric finish (Code 8-Ag).
The information in this news release has been reviewed and approved by Don Hoy, P. Geo., SVP Exploration and Ron Little P. Eng., President and CEO, who are Qualified Persons' under National Instrument 43-101. The metal prices used to determine Zinc Equivalent (ZnEq) grades are US$1.20/pound for zinc, US$1.00/pound for lead, US$2.50/pound for copper, US$16.00/troy ounce for silver, and US$1200/troy ounce for gold.
With the support of major investors Kinross Gold Corporation and Altius Minerals, Wolfden plans to explore and develop its wholly owned Pickett Mountain Project in Maine, USA, which is one of the highest-grade polymetallic projects in North America (Zn, Pb, Cu, Ag, Au) and located near excellent infrastructure.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) 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 information about future activities at the Pickett Mountain Project that include plans to complete additional drilling and technical studies in 2019 to support a preliminary economic assessment of an underground mining scenario on the Project. 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 uncertai nties: (i) risks inherent in the mining industry; (ii) regulatory and environmental risks; (iii) results of exploration activities and development of mineral properties; (iv) risks relating to the estimation of mineral resources; (v) stock market volatility and capital market fluctuations; and (vi) general market and industry conditions. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada at www.sedar.com. 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.