Wolfden Announces Additional Drill Results from Pickett Mtn. Maine

Highlights include 3.2 m at 13.2% Zn, 5.4% Pb, 1.7% Cu, 124.8 g/t Ag & 1.1 g/t Au

THUNDER BAY, ON, May 10, 2018 /CNW/ - Wolfden Resources Corporation (WLF.V) is pleased to announce the next round of drill results on its wholly-owned Pickett Mountain base-metal project, in Northern Maine, U.S.A. The Pickett Mountain deposit (previously Mount Chase) is one of the highest-grade undeveloped VMS projects in North America. Based on a newly enacted mining law in the State of Maine (Nov 2017), Wolfden acquired the property and is advancing the project towards development. The initial programs include a 10,000 metre infill and expansion drill program as well as surface and airborne geophysical surveys to explore for additional mineralization that could add to the scope of the project.

The latest results comprise thirteen holes designed to test the outer limits and shallow expansion potential of the two known mineralized lenses and well as a few in-fill holes within the lenses. The tenor and grade of the in-fill holes are consistent with those of the historical results.  The shallow expansion holes were part of a first-pass attempt to discover new mineralization that was not previously drilled, while the Company was waiting for the completion of its ongoing detailed geophysical programs. 

The geophysics will be completed in May and will be instrumental in the targeting of the next round of drilling, expected to commence in late May or early June.  A total of 21 holes and 5500 metres have been completed to date. Wolfden intends to complete a qualified mineral resource estimate by year end using the results of the ongoing program and the historical data.

Drill holes PM-18-009, 010, 011, 012, 017 & 018 tested the West Lens while PM-018-013, 014, 015, 016, 019, 020 and 021 probed the East Lens (see Longitudinal Section). Holes PM-18-016, 017 & 019 did not intersect massive sulphide mineralization. The significant assays for the remaining drill holes are tabulated below.

Geophysics & Expansion Potential

Integrated ground geophysical surveys have been completed over the main zones of mineralization and potential extensions in order to generate the next round of drill targets in efforts to expand on known mineralization.  These include induced polarization (IP), gravity, magnetics, Max-min EM and large-loop EM surveys. Data from the IP survey has been received in final form whereas other survey results are still preliminary in nature and undergoing final processing.

The IP survey reveals significant chargeability anomalies associated with the East and West Lenses of the massive sulphide deposit. Similar looking chargeability anomalies are situated along trend to the west of the West Lens as well as to the north of the East and West Lenses (see IP Chargeability map). The extensive chargeability anomaly located to the north of the known deposits has only been tested by four historic drill holes that returned high-grade massive sulphide intercepts over short intervals (10.9% Zn+Pb over 0.3 metres, 11.9% Zn+Pb over 0.2 metres & 10.5% Zn+Pb over 0.2 metres in one hole and 8.37% Zn+Pb over 0.5 metres in another). These high-priority IP anomalies will be tested by diamond drilling upon resumption of drilling following spring break-up.

A regional airborne geophysical survey (VTEM) has commenced in efforts to explore approximately 20km of the favourable belt of volcanic rocks with the goal of identifying "look-a-like" signatures to the Pickett Mtn. massive sulphide deposit. Typically, massive sulphide districts in the North American Appalachians, including Bathurst and Buchans, are characterized by the presence of several deposits or multiple lenses of mineralization.   The airborne survey will be completed in May and any interesting targets will be followed up with ground trothing prior to drilling.

Quality Assurance / Quality Control

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).

About Wolfden

Wolfden is a Canadian exploration and development company focused on advancing its wholly owned high-grade (Zn, Pb, Cu, Ag) VMS Pickett Mountain Project in Maine, USA. Located close to excellent infrastructure, the company plans to complete sufficient exploration, definition drilling and various technical studies in order to demonstrate the economic potential for an underground mining scenario on the Project.

The information in this news release has been prepared and approved by Donald Hoy, M.Sc., P. Geo., President and CEO, who is a Qualified Person under National Instrument 43-101. 

Cautionary Statement regarding Forward-Looking Information

This news release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian and United States securities legislation (collectively, "forward-looking information"), including but not limited to information about future drilling activities at the Pickett Mountain Project; the timing and completion of an anticipated mineral resource estimate and technical studies at the Pickett Mountain Project; and the scope of and the anticipated effect of new mining legislation in Maine. This forward-looking information entails various risks and uncertainties that are based on current expectations and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of base metals and minerals generally; operational, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make an underground mineral deposit commercially viable are present; the risks and hazards associated with mineral exploration and mining operations; and the ability of Wolfden to fund its substantial capital requirements and operations. 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 available at www.sedar.com. Readers are urged to read these materials. Wolfden 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 law.

Neither the 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.

SOURCE Wolfden Resources Corporation

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