Wolfden Resources Corporation (TSX-V:WLF) is pleased to announce that the second hole drilled into the high-grade footwall zone discovery at its wholly owned Pickett Mountain Project in Maine, USA, has intersected a 4.2 metre sulphide bearing horizon approximately 25 metres above the discovery hole (PM-18-031) that intersected 4.1 m grading 38.2 % ZnEq and confirms the potential for this new lens to add to the Pickett Mountain mineral resources.

The 2019 drill program includes up to 10,000 metres of diamond drilling, focused on expanding the Pickett Mountain mineral resource including the FWZ and other lenses as well as testing high-priority local and regional targets.  Pickett Mountain is a high grade undeveloped volcanogenic massive sulphide (‘VMS’) deposit close to infrastructure that hosts a mineral resource of 2.05 Mt at 19.3% ZnEq of indicated resources and 2.03 Mt at 20.6% ZnEq of inferred resources, using a 9% ZnEq cut-off grade, and conservative metal prices as listed below (see also press release January 7, 2019).

The new intersection is the result of a wedge-hole drilled off of hole PM-18-031 and confirms that the FWZ is a steeply dipping lens and with a horizontal width of 3.5 m at a vertical depth of 625 m below surface.  The intercept is comprised of disseminated to semi-massive sulphide mineralization with appreciable sphalerite and galena and lesser amounts of chalcopyrite and pyrite contained within a silica-iron carbonate-bearing volcanic exhalative horizon. The new intercept exhibits similar textural and lithological characteristics to that of hole PM-18-031, however with lessor amounts of massive sulphides.  No assessment of the base and precious metal grades or values should be assumed until the half-cut core has been analyzed at the laboratory in the coming weeks. The program will continue with one or two additional wedge holes from the same setup prior to stepping out further in all directions where the zone remains open. 

The Footwall Zone

The FWZ discovery hole PM-18-031 included 4.1 m at 38.2% ZnEq. The FWZ (or lens) is located approximately 150 metres north of the East Lens at a vertical depth of 650 metres.   Details of the metals included this discovery hole intersection are tabulated below.

The wedge holes from the hole PM-18-031 setup are expected to yield a 25 m spacing that will then be followed up with 50 m step-out holes. The step-out holes may also include the deepening of historical drill holes that targeted the East Lens and were not drilled deep enough to intersect the FWZ. Assay results for wedge hole PM18-031A will be released when available.

The ongoing drill program will focus on resource expansion of the FWZ and the East and West lenses as well as other potential lenses in the footwall and along strike.  A recent assessment by a prominent structural geologist indicates the potential repetition of the favourable volcanic package of rocks that contains the known massive sulphide-rich mineralization by tight folding, to the north (or deeper into the footwall) and long strike of the preferred volcanic sequence.  Ground truthing in these areas, including trenching, is underway in order to prioritize the drill targets.

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). 

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.

About Wolfden

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.