The Prospector News

Wolfden Secures USD 4.5 Million in Non-Dilutive Funding

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Wolfden Secures USD 4.5 Million in Non-Dilutive Funding






Wolfden Resources Corporation (TSX-V:WLF) is pleased to announce it has secured up to USD 4.5 million in non-dilutive funding for its exploration projects by selling-forward timber from its wholly owned Pickett Mountain Zn-Pb-Cu-Ag-Au Project in Maine, USA.


Under the terms of a 5 year stumpage agreement with H.C Haynes of Winn, Maine, the company will receive USD 3 Million upon closing and an additional USD 1. 5 Million between the 4th and 5th anniversary of the agreement. Haynes has the right to harvest USD 5 Million of timber from the property over 5 years. The agreement has been signed and the deal is expected to close on or before January 22, 2020. In addition, Haynes has also granted Wolfden an option to earn a 100% interest (less an NSR) in the mineral rights of the property that adjoins Pickett Mountain as well as long-term road access rights for the current forest road used reach the Pickett Mountain deposit.  


“We are very pleased with this unique and non-dilutive form of financing for a publically listed junior mining company and thankful to the continued support and relationship with H.C. Haynes who has been doing an excellent job of cutting timber on our property and generating revenue for Wolfden for the past two years,” stated Ron Little Chief Executive Officer for Wolfden. “The funding will be sufficient to execute our 2020 programs and allow us to be more aggressive in our exploration efforts as we commence immediately to follow-up several recently discovered prospective drill targets. Our goal is to significantly increase our total resources through exploration while we technically advance and de-risk the project so that it can be developed into a high-grade, low cost underground producing polymetallic mine.”  


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.


Posted January 15, 2020

Share this news article


K92 Mining Closes CAN$50 Million Bought Deal Financing

K92 Mining Inc. (TSX: KNT) is pleased to announce that, further t... READ MORE

July 6, 2022

NMG Issues Results of Feasibility Study for its Integrated Ore-to-Anode-Material Model Projected to be North America’s Largest Natural Graphite Operation with Attractive Economics

This news release constitutes a “designated news release” for... READ MORE

July 6, 2022


Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) i... READ MORE

July 6, 2022

Brixton Metals Drills 64m of 5.74 g/t Gold Including 28.95m of 10.36 g/t Gold at its Trapper Target on its Thorn Project

Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) is pleased... READ MORE

July 6, 2022

1911 Gold Intersects Gold Mineralization in First-Pass Drilling at the Apex Property, Manitoba

1911 Gold Corporation (TSX-V: AUMB) (OTCQX: AUMBF) is pleased t... READ MORE

July 6, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News