Bema joint venture partner YWO hits gold-
YWO has intersected gold in their jv with Kinross- very decent results IMO-
11.57g/t (0.34 oz/ton) Au across 0.95m and 10.94g/t (0.32 oz/ton) across 0.6m.
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WOLFDEN – KINROSS INTERSECT NEW GOLD ZONE IN RED LAKE
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that a new gold zone has been intersected in drilling on the Newman-Heyson Property in the Red Lake Greenstone belt in northwestern Ontario. The Newman-Heyson Property is currently being explored under a joint venture with KINROSS GOLD CORPORATION (TSX:K), whereby Kinross has the option to earn a 51% Interest by spending $5 Million in exploration and making cash payments to Wolfden.
The 2002, Phase I, exploration program consisted of linecutting, ground magnetics, soil sampling and drilling of six holes. The first three holes tested the Dome (Granodiorite) stock with RLK-01-01 intersecting two significant gold-bearing zones including 11.57g/t (0.34 oz/ton) Au across 0.95m and 10.94g/t (0.32 oz/ton) across 0.6m.
Drill holes 4-6 tested gold-in-soil geochem anomalies with the fifth hole of the program testing a broad gold-in-soil geochem anomaly, associated with a “D2” fault (shear) structure as interpreted by the ground magnetics geophysical survey. D2 Fault structures are believed to be the main controlling factor of the high-grade zones at the Red Lake (Goldcorp) and Campbell (Placer Dome) gold mines in Red Lake.
This hole, RLK-02-05, intersected quartz-carbonate sulphide shear zones from 106.0-106.3m which returned 13.67g/t (0.4 oz/ton) Au, and from 193.9-197.45m which returned 9.24g/t (0.27 oz/ton) Au across 3.55m (11.65 feet) including 14.95g/t (0.44 oz/ton) Au across 2.05m (6.73 feet). The other holes from the program targeted additional soil anomalies which returned anomalous gold values as high as 4.8g/t Au across 0.5m. A follow-up drill program will resume immediately. This program will test the along strike continuity of this zone as well as several other geochemical and geophysical anomalies on the Property.
It should be noted that none of the primary geological targets, D2 structures intersecting ultramafic rock unit trends, were tested during the Phase I drill program. The structure tested by hole 05 is open in all directions.
The Property is located within 4km of the past-producing Madsen Gold Mine (2.6 Million ounces of gold production) that is currently being explored by Placer Dome and Claude Resources, and where Claude has an idle, permitted, mill. It is 8km south of the full service mining town of Red Lake, Ontario; and the new discovery is accessible by road and is within several hundred meters of the highway.
The Red Lake drill program is being carried out under the direction of Harvey Klatt, M.Sc, P.Geo., the qualified person and project manager. Mr. Klatt is supervising drill hole planning, implementation and quality control programs. Core is 1/2 split, with half sent to Accurassay Laboratories in Thunder Bay for preparation and analyses.
WOLFDEN is a Canadian based mineral exploration and development company with a diversified portfolio of advanced stage properties and several ongoing exploration programs in Canada. Wolfden is debt free and has a strong treasury.
For further information, please contact:
Ewan Downie, President Phone: 807-346-1668 Fax: 807-473-1977
e-mail: wolfden@baynet.net Web Site: www.wolfdenresources.com
The statements made in this Press Release may contain forward looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
