Wolfden step-out hits high-grade copper at High Lake
Wolfden Resources Inc
YWO
Shares issued 15,111,921
May 21 2002 close $1.610
Wednesday May 22 2002
News Release
Mr. Ewan Downie reports
WOLFDEN INTERSECTS DEPTH EXTENSION AND NEW ZONE AT
HIGH LAKE
Wolfden Resources' first step-out hole, drilled to test the depth extension of
mineralization at its 100-per-cent-owned High Lake property in Nunavut,
Canada, has intersected high-grade copper mineralization over substantial widths
and a new footwall mineralized zone. The current phase I program will consist of
diamond drilling using two drill rigs and airborne geophysics. The budget for the
current program is approximately $2-million and drilling is expected to continue
throughout the summer.
The first drill hole of this phase I program intersected 36.95 metres grading 2.57
per cent copper in the B zone, followed by a new mineralized footwall diorite zone
(assays pending). This hole represents an approximate 40-metre step-out
down-dip on Section 4+35N in the B zone, and undercut hole No. HL01-07
drilled in 2001 which returned 5.21 per cent Cu across 29.55 metres. Continuing
drilling shows that the B zone mineralization continues to extend at depth. Prior to
the Wolfden (2001) drill program, the previously calculated resource for the B
zone was 3.23 million tonnes grading 5.03 per cent Cu, 1.1 per cent Zn, 2.3
grams per tonne Au and 18.2 g/t Ag.
Hole No. Zone Grid Co-ord
HLW-201 B zone 4+32N-6+63W
Including
Hole No. Int.(m) Cu%
HLW-201 36.95 2.57
16.50 3.27
Hole No. Az. Intersection(m)
HLW-201 90 203.50-240.45
213.70-230.20
Hole No. Au(g/t) Ag(g/t)
HLW-201 0.28 16.80
0.30 18.80
Drilling with a second rig has commenced on the D zone which contains a
previously calculated resource of 1.57 million tonnes grading 2.1 per cent Cu, 4.9
per cent Zn, 0.6 g/t Au, and 59.1 g/t Ag. Drilling will target additional
mineralization at depth and along strike to the north where the deposit remains
open.
It is Wolfden's opinion that the High Lake VMS deposit is one of the highest
grade undeveloped polymetallic deposits in Canada. Currently, the drill-indicated
resource is 5.3 million tonnes averaging 4.05 per cent copper, 2.36 per cent zinc,
1.76 g/t gold and 31.73 g/t silver (source: NWT Energy, Mines & Petroleum
Resources). The size of the primary zones at High Lake makes them amenable to
open-pit mining and additional reserves may exist at depth beneath all zones.
Additional drill results from the continuing program are expected to be released at
the company's upcoming annual general meeting, being held at the Ontario Club,
5/F, Commerce Court South, 30 Wellington St., Toronto, Ont., at 4:30 p.m. EST
on Wednesday, June 12, 2002.
WARNING: The company relies upon litigation protection for "forward-looking"
statements. |
