Izok Core Samples Indicate Potential For Significant Gallium
Wednesday June 21, 11:12 am ET
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THUNDER BAY, ON, June 21 /CNW/ - WOLFDEN RESOURCES INC. (TSX:WLF - News) is pleased to announce that preliminary sampling of core taken from previous drill holes into the Izok Deposit has revealed that the deposit has the potential to host significant Gallium.
At a cut-off grade of 2.00% Zinc Equivalent, Wardrop Engineering has estimated that the Izok Deposit contains an Indicated resource of 14.40 million tonnes grading 2.52% Cu, 1.28% Pb, 12.94% Zn and 71.0g/t Ag plus an Inferred resource of 0.37 million tonnes grading 3.79% Cu, 0.27% Pb, 6.40% Zn and 54.2g/t Ag.
Five recent samples of drill core taken by Wolfden indicate that the Izok deposit has the potential to contain significant Galium, a metal used in numerous areas including electronics and biomedical applications, cellular telephones, and satellites. In 2005, the price of pure Gallium metal traded at approximately US$500 per kilogram. The samples taken returned the following results:
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Sample Gallium Cu Pb Zn Ag Gallium
No. (g/t) (%) (%) (%) (g/t) (kg/t)
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HEN 344
No.3920 95 0.24 8.71 40.22 156 0.08
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HEN 278
No.6664 105 2.34 0.02 44.92 30 0.09
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HEN 317
No.1067 77 0.76 8.91 40.36 297 0.06
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HEN 344
No.3920(2) 93 0.68 8.34 42.99 289 0.08
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IZOK
06-14-06 95 6.10 0.02 9.94 133 0.08
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No work has been done to assess the content and/or recovery of Gallium at Izok, however this will be done in future metallurgical test work completed on Izok concentrates.
The five samples of core from the Izok deposit were sent to Accurassay Laboratories in Thunder Bay, ON. The Samples were assayed using Fire assay method and Aqua Regia Ore Grade Assay with Atom Absorption Finish. John F. Cook, P.Eng., has reviewed the results contained in this press release and is the Qualified Person under National Instrument 43-101.
LUPIN ACQUISITION - Clarification of terms
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Wolfden would further like to clarify the terms of acquisition relating to the acquisition of the Lupin Gold Mine as follows; Wolfden will receive from Kinross the winze and hoist that were previously removed from the mine. As part of the transaction, Kinross will reimburse Wolfden up to a maximum of C $1.7 million for fuel during the next trucking season and provide a standby letter of credit in the amount of C $3 million to be drawn upon if the Lupin mill facility is demolished. If the Purchaser places the Lupin mill back into operation at its current site, the letter of credit shall be returned to Kinross. In addition, Kinross will pay up to a maximum of C $4 million for reclamation related to the tailings impoundment if the tailings site is closed before December 31, 2008 or will pay Wolfden C $1 million at the time of reclamation in the event that the Lupin mill is put back into production at its current site. Kinross will also retain a 1% Net Smelter Royalty relating to any ore from the Lupin property.
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.
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.
For further information
Ewan Downie, President, Phone: (807) 346-1668, Fax: (807) 345-0284, e-mail: Info@wolfdenresources.com, Web Site: www.wolfdenresources.com
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Source: Wolfden Resources Inc. |
