Wolfden encounters mineralization at High Lake
Wolfden Resources Inc
YWO
Shares issued 15,111,921
May 28 2002 close $1.500
Tuesday May 28 2002
News Release
Mr. Ewan Downie reports
WOLFDEN INTERSECTS ADDITIONAL HIGH GRADE
MINERALIZATION AT HI ...
The second hole of the current phase I drill program at Wolfden's
100-per-cent-owned High Lake property in Nunavut has intersected high-grade
polymetallic mineralization. This hole represents the first step-out hole on the D
zone, and extends mineralization at depth on the north end of the deposit. 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.
Hole HLW-202 intersected 28.30 metres grading 2.38 per cent copper, 6.59 per
cent zinc, 34.68 grams per tonne silver and 0.36 g/t gold in the main massive
sulphide lens followed by 14.95 metres grading 2.26 per cent Cu, 2.11 per cent
Zn, 21.25 g/t Ag and 0.15 g/t Au in the footwall stringer zone. This hole
represents an approximate 75- to 100-metre step-out down dip on section
2+80S in the D zone, and undercut holes HD92-59 (Aber/Kennecott) drilled in
1992 which returned 2.57 per cent Cu and 1.48 per cent Zn across 10.35 metres
and HD57-45 drilled in 1957 which returned 2.59 per cent Cu and 7.45 per cent
Zn across 18.3 metres.
Int Cu Zn Au Ag
(m) (%) (%) (g/t) (g/t)
HLW-201*
36.95 2.57 Tr. 0.28 16.80
16.50 3.27 Tr. 0.30 18.80
8.70 1.17 Tr. 0.51 15.25
HLW-202
3.65 1.85 2.57 1.32 51.99
28.30 2.38 6.59 0.36 34.68
14.95 2.26 2.11 0.15 21.52
* Previously released
Footwall mineralization assays by Accurassay Laboratories, Thunder Bay, Ont.
Massive and semi-massive sulphides of varying widths have been intersected in
holes 203-205 and 207 and 208. Drilling problems did not allow for hole 206 to
pass through the hangingwall diorite located on the west side of the deposits.
It is Wolfden's opinion that the High Lake VMS deposit is one of the highest
grade undeveloped polymetallic deposits in Canada. Prior to the 2001 and the
current, the drill-indicated resource was estimated at 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). Both zones are open
along strike and at depth, and numerous targets outside of the drilled area remain
to be tested.
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,
5th floor, Commerce Court South, 30 Wellington St., Toronto, Ont., at 4:30 p.m.
Eastern Time on Wednesday, June 12, 2002.
WARNING: The company relies upon litigation protection for "forward-looking"
statements. |
