Wolfden Resources (YWO.V) and Claude Resources are now both involved in the same property- the Redauram property in the Red Lake camp.
Wolfden is acquiring a 50% interest in the property, which is 80% owned by Sabina Resources and 20% owned by Claude Resources.
Sounds complicated, but the news release explains it-
This seems like a good property, a former mine is nearby and Claude Resources is drilling on the edge of the Redauram property-
------------------------------------------------------------------------------------------
Wolfden Resources Inc
YWO
Shares issued 15,261,921
Jul 12 2002 close $ 1.34
Monday July 15 2002
News Release
Mr. Ewan Downie reports
WOLFDEN TO ACQUIRE INTEREST IN HIGH GRADE RED LAKE AREA
GOLD ...
Wolfden Resources has entered into an agreement with Sabina Resources Ltd.
whereby Wolfden will acquire an interest in the highly prospective Redaurum gold
property located in the Red Lake greenstone belt and will participate in a financing
to acquire shares of Sabina.
Wolfden will have the right to acquire an initial 50-per-cent interest in Sabina's
80-per-cent-owned Redaurum property by paying Sabina $75,000 and spending
$2-million in exploration over a four-year period on the property. Wolfden has the
right to increase its interest to 60-per-cent by financing the property to production.
Claude Resources Inc. holds the remaining 20-per-cent interest in the property. The
Redaurum property is located within one of the major deformation corridors and is in
close proximity to and north of the past-producing Madsen gold mine (2.6 million
ounces produced) in the historic Red Lake greenstone belt. Claude and Placer
Dome are currently drilling on the Madsen property. The property is surrounded by
claims held by Claude/Placer Dome, Skyharbour Developments/Bayfield Ventures
and Goldcorp Inc. The Redaurum property has been subject to very limited
exploration which has resulted in the discovery of several high-grade gold
occurrences. Previous drilling tested the property near surface, intersecting values
including: 1.12 ounces per ton Au across five feet, 0.17 ounce per ton Au across 25
feet and 2.2 ounces per ton Au across two feet in Zone 14A; 0.56 ounce per ton
across 7.2 feet in the No. 3 zone; and 0.37 ounce per ton Au across five feet in the
Camp zone. The majority of the property has not been tested by drilling nor has any
deep drilling been carried out on the property. Significantly, the Redaurum property
is underlain by several ultramafic rock units and extensive quartz carbonate veining,
important features of the producing Campbell (Placer Dome) and Red Lake
(Goldcorp) gold mines.
Wolfden will also participate in a $250,000 private placement financing being
completed by Sabina and will have the right to nominate two members to Sabina's
board of directors.
Wolfden currently has four other active exploration properties in Canada. Wolfden
is conducting a major exploration program on its 100-per-cent-owned High Lake
property, Bema Gold has performed and is expanding exploration and drilling on
Wolfden's Monument Bay gold property, Newmont has performed initial exploration
on Wolfden's Skinner gold property, and First Au Strategies has begun initial
exploration on Wolfden's Argosy gold mine property.
WARNING: The company relies upon litigation protection for "forward-looking"
statements. |
