Wolfden Resources Inc - News Release
Wolfden drilling unearths mineralization at High Lake
Wolfden Resources Inc YWO
Shares issued 23,788,493 Oct 22 2002 close $ 0.56
Tuesday October 22 2002 News Release
Mr. Ewan Downie reports
WOLFDEN DRILLING FURTHERS DEPTH POTENTIAL AT HIGH LAKE - AIRB ...
Drilling at Wolfden Resources' 100-per-cent-owned High Lake property continues to intersect high-grade copper mineralization at depth and down-plunge in the B zone. In addition, a regional airborne geophysical survey has identified a number of anomalies with signatures similar to those of the High Lake deposits.
The 2002 diamond drill program has intersected semi-massive and massive sulphide mineralization in the B zone at a depth of 350 metres, or over 100 metres below the limits of the 2001 drilling. The deposit remains open at this depth. The final three deep holes drilled into the B zone of the recently completed program, holes HLW-02-17, 19 and 21, have intersected zones of mineralization over widths of 17.45 to 27.85 metres (57.25 feet to 88.5 feet). In the deeper holes (19 and 21), the zone appears to have split into two with stringer sulphides in between. The following table provides a summary of the deep drilling results:
Hole No. Int. Cu Zn Au Ag
(m) (%) (%) (g/t) (g/t)
HLW-02-17 5.7 0.6 5.7 Tr. 25.0
2.3 0.5 6.6 Tr. 11.5
17.45 5.6 Tr. 0.5 47.5
10.35 7.7 Tr. 0.5 66.3
HLW-02-19 8.65 2.0 1.4 0.2 29.2
27.85 3.0 Tr. 0.2 12.8
11.10 2.9 Tr. 0.2 15.3
11.95 4.2 Tr. 0.2 15.0
HLW-02-21 23.25 2.8 Tr. 0.1 15.9
8.50 4.5 Tr. 0.2 23.8
3.95 4.2 Tr. 0.2 27.5
HW -- hanging wall zone
Assays by Accurassay Laboratories, Thunder Bay, Ont.
"We definitely ended the season on a high note at High Lake," states Ewan Downie, president of Wolfden. "The B zone has excellent expansion at depth and several of the airborne conductors are proximal to base metal mineralization and boulders discovered along the extension of the High Lake stratigraphy. All of our top anomalies remain untested and represent exciting targets for the next program on the property."
Results from additional drilling in the D zone indicate limited potential for expansion with intersections up to 1.9 per cent Cu, 0.1 per cent Zn, 25.9 grams per tonne Ag and 0.9 gram per tonne Au across 4.9 metres, and 1.2 per cent Cu, 1.2 per cent Zn, 58 grams per tonne Ag and 12.4 grams per tonne Au across 1.2 metres.
In addition to drilling, a regional airborne survey has been completed in the High Lake area. Numerous anomalies have been identified, several with signatures similar to those of the High Lake deposits. Ground geophysical followup and drilling will follow in early 2003.
The High Lake exploration program was carried out under the direction of Iain F. Downie, PEng and vice-president, exploration, of Wolfden, a qualified person within the meaning of National Instrument 43-101. Mr. Downie has reviewed the exploration results contained in this news release. Core is split, with half sent to Accurassay Laboratories in Thunder Bay for preparation and analyses.
The High Lake deposit is currently being explored by Wolfden under a strategic arrangement with Teck Cominco Ltd. In addition to High Lake, Wolfden has several gold exploration programs in Canada. Bema Gold has recently completed drilling at the Monument Bay gold property, Wolfden has initiated exploration on its Red Lake gold properties, which is partially financed by Kinross Gold, Wolfden and First Au are currently drilling on the Argosy gold mine property, and Kinross has initiated exploration on the Rapson Bay property.
Wolfden has cancelled stock options that were announced in Stockwatch on Oct. 15, 2002. The exercise price of these options will be repriced at the next regular board meeting.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com |
