Some nice gold intersects on Wolfden's joint venture with First Au-
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Wolfden-First Au Drilling Intersects High Grade Gold
Symbol: YWO
Industry: MINING
Subject: DRILLING UPDATE
Geographic Region: THUNDER BAY, ONT.
OLFDEN RESOURCES INC.
FSC / Press Release Thunder Bay: November 7, 2002
Shares Issued: 24,858,058
WOLFDEN-FIRST AU DRILLING INTERSECTS HIGH GRADE GOLD AT ARGOSY-RED LAKE
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that Phase I
drilling at the Argosy Gold Mine Property, located in the Red Lake Mining
District, Ontario, has intersected high grade gold in the No.8, No.11, No.3
and No.2 Vein zones. The current program is funded by joint venture partner
FIRST AU STRATEGIES CORP. (TSX-V:FAV) who are earning a 51% interest in the
Property.
The Phase I diamond drill program consisted of 9 holes to test the depth
potential of two of the historically mined zones and also several unmined
veins on the Property. In the early 1930's and again in the early 1950's, the
Argosy Gold Mine produced a total of 101,875 ounces of gold at an average
grade of 12.7g/t Au (0.37 oz/ton) to a maximum depth of 270 meters (900 feet).
A single drill hole tested the unmined No.8 Vein which returned an
intersection of 12.02g/t (0.35opt) Au across 1.29m. The highlight of the
program was a single hole, AMW-02-07, drilled to test the down-dip extension
of the No.2 Vein Zone (mined in the 1930's). This hole intersected the No.5
Vein as expected, and also the No.3 and No.2 Veins deeper than any previous
work on the Property, where they remain open in all directions. Highlights
include 10.64g/t across 1.2m in the No.3 Vein, and 11.75g/t across 1.55m in
the No.2 Vein. A second phase of drilling is being planned for the winter, to
test primarily the No. 2 and 3 Veins. The following table provides a summary
of results from the Phase I drill program:
Hole No. Zone Grid Co- Dip Az. Intersection Int. meters Au - g/t
ord (Grid) (m) (ft)
(oz/ton)
AMW-02-01 No. 11 3348N-4728E 70 083 66.00-66.30 0.3(1.0)
1.27(0.04)*
No. 8 284.59-287.00 2.41(7.9)
8.22(0.24)*
Incl. 285.71-287.00 1.29(4.2)
12.02(0.35)*
No. 1 409.23-409.52 0.29(1.0)
3.61(0.11)
AMW-02-02 No. 11 3348N-4728E 47.5 083 70.73-71.48 0.75(2.5)
9.11(0.27)*
AMW-02-03 No. 11 3394N-4687E 60 090 61.84-62.23 0.39(1.3)
2.18(0.06)*
AMW-02-04 No. 11 3394N-4687E 81 090 65.63-65.93 0.30(1.0)
9.27(0.27)*
AMW-02-05 No. 11 3417N-4720E 47 090 47.40-47.85 0.45(1.5)
2.53(0.07)
AMW-02-06 No. 11 3417N-4720E 73 090 NSV
AMW-02-07 No. 3 3632N-4533E 83 086 183.80-185.50 1.7(5.6)
9.10(0.27)*
Incl. 184.30-185.50 1.2(3.9)
10.64(0.31)*
No. 2 338.40-339.95 1.55(5.1)
11.75(0.34)*
New 356.70-357.40 0.7(2.3)
14.39(0.42)
AMW-02-08 No. 3 3801N-4661E 90 090 56.30-57.40 1.1(3.6)
8.12(0.24)*
AMW-02-09 No. 3 3801N-4661E 60 090 40.20-40.60 0.4(1.3)
1.91(0.06)
* - Visible Gold intersectionAssays by Accurassay Laboratories, Thunder Bay,
Ontario
The Argosy drill program was carried out under the direction of Michel
Dumoulin, P.Geo., a qualified person within the meaning of National Instrument
43-101. Mr. Dumoulin 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.
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.
For further information, please contact:
Ewan Downie, President
Phone: 807-346-1668
Fax: 807-473-1977
e-mail: wolfden@baynet.net
Web Site: www.wolfdenresources.com
4283 Loch Lomond Rd., Thunder Bay, Ontario P7J 1H1
Tel. (807) 473-6723 or 346-1668 Fax (807) 473-1977
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. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
