WOLFDEN RESOURCES INC. WOLFDEN - GOLD EXPLORATION UPDATE
IMMEDIATE PRESS RELEASE
THUNDER BAY, ONT. FEBRUARY 24, 2003
Shares Issued: 25,524,758
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that five drill
programs are underway on its gold projects in Canada.
EAST BAY PROPERTY
The Company currently has three drills on the East Bay Property, located
approximately 10km from the producing Campbell (Placer Dome) and Red Lake
(Goldcorp) gold mines in the Red Lake mining camp. Wolfden can earn a 50%
interest in East Bay from PLACER DOME (CLA) LTD., a subsidiary of Placer
Dome Inc. (TSE:PDG) by spending $2 million in exploration over three years.
The East Bay Property covers several kilometres of strike length along the
favourable East Bay deformation zone. The East Bay deformation zone
consists primarily of ultramafic rocks, similar to those that host the
producing Campbell and Red Lake mines. Several gold prospects and mines
occur along the East Bay trend including the past producing Cochenour Mine
(past production 1.2 million ounces gold) now owned by Goldcorp. Drilling
will consist of a minimum of 10,000 meters with initial assays expected to
be released prior to the P.D.A.C. Mining Convention.
Additional drilling will test the recently acquired Bateman Property which
adjoins the East Bay Property. The combined East Bay-Bateman Property
covers approximately 6.5km of the East Bay deformation zone.
NEWMAN-HEYSON - NOVA-CO PROPERTIES
Phase II drilling is currently underway on the Newman-Heyson and Nova-Co
Properties that are currently being explored under a joint venture with
KINROSS GOLD CORPORATION (TSX:K), whereby Kinross has the option to earn a
51% Interest by spending $5 Million in exploration and making cash payments
to Wolfden. Wolfden is operator with 2,500 meters of drilling planned in
the current program.
Drilling is targeting "D2" fault (shear) structures as interpreted by a
ground magnetics geophysical survey. D2 fault structures are believed to be
the main controlling factor of the high-grade zones at the Red Lake
(Goldcorp) and Campbell (Placer Dome) gold mines in Red Lake. Two of the
six Phase I drill holes returned intersections including 14.95g/t Au across
2.05m and 13.87g/t Au across 0.6m.
ST.PAUL'S BAY PROPERTY
TECK-COMINCO LIMITED (TSX:TEK.B) has an option to earn up to a 61% interest
in the St. Paul's Bay Property in the Red Lake mining camp. A geophysical
program has been completed and drilling has started to test structural
targets along the St.Paul's Bay deformation zone. The St. Paul's Bay
deformation Zone is composed primarily of ultramafic rock units.
Teck-Cominco is the operator and approximately 1,000 meters of drilling are
planned for the current program.
MY-RITT PROPERTY
The My-Ritt Property is currently being explored under a joint venture with
TECK-COMINCO LIMITED (TSX:TEK.B), whereby Teck-Cominco has the option to
earn up to a 60% interest. A Phase I exploration program completed in 2002
identified several gold-in-soil anomalies associated with interpreted "D2"
shear structures and also an untested folded/faulted ultramafic rock unit.
The My-Ritt Property is located immediately to the north of the
Newman-Heyson and Nova-Co Properties. Teck-Cominco is operator and
approximately 2,000 meters of drilling is planned to follow the drill
program on the St. Paul's Bay Property.
BONANZA PROPERTY
A Phase I exploration has been started on the Bonanza Property that is
currently under option to LATEEGRA RESOURCES CORP. (TSX-V:LEG) where
Lateegra can earn a up to a 50% interest by making cash payments of $164,000
to Wolfden, issuing 250,000 common shares in the capital of Lateegra, and by
performing $2 Million in exploration over a four year period. Wolfden is
the operator of the exploration. Phase I exploration consisting of
linecutting, a ground magnetic geophysical survey, and approximately 2,500
meters of drilling is currently underway.
The Bonanza Property is located in the heart of the Red Lake greenstone
belt, and is located between the past producing Howey (Teck-Cominco) and
Cochenour (Goldcorp) gold mines. The Property is host to the Sanshaw
(Bonanza) Gold Prospect that has some limited underground development.
Previous drilling on the Property (Noramco 1987-88) reported intersections
ranging from 0.016 oz/ton Au across 1.0m to 0.648 oz/ton Au across 3.3m and
0.075 oz/ton Au across 53.3m.
MONUMENT BAY PROPERTY
The Monument Bay Gold Property, located in northeastern Manitoba, is
currently under option to BEMA GOLD CORPORATION (TSX, AMEX:BGO), who have
the right to earn up to a 70% interest in the Property by making cash
payments to Wolfden and performing $6 Million in exploration on the
Property.
The Monument Bay Property is host to the Twin Lakes gold deposit. Following
the 2002 winter drill program on the Twin Lakes B-Zone, Bema calculated an
inferred resource of approximately 300,000 ounces of gold contained in
500,600 tonnes grading 18.3g/t Au (0.53 oz/ton). During the past summer,
Bema completed an exploration program that included an airborne geophysical
survey, a soil geochemical survey, mapping, and diamond drilling. Highlights
of this exploration included the identification of a parallel gold zone in
the "Central" area (C-Zone) where two drill intersections returned 7.6g/t Au
across 2.4m and 43.24g/t (1.26 oz/ton) Au across 0.98m, and untested gold in
soil anomalies to the east and west of the main zones.
Bema has started a 10,000 meter drill program on the Twin Lakes, Twin Lakes
West and Seeber River Zones, a strike length of approximately 2200 meters.
It is expected that a updated resource calculation will be completed
following the drill program that will include all zones at Monument Bay.
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
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.
4283 Loch Lomond Rd.,
Thunder Bay, Ontario P7J 1H1
Tel. (807) 473-6723 or 346-1668
Fax (807) 473-1977 |
