Wolfden acquires 50.5% stake in Interquest's Follansbee
2003-04-24 13:01 ET - News Release
Also News Release (C-YIQ) Interquest Inc
Mr. Ewan Downie reports
WOLFDEN TO ACQUIRE INTEREST IN FOLLANSBEE RED LAKE GOLD PROPERTY
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that it has signed an agreement to acquire a 50.5% interest in the Follansbee Red Lake Property from INTERQUEST INCORPORATED (TSX-V:YIQ).
The Follansbee Property consists of 6 Patented Mining Claims in the Red Lake Mining District, Ontario. For the acquisition, Wolfden will participate in a Private Placement in Interquest in the amount of $50,000, make future cash payments of $50,000 cash to Interquest and perform $1,000,000 in exploration on the Property over a four year period including $200,000 in the first six months.
The Follansbee Property is tied on to the east of the Marathon Red Lake Property, recently acquired 100% by Wolfden and is located immediately south of the Cochenour Gold Mine Property (past production of 1,244,000 Ounces of gold at an average grade of 0.54 oz/ton Au). The Cochenour Property is currently being explored by Goldcorp Inc..
Drilling on the Follansbee Property in the late 1987-88 discovered a gold bearing horizon. Highlights of this drill program include 9.91g/t Au across 1.52m, 2.95g/t Au across 18.23m and 3.87g/t Au across 7.35m. An airborne magnetic anomaly in the north-central part of the Property suggests the possibility of a folded ultramafic rock unit. Folded ultramafic rock units are believed to be directly associated to the high-grade gold zones at the Campbell (Placer Dome) and Red Lake (Goldcorp) gold mines located along strike to the east, that have production and reserves totalling more than 20,000,000 ounces of gold. In 1945, a placer gold mining operation was attempted on the Property immediately down-ice of the magnetic anomaly, one of the only such type of operation ever attempted in Ontario.
An exploration program consisting of linecutting, magnetics, and approximately 4,000 meters of drilling will begin immediately.
Taking retirement, Iain F. Downie has resigned as Vice-President of Exploration and Director of the Company. Wolfden would like to thank Mr. Downie for playing an integral part in the growth and development of Wolfden, including the acquisition of several of the company’s properties. He will continue to work with the company as a consultant and defacto exploration manager. The company does not plan to fill the position at this time.
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 |
