Wolfden-Placer Dome Further Gold Zones at East Bay
Symbol: YWO
Industry: MINING
Subject: DRILLING RESULTS
Geographic Region: THUNDER BAY, ONT.
WOLFDEN RESOURCES INC.
FSC / Press Release
Thunder Bay: May 7, 2003
Shares Issued: 26,055,446
WOLFDEN-PLACER DOME FURTHER GOLD ZONES AT EAST BAY
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that a recently
completed drill program on the East Bay Gold Property in the Red Lake Region,
Ontario has successfully identified several significant gold bearing zones
associated with the GAZ (Green Altered Zone) gold prospect.
The results from a 26 hole drill program have confirmed a mineralized
horizon, the GAZ, over a strike length of 500 meters. Drilling has
intersected multiple lenses hosting potentially economic gold mineralization
over a minimum strike length of 250 meters which remain open for expansion.
The individual lenses appear to be relatively flat-lying, displaying a dip
between 25 and 45 degrees to the northwest and remain open to the east and to
the south. Drilling suggests that the western portion of the horizon does not
display significant gold mineralization as only one of the nine holes drilled
west of Line 35+50E intersected a gold interval greater than 7g/t Au. It
should be noted that the current program did not focus on following-up
significant intersections, but rather aimed to define the size of the
gold-bearing structure with a systematic program.
The following tables present significant drill intersections into each of the
zones. The values as presented are uncut.
- Drill intercept previously released - *
G-1
Hole No. Grid Co-ord Dip/Az. Intersection(m) Interval(m)
Au(g/t)
EB-03-02* 3800E-995N 60 - 144 50.70 - 51.70 1.00 4.44
EB-03-03* 3700E-995N 60 - 144 57.90 - 58.90 1.00 2.00
EB-03-04* 3750E-1025N 60 - 144 65.00 - 66.00 1.00 9.86
EB-03-06* 3650E-1025N 60 - 144 40.10 - 41.60 1.50 11.74
EB-03-07* 3650E-1025N 60 - 144 60.80 - 61.80 1.00 6.33
EB-03-08* 3800E-1055N 60 - 144 57.50 - 58.60 1.10 2.68
EB-03-13 3750E-995N 60 - 144 57.65 - 60.00 2.35 26.56
EB-03-15 3850E-995N 60 - 144 52.10 - 53.20 1.10 29.52
EB-03-17 3700E-1025N 60 - 144 69.50 - 71.50 2.00 16.84
EB-03-26 3900E-995N 60 - 144 52.20 - 54.40 2.20 12.16
G-1a
Hole No. Grid Co-ord Dip/Az. Intersection(m) Interval(m)
Au(g/t)
EB-03-04* 3750E-1025N 60 - 144 74.50 - 76.60 2.10 15.89
EB-03-05* 800E-1025N 60 - 144 73.20 - 75.20 2.00 6.07
EB-03-06* 3650E-1025N 60 - 144 62.20 - 66.90 0.70 3.51
EB-03-07* 3650E-1025N 60 - 144 81.50 - 82.50 1.00 9.44
EB-03-10* 3800E-1055N 60 - 144 80.20 - 87.10 6.90 12.91
EB-03-13 3750E-995N 60 - 144 78.10 - 79.85 1.75 10.69
EB-03-15 3850E-995N 60 - 144 66.50 - 67.40 0.90 8.24
G-2
Hole No. Grid Co-ord Dip/Az. Intersection(m) Interval(m)
Au(g/t)
EB-03-02* 3800E-995N 60 - 144 102.15-111.00 8.85 2.32
EB-03-03* 3700E-995N 60 - 144 102.10-114.10 12.00 7.40
Incl. 104.10-110.80 6.70 11.61
EB-03-04* 3750E-1025N 60 - 144 112.00-123.00 11.00 15.32
EB-03-05* 3800E-1025N 60 - 144 128.10-130.10 2.00 3.67
EB-03-06* 3650E-1025N 60 - 144 119.30-124.80 5.50 5.19
Incl. 119.30-120.50 1.20 13.78
EB-03-07* 3650E-1025N 60 - 144 141.10-144.60 3.50 3.92
EB-03-08* 3800E-1055N 60 - 144 135.60-139.90 4.30 22.64
EB-03-09* 3850E-1025N 60 - 144 135.00-137.00 2.00 9.25
EB-03-12 3650E-1055N 60 - 144 110.40-111.70 1.30 3.44
EB-03-13 3750E-995N 60 - 144 90.70 - 105.90 15.20 5.55
Incl. 90.70 - 95.00 4.30 10.38
EB-03-14 3600E-1055N 60 - 144 110.80-111.40 0.60 7.04
EB-03-15 3850E-995N 60 - 144 110.80-111.60 0.80 12.52
EB-03-17 3700E-1025N 60 - 144 141.10-144.60 3.50 3.92
EB-03-26 3900E-995N 60 - 144 98.05 - 99.30 1.30 5.38
Longitudinal plans for the G-1, G-1a and G-2 gold bearing zones with a map
showing the location of all drill holes can be seen on the Wolfden web site -
www.wolfdenresources.com.
Exploration on the property continues and drilling will target the
interpreted extension of the GAZ horizon on land in the near future.
Additionally, a field program consisting of surface work, including soil
sampling and mapping/prospecting will be completed, as well as an aeromagnetic
survey over the entire property.
Wolfden is currently earning a 50% interest in the Property from Placer Dome
(CLA) Limited, a subsidiary of Placer Dome Inc., by performing $2,000,000 in
exploration on the Property over a three year period. Wolfden is the operator
during the earn-in stage. The current program consists of more than 10,000
meters of drilling. Upon completion of the Wolfden earn-in, Placer Dome will
have 60 days to elect to participate in a 50/50 Joint Venture, with Placer
Dome as operator. For a three year period following the formation of the
50/50 Joint Venture, Placer Dome will have the right to increase its interest
to 65% by funding the preparation of a study of the feasibility to bring the
Property to a production decision.
The East Bay drill program is being carried out under the direction of Michel
Dumoulin, P.Geo., a qualified person within the meaning of National Instrument
43-101 and Iain F. Downie, P. Eng.. 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
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
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