YWO-V : Massive Sulphide Discovery at High Lake;
Acquisition: Nanisivik Mill Infrastructure
Acquisition: Bachelor Lake Gold Deposit
Symbol: YWO U/WFDNF
18Jun03 Market News Publishing Inc. 2003/06/18 No:0002
WOLFDEN RESOURCES INC ("YWO-V")
- Massive Sulphide Discovery at High Lake
- Acquisition: Nanisivik Mill Infrastructure
- Acquisition: Bachelor Lake Gold Deposit
Wolfden Resources Inc., is pleased to announce that a new massive
sulphide zone has been discovered on the High Lake Property. Additionally,
Wolfden has secured the rights to the Nanasivik Mine mill infrastructure,
and has signed agreements to acquire interests in the Bachelor Lake and
James River Properties.
DISCOVERY - High Lake Property
A new massive sulphide horizon has been discovered on Wolfden's 100%
owned High Lake Property located in Nunavut, Canada. The new "West Zone"
was discovered approximately 1700 meters west of the existing A/B and D
Zones while following up an airborne anomaly identified in 2002.
Subsequent HLEM, UTEM and Gravity geophysical surveys defined a favourable
area for drilling.
The first hole drilled to test this target intersected approximately 18
meters of semi-massive to massive sulphide mineralization consisting
primarily of pyrrhotite, chalcopyrite, pyrite and minor sphalerite,
visually similar to the copper-rich High Lake B Zone, at a depth of
approximately 85 meters below surface. Subsequent drilling has intersected
the zone both up and down-dip. Follow-up drilling is currently in progress
to assess the potential of this new discovery and initial assays are
expected in the near future. Pictures of drill core will be available on
Wolfden's Web Site, www.wolfdenresources.com in the near future.
Wolfden has recently consolidated the High Lake region, and the current
exploration program is being carried under a strategic agreement with Teck
Cominco Limited (TSX:TEK.B).
ACQUISITION - Nanisivik Mill infrastructure
Wolfden has signed an agreement with CanZinco Ltd. (a wholly owned
subsidiary of Breakwater Resources Ltd.) to acquire the mill, the
concentrate storage facility, the power generation installation, and all
conveyors and associated ship loading equipment located at Breakwater's
Nanisivik mine. The Nanisivik Mine is located north of High Lake in
Nunavut and was recently closed by Breakwater.
For the acquisition, Wolfden is responsible for taking down all of the
facilities associated with this transaction, Breakwater's dense media
separation plant, and will perform the environmental clean up on the areas
on which the mill and storage facilities are located. Additionally,
Breakwater will provide lodging to Wolfden employees on the site. Approval
has been requested of the regulatory agencies involved that would allow
this reclamation work to commence during the summer months of 2003, and it
is anticipated that the necessary approvals will be granted within the
coming weeks.
"The acquisition of the Nanisivik infrastructure will provide Wolfden
with a competitive advantage for development of deposits located in
Canada's arctic" stated Ewan Downie, President of Wolfden.
ACQUISITION - Bachelour Lake Property
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that a letter
of intent has been signed with Campbell Resources Inc. (TSX: CCH; OTCBB:
CBLRF) whereby Wolfden will be granted the option to acquire a 50% interest
in the Bachelor Lake Property, owned by Campbell's subsidiary GeoNova
Explorations Inc., located of Quebec.
The agreement provides for Wolfden to acquire its 50% interest in the
Bachelor Lake project by funding $3,000,000 in exploration over three
years, including $1,500,000 in the first year, and by issuing 50,000 common
shares of Wolfden or paying $100,000 on the first and second anniversaries.
The transaction is subject to due diligence, final documentation and the
approvals of regulatory authorities and the boards of directors of Campbell
and Wolfden.
The Bachelor Lake Property, which is located in Lesueur Township of the
Abitibi region of Quebec, is comprised of 50 mining claims and two mining
concessions covering a total area of 1,840 hectares. The Bachelor Lake
deposit is estimated to contain an undiluted measured mineral resource of
204,454 tons grading 0.257 oz Au/ton and an indicated mineral resource of
216,685 tons grading 0.315 oz Au/ton in three zones (Main, B and A). It
also contains an undiluted inferred mineral resource of 256,285 tons
grading 0.304 oz Au/ton. (Mineral resource estimations were previously
disclosed in a Campbell, March 28, 2001 Press Release and Joint Management
Information Circular of May 10, 2001). The Bachelor Lake mine site
includes an office, a shop, a dry, a compressor room, a headframe, and a
500 ton per day mill with a cyanidation plant and crusher room.
From 1982 to 1989, mining operations were carried out by a previous
owner, during which time approximately 958,360 tons at an average grade of
0.15 oz/ton were mined to the bottom level of the mine (1723 feet).
Previously completed studies indicate that dilution during mining averaged
between 34 and 55%. Drilling from the bottom level of the mine in 1990
indicates that the "Main Vein" is richer and wider at depth, and also
discovered a parallel gold zone named the "B Vein". Both zones are open at
depth and along strike. Significant drill intersections (estimated true
width - cut to 0.65 opt Au in the Main Vein and to 1.0 opt Au in the B
Vein) include 0.504 opt Au across 12.5 feet, 0.49 opt Au across 28.1 feet
and 0.259 opt Au across 30.0 feet in the Main Vein; and 0.60 opt Au across
10.0 feet, 0.268 opt Au across 25.0 feet and 0.397 opt Au across 16.0 feet
in the B Vein.
"This acquisition provides Wolfden with the opportunity to earn an
interest in a gold property that contains a significant mineral resource"
stated Ewan Downie, President of Wolfden. "With grades and widths
comparable to those at Laronde, and existing mine infrastructure, Bachelor
Lake provides Wolfden with an excellent opportunity to achieve near-term
gold production".
Exploration, which will include dewatering of the mine workings,
rehabilitation, and underground drilling, is expected to begin during the
summer of 2003.
ACQUISITION - James River Property
Wolfden has signed an agreement with Blackstone Ventures Inc.
(TSX-V:BLV) to earn a 70% interest in the two Mining Claims that make up
the James River Property. For the acquisition, Wolfden will pay to
Blackstone $6,456.25 cash on signing(paid), make future cash payments owing
to the underlying vendors of the Property, perform $2,000,000 in
exploration on the Property over a four year period and make a one-time
cash payment of $50,000 to Blackstone upon completion of the earn-in. The
Property is subject to a 2.0% Net Smelter Return Royalty, half or which can
be purchased at any time for $1 Million.
The James River Property is located immediately south the High Lake
Property in Nunavut, Canada. The James River area is geologically similar
to High Lake, and is host to numerous gossans, base metal showings, and
conductors that may represent the southern extension of the stratigraphy
that hosts the High Lake deposits. Ground geophysical surveys on the
Property are underway, and drilling is expected to be carried out during
the current program.
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. A presentation will be given at Wolfden's Annual General
Meeting, being held at the Ontario Club, 5th Floor Commerce Court South, 30
Wellington St. West, Toronto Ontario at 5:00 pm EST.
TEL: 807-346-1668 Ewan Downie, President
FAX: 807-473-1977
E-mail: wolfden@baynet.net
Web Site: www.wolfdenresources.com
______________________________________
___________________________________________________________________
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End of News
YWO-V : Massive Sulphide Discovery at High Lake;
Acquisition: Nanisivik Mill Infrastructure
Acquisition: Bachelor Lake Gold Deposit
Symbol: YWO U/WFDNF
18Jun03 Market News Publishing Inc. 2003/06/18 No:0002
WOLFDEN RESOURCES INC ("YWO-V")
- Massive Sulphide Discovery at High Lake
- Acquisition: Nanisivik Mill Infrastructure
- Acquisition: Bachelor Lake Gold Deposit
Wolfden Resources Inc., is pleased to announce that a new massive
sulphide zone has been discovered on the High Lake Property. Additionally,
Wolfden has secured the rights to the Nanasivik Mine mill infrastructure,
and has signed agreements to acquire interests in the Bachelor Lake and
James River Properties.
DISCOVERY - High Lake Property
A new massive sulphide horizon has been discovered on Wolfden's 100%
owned High Lake Property located in Nunavut, Canada. The new "West Zone"
was discovered approximately 1700 meters west of the existing A/B and D
Zones while following up an airborne anomaly identified in 2002.
Subsequent HLEM, UTEM and Gravity geophysical surveys defined a favourable
area for drilling.
The first hole drilled to test this target intersected approximately 18
meters of semi-massive to massive sulphide mineralization consisting
primarily of pyrrhotite, chalcopyrite, pyrite and minor sphalerite,
visually similar to the copper-rich High Lake B Zone, at a depth of
approximately 85 meters below surface. Subsequent drilling has intersected
the zone both up and down-dip. Follow-up drilling is currently in progress
to assess the potential of this new discovery and initial assays are
expected in the near future. Pictures of drill core will be available on
Wolfden's Web Site, www.wolfdenresources.com in the near future.
Wolfden has recently consolidated the High Lake region, and the current
exploration program is being carried under a strategic agreement with Teck
Cominco Limited (TSX:TEK.B).
ACQUISITION - Nanisivik Mill infrastructure
Wolfden has signed an agreement with CanZinco Ltd. (a wholly owned
subsidiary of Breakwater Resources Ltd.) to acquire the mill, the
concentrate storage facility, the power generation installation, and all
conveyors and associated ship loading equipment located at Breakwater's
Nanisivik mine. The Nanisivik Mine is located north of High Lake in
Nunavut and was recently closed by Breakwater.
For the acquisition, Wolfden is responsible for taking down all of the
facilities associated with this transaction, Breakwater's dense media
separation plant, and will perform the environmental clean up on the areas
on which the mill and storage facilities are located. Additionally,
Breakwater will provide lodging to Wolfden employees on the site. Approval
has been requested of the regulatory agencies involved that would allow
this reclamation work to commence during the summer months of 2003, and it
is anticipated that the necessary approvals will be granted within the
coming weeks.
"The acquisition of the Nanisivik infrastructure will provide Wolfden
with a competitive advantage for development of deposits located in
Canada's arctic" stated Ewan Downie, President of Wolfden.
ACQUISITION - Bachelour Lake Property
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that a letter
of intent has been signed with Campbell Resources Inc. (TSX: CCH; OTCBB:
CBLRF) whereby Wolfden will be granted the option to acquire a 50% interest
in the Bachelor Lake Property, owned by Campbell's subsidiary GeoNova
Explorations Inc., located of Quebec.
The agreement provides for Wolfden to acquire its 50% interest in the
Bachelor Lake project by funding $3,000,000 in exploration over three
years, including $1,500,000 in the first year, and by issuing 50,000 common
shares of Wolfden or paying $100,000 on the first and second anniversaries.
The transaction is subject to due diligence, final documentation and the
approvals of regulatory authorities and the boards of directors of Campbell
and Wolfden.
The Bachelor Lake Property, which is located in Lesueur Township of the
Abitibi region of Quebec, is comprised of 50 mining claims and two mining
concessions covering a total area of 1,840 hectares. The Bachelor Lake
deposit is estimated to contain an undiluted measured mineral resource of
204,454 tons grading 0.257 oz Au/ton and an indicated mineral resource of
216,685 tons grading 0.315 oz Au/ton in three zones (Main, B and A). It
also contains an undiluted inferred mineral resource of 256,285 tons
grading 0.304 oz Au/ton. (Mineral resource estimations were previously
disclosed in a Campbell, March 28, 2001 Press Release and Joint Management
Information Circular of May 10, 2001). The Bachelor Lake mine site
includes an office, a shop, a dry, a compressor room, a headframe, and a
500 ton per day mill with a cyanidation plant and crusher room.
From 1982 to 1989, mining operations were carried out by a previous
owner, during which time approximately 958,360 tons at an average grade of
0.15 oz/ton were mined to the bottom level of the mine (1723 feet).
Previously completed studies indicate that dilution during mining averaged
between 34 and 55%. Drilling from the bottom level of the mine in 1990
indicates that the "Main Vein" is richer and wider at depth, and also
discovered a parallel gold zone named the "B Vein". Both zones are open at
depth and along strike. Significant drill intersections (estimated true
width - cut to 0.65 opt Au in the Main Vein and to 1.0 opt Au in the B
Vein) include 0.504 opt Au across 12.5 feet, 0.49 opt Au across 28.1 feet
and 0.259 opt Au across 30.0 feet in the Main Vein; and 0.60 opt Au across
10.0 feet, 0.268 opt Au across 25.0 feet and 0.397 opt Au across 16.0 feet
in the B Vein.
"This acquisition provides Wolfden with the opportunity to earn an
interest in a gold property that contains a significant mineral resource"
stated Ewan Downie, President of Wolfden. "With grades and widths
comparable to those at Laronde, and existing mine infrastructure, Bachelor
Lake provides Wolfden with an excellent opportunity to achieve near-term
gold production".
Exploration, which will include dewatering of the mine workings,
rehabilitation, and underground drilling, is expected to begin during the
summer of 2003.
ACQUISITION - James River Property
Wolfden has signed an agreement with Blackstone Ventures Inc.
(TSX-V:BLV) to earn a 70% interest in the two Mining Claims that make up
the James River Property. For the acquisition, Wolfden will pay to
Blackstone $6,456.25 cash on signing(paid), make future cash payments owing
to the underlying vendors of the Property, perform $2,000,000 in
exploration on the Property over a four year period and make a one-time
cash payment of $50,000 to Blackstone upon completion of the earn-in. The
Property is subject to a 2.0% Net Smelter Return Royalty, half or which can
be purchased at any time for $1 Million.
The James River Property is located immediately south the High Lake
Property in Nunavut, Canada. The James River area is geologically similar
to High Lake, and is host to numerous gossans, base metal showings, and
conductors that may represent the southern extension of the stratigraphy
that hosts the High Lake deposits. Ground geophysical surveys on the
Property are underway, and drilling is expected to be carried out during
the current program.
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. A presentation will be given at Wolfden's Annual General
Meeting, being held at the Ontario Club, 5th Floor Commerce Court South, 30
Wellington St. West, Toronto Ontario at 5:00 pm EST.
TEL: 807-346-1668 Ewan Downie, President
FAX: 807-473-1977
E-mail: wolfden@baynet.net
Web Site: www.wolfdenresources.com
______________________________________ |
