Wolfden arranges prefeasibility study for High Lake
2004-11-16 10:51 ET - News Release
Mr. Ewan Downie reports
WOLFDEN DISCOVERS NEW BASE METAL ZONE AT HIGH LAKE - INITIATES PRE-FEASIBILITY STUDY
Wolfden Resources Inc.'s drilling has intersected a new massive sulphide zone at the company's 100-per-cent-owned High Lake project in Nunavut. Wardrop Engineering has been retained to complete a prefeasibility study for the High Lake project.
The new zone (the Gambler zone), is located parallel to and approximately 200 metres to the east of the D-zone, one of the proposed open-pit deposits at High Lake. The Gambler sulphide zone is a highly silicified, polymetallic zone containing elevated base metal mineralization -- and is associated with a UTEM conductor identified in 2003 over a strike length of 1,200 metres. The sulphides were not seen in the shallower holes drilled into the anomaly, suggesting that this drilling has intersected the top of the zone. Additionally, these holes were drilled in the extreme south end of the UTEM conductor and the mineralization is open for expansion. The two holes having intersected this horizon to date returned 0.37 per cent Cu, 5.70 per cent Zn, 291.6 grams per tonne Ag (8.5 ounces/ton silver) and 2.92 g/t Au across 2.8 metres (HLW-04-113), and 0.43 per cent Cu, 2.01 per cent Zn, 73.2 g/t Ag (2.1 ounces/ton silver) and 0.98 g/t Au across 17.85 metres (HLW-04-116).
A full table of results from the 2004 drill program can be found on the company's website under High Lake project: www.wolfdenresources.com. The 2004 drill program was successful in expanding the West zone, discovered in mid-2003, to a depth of approximately 800 metres where it remains open. A second lense of mineralization, the 007 zone (west extension), has been outlined to a depth of approximately 200 metres where it remains open. Drilling will resume in February with four drills initially testing the Gambler and 007 zones, then testing numerous prospective geophysical anomalies identified in the area.
Wolfden has retained the mining and minerals division of Wardrop Engineering (WMM), to undertake a prefeasibility study for the High Lake/Ulu project beginning immediately. Wardrop is a full-service engineering company that is celebrating 50 years of service in 2005. They have been providing services to the Canadian mining industry for most of that time. WMM has offices in Toronto, Vancouver, Saskatoon, Sudbury and Thunder Bay and continues to expand the provision of project development services, as well as execution support, throughout Canada and worldwide. Ian Pritchard of WMM stated that, "Wardrop is very pleased to be working with Wolfden on this exciting project." It is anticipated that this study will be completed in the first quarter of 2005.
The High Lake exploration results from the current program have been reviewed by John F. Cook, PEng, a qualified person within the meaning of National Instrument 43-101. Mr. Cook has reviewed the exploration results contained in this news release. Core is split, with half sent to Global Discovery Labs for preparation and analyses -- using a standard classical wet assay with an AA finish.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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