Business
Wolfden unveils development plans for Izok
Wolfden unveils development plans for Izok.
About this update from New Found Gold Corp
[{"type":"text","content":"\n\n\n\n\nShares Issued: 74,647,878\n\nTHUNDER BAY, ON, Sept. 5 /CNW/ -\n\n>\n\nWOLFDEN RESOURCES INC. (TSX:WLF) is pleased to provide an update on the\ncorporation's development plans for its Amaqqut Group of Projects in Nunavut,\nCanada. Wolfden intends to make its 100% owned Izok Project the priority for\nnear-term exploration and development. The Amaqqut Group of Projects also\nincludes the 100% owned Izok, High Lake, Hood and Ulu deposits, and the Gondor\nProject (60% owned), a joint-venture with Falconbridge Ltd., a subsidiary of\nthe Xstrata group.\n\nIZOK PROJECT\n------------\nThe Izok deposit is one of the world's highest-grade undeveloped base\nmetal deposits with an indicated resource of 14.4M t grading 2.52% Cu, 12.94%\nZn, 1.28% Pb and 71.0g/t Ag plus an inferred resource of 0.37M t grading 3.79%\nCu, 6.40% Zn, 0.27% Pb and 54.2g/t Ag. Work to-date shows that the majority of\nthe Izok deposit can be mined by low-cost open pit mining methods. Current\nanalysis suggests that the Lupin Mill should be used for processing Izok ore.\nLupin is a fully operational and permitted Mine - Mill and tailings complex\nlocated approximately 80km East of Izok. The Lupin infrastructure represents a\nmajor reduction in capital versus building a new mill and tailings compound at\nIzok, and also streamlines the permitting requirements for development.\n\nEconomic Analysis - Izok Project\n--------------------------------\nRecent economic assessment work completed for Wolfden by independent\nconsulting firm, Wardrop Engineering Inc., suggests several changes to the\nrecently reported Scoping Study including capital reductions associated with\nthe cost for building all-season roads between Izok and tide-water, in\naddition to a reduction in operating costs associated with shipping costs.\nTreatment terms for zinc concentrates have been adjusted lower, however\ntreatment charges relating to copper concentrates have been adjusted higher\nincluding the addition of price participation. This work has analyzed the\ndeposits individually and in a combined \"Synergistic\" Model that analyzes\nbenefits provided by the potential for shared infrastructure with the High\nLake and Ulu deposits. All of the studies have been completed using the\nfollowing criteria:\n\n1) Base Case (Low Metal Prices) - US$1.20/lb Copper, US$0.60/lb Zinc,\nUS$0.45/lb Lead...