Business
Wolfden Options Tetagouche Project in New Brunswick to Advance Lithium
THUNDER BAY, ON / ACCESSWIRE / March 9, 2023 / Wolfden Resources Corporation (TSXV:WLF) ("Wolf...
About this update from Wolfden Resources Corp.
[{"type":"text","content":"Wolfden Options Tetagouche Project in New Brunswick to Advance LithiumTHUNDER BAY, ON / ACCESSWIRE / March 9, 2023 / Wolfden Resources Corporation (TSXV:WLF) (\"Wolfden\" or the \"Company\") is pleased announce that it has reached an agreement with Advance Lithium Corp (TSXV:AALI.V) (\"Advance Lithium\" or \"the Corporation\") allowing the Corporation to acquire a 100% interest in Wolfden's Tetagouche Project in the Bathurst Mining Camp of New Brunswick (\"the Property\").As per the terms of the agreement, subject to regulatory approval, Advance Lithium will issue to Wolfden 19.9% of its current 83,520,000 issued and outstanding shares. In addition, the Corporation shall spend $3 million and make additional payments in cash or shares totalling $750,000. Wolfden shall retain up to a 2% Net Smelter Return on all claims subject to a buy back option of 1% NSR for $2 million to Advance Lithium. Wolfden shall have first rights of refusal with respect to any claims that are sold, dropped or transferred and a right to an Advance Lithium board seat so long as it maintains a 10% shareholding in the Corporation.\"This is win-win transaction for both companies and allows Wolfden to focus its resources on developing its Pickett Mt Project in Maine, USA,\" stated Ron Little, President and CEO for Wolfden. \"We look forward to working with Advance Lithium to assist in their exploration plans at Tetagouche and in following their progress with their other exciting lithium and precious metal projects as a significant shareholder\".About WolfdenWolfden is an exploration and development company focused on high-margin metallic mineral deposits including base, precious and strategic metals. Its wholly owned Pickett Mountain Project is one of the highest-grade polymetallic projects in North America (Zn, Pb, Cu, Ag, Au) and its two nickel sulphide deposits in Manitoba represent significant development projects with the potential to be domestic sources of ethically produced base and critical metals for the expansion of renewable energy in North America.For further information please contact Ron Little, President & CEO, at (807) 624-1136.Cautionary Statement Regarding Forward-Looking InformationThis press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and unc...