Shares Issued: 74,647,878
THUNDER BAY, ON, Sept. 22 /CNW/ - WOLFDEN RESOURCES INC. (TSX:WLF) is
pleased to announce that it has initiated an assessment of the Lupin Gold Mine
located in Nunavut, Canada. Following completion of the transfer of Lupin from
Kinross Gold Corporation. (TSX:K), Wolfden will be the 100% owner of Lupin
subject to a 1.0% Net Smelter Return Royalty payable to Kinross.
Between 1982 and 2005, the Lupin Gold Mine produced more than
3.37 Million ounces of gold at an average grade of 0.259 oz/ton Au. At the
time of closure in January 2005, reserves were being estimated using a gold
price of US$350 per ounce and resources at US$400 per ounce.
Mining at Lupin was carried out almost entirely north of the main shaft.
Though the "West Zone" mineralized horizon was known to continue south of the
shaft (the "SOS Zone"), limited development and/or exploration was carried out
on the southern extension. Recent compilation of this horizon suggests that
the SOS Zone has potential to host considerable resources starting at surface.
Additionally, the McPherson Zones, and the on-strike continuation of this
horizon that was found late in the mine's history, remains wide open up and
down dip, and along strike.
<<
Significant drill intersections into the SOS Zone include:
490m Level Drift (Un-mined) - 20.95g/t Au across 2.66m
20.16g/t Au across 1.15m
13.95g/t Au across 2.60m
890m Level Drift (Un-mined) - 11.2g/t Au across 3.13m
20.4g/t Au across 2.68m
36.6g/t Au across 2.00m
17.4g/t Au across 3.18m
Significant drill intersections into the un-mined, up-dip, portion of the
McPherson Zone include:
950 Level Drift (Un-mined) - 16.33g/t Au across 2.4m
970 Level Drift (Un-mined) - 10.21g/t Au across 3.65m
11.59g/t Au across 5.4m
990 Level Drift (Un-mined) - 7.26g/t Au across 4.18m
11.28g/t Au across 3.65m
>>
A presentation relating to the Lupin Mine is posted on the corporation's
web site www.wolfdenresources.com.
Immediately following the completion of this assessment, Wolfden intends
to begin an underground drill program to define the resources and complete a
study regarding the potential to re-start the operation in 2007. Following the
drill program a scoping analysis will be conducted to determine the economic
potential of the mineral resource. The Lupin Mine and Mill complex are
completely operational and very little capital would be required to put Lupin
back into production.
In the Slave Region of Nunavut, in addition to and in the immediate area
of the Lupin Gold Mine, Wolfden holds numerous high-grade deposits, several of
which rank as some of the highest grade undeveloped copper-zinc deposits in
the world. The resources contained in these deposits are summarized in the
following tables:
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NI 43-101 Compliant Resources:
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Deposit Category Tonnes Cu Pb Zn Au Ag
------- -------- ------ -- -- -- -- --
(%) (%) (%) (g/t) (g/t)
-------------------------------------------------------------------------
IZOK Indicated 14,400,000 2.52 1.28 12.94 trace 71.0
-------------------------------------------------------------------------
Inferred 370,000 3.79 0.27 6.40 trace 54.2
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HIGH LAKE Indicated 17,250,000 2.25 0.31 3.35 0.95 69.7
-------------------------------------------------------------------------
Inferred 420,000 0.49 0.44 2.38 0.21 121.5
-------------------------------------------------------------------------
ULU Indicated 720,000 11.70
-------------------------------------------------------------------------
Inferred 410,000 10.73
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LUPIN Resource Underway
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Historical Resources:
---------------------
-------------------------------------------------------------------------
Deposit Category Tonnes Cu Pb Zn Au Ag
------- -------- ------ -- -- -- -- --
(%) (%) (%) (g/t) (g/t)
-------------------------------------------------------------------------
GONDOR Historical 13,630,000 0.2 0.5 5.1 0.6 46.7
-------------------------------------------------------------------------
Incl. 4,380,000 0.1 1.2 9.7 0.9 85.7
-------------------------------------------------------------------------
HOOD 10 Historical 1,800,000 3.4 0.3 4.5 0.5 27.0
-------------------------------------------------------------------------
HOOD 41 Historical 900,000 1.4 n/a 3.2 n/a 12.0
-------------------------------------------------------------------------
HOOD 41A Historical 1,100,000 2.4 n/a 3.3 n/a 16.0
-------------------------------------------------------------------------
>>
Note - Historical resources were completed by previous operators prior to
the implementation of National Instrument 43-101. As such, the reader should
be cautioned that the historical resource estimates in this release have not
been verified by Wolfden's qualified person and should not be relied upon.
However, Wolfden considers the estimates to be relevant, reliable and
consistent with CIM definitions. The High Lake and Ulu resource estimates were
completed by G. H. Wahl, P. Geo (G H Wahl & Associates Geological Services)
and the Izok and High Lake resource estimates were completed by Wardrop
Engineering Inc.
"Lupin has the potential to become the cornerstone in the development of
Wolfden, allowing the company to make the transition from explorer to producer
in the very near-term and provide the back-bone for the development of our
other, world-class, deposits in the region" stated Ewan Downie, President of
Wolfden. "Wolfden is one of largest holder of high-grade metal resources
world-wide and the company is currently in the process of securing key
personnel to facilitate this transition."
Mr. Dave Stevenson, P Geo., has reviewed the contents of this press
release and is the qualified person under National Instrument 43-101.
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.
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.
%SEDAR: 00010215E
