Wolfden Reports Continued Progress on Pickett Mt. Rezoning

Nation explores the real thing a Caterpillar Mining Vehicle.
Nation explores the real thing a Caterpillar Mining Vehicle.

THUNDER BAY – MINING – Wolfden Resources Corporation (WLF.V)(“Wolfden” or the “Company”) is pleased to announce that the Maine Land Use Planning Commission (LUPC) has accepted Wolfden’s responses to a series of questions related to its Pickett Mountain Project (“Project”) rezoning application and submitted the completed documentation on to third party review including other state agencies and consultants.  The application proposes to rezone a 374 acre parcel of its wholly owned 7,135 acre land holdings in the township of T6 R6 Northern Maine, from a General Management (M-GN) designation to Planned Development (D-PD) to allow for the construction, operation and reclamation of a state of the art, small foot print, underground metallic mineral mine in a manner that is fully protective of the environment.

“This is another positive milestone for the Company in the application process as it has been just 90 days since the application was filed,” stated Jeremy Ouellette, VP Project Development for Wolfden.  “We are appreciative of the diligent and responsive approach the LUPC staff have taken during this submission and review process as well as the tremendous support we have recevied from the surrounding communities.  Many of the neighboring communities including Hersey, Moro Plantation, Patten, Stacyville and Sherman have already passed (by public vote), ordinances or resolutions in support of the Project (see map below).  We look forward to addressing any further feedback from the LUPC, other state agencies, consultants and the public.  As a lead up to an LUPC public hearing to be held in the region of the Project, we plan to continue to host public information sessions that highlight the protective nature of Maine’s Chapter 200 mining regulations and the communities rights to be heard in the mine permitting process.”

The proposed Project, is a 1200 tonne per day underground mining operation with a 10-15 year mine life, located several miles off of State Route 11, in an area of very low population density, north of the Town of Patten.  The mine and other supporting infrastructure will require a steady-state work force of roughly 272 direct employees and contractors.  The mined ore from the Project will be processed at a different location (not in T6 R6) and therefore is outside of the scope of the application.  Moreover, the technical analysis for each component of the Project and each aspect for the protection of natural resources, demonstrate that the Project is feasible and consistent with the values prioritized by the LUPC.

The Project represents a significant opportunity for new economic growth in an area of the State where much of the economy is based on timber harvesting. Wolfden has been working with residents and businesses in the region via public meetings and information sessions to ensure that the Project is responsive to the needs of the region and will benefit the people who live and work there.  The Project will be developed, operated, and reclaimed in accordance with the States strict and modern mining regulations that ensur full protection of the surrounding environment.

The re-zoning application is subject to and will be reviewed under the Commission’s Chapter 10 and Chapter 12 rules. Chapter 12 requires a public hearing to be held by the Commission in the area of the project before a final decision on the application.

A copy of the petition along with related correspondence with LUPC, and more information about the process is available for download from the LUPC project-specific webpage and the Company’s website.

Next Steps

Upon completion of the rezoning, Wolfden plans to commence a feasibility study including the collection of additional environmental baseline data, a drill program to convert inferred to indicated mineral resources, design of the various components of the project and a complete estimate of costs. This data will all be used as input to a mine permit application to the Maine Department of Environmental Protection for review and approval under Maine’s Chapter 200 regulations.

Pickett Mountain Mineral Resource Estimate

Category Tonnes % Zn % Pb % Cu g/t Ag g/t Au Density % ZnEq
Indicated 2,724,000 8.91 3.83 1.22 97.2 0.8 3.84 17.72
Inferred 3,593,600 9.27 3.83 1.00 105.4 0.7 3.81 17.65

Metal prices used for the estimate: US$1.20/lb Zn, $2.50/lb Cu, $1.00/lb Pb, $16.00/oz Ag, and $1,200/oz/Au, using a 7% cutoff grade that equates to an approximate NSR cut-off of $139/tonne at the same metal prices. An average recovery of 75% for all metals was assumed based on preliminary metallurgical testing.  The deposit remains open at depth and into the footwall (north) where continued expansion and infill diamond drilling has the potential to further upgrade and expand the mineral resource.

About Wolfden

Wolfden 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.

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