Mr. Ron Little reports

WOLFDEN HITS HIGH-GRADE MINERALIZATION IN DEEP DRILLING AT PICKETT MTN.

Wolfden Resources Corp.'s continuing infill and expansion drill program on its wholly owned Pickett Mountain project in Maine has intersected high-grade base metal mineralization at a vertical depth of 530 metres in the West lens of the deposit. Assay results for hole PM-18-022 yield 4.7 metres grading 24.0 per cent zinc, 10,0 per cent lead, 0.9 per cent copper, 267 grams per tonne silver and 1.6 g/t gold. In addition, assay results are pending for a second deep drill hole, PM-18-023, that was recently completed and intersected multiple intervals of massive sulphide mineralization approximately 100 metres farther to the east of hole PM-18-022 and at a similar depth (see the updated drilling long section in the Pickett Mountain presentation on the company's website).

These recent holes are the deepest drilling completed by the company to date and clearly demonstrate the potential to expand resources below a depth of 400 metres where there was little historical drilling. The drill program consists of infill and expansion drilling but will also test several new high-priority exploration targets identified proximal to the main deposit that have recently been outlined by ground and airborne geophysical surveys.

The detailed and regional airborne geophysical surveys are now complete and have identified several new targets and confirmed others previously identified by ground geophysical and soil sampling surveys. Most importantly, the geophysical surveys indicate the potential for expansion of the system in several directions. Site preparation is under way to drill test those targets as soon as possible and a second drill will be considered to accelerate the program.

The company is in the process of modelling the historical and recent drill results drill results in order to generate a updated mineral resource estimate before the end of the year and one that can be further expanded as drilling continues. Independent geological experts familiar with base metal mineralization in the Bathurst mining camp in New Brunswick and the Buchans district in Newfoundland have visited the property and concluded that the results to date suggest that Pickett Mountain has the potential to host a large and multilens volcanogenic massive sulphide system. The host rocks of Bathurst and Buchans are similar to Pickett Mountain and characterized by clusters of massive sulphide deposits and/or lenses that exhibit similar high grades.

Wolfden June 26, 2018, annual general meeting results

The company is also pleased to announce that Ron Little, director, has been appointed as president and chief executive officer and Don Hoy as senior vice-president of exploration. Ian Atkinson, Don Bubar and John Seaman are newly elected directors, and Ewan Downie will continue as the board's non-executive chairman.

Quality assurance/quality control

Wolfden adheres to strict quality assurance and quality control protocols including routine insertion of blanks and certified reference standards in each sample batch of drill core that is sent to the lab for analyses. Drill core samples are split in half using a diamond saw with one-half saved for reference and the other half shipped via secure transport to Activation Laboratories sample preparation facility in Fredericton, N.B. Core samples are analyzed for zinc, lead and copper utilizing sodium peroxide fusion, acid dissolution followed by ICP-OES (code 8). Gold is analyzed by fire assay (30 g) utilizing AA finish (code 1A2) and samples with over five g/t are analyzed by fire assay with gravimetric finish (code 1A3). Silver is analyzed by fire assay with gravimetric finish (code 8-Ag). The information in this news release has been prepared and approved by Don Hoy, PGeo, senior vice-president of exploration, and Ron Little, PEng, president and chief executive officer for the company, who are both qualified persons under National Instrument 43-101.

About Wolfden Resources Corp.

Wolfden is a Canadian exploration and development company focused on advancing its wholly owned high-grade (Zn, Pb, Cu and Ag) VMS Pickett Mountain project in Maine.

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