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Wolfden Resources Corp
Symbol WLF
Shares Issued 67,051,589
Close 2015-02-26 C$ 0.175
Market Cap C$ 11,734,028
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Wolfden drills 4.78 m of 0.61 g/t Au at Tetagouche

2015-02-27 16:08 ET - News Release

Mr. Donald Hoy reports

DRILLING AT ROCKY TURN EXTENSION RETURNS 6.35% ZN, 2.68% PB, 0.35% CU, 138 G/T AG & 1.91 G/T AU OVER 0.79 METRES ON TETAGOUCHE PROPERTY, NEW BRUNSWICK

Wolfden Resources Corp. has released assay results obtained from diamond drilling on the company's wholly owned Tetagouche property. The property, comprising greater than 20,000 hectares, is located in the prolific Bathurst mining camp 25 kilometres west of the city of Bathurst in northeastern New Brunswick.

The winter drilling program consisting of 23 drill holes comprising 3,427 metres was completed in late January, 2015. Drilling was undertaken in three separate target areas on the property, including the Rocky Turn extension, the Rocky Turn deposit and the V10 area. Due to heavy snowfall and logistical difficulties, it was not possible to drill the highest-priority drill targets in the V10 area, a series of strong lead-zinc-antimony soil anomalies located immediately up ice from the high-grade V10 boulders. These targets will be tested in the upcoming spring exploration program. Wolfden is well positioned to carry out this work with $3.5-million in working capital in its treasury.

Rocky Turn extension drilling

In October of 2014, Wolfden announced the discovery of a new massive sulphide occurrence following drill testing of a coincident max-min electromagnetic anomaly (conductor) and a prominent lead-zinc-in soil anomaly (see Wolfden news releases dated Oct. 23, 2014, and Oct. 31, 2014). The new discovery, known as the Rocky Turn extension, is located immediately to the southeast of the Rocky Turn deposit that hosts a historical resource of 130,000 tonnes grading 0.28 per cent copper, 2.69 per cent lead, 8.43 per cent zinc, 101 grams per tonne silver and 3.1 grams per tonne gold.

To date, nine drill holes have tested the Rocky Turn extension occurrence over a 700-metre strike length (from lines 800W to 1500W), and to a maximum vertical depth of 150 metres. Narrow zones of massive sulphide were intersected in six of the nine drill holes completed, currently outlining a deposit with a 150-metre strike length (from lines 1250W to 1400W) to a vertical depth of 150 metres. Two of the drill holes returned significant though narrow intersections of massive sulphide, including 0.35 per cent copper, 2.68 per cent lead, 6.35 per cent zinc, 138 grams per tonne silver and 1.91 grams per tonne gold over 0.79 metre, and 0.22 per cent copper, 1.86 per cent lead, 7.99 per cent zinc, 68 grams per tonne silver and 0.3 gram per tonne gold over 0.19 metre in holes T-14-04 and T-14-05, respectively. Massive sulphide mineralization remains open at depth.

Additional drilling supplemented by downhole geophysics is warranted to probe for thicker intersections of massive sulphide at depth, as well as along strike to the east, where significant gaps exist in the current drill configuration that have tested this new discovery.

                          Massive sulphide   
                               intersected   Massive sulphide
Hole        From      To             width         true width    Cu    Pb    Zn     Ag     Au
No.           (m)     (m)               (m)                (m)   (%)   (%)   (%)  (g/t)  (g/t)

T-14-01    62.10   62.30              0.20               0.12  0.11  0.44  1.48   25.9   0.91    
T-14-02    72.00   79.70              7.70               4.78  0.23  0.54  3.19     13   0.61    
T-14-04    41.80   43.40              1.60               1.05  0.27  2.01  4.76    105   1.63
including  42.20   43.40              1.20               0.79  0.35  2.68  6.35    138   1.91
T-14-05    82.40   84.50              2.10               1.35  0.03  0.31  1.35     14   0.35
including  82.40   82.70              0.30               0.19  0.22  1.86  7.99     68   0.30
T-14-06   134.90  136.10              1.20               0.74  0.07  0.88  2.83   23.0   1.44    
T-14-07                                                      Massive sulphide not intersected   
T-14-08                                                      Massive sulphide not intersected
T-14-20    193.0   193.1              0.10               0.06  0.07  1.56  3.52   34.0   1.57    
T-14-21                                                      Massive sulphide not intersected  

Rocky Turn deposit drilling

A single drill hole (T-14-19) was completed at the Rocky Turn deposit to test for deeper extensions of massive sulphide mineralization beyond that outlined by historical drilling efforts.

Drill hole T-14-09 returned a narrow, ore-grade intercept of massive sulphide as tabulated below, at a vertical depth of 175 metres, the deepest intercept obtained to date on the Rocky Turn deposit. Additional drilling accompanied by downhole geophysical surveys is warranted in efforts to enlarge the massive sulphide deposit, particularly at depth.

                          Massive sulphide   
                               intersected   Massive sulphide
Hole        From      To             width         true width    Cu    Pb    Zn     Ag     Au
No.           (m)     (m)               (m)                (m)   (%)   (%)   (%)  (g/t)  (g/t)

T-14-19    195.6   195.9              0.30               0.20  0.49  2.58  8.59  171.0   2.56 

V10 area drilling

One of the primary goals of 2014 exploration on the property was to find a bedrock source for numerous high-grade massive sulphide boulder clusters located in the V10 target area (on the Tetagouche property), and down ice from it, on adjacent properties. At V10, recent massive sulphide boulder discoveries yielded bonanza grades of 19.8 per cent zinc, 3.88 per cent lead, 0.33 per cent copper, 649 grams per tonne silver and 1.08 grams per tonne gold, as well as 20.1 per cent zinc, 4.2 per cent lead, 0.33 per cent copper, 694 grams per tonne silver and 0.88 gram per tonne gold.

To help source such boulders to bedrock, detailed integrated surveys involving soil geochemistry, geophysical surveys (gravity, max-min electromagnetic and magnetic surveys), geological mapping and prospecting were completed in the V10 area. Such surveys defined several coincident, gravity, electromagnetic and lead-zinc-copper in-soil anomalies, a number of which are closely associated with chloritic and sericitic alteration zones as defined by geological mapping. All of the anomalies are located up ice to the west of the high-grade boulders, some of which were the targets for diamond drilling.

A total of 12 drill holes comprising 1,662 metres was completed in the V10 area, in an effort to source the V10 massive sulphide boulders to bedrock. With the exception of two drill holes (T-14-10 and T-14-17), none of the drill holes intersected massive sulphide mineralization. The results for the massive sulphide intersections are tabulated below.

                          Massive sulphide   
                               intersected   Massive sulphide
Hole        From      To             width         true width    Cu    Pb    Zn     Ag     Au
No.           (m)     (m)               (m)                (m)   (%)   (%)   (%)  (g/t)  (g/t)

T-14-10    201.3   201.6              0.30               0.24  0.11  0.26  1.41    5.5   0.03
           218.9   219.1              0.20               0.16  0.08  1.15  2.30   13.0   0.08              
T-14-17    30.70   30.95              0.25               0.20  0.24  0.71  0.11    2.5   0.48    

Drill hole T-14-10 tested a discrete, linear residual gravity anomaly and coincident lead-zinc soil anomaly located proximal to two massive sulphide boulders. Two narrow massive sulphide intercepts were obtained in this drill hole, both returning low-grade assays for base metals. An additional intersection of massive sulphide was obtained in drill hole T-14-17 testing a conductor (max-min and airborne electromagnetic) and weak gravity anomaly; only anomalous levels of base-metal mineralization were returned from this hole. Despite the low-grade tenor of base metal values obtained in these drill holes, additional drilling accompanied by downhole geophysics is warranted to further test these occurrences.

The other drill holes in the V10 area intersected altered felsic volcanic rocks with local concentrations of strong sulphide mineralization consisting of pyrite. Due to heavy snowfall and logistical difficulties, it was not possible to drill the highest-priority drill targets in the V10 area, a series of strong lead-zinc-antimony soil anomalies located immediately up-ice from the high-grade V10 boulders. These targets will be tested in the upcoming spring exploration program.

Spring exploration program to test additional targets

In addition to further drilling warranted at all of the Rocky Turn extension, Rocky Turn deposit and V10 areas, two additional areas known as the V10 South target and Rocky Turn West target will be explored in the spring of 2015.

The V10 South target is a large prospective bedrock source area for the numerous massive sulphide boulders that occur down ice to the east on the adjacent Armstrong property. V10 South is underlain by altered felsic volcanic rocks of the Spruce Lake formation and contains numerous EM conductors and soil geochemical anomalies with minimal diamond drilling. Gravity surveys and additional soil sampling will be completed in this target area prior to diamond drilling.

The Rocky Turn West target is very prospective for possible on-strike extensions of the Rocky Turn deposit to the west of the deposit itself. This target area contains numerous zinc-lead-silver soil anomalies hosted within felsic volcanic rocks, and has seen very little diamond drilling. Detailed gravity surveys and additional soil sampling are warranted in this target area prior to diamond drilling.

The technical information in this news release has been prepared and approved by Donald Hoy, PGeo, president and a director of the company. Mr. Hoy is a qualified person under National Instrument 43-101.

(1) All of the deposits are historic estimates that are not compliant with NI 43-101 and cannot be relied upon for valuation purposes. A qualified person has not done sufficient work to classify the above historic estimates as current mineral resources, and accordingly, the company is not treating the historical estimates as current mineral resources.

(2) Analysis is completed by Activation Laboratories in Ancaster, Ont., utilizing the 1A2 fire assay AA, 1H INAA (INAAGEO)/total digestion and UT-7 sodium peroxide fusion (ICP & ICPMS) analytical packages.

We seek Safe Harbor.

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