THUNDER BAY: Wolfden Resources Corporation announces the key acquisition of the Rice Island Tie-On property (the”RITOP”) located adjacent to Wolfden’s Rice Island property (the “RIP”) that contains the Rice Island nickel-copper-cobalt deposit. The deposit has been targeted in drilling programs completed by Wolfden during 2015 and 2016 and has returned high-grade nickel, copper and cobalt values over mineable widths during these campaigns. Collectively, the 100%-owned RITOP and RIP comprise 2,611 hectares and are located 10 kilometres southeast of the Town of Snow Lake in west-central Manitoba.
THE RICE ISLAND TIE-ON PROPERTY:
The RITOP potentially contains the southwest extension of the Rice Island nickel-copper-cobalt deposit, as evidenced by the presence of a series of conductors coincident with a magnetic high on the RITOP, defined by Wolfden’s VTEM airborne geophysical survey. On Wolfden’s RIP, the Rice Island deposit is located on the same geophysical trend. Additionally, Wolfden drill holes located at the southwest end of Rice Island on the RIP, returned significant results including 2.57% Ni, 1.07% Cu, 0.08% Co over 17.4 metres (RI-15-13), 1.14% Ni, 0.70% Cu, 0.06% Co over 14.1 metres (RI-15-13), 1.07% Ni, 0.83% Cu, 0.10% Co over 6.3 metres (Ri-15-14) as well as 1.23% Ni, 0.80% Cu, 0.13% Co over 2.6 metres. The magnetic high and associated conductors delineated over a minimum 500-metre long trend on the RITOP have never been drilled and will be given top priority in future diamond drilling programs.
In addition to the first priority drill target located immediately to the southwest of the Rice Island deposit, the RITOP contains several other compelling geophysical anomalies. A parallel geophysical trend located to the west of the Rice Island deposit contains a series of strong discrete anomalies that have a similar geophysical signature with that of the Rice Island deposit; these anomalies do not appear to have been drilled.
Donald Hoy, President and CEO stated, “We are very pleased to complete this transaction that clearly enhances our prospects of adding to the mineral inventory of the known Rice Island deposit and to making additional discoveries elsewhere on the combined properties. We look forward to completing exploration to accomplish these goals.”
For more information, visit www.wolfdenresources.com.