Nunavut WOLFDEN RESOURCES has released the latest resource estimate for its 100%-owned High Lake project in the Kitikmeot region, 45 km from Coronation Gulf. Using a copper equivalent (CuEq) cut-off of 2% the deposit contain indicated resources of 14.3 million tonnes at 2.34% Cu, 0.32% Pb, 3.53% Zn plus gold and silver (4.70% CuEq). There is an inferred resource of 1.3 million tonnes at the same cut-off grading 1.17% Cu, 0.28% Pb, 3.36% Zn plus gold and silver (3.29% CuEq).
The total figure for High Lake is 15.6 million tonnes. Estimated mineral resources by zone are posted at www.WolfdenResources.com in the Press Releases.
Wolfden’s 2005 budget for the High Lake project is approximately $20 million. It involves both feasibility and exploration drilling, environmental permitting work, decommissioning of the Nanisivik mill for relocation at High Lake, underground work at Ulu and pre-feasibility and feasibility work for the High Lake project. Exploration drilling will have an emphasis on defining new zones such as the Gambler zone that was discovered at the end of the 2004 program. Drilling this zone has intersected precious-metal-rich stringer sulphides; this is consistent with massive sulphide deposits that coincide with a 1.2-km-long UTEM geophysical conductor.