Wolfden commences diamond drilling at Clarence Stream and Lawman projects

Wolfden commences diamond drilling at Clarence Stream and Lawman projects

THUNDER BAY, ON, Feb. 20, 2013 /CNW/ - Wolfden Resources Corporation (the "Company" or "Wolfden") (WLF:TSX-V) is pleased to announce that diamond drilling has commenced on its wholly-owned Clarence Stream property in New Brunswick as well as at its Lawman property, in central Minnesota (100%-owned).

CLARENCE STREAM, NEW BRUNSWICK:

The Clarence Stream property is the Company's flagship project totalling 793 mineral claims, comprising 17,446 hectares. It is well-located close to infrastructure, 70 kilometres south of Fredericton and 25 kilometres northwest of the town of St. George in Charlotte County, southern New Brunswick.

The current National Instrument 43-101 compliant Mineral Resource estimate for Clarence Stream is as follows (Technical Report, Roscoe Postle Associates, 2012):

__________________________________________________________________ | | | |Gold |Contained|Gold Grade|Contained| | Area |Category | Tonnes |Grade| Gold | (g/t) | Gold | | | | |(g/t)| (oz Au) | | (oz Au) | |_________|_________|_________|_____|_________|__________|_________| | | | (t) | Cut | Cut | Uncut | Uncut | |_________|_________|_________|_____|_________|__________|_________| |Proximal |Indicated| 636,000| 6.71| 137,000| 9.28| 190,000| |_________|_________|_________|_____|_________|__________|_________| | |Inferred | 991,000| 6.33| 202,000| 7.64| 243,000| |_________|_________|_________|_____|_________|__________|_________| | | | | | | | | |_________|_________|_________|_____|_________|__________|_________| |Anomaly-A|Indicated| 186,000| 7.56| 45,000| 8.51| 51,000| |_________|_________|_________|_____|_________|__________|_________| | |Inferred | 235,000| 6.38| 48,000| 9.22| 70,000| |_________|_________|_________|_____|_________|__________|_________| | | | | | | | | |_________|_________|_________|_____|_________|__________|_________| |Total |Indicated| 822,000| 6.90| 182,000| 9.11| 241,000| |_________|_________|_________|_____|_________|__________|_________| | |Inferred |1,226,000| 6.34| 250,000| 7.95| 313,000| |_________|_________|_________|_____|_________|__________|_________|

Notes:

1. CIM Definitions were followed for Mineral Resources. 2. Mineral Resources were estimated using an average gold price of

US$1,000/oz and assumed operating costs. 3. Mineral Resources are based on a cut-off grade of 3.0 g/t Au. 4. Wireframes at 3.0 g/t Au and a minimum thickness of two metres

were used to constrain the grade interpolation. 5. High gold grades were cut to 30 g/t Au prior to compositing.

Uncut grades are listed for comparative purposes only. 6. Several blocks less than 3.0 g/t Au were included to expand the

     lenses to the two metre minimum thickness.

Gold mineralization occurs in two main areas of the property, each with 
distinct unique host rocks and deposit geometry. The Proximal Zones lie within 
a steeply-dipping east-northeast trending high strain zone, traced 
intermittently over a 12 kilometre strike length. The Anomaly-A or Distal 
deposits, are associated with a flat-lying, basin-shaped structure, likely 
related to regional thrust faults and occur in an area measuring 1 kilometre 
by 2 kilometres.

The property hosts excellent resource expansion potential as evidenced by:
    --  Only two (2) kilometres of the known 12 kilometre-long
        structure hosting the Proximal deposits has been tested by
        drilling.  Eastern-most drill holes returned multiple
        intercepts including 12.45 g/t Au over 4.50 metres, 13.69 g/t
        Au over 2.00 metres as well as 9.50 g/t Au over 3.00 metres
    --  The limits and extent of the flat-lying structure hosting the
        Anomaly A deposits has not yet been defined
    --  Numerous untested gold-in-soil anomalies and surface showings
        containing visible gold located away from the known mineral
        resource, offer potential for new discoveries and the eventual
        adding to the gold resource

The current 10,000 metre drilling program will focus on increasing the 
Clarence Stream property mineral resource from its current level.

Initial step-out drilling on the East Zone, one of the Proximal deposits, has 
intersected strong veining and mineralization approximately 100 metres 
down-plunge of the current resource. Drilling will continue on the East Zone 
in efforts to further define this zone. Results will be released as they 
become available.

LAWMAN, MINNESOTA:

The Lawman project comprises a new manganese-iron discovery made by Wolfden 
prior to its public listing. The property is located in central Minnesota, 
proximal to the Tamarack Ni-Cu-PGE deposit currently being developed by 
Kennecott Exploration Company Ltd. and the iron mines and processing 
facilities operated by Cliffs Natural Resources Inc.

In 2010, Wolfden leased several properties that were believed to have 
potential to host Ni-Cu-PGE deposits. One such target, the Lawman magnetic 
anomaly, is a strong magnetic high traceable over 10 kilometres. A single hole 
drilled to test the anomaly intersected 2 significant intervals of banded iron 
formation containing appreciable manganese; the upper zone returning 7.30% Mn 
and 11.99% Fe over 13.7 metres and a lower zone assaying 5.89% Mn and 14.81%  
Fe over a core interval of 6.5 metres.

This discovery represents the first known occurrence of manganese and iron in 
this part of Minnesota. The current drilling program will test parts of the 
anomaly that have a stronger geophysical signature than the initial drill 
target. Notably, the Cayuna manganese-iron range is located less than 150 
kilometres to the southwest of the Lawman property and contains the largest 
inventory of manganese in North America.

The first step-out out hole recently completed, located approximately 3 
kilometres east of the discovery hole, intersected 31.6 metres of banded 
oxide-facies iron formation. Results will be released as they become available.

Wolfden is a diversified junior mineral exploration company, holding a balance 
of early to advanced-staged gold and base-metal properties, located in 
mining-friendly and well-accessible jurisdictions in Canada and the United 
States.

The technical information in this news release has been reviewed and approved 
by Donald Hoy, P. Geo., the Chief Executive Officer, President and a director 
of the Company. Donald Hoy is a Qualified Person under National Instrument 
43-101.

This press release contains projections and forward-looking information that 
involve various risks and uncertainties regarding future events. Such 
forward-looking information includes statements based on current expectations 
involving a number of risks and uncertainties and such forward-looking 
statements are not guarantees of future performance of the Company, and 
include, without limitation, statements that: (i) the Clarence Stream Property 
hosts excellent resource expansion potential and that most gold zones are open 
along strike and at depth; (ii) numerous untested gold-in-soil anomalies and 
surface showings offer potential for further discoveries and the eventual 
adding to the gold resource; and (iii) the current drilling property will 
focus on increasing the Clarence Stream property mineral resource. There are 
numerous risks and uncertainties that could cause actual results and the 
Company's plans and objectives to differ materially from those expressed in 
the forward-looking information in this news release, including without 
limitation, the following risks and uncertainties;(i) risks inherent in the 
mining industry; (ii) regulatory and environmental risks; (iii) results of 
exploration activities and development of mineral properties; (iv) stock 
market volatility and capital market fluctuations; and (v) general market and 
industry conditions. Actual results and future events could differ materially 
from those anticipated in such information. These forward-looking statements 
are based on estimates and opinions of management on the date hereof and are 
expressly qualified by this notice. Except as required by law, the Company 
does not intend to update these forward-looking statements.

Neither the TSX Venture Exchange nor its regulation services provider (as that 
term is defined in the policies of the TSX Venture Exchange) has reviewed or 
accepts responsibility for the accuracy of adequacy of this release.

 

 

Donald Hoy President and CEO

Wolfden Resources Corporation Tel: (807) 624-1130  Fax: (807) 624-1133 
Email: dhoy@wolfdenresources.com Website: www.wolfdenresources.com

SOURCE: Wolfden Resources Corporation

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CO: Wolfden Resources Corporation
ST: Ontario
NI: MNG FIELD 

-0- Feb/20/2013 14:00 GMT