Votorantim Metals Canada Inc., Wolfden Resources Corporation - M&A Call
Mar 2 15
To discuss the non-binding letter of intent signed with Votorantim Metals Canada Inc. to acquire its effective 65% interest in the Murray Brook Zn-Pb-Cu-Ag massive sulphide deposit located in the Bathurst Mining Camp (BMC) of northern New Brunswick
Wolfden Resources Corporation Signs Letter of Intent with Votorantim Metals Canada Inc. to Acquire 65% Interest in Murray Brook Zn-Pb-Cu-Ag Massive Sulphide Deposit Located in the Bathurst Mining Camp of Northern New Brunswick
Mar 2 15
Wolfden Resources Corporation announced that it has signed a non-binding letter of intent (LOI) with Votorantim Metals Canada Inc.to acquire its effective 65% interest in the Murray Brook Zn-Pb-Cu-Ag massive sulphide deposit located in the Bathurst Mining Camp (BMC) of northern New Brunswick. The Murray Brook deposit is situated on the Murray Brook JV property, consisting of Mining Lease 252 (that contains the deposit itself) and Mineral Claim Block 4925 that ties-on to the east of the mining lease. Collectively, the 2 land tracts totaling 3,792 hectares comprise the Property, all of which is included in the subject LOI with Votorantim Metals Canada Inc. Terms of the transaction: Wolfden will acquire Votorantim Metals Canada Inc.'s 35% interest in the property plus the partially executed option on a further 30% of the property (option agreement) in consideration of paying to the vendor: a. CAD 2.0 million upon closing; b. CAD 0.75 million payable 6 months from closing; c. CAD 0.75 million payable 12 months from closing; and d. CAD 1.0 million upon commercial production plus a laddered NSR starting at 0.25% at a zinc price of USD 1.04/lb and increasing, in increments of 0.25%, to a maximum of 1.5% above USD 1.50/lb Zn, in relation to 65% of the production.
Wolfden Resources Corporation Announces Assay Results from Diamond Drilling on Tetagouche Property
Feb 27 15
Wolfden Resources Corporation announced the 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 3 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 high 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. 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. 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% Cu, 2.69% Pb, 8.43% Zn, 101 g /t Ag and 3.1 g /t Au1. To date, nine drill holes have tested the Rocky Turn Extension occurrence over a 700-metre strike length (from 800W to 1500W) and to a maximum vertical depth of 150 metres. Narrow zones of massive sulphide were intersected in 6 of the 9 drill holes completed, currently outlining a deposit with a 150- metre strike length (from 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% Cu, 2.68% Pb, 6.35 % Zn, 138 g/t Ag and 1.91 g/t Au over 0.79 metres and 0.22% Cu, 1.86% Pb, 7.99% Zn, 68 g/t Ag and 0.30 g/t Au over 0.19 metres 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. 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 down-hole geophysical surveys is warranted in efforts to enlarge the massive sulphide deposit, particularly at depth. 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 19.80% Zn, 3.88% Pb, 0.33% Cu, 649 g/t Ag and 1.08 g/t Au as well as 20.10% Zn, 4.20% Pb, 0.33% Cu, 694 g/t Ag and 0.88 g/t Au2. To help source such boulders to bedrock, detailed integrated surveys involving soil geochemistry, geophysical surveys (gravity, Max-Min EM and magnetic surveys), geological mapping and prospecting were completed in the V10 area. Such surveys defined several coincident, gravity, EM and Pb-Zn-Cu 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 were completed in the V10 area in an effort to source the V10 massive sulphide boulders to bedrock. With the exception of 2 drill holes (T-14-10 & T-14-17), none of the drill holes intersected massive sulphide mineralization.