Wolfden adds to High Lake polymetallic property

Wolfden Resources (YWO-V) has arranged for the private placement of an aggregate of 571,430 flow-through common shares with CMP 2001 II Resource Limited Partnership at 35 per share for gross proceeds of $2 million.

The money will be used to explore the company’s High Lake and Nickleby projects in Nunavut. Dundee Securities will receive a fee of 57,143 common shares.

Earlier this summer, drilling intersected additional deep mineralization in the middle portion of the High Lake massive sulphide deposit, some 45 km from tide water on the Arctic coast.

The junior is looking to expand the potential of the High Lake deposit, which, at last report, hosted a drill-indicated resource of 5.3 million tonnes averaging 4.05% copper, 2.36% zinc, 1.76 grams gold and 31.73 grams silver per tonne contained in the A/B and D zones. Most of this resource can be mined using open-pit methods.

Also, the company has acquired 6.8 sq. km adjoining the High Lake property. This new property covers the western extension of the Granite Lake magnetic anomaly, a possible kimberlite target.