Drilling resumes at High Lake (August 09, 2001)

Vancouver — With spring breakup finally over in Canada’s high north, Wolfden Resources (YWO-V) has resumed drilling on its wholly owned High Lake massive sulphide project in Nunavut.

Targeting the B zone, hole 5 cut mineralization near the surface.

Some 35 metres to the north, holes 6 and 7 tested the westerly dip extension and hit the zone 100 metres below the previous drilling.

Assay results for the latest holes are pending.

Spring breakup forced Wolfden to suspend drilling on the deposit after four holes.

Hole 1 hit 12.73% copper over 14.4 metres, hole 2 returned 14.1% copper over 4.3 metres and hole 3 hit 7% copper over 47 metres. Hole 4 returned 3.1% copper over 54.2 metres and 8.4% copper over 4.6 metres.

The company expects to complete an additional 10-15 holes during this round of drilling.

The project is located 45 km south of Coronation Gulf in Nunavut. The junior acquired a 100% stake from Aber Diamonds (ABZ-T) and Kennecott Canada.

Wolfden issued Aber 250,000 units for its 20% interest in High Lake. Each unit consists of one common share and one warrant exercisable at $1.50 in the first year, increasing by 25 each year over a five-year period.

Kennecott was paid 800,000 units for its 80% stake in High Lake.

At last count, High Lake contained 5.3 million tonnes grading 4.05% copper, 2.36% zinc, 1.76 grams gold and 31.73 grams silver.