Wolfden buys out My-Ritt partner

In return for cash and shares, Wolfden Resources (YWO-V) can acquire the 30% interest in the My-Ritt property it does not already own.

Situated in the Red Lake region of northern Ontario, My-Ritt is characterized by geological structures and lithologies found throughout the famous camp. A recent geophysical and geochemical survey suggests it may even host the northern extension of a gold system recently discovered by Placer Dome (PDG-T) and Claude Resources (CRJ-T) at the old Madsen mine.

Drilling is to start shortly.

Wolfden must pay Explorers Alliance $50,000 and issue 40,000 shares for the miniority stake.

Meanwhile, the fifth hole of a 6-hole program at the adjoining Newman-Heyson property has returned encouraging values.

Hole 5 assayed 13.67 grams over 0.3 metre (starting at 106 metres down-hole) and 9.24 grams over 3.55 metres (starting at 193.9 metres). Both intervals are characterized by shearing, quartz-carbonate alteration and sulphide mineralization.

The first hole of the program also returned high-grade values (11.57 grams over 0.95 metre and 10.94 grams over 0.5 metre), but in granodiorite. The best result from the remaining holes was 4.8 grams over 0.5 metre.

Kinross Gold (K-T) financed the drilling as part of its earn-in requirements for My-Ritt and the adjacent Nova-Co property. The producer must spend $5 million on exploration in return for a 51% interest in each property.