Wolfden makes splash at High Lake project in NWT

Vancouver — Assay results from the first hole drilled by Wolfden Resources (YWO-V) indicate potential for expanding the known resource at the High Lake polymetallic property in Nunavut.

The hole was collared near the southern margin of the A/B zone. From the B zone, it returned 14.4 metres grading 12.7% copper and 0.46% zinc, plus 40.6 grams silver and 0.79 gram gold per tonne from a down-hole depth of 36.2 metres. Cutting the B1 zone at 69.4 metres down-hole, it returned 4.2% copper, 8.9 grams silver and 0.27 gram gold. Hitting the B2 zone at 101.4 metres down-hole, it returned 3.4% copper, 15.1 grams silver and 0.15 gram gold over 4.2 metres.

The junior is now evaluating the possibility of parallel lenses occurring west of the known B-zone. Four holes have been completed in the ongoing program.

The High Lake deposit is one of the highest-grade undeveloped polymetallic deposits in Canada. It has a drill-indicated resource of 5.3 million tonnes averaging 4.05% copper, 2.36% zinc, 31.7 grams silver and 1.76 grams gold. Discovered in the 1970s, the deposit has languished because of its remote location and poor infrastructure, though recent studies by the Nunavut government and Kitikmeot, a local Inuit-led development agency, have led to proposals for all-weather road access to tidewater at Coronation Gulf.

Wolfden acquired the High Lake property last April from Kennecott Canada, a subsidiary of Rio Tinto (RTP-N), and Aber Resources (ABZ-T). Kennecott retains a 1.5% net smelter return royalty, and both companies received Wolfden shares.