Wolfden launches expansion drilling at Rice Island
Wolfden Resources Corp. [WLF-TSXV] said Monday a seven-hole, 2,500-metre expansion drill program is underway at its 100%-owned Rice Island Nickel-Copper-Cobalt and PGE project in northern Manitoba.
The move comes just weeks after the company released a NI-43-101-compliant mineral resource estimate for the project, which it said confirms that the Rice Island Deposit has sufficient size, grade and expansion potential to be regarded as a significant development project in the North American EV metal space.
The project is estimated to contain an indicated resource of 4.3 million tonnes of grade 0.74% nickel, 0.49% copper, 0.06 g/t gold, 0.02 g/t platinum, 0.03 g/y palladium 0.03% cobalt, and 1.11% nickel equivalent (NiEq) or 47,700 tonnes of Nickel Equivalent.
On top of that is an inferred resource of 3.4 million tonnes of 0.55% nickel, 0.37% copper, 0.09g/t gold, 0.02 g/t platinum, 0.04 g/t palladium, 0.04% cobalt, or 0.89% NiEq or 30,000 tonnes of NiEq.
The Rice Island deposit consists of a keel of higher-grade mineralization where previous drilling returned intercepts of up to 14.7 metres, grading 3.63% nickel, 1.13% copper, 0.12% cobalt and a feeder dyke-type zone that returned intercepts of up to 21.1 metres of 2.4% nickel, 1.3% copper and 0.16 g/t PGE2.
The Keel Zone has been traced for 600 metres down plunge and remains open down plunge while the Feeder Zone is open along strike and at depth.
Ron Little, President and CEO of Wolfden said the project benefits from proximity to existing infrastructure in Snow Lake, the simple, predictable geometry and excellent expansion potential.
The company said drilling this year is designed to test the potential expansion of the mineral resource at depth that has been indicated by down hole geophysical survey data/geological models, and several new targets where geological and geophysical data indicated that the potential for additional nickel sulphide mineralization.
“We are excited to test these drill targets that offer excellent potential to further expand the already significant mineral resource of the Rice Island Project,” said Wolfden Vice-President, Exploration, Don Dudek. “The program, which is designed to take a meaningful step-out from the known deposit, is expected to last approximately six weeks with results released after the drill program is completed.
The program is designed to test at least five different target areas. They include the Keel of the deposit, with a significant, 150-metre down plunge, step-out to the known deposit into an area of no previous drill data.
The company is planning a 450-metre-long hole to test an area, immediately to the east and along strike of the Rice Island deposit where another nickel-bearing gabbro body may be located at a structural rotation zone.
A 200-metre-long hole will test a nearby-untested electromagnetic conductor.
On Monday, Wolfden shares eased 4.5% or $0.01 to 21 cents. The shares are currently trading in a 52-week range of 35.5 cents and 15 cents.