Wolfden releases positive deep survey results at Rockland, Nevada
Wolfden Resources Corp. [TSXV: WLF] released positive results from a recent deep penetrating induced polarization (IP) geophysical survey from its Rockland Gold Project located in the Walker Lane Trend of Nevada, USA.
The survey was designed to test for anomalous chargeability just below historical drill results that ended in mineralization with 146.4 metres at 1.0 g/t AuEq in hole PG-32 and hole PG-36C drilling in the opposing direction 70 metres away with 85.4 metres at 1.0 g/t AuEq. Importantly, these holes both include intervals of higher grades and alteration that increases in intensity with depth, both indicative of a potential higher-grade system at depth.
A 3D inversion model of the IP survey results indicates a stronger chargeability anomaly below the altered rhyolite-hosted lower grade gold mineralization closer to surface. In addition, the anomaly is coincident with a northeast-trending structural corridor that is interpreted to extend at least 1.7 km (1.1 miles) below other positive gold bearing drill hole results and altered rhyolite domes. The company believes that the chargeability anomaly indicates an increase in disseminated pyrite from hydrothermal-alteration, which correlates well with the gold mineralization observed along the trend. Banded quartz veins and quartz-enriched zones within the pyrite-alteration of the historic drill holes have returned elevated gold values. The company is targeting just below the historic drilling where potential boiling occurred in the hydrothermal system that could lead to increased pyrite mineralization and higher grades. The IP survey and the previous CSAMT survey have now clearly defined similar sizable corridors that warrant testing at depth. The Company plans to commence a drill program in July to test these targets.
The 1,800-metre drill program is permitted and funding is available from the company’s recent US$1.5M land sale in Maine pending final approvals from the TSXV that is expected in the coming weeks.
“The Rockland East target in our opinion represents one of the most exciting drill ready exploration targets in the Walker Lane Trend as it consists of potential large gold system with material as supported by gold intercepts in two opposing holes 70 metres apart, that both returned 1.0 g/t AuEq over 85.4 metres and 146.4 metres, the latter ending in gold mineralization, new deep IP results suggesting that hydrothermal fluids upwelled and ponded, creating wide, lower grade gold mineralization that could flank a pyrite-rich, higher-grade gold vein system at depth, an historic high grade Au-Ag vein mine which is part of the property package further to the west of the survey area shows that high grade gold zones occur on the property and multi-km2 scale, argillic to advanced argillic, rhyolite and basin-margin-debris-hosted alteration zones that are cut by quartz veins enriched in antimony, arsenic and gold,” stated Don Dudek, Senior Exploration Advisor for Wolfden. “These are the typical characteristics exhibited by some of the high quality gold deposits in the Walker Lane Trend.”
Under terms of the earn-in agreement with Evergold Corp. [TSXV: EVER] and the underlying claim owner, who are both at arm’s length, Wolfden must complete US$1.175 million in exploration expenditures, including a minimum of 5,000 feet (~1,500 m) of drilling in 2025, and make cash payments of up to US$600,000 over three years to earn a 51% interest in the property by March 2028.
The first cash payment of US$100,000 was paid in March, 2025. Upon completion of these terms, Evergold will have earned a 100% interest in the property from the owner less a 3% NSR of which 2% can be repurchased for US$3 million and the property title will transfer from the owner to Wolfden. At such time, Wolfden may elect to continue to earn a 75% joint venture interest in the Project by funding up to the completion a Pre-feasibility Study within 5 to 8 years or elect to continue as the operator of a joint venture with its initial 51% interest.
In either scenario, if Evergold is ever diluted to a 20% interest or less, it will convert its interest to a 2% NSR where Wolfden can repurchase 1.5% from Evergold for C$2.25 million. Under either election, all NSR buyback rights and first rights of refusal to purchase all interests and NSR’s shall apply and be held by Wolfden and or the joint venture. The earn-in agreement was announced on October 29, 2024.
The IP survey was carried out in April 2025. It was designed to penetrate to 400 metres below the surface which is well beyond the previous IP survey and below hole PG-32 that ended in gold-bearing disseminated pyrite mineralization, but still above where both the boiling zone of the hydrothermal system, where higher gold grades are interpreted to occur. This new IP survey was expanded from the previously surveyed area to investigate newly interpreted disseminated sulphide zones and provide insight into the relationship between increased chargeability and coincident CSAMT anomalies (controlled source audio magnetic telluric).
The IP survey indicates that there is a 1.7 km long ridge of higher chargeability that is related to the area where historic drill holes returned gold values. A CSAMT, resistivity high correlates with at least 50% of the IP trend as does the IP resistivity, which also correlates with the chargeability. The resistivity highs are interpreted to be related to silicification which appears be related to gold mineralization.
The IP survey also picked up a new, 1.2 km, northeast-trending chargeability anomaly in the northwest part of the survey area. Approximately 50% of the anomaly (west half) correlates with a weak resistivity high. In addition, 34 grab samples, collected down-slope of the IP anomaly, returned from 0.24 to 30.3 g/t gold and until this survey was completed, a possible source of these mineralized boulders had not been located. It is evident that that a nearby hole would have missed testing the chargeability anomaly. This target cannot not be tested in the current program as a new work permit is required.
A third weaker chargeability anomaly occurs just south of the above anomaly. This area is one of the priority targets as it is testing a new target area along a northerly trending CSAMT anomaly, a strong interpreted structure, a structural splay feature and highly anomalous arsenic, antimony and silver, in nearby holes.