Wolfden Resources posts positive update on Rockland Project, Nevada
Wolfden Resources Corp. [TSXV: WLF] provided an update for its Rockland Project where the company can earn up to a 75% interest in the property located in the Walker Lane Trend of Nevada, USA.
The company plans to commence an 1,800-metre drill program in July 2025 to test for rhyolite-hosted ‘bonanza-type’ gold mineralization, which modeling suggests may potentially occur just below historical drill results that included 146.4 metres at 1.0 g/t AuEq in hole PG-32 and 42.7 metres at 1.7 g/t AuEq in hole PG-36C.
With a drill permit that requires only on-site final approval and funding available from the company’s recent land sale in Maine that has been conditionally approved by the TSXV, Wolfden is well positioned to drill test several bonanza-type gold targets within the large Rockland East hydrothermal system. An analogous target model is AngloGold’s major new Silicon-Merlin discovery located in the Bullfrog District further to the southeast along the Walker Lane trend, which hosts Indicated-level mineral resources of 121 mT for 3.4 million ounces of gold and Inferred mineral resources of 391 mT for 12.9 million ounces of gold.
“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 gold intercepts that returned up to 1.0 g/t AuEq over 146.4 metres that ended in mineralization, an historic bonanza-type Au-Ag mine is part of the property package, multi-square kilometre 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, and geophysical data that suggests zones and structures where hydrothermal fluids upwelled and subsequently ponded, creating wide, lower grade gold zones that are interpreted to flank high-grade bonanza-type gold grades at depth,” stated Don Dudek, VP Exploration. “These are the typical characteristics exhibited by some of the high quality gold deposits in the Walker Lane Trend.”
Under 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 is due March 1, 2025, unless otherwise approved by the owner. Upon completion of these terms, Evergold will have earned a 100% interest in the property from owner less a 3% NSR of which 2% can be repurchased for US$3 million and the property title will transfer from Owner to Wolfden.
At such time, Wolfden may elect to earn a 75% joint venture interest in the project by funding the completion a Pre-feasibility Study within 5 to 8 years or elect to continue as the operator of a joint venture with Evergold starting at 51:49 interests. 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.
Drilling is planned to test the down-dip extension of hole PG-32, that returned 146.4 metres grading 1.0 g/t AuEq. The hole PG-32 intercept lies along the northern edge of an 800-metre long, steep west-dipping CSAMT anomaly (Controlled-Source Audio-frequency Magnetotelluric) interpreted to represent a northeast-trending structure, an area of increased felsic volcanism and intrusions, and an area where hydrothermal fluids upwelled into structural and stratigraphic targets.
Depending on results and validation of the orientation of the mineralized system, another hole may be drilled to test the target area from east to west. This follow-up hole could also determine if the interpreted mineralized system extends upward, closer to surface.
A second hole is proposed to test a large CSAMT anomaly below an area of outcropping epithermal quartz-adularia veins that returned elevated antimony, arsenic and gold. This anomaly has never been tested and is interpreted as a potential area where gold-enriched hydrothermal fluids ponded both within, alongside and below silicified rhyolites. This large target area lies near the intersection of northerly and northeast-trending CSAMT high resistivity structures.
A third oriented core hole is proposed to test the base of the CSAMT resistivity high in an area of numerous epithermal quartz veins, an intersection area of quartz vein trends, an induced polarization (IP) chargeability anomaly and below hole, PG-30 – Target Hill), which intersected 315 metres of anomalous (0.09 g/t average) gold mineralization from surface.
The overall size of the Rockland target area also compares favorably with that of AngloGold Ashanti’s Silicon-Merlin deposit area. Rockland comprises a large area of hydrothermal alteration cut by numerous quartz-adularia veins that display low to bonanza-type gold grades along with enriched silver, arsenic and antimony levels, that warrants additional drilling.