Wolfden tables first resource estimate for Nickel Island, Manitoba

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Wolfden Resources Corp. [WLF-TSXV; WLFFF-OTC] released an initial NI 43-101 compliant mineral resource estimate for its 100%-owned Nickel Island deposit, a nickel-copper-cobalt and platinum-group-element (PGE) project 280 km southeast of Thompson, northern Manitoba, and guidance on an upcoming winter exploration program.

“This Initial Mineral Resource Estimate confirms that the Nickel Island deposit has sufficient size, grade and expansion potential to be regarded as Wolfden’s third significant development project (and second nickel sulphide deposit) in the North American EV metal space,” commented Ron Little, President and CEO. “Adding to this, the geological setting appears to be strongly indicative for the potential extension of the deposit and the discovery of additional mineralization with high nickel tenor and PGEs on the property and surrounding area.”

The deposit consists of a steeply-south-dipping panel of nickel-bearing sulphide mineralization that can be traced for 900 metres along strike and to 400 metres depth and appears open in all directions. This Mineral Resource is based only on nickel and copper values since the historical work did not include the analysis for other typical metals such as cobalt, gold, platinum and palladium.

However, the results of independent site visit verification sampling of the historical Nickel Island Deposit drill core exhibited better than expected values of palladium and platinum that averaged 0.72 g/t and 0.21 g/t, respectively in 11 samples, that averaged 2.32% nickel and with highs of 0.15 g/t gold, 2.72 g/t palladium, 0.67 g/t platinum and 0.08% cobalt in a sample that returned 7.43% nickel and 0.49% copper. The addition of these un-assayed metals could represent some significant upside to the potential economic importance of the Deposit and any extensions. The next drill program will include analysis for these metals.

Higher nickel grades are possible in the project area, as reflected in drill hole results that included 4.33% nickel and 0.37% copper over 4.3 metres (estimated true thickness). In addition, the property hosts numerous untested conductive zones and associated magnetic highs, which are similar in character and trend to the Nickel Island deposit. These untested zones represent some very encouraging drill targets and potential to further expand Mineral Resources.

Inferred Underground Mineral Resources total 8,477,000 tonnes grading 0.82% nickel and 0.08% copper for a NiEq of 0.86, or 72,800 NiEq tonnes.

The 2022 exploration program consists of approximately 59 line-km of Time Domain electromagnetic and magnetic surveys designed to validate the location of the known and potential extensions of the conductive zones. A follow-up 2,500-metre drill program is planned to commence once all permits and community approvals have been received.


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