2013-10-15 17:03:48 -
Reno, Nevada US, October 15, 2013 /FSC/ - Wolfpack Gold Corp. (WFP - TSX Venture), (the "Company") announces it has commenced the first phase of a reverse circulation (RC) drill program on the Adelaide project in north-central Nevada. This drill program is expected to include approximately 8 holes totaling 4,000 feet (1,220 meters) and is designed to target higher grade gold-silver zones associated with veins and vein margins in the Margarita Pit area. The program has been designed to determine the continuity and extent of the vein related precious metals mineralization in this area and to provide further detail for the current geologic model. Additional drilling is planned for early November, with the design of this second phase dependent upon
results from the initial drilling.
Once the initial Adelaide program has been completed, the Company plans to move the drill rig south to begin a 3-4 hole reverse circulation drilling program at the Company's Fourmile property located 31 miles northeast of Tonopah, Nevada. The Fourmile drilling will be directed at exploring deeper levels of the high level silica and veining exposed at the north end of Sinter Ridge.
The Adelaide project is comprised of 210 unpatented lode mining claims covering approximately 1,740 ha (4,300 acres) located in north-central Nevada approximately 32 km (20 mi) southeast of Winnemucca. Permitted for an underground adit and bulk sample testing, the Adelaide project has a long history of intermittent small scale underground and open pit gold-silver mining. Adelaide is located on the Battle Mountain - Eureka Gold Trend, but also has geologic similarities to the nearby Getchell Trend. After completing the August-September detailed mapping program, Company geologists have selected two primary target types to test with the 2-phase fall drill program:
* The first two phases of drilling will test a high grade epithermal vein system that has been the focus of drilling and limited open pit mining over the past 25 years. This mineralization is typified by epithermal banded quartz-sulfide ? adularia ? electrum veins that trend both northerly and northwesterly, dip approximately 70 to 85?W, and commonly display well mineralized wall rocks. Historic underground and open pit mining has occurred along these veins and vein margins in three main pits; the Crown, Recovery and Margarita.
* The second drill phase is also planned to include classic Nevada sediment hosted carbonate style gold mineralization, where precious metal bearing silica replacement bodies are commonly associated with silty carbonates host rocks and intermediate intrusive bodies. This style of mineralization is considered particularly important as the majority of Nevada's gold production comes from this deposit style and has for many years. Historic drilling and recent mapping suggests that this target style is present to the north of the area currently being explored for veins. The carbonate replacement target type has the potential for both near surface bulk tonnage open pit and underground high grade styles of gold mineralization.
The Fourmile project consists of 34 unpatented lode mining claims covering approximately 284 ha (785 acres) in the Longstreet Mining District, Nye County, Nevada. Wolfpack is planning a 3-4 hole drill program to test a well exposed portion of the Sinter Ridge zone, which is exposed for 2,500 ft along strike. In this area, a 15 ft ) wide and nearly vertical, chalcedonic vein zone is exposed where it merges with a much more extensive flat lying silica cap. Both vein and silica cap styles of silicification appear to have formed at the same time and display locally anomalous gold and silver results from surface rock chips and relatively shallow historic drilling. Using similar high level silica occurrences at multiple sites in Nevada and generalized epithermal vein models as a guide for exploration, the high level silica should transition to higher temperature quartz veins at depth. This higher temperature veining is much more commonly associated with the higher grade portion of epithermal vein systems. Wolfpack currently plans to test the vein zone at successively deeper levels in an effort to locate this potential "high grade" level of the system.
Mark J. Abrams, MSc, CPG, the Company's Vice-President of Exploration and a Qualified Person as defined by National Instrument 43-101 has reviewed, verified and approved disclosure of the technical information contained in this news release.
Wolfpack Gold's mandate is to advance low cost heap leach and high grade underground gold projects towards production in the western United States. The advanced Adelaide and Castle-Black Rock projects have previous operating histories as open pit heap leach operations before closing due to low gold prices in the 1980's. With quality assets in a world class jurisdiction, a budgeted three-year plan and an exploration team with documented exploration discoveries in Nevada, Wolfpack Gold is positioned to advance new and existing discoveries towards production.
In addition, the Company has a 100% interest, with no holding costs, on 115,000+ acres (46,400 ha) of private mineral rights in New Mexico, including the Crownpoint and Hosta Butte uranium deposits. These deposits contain an indicated resource of 26.6 MM pounds U3O8 at an average grade of 0.105% e U3O8 and an inferred resource of 6.1 MM pounds U3O8 at an average grade of 0.110 e U3O8 (Beahm, 2012). A portion of these resources are under NRC license.
For additional information:
Wolfpack Gold Corp.
William M. Sheriff, Chairman
Nate Tewalt, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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Source: Wolfpack Gold Corp. (TSX-V: WFP ) www.wolfpackgold.com
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