2014-02-26 17:39:47 -
Reno, Nevada US, February 26, 2014 /FSC/ - Wolfpack Gold Corp. (WFP - TSX Venture), (the "Company") announces it has completed the first phase of reverse circulation drilling at the advanced Adelaide project in northern Nevada. Significant results include:
* WPA13-03 with 1.5 m of 40.0 g/t gold and 105.0 g/t silver from a depth of 122.0 m;
* WPA13-05 with 1.5 m of 3.85 g/t gold and 713.0 g/t silver from a depth of 123.5 m.
A second phase of drilling at Adelaide is being planned for the Crown Pit and Robber's Knob area, potentially as early as Q2 2014. This second phase program is designed to add new resource potential to the project along projections of mapped northerly
to northwesterly trending vein zones in under-explored Valmy quartzites and carbonates.
The Adelaide project, located 20 miles southeast of Winnemucca, Nevada on the Battle Mountain - Eureka gold belt, is one of the most advanced properties in the Wolfpack portfolio. Adelaide has a long history of intermittent small scale underground gold-silver mining with more recent limited gold production from a series of small open pits in 1988. Gold and silver are present in deeper level epithermal quartz veins as electrum, silver sulfosalts, argentite, chalcopyrite and cerargyrite.
The completed drill program at Adelaide consisted of seven easterly directed reverse circulation (RC) holes totaling 1,235 m from three sites on the western margin of the Margarita Pit. Wolfpack's 2013 drill program was designed to test the continuity of gold-silver mineralization along strike and down dip, build ounces by extending mineral envelopes laterally and down dip where possible, and to provide further detail on the relationship between host rocks, structure, and precious metal values along the Margarita vein system. In addition, the Company has re-logged approximately 11,580 m of historic drilling in 62 drillholes so that all major rock types can be tied together for the first time to produce accurate three-dimensional geologic models of the Margarita target area. Significantly mineralized intervals from four of the seven holes drilled are shown in the table below.
Results from 7 Reverse Circulation Drill Holes
Margarita Pit Zone, Adelaide Property, Nevada
Significant Intercepts Only
HOLE ID Interval (mGolds(g/Silver (gFrom (meterTo (meters)
WPA13-01 9.1 1.98 22.2 109.8 118.9
WPA13-03 1.5 40.00 105.0 122.0 123.5
WPA13-04 4.6 0.96 63.0 109.8 114.3
WPA13-04 1.5 5.81 12.0 123.5 125.0
WPA13-05 4.5 1.95 284.3 123.5 128.0
WPA13-05 1.5 3.85 713.0 123.5 125.0
All reported intercepts are estimated to be 70-90% of true thickness.
Adelaide Summary and Future Work
The assay results from the recent drill program suggest a strong correlation with specific host rock types and confirm observations made during the re-logging of the historic drilling. Virtually all of the high grade intercepts correlate with Valmy Formation argillites and siltites, but can also occur in adjacent intermediate intrusives and greenstones. High gold and silver intercepts are not simply confined to vein material, but just as often occur in silicified or stockwork mineralized wallrocks adjacent to the veins. Distinctly phyllitic siltites underlie the mineralized Valmy Formation and appear to be poor host rocks for gold-silver mineralization. As a result, future exploration will focus on the more brittle argillites, siltites, and quartzites of the Valmy. Drillholes 02, 06 and 07 contained no significant mineralization
As highlighted in WPA13-05 results, high grade silver is important in some areas of the Margarita precious metals system. Historic drillhole assays in the area were often gold-only and it appears likely the true value of the silver contribution is under-represented. Continuity between gold dominant and silver dominant intercepts in favorable host rocks appears to be greater than previously believed. Further study of the high grade continuity at Margarita is planned through the end of the first quarter of 2014.
The Company completed a 5-hole drill program at the Fourmile project, a relatively untested high level volcanic hosted epithermal precious metals system located approximately 31 miles northeast of Tonopah, Nevada. The Company's recent 5-hole 1,500 m RC drill program, utilized angle drilling designed to cut the main north-south vein trend at multiple elevations from 150 to 300 meters below the surface. Difficult drilling conditions and an unexpected easterly dip to the vein zone prevented an adequate test of the targeted vein zones below about 180 vertical meters.
The first four holes of the program were east-directed angle holes drilled from site one. Holes 02 and 03 intercepted significant quartz veining, although 01 and 04 failed to hit the targeted vein zone due to unexpected deflections of the drill string in those deeper tests. Drillhole FMB13-02 had the thickest veining observed in any of the drilling and several interesting, but sub-economic silver-gold intercepts, including a 6.0 m intercept from 158.5-164.5 meters that assayed 24.7 g/t silver and 0.176 g/t gold. Quartz vein thickness, textures, alteration and metallization observed in holes 03 and 04, suggest that the Sinter Ridge vein target is part of a robust hydrothermal system with significant potential to host higher grade silver and silver-gold mineralization.
Recent drilling at Fourmile established the existence of a well-developed hydrothermal system with significant potential to host higher grade silver and silver-gold mineralization within persistent quartz veining, but did not adequately test the more prospective 230 to 300 meters vertical extensions of the vein zone. Based on similar volcanic hosted precious metals deposits in Nevada, the deeper reaches of the vein system below about 230 meters offer higher probability of high grade precious metals targets. Any future drilling to test the deeper extent of the system will likely require additional drill site permitting.
Drilling and Sampling Methodology, Quality Control and Quality Assurance
All 2013-2014 drilling at Adelaide and Fourmile has been conducted by reverse circulation drilling methods. Samples were obtained every 1.5 m. All 1.5 m sample intervals were prepped individually by ALS Chemex, Winnemucca but most of the samples from each drill hole were initially run as 4-sample (6m) composites for analytical cost savings purposes. Composited samples that returned significant gold or silver results were later re-run as individual 1.5 m samples from the composite.
ALS Chemex of Winnemucca and Reno, Nevada and Vancouver, British Columbia performed all primary lab analyses. Samples received at the lab were first logged-in and assigned a barcode. The samples were then rotary split prior to crushing to retain a coarse sample for potential future metallurgical work. The remainder was fine crushed to 70% less than 2 mm then split with a riffle splitter with one split pulverized to 85% at less than 75 microns to create the final pulp for assay. All samples were run by fire assay for gold and initially by aqua regia digestion for silver. Anomalous silver results were identified and rerun by four acid digestion.
Standard, blanks and duplicates were inserted into the analytical stream (at minimum every 40 samples) for quality assurance purposes. A compilation of the QA-QC sample results indicates no significant issues with the ALS Chemex analyses.
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% eU3O8 and an inferred resource of 6.1 MM pounds U3O8 at an average grade of 0.110 eU3O8 (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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