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Wolfden reports resource estimate for Pickett Mountain zinc project in Maine

Wolfden Resources Corp.'s resource estimate for its Pickett Mountain zinc-lead-copper project in Maine showed an indicated mineral resource of 2.05 million tonnes at 19.32% zinc equivalent.

The company said Jan. 7 that the project has an inferred mineral resource of 2.03 million tonnes at 20.61% zinc equivalent.

A cutoff grade of 9% zinc equivalent was used in the resource update, which used data from 70 historical drillholes completed between 1981 and 1985 and 27 recent drillholes Wolfden Resources completed in 2018.

Based on the current geological model, the company outlined an exploration target of between 8 million and 10 million tonnes at a grade of 12% to 20% zinc equivalent.

The company said exploration in 2019 will look to expand and upgrade the deposit that is open at depth.

Wolfden Resources bought the project for US$8.5 million in November 2018.