Wolfden acquires High Lake deposit

A recent agreement with Aber Diamond (ABZ-T) allows Wolfden Resources (WOLF-C) to boost its stake in the High Lake base metal deposit, 45 km south of Coronation Gulf, Nunavut.

Once this acquisition and a separate agreement with Kennecott are concluded, the junior will own an undivided 100% interest in High Lake, which hosts a deposit of 5 million tonnes grading 4.05% copper, 2.36% zinc, 1.76 grams gold and 31.73 grams silver per tonne.

Aber will be paid 250,000 units of Wolfden for its 20% interest in High Lake. Each unit consists of one common share and one warrant exercisable at $1.50 in the first year and increasing 25 each year over a 5-year period. Kenecott was paid 800,000 units for its 80% stake in High Lake.

Partners RJK Explorations (RJX-C) and Greater Lenora Resources (GEN-T) have reported a potentially significant polymetallic discovery on their Stares/Calvert property situated within the Shebandowan greenstone belt, 50 km west of Thunder Bay, Ont.

A local prospector found evidence of mineralization that was later excavated by the companies. Two large pieces of glacial float weighing 10 and 15 tonnes were found 200 metres apart.

The 10-tonne piece returned values of up to 56 grams silver with low base metal values. Samples taken from the larger piece returned “visually spectacular” mineralization and values of up to 214 grams silver, 3.5 grams gold and 38.06% zinc, plus minor copper and lead. Government geologists also took samples; these produced values of up to 30% zinc.

RJK and Greater Lenora view the discoveries as significant and, based on geological evidence and the existence of geochemical anomalies, believe they are derived from a larger, volcanogenic massive sulphide deposit situated within their land package. Several majors are reported to have shown interest in examining the project for a possible joint venture.