Wolfden Resources (YWO-V) has arranged for the private placement of an aggregate of 571,430 flow-through common shares with CMP 2001 II Resource Ltd. Partnership at 35 per share for gross proceeds of $2 million.
Proceeds will be used to fund exploration on the company’s High Lake and Nickelby projects in Nunavut. Dundee Securities will receive a fee of 57,143 common shares.
Earlier this summer, drilling intersected additional deep mineralization in the middle portion of the High Lake massive sulphide deposit in Nunavut, some 45 km from tide water on the Arctic coast. The junior is looking to expand the potential of the High Lake deposit. At last report, High Lake hosted a drill-indicated resource of 5.3 million tonnes averaging 4.05% copper, 2.36% zinc, 1.76 grams gold and 31.73 grams silver per tonne contained within the A/B and D zones. Most of this resource can be mined using open-pit methods.
The company also announced that it has acquired 681 hectares of land adjoining the High Lake property. The new property covers western extension of the Granite Lake magnetic anomaly, a possible kimberlite target.
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