|Fri Dec 17, 2010|
Wolverine Options The Desk Property
|WOLVERINE MINERALS CORP. - ("Wolverine" or the "Company") is pleased to announce that it has entered into an option agreement (the "Desk Option") to acquire the Desk property, Dawson Range, Whitehorse Mining Division, Yukon, from the owners Roger Hulstein and Robert Stroshein (together, the "Optionor"). |
The Desk property consists of 6 claims of approximately 125 hectares and is adjoining the Sked property. The Sked property is 1 of 21 properties that are subject to an option agreement between the Company and Strategic Metals Ltd. ("Strategic") (see news release of December 14, 2010).
The Desk property is underlain primarily by Paleozoic meta-sedimentary and meta-volcanic rocks that are locally intruded by felsic dikes. Gold mineralization was discovered in quartz veins by a prospector in the early 1980's. Subsequent exploration including geological, geochemical and geophysical surveys as well as limited trenching and drilling were completed by three separate companies over a 10 year period up to the mid 1990's.
A WNW -- ESE trending Au-Ag-As-Hg soil anomaly was identified within a broad magnetic anomaly and a moderate to strong IP anomaly. Historical trenching and drilling traced a mineralized zone for about 250 meters along strike and 150 meters down dip. Mineralization is associated with a zone of bleaching and brecciation with a weak stockwork of quartz veinlets locally. Trenching returned anomalous to highly anomalous gold values over significant widths. Three drill holes by Noranda Exploration Inc. intersected gold values.
A recent soil geochemical survey completed on the adjacent Sked property by Strategic has outlined a gold--in-soils anomaly which is interpreted to be the strike extension of the mineralized zone on the Desk claims.
The Company intends to explore the property concurrently with the surrounding Sked claims. Work will include basal till sampling and trenching to prioritize targets for diamond drilling.
In consideration for the Desk Option, the Company agreed to pay the Optionor $20,000 on execution of the Desk Option, $40,000 on or before December 16, 2011, $80,000 on or before December 16, 2012 and $100,000 on or before December 16, 2013. In addition, the Company granted a 2.0 % net smelter return which can be purchased for $2 million and commencing on December 16, 2014, the Company agreed to pay an advance royalty payment of $20,000 per year until the property enters into commercial production.
The technical data in this news release has been reviewed and approved by James M. Dawson, P. Eng., who is a qualified person under the definition of National Instrument 43-101.
WOLVERINE MINERALS CORP.
Per: "Thomas A. Doyle"
Thomas A. Doyle
President & CEO
For further information, please contact:
Thomas A. Doyle
Phone: (604) 689- 5722
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.
You can view the Next News Releases item: Tue Dec 21, 2010, Wolverine Options the Shamrock Property
You can view the Previous News Releases item: Tue Dec 14, 2010, Wolverine Announces Acquisition Of Option To Acquire 21 Yukon Gold Properties, Closing Of Private Placement And Filing Of Technical Reports
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