|Tue Dec 21, 2010|
Wolverine Options the Shamrock Property
|WOLVERINE MINERALS CORP. - ("Wolverine" or the "Company") is pleased to announce that it has entered into an option agreement dated December 17, 2010 to acquire the Shamrock property (the "Shamrock Option"), Dawson Range area, Whitehorse Mining Division, Yukon from 4763 NWT Ltd. (the "Optionor").|
The Shamrock property consists of 12 claims aggregating approximately 250 hectares and is located about 80 km. west of Carmacks, Yukon, adjacent to the DDD property. The DDD property is one of 21 properties that are the subject of an agreement between the Company and Strategic Metals Ltd. (see news release of December 14, 2010).
The property is underlain by Late Proterozoic to Paleozoic Nisling Group metamorphic rocks, which are overlain by Cretaceous intermediate to acidic volcanics and intruded by a variety of related plutonic and sub-volcanic feeder dikes and plugs of probable Middle Cretaceous to Early Tertiary age. These multiple intrusions represent the core area of a porphyry copper system measuring roughly 3500 meters (E-W) by about 1500 meters (N-S). Chalcopyrite and molybdenite is found with quartz in thin veinlets and as disseminations in a hydrothermally altered zone about 300 meters in diameter.
The property has been the subject of several exploration programs between 1969 and 2005, which consisted of geological, geochemical and geophysical surveys as well as roughly 810 meters of core drilling in 10 holes.
From the exploration completed to date "the geological environment and mineralization on this property are similar to those at other gold prospects in the Dawson Range. Three features are of specific interest. First, the sub-volcanic, altered and locally brecciated porphyry intrusions are significant as rocks of this type host bulk tonnage gold mineralization at the Nucleus, Nitro, Revenue and Antoniuk properties. Second, the presence of north to north-northwesterly trending linear structures is encouraging as structures with this trend host most epithermal vein mineralization at the nearly Mount Nanson camp. Thirdly, the rocks are deeply oxidized (due to the absence if Pleistocene glaciation) offering potential for cyanide extraction of the gold should a deposit be outlined" (Eaton, W.D.:1986; Geological and Geochemical Report on the Maloney Property (Shamrock property); Latitude 62° 01' N, Longitude 137° 54' W on Map Sheets 115 I/4 and 115 H/13; Yukon Territory Assessment report No. 091810).
The Company intends to further explore the mineralized system by basal till sampling and trenching to prioritize targets for drilling.
In consideration for the Shamrock Option, the Company agreed to pay the Optionor $20,000 on execution of the Shamrock Option, $50,000 on or before December 17, 2011, and $200,000 on or before December 17, 2013. In addition, the Company granted a 2.0 % net smelter return to the Optionor, of which 1% can be re-purchased by the Company at anytime for $1 million.
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.
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.
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