|Tue May 8, 2012|
Wolverine to Start Drilling Three High-Priority Yukon Gold Properties in Early June
|WOLVERINE MINERALS CORP. - ("Wolverine" or the "Company") is pleased to announce that it has finalised its 2012 exploration plans for the upcoming field season. The programs will focus on drilling of three high priority targets as a follow up to Wolverine's extensive 2011 exploration work. The three properties to be drilled, starting in early June, will be the Dade and Sked/Desk ("Sked") in the Dawson Range and the Vivi/Has ("Vivi") in the Finlayson Lake District. The drilling programs for each property have been designed as two phase programs. With an early start of each first-phase drilling program, the second-stage drilling program, if warranted, can be completed within this year's season. Wolverine is well funded to accomplish these drill programs and will not require further financing at this time.|
The 1,700 hectare Dade property hosts the known gold-mineralized Grizzly Vein, which was discovered in the 1920s. The 2011 exploration program, including soil and rock geochemical sampling, excavator trenching and airborne geophysical surveying, successfully traced the Grizzly vein over a strike length of 200 metres, and discovered a second parallel gold-bearing vein to the east within a broad 200 metres by 37 metres zone of fractured and altered granitic rocks. Discontinuous chip samples collected along the floors of 11 trenches returned anomalous, but variable results. Initial results ranged from background to 72.90 g/t gold (across 4 metres).
Some of the highlights from the 2011 trenching program on the Dade property are below:
Table I - Excavator Trenching from the Grizzly Vein
Further information regarding the results of the 2011 trenching program on the Dade property are contained in the Company's press release dated November 28, 2011.
Strongly anomalous gold-in-soil geochemical results indicate that these gold-bearing veins are open along both strike directions for over 1 kilometre. There may be more overburden-covered, parallel vein structures to the west. Furthermore, airborne radiometric and magnetic results have identified a 3 kilometre long, north-easterly trending structural feature that may control both the gold-bearing Grizzly veins and other similar vein structures.
The initial 2012 exploration program will focus on testing the Grizzly and parallel vein structures with 1,200 metres (6-8 holes) of diamond drilling and 1,500 metres (~ 15 to 25 holes) of reverse circulation drilling. The diamond drilling will be used to evaluate the known 200 metre strike length of the Grizzly veins and the reverse circulation drilling will be utilized for shallow exploratory drilling along the more than 2 kilometre long combined soil geochemical and geophysical anomaly.
The Sked and Desk mining claims collectively comprise the 850 hectare Sked property. The 2011 exploration program on this property included: excavator trenching with geological mapping and rock geochemical sampling, and widely-spaced soil geochemical sampling. The trenching results successfully identified a system of gold-arsenic-mercury-antimony enriched vein, breccia and clay-altered zones. Four different trenches returned gold values of: 1.436 gpt over 5 m, 1.795 gpt over 6 m, 1.173 gpt over 36 m, and .687 gpt over 18.5 m. Furthermore, the geochemical signature of the mineralization indicates that it may lie within the upper portion of a larger, structurally-controlled epithermal mineralizing system. The soil geochemical results, although inhibited by the thick clay overburden, did indicate possible buried mineralization elsewhere on the property.
The 2012 exploration program on the Sked property will be conducted concurrently with the early June diamond drilling on the nearby Dade property. Such concurrent work will reduce common exploration expenses by sharing field personnel, drilling and field equipment, and helicopter support time. Three diamond drill holes, totalling 750 metres, will initially test the strike and depth extensions of the known gold-silver mineralization.
The Vivi and Has mining claims collectively comprise the 1,400 hectare Vivi property. Numerous east-west trending quartz veins are associated with two thrust fault-bounded wedges of listwanite-altered ultramafic rocks. The 2011 exploration program included soil and rock geochemical sampling, prospecting and geological mapping. This work discovered a large, unexplored, 400 metre by 900 metre zone of highly anomalous gold-in-soil geochemistry (200 to 1,320 ppb gold) plus smaller clusters and single point anomalies that contain values ranging from 261 to 1,370 ppb gold. Coincident geological mapping and anomalous soil geochemical results indicate that the prospective, thrust-bounded listwanite-altered ultramafic rocks underlie an arcuate, centrally-located area measuring 3.5 kilometre long by up to 500 metres wide.
The initial 2012 exploration program on the Vivi property will follow the drilling on the Dade and Sked properties. A self-propelled, reverse circulation drill rig will be utilized for shallow widely-spaced exploratory drilling. Such drilling will insure good sample recovery and minimize any surface disturbance since it will not require any excavated drill pads or access roads. The initial program will total 1,500 metres (~25 holes) of reverse circulation drilling.
The 2012 fieldwork will be conducted by Archer, Cathro & Associates (1981) Limited under the supervision of Heather Smith, P.Geo., and guidance of Doug Blanchflower, P. Geo., VP Exploration, who are both qualified persons as defined by National Instrument 43-101. The technical data in this news release has been reviewed and approved by Ms. Smith and Mr. Blanchflower.
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.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's overall business development objectives and plans. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, and include discussion of the Company's planned 2012 exploration programs. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) any number of events or causes which may delay the Company's 2012 exploration programs, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (2) inability to obtain all necessary permitting and financing, and (3) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws. Additional information about the Company and these and other assumptions, risks and uncertainties is available in the Company's public filings with Canadian securities regulators, available on SEDAR at www.sedar.com.
View News Release in PDF Format:
You can view the Next News Releases item: Wed Jun 13, 2012, Wolverine Commences Drilling The Dade Property
You can view the Previous News Releases item: Fri Feb 24, 2012, Wolverine Announces Grant of Stock Options
You can return to the main News Releases page, or press the Back button on your browser.