Wolfden’s Quality Nickel Exploration Properties in Manitoba

Wolfden Resources Corporation (TSX:WLF) is a Canadian exploration & development company featuring a proven management team with a track record in mineral exploration, mine development, and mine finance experience. Priority portfolio projects include the Rice Island and Nickel Island Ni-Cu-Co properties in Manitoba and the Pickett Mountain base-metal deposit in Maine, USA. Rice island Project

The 100 per cent-owned Rice Island property, containing the Rice Island Ni-Cu-Co deposit, comprises 3,760 hectares and is situated 10 kilometres south-southeast of Snow Lake in west-central Manitoba, within the Snow Lake-Flin Flon greenstone belt. The property is well located proximal to infrastructure with facilities that include power, labour, and supplies in Snow Lake as well as mineral processing facilities at the neighbouring Stall Lake concentrator, five kilometres northwest of the Rice Island deposit.

The Rice Island Ni-Cu-Co deposit was explored by diamond drilling programs completed by Inco Ltd. largely in the late 1940s, with minor drill programs completed in 1967 and 1996. The drilling delineated a magmatic Ni-Cu-Co deposit (Main Zone) over a strike length of 340 metres and to a maximum vertical depth of 500 metres, with prominent intercepts including 2.63 per cent Ni, 0.98 per cent Cu over 10.3 metres, 2.39 per cent NI, 1.24 per cent Cu over 10.1 metres, 4.31 per cent Ni, 1.28 per cent Cu over 5.2 metres and 3.20 per cent Ni, 1.23 per cent Cu over six metres. The Main Zone, comprising semi-massive to massive pyrrhotite, pentlandite and chalcopyrite occurs at the base of the Rice Island gabbroic intrusion, underlain by sediments, remains open at depth.

Diamond drilling completed by Wolfden during the period 2015 to 2017 confirmed the grade, nature, and extent of the Main Zone.

An important development arising from Wolfden’s drilling in this locale was the discovery of the New Lower Zone, a blade-shaped mineralized feeder dike or conduit that occurs below and along strike from the Main Zone. The New Lower Zone has yielded intercepts of up to 2.42 per cent Ni, 1.29 per cent Cu, and 0.16 per cent Co over 21.1 metres.

The Main and New Lower Zones are likely components of a larger magmatic mineralizing system – auguring well for the discovery of additional Ni-Cu-Co deposits to exist on the property. The Rice Island deposit is intimately associated with a magnetic high coinciding with strong conductors. Two NE-trending magnetic highs with associated conductors were defined by the VTEM geophysical survey, providing several prospective targets for future diamond drilling. Nickel island Project

Wolfden’s wholly owned Nickel Island property comprising 6,041 hectares, is located 10 kilometres west of the community of Garden Hill and 280 kilometres southwest of Thompson, in the Island Lake area of east-central Manitoba.

The property hosts nickel-copper mineralization last explored by Inco Ltd. during the 1950s and has remained dormant since. Historic drilling yielded intercepts of 4.33 per cent Ni over 4.5 metres and 1.18 per cent Ni over 21.3 metres, with mineralization traced over a one-kilometre strike length and to a maximum depth of 400 vertical metres (Nickel Island occurrence). Mineralization appears to remain open along strike and to depth. Geological evidence suggests the presence of “Kambalda-type” mineralization featuring stringer and net-textured Ni-Cu sulphides occurring within spinifex-textured ultramafic flows and intrusions. Kambalda-type deposits are characterized by high nickel grades and tend to occur in clusters, within the base of ultramafic flows and/or intrusions, in channel-shaped, trough-like deposits. Wolfden’s property-wide airborne geophysical survey (VTEM in 2015) resulted in the delineation of two large areas of enhanced exploration potential. The north target area includes the Nickel Island occurrence, marked by a strong magnetic high associated with multiple strong conductors. Two high-priority targets located to the southeast of the Nickel Island occurrence, having a similar geophysical signature to the occurrence, have not been tested by diamond drilling. The large south target area comprises several magnetic highs and coincident conductors. Limited drilling by Inco in 1947 encountered ultramafic rocks underscoring the need for additional work.

An initial demonstration drill program on the Nickel Island occurrence is being contemplated for the winter of 2021, involving Wolfden and the nearby communities of Garden Hill, St. Theresa Point, Wasagamack, and Red Sucker Lake. 6