Woulfe Mining Corp.: Encouraging Drilling Results Reported at Sangdong
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/10/11 -- Woulfe Mining Corp. ('Woulfe' or the 'Company') (TSX VENTURE: WOF) announces drill results for the second batch of samples from the drilling program in progress at its Sangdong tungsten-molybdenum project in South Korea. These results are similar to or above the average grade estimated in the Scoping Study produced by Wardrop (a Tetra Tech Company) UK in 2010.
As previously announced, this drilling program is targeting the unmined ore in the upper section of the mine above the current water level for feasibility reserve estimation and mine planning purposes. The tungsten-molybdenum mineralisation at Sangdong is hosted within three parallel, shallow-dipping skarn veins (Main, Hangingwall and Footwall) with a lateral extent of up to 1,200 metres along strike and 1,500 metres down dip.
With the initial drilling program comprising 38 holes now essentially complete, Woulfe has released three of the surface rigs, with one surface rig and three underground rigs operating. Several additional holes have been proposed based on results to date, and drilling will continue during May. An updated NI 43-101 resource statement is scheduled to be published by end June to underpin the Feasibility Study.
Results will be released on a regular basis as they are received over the next few weeks.
The second batch of samples are from the following three holes:
WSDD0022A - Collar 4111472N, 485283E, Azimuth 166.3, Dip -50.3, Depth 55m,
Target F/W
WSDD0025 - Collar 4111506N, 485316E, Azimuth 337, Dip 8, Depth 90m, Target
H/W
WSDD0010 - Collar 4111545N, 485119E, Azimuth 298, Dip -21, Depth 168m,
Target F/W
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True Width Grade Grade
Hole ID Interval (m) Length (m) (m) (%WO3) (%MoS2) Vein
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WSDD0022A 40.5-54.5 14.0 11.8 0.33 0.03 F/W
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includes 44.5-54.5 10.0 8.4 0.42 0.02 F/W
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includes 45.5-47.8 2.3 1.9 0.94 0.03 F/W
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includes 52.5-54.5 2.0 1.7 0.68 0.05 F/W
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WSDD0025 4.0-11.5 7.5 4.7 0.42 0.22 Main
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WSDD0010 70.0-71.1 1.1 0.4 0.73 0.02 F/W
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WSDD0010 76.0-106.0 30.0 9.6 0.55 0.03 F/W
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includes 77.0-79.0 2.0 0.6 0.70 0.04 F/W
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includes 89.0-92.0 3.0 1.0 1.75 0.06 F/W
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Includes 96.0-98.7 2.7 0.9 1.04 0.05 F/W
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includes 103.0-106.0 3.0 1.0 1.51 0.04 F/W
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Note: a cut-off of 0.15% WO3 was used for the intersection calculations
All significant drill intercepts, defined as any mineralisation of 1 metre lengths or longer, are presented in the table above. It should be noted that some of these intercepts are narrow and will almost certainly be less than the minimum mining width.
Two holes reported here targeted the Footwall Vein, with the third hole (WSDD0025) designed to pass through the area outside the Main Vein towards the Hangingwall Vein. The Footwall Vein comprises a number of alteration veins separated by unaltered partings. Holes WSDD0022A and WSDD0025 are located on the eastern margin of the skarn which historical information indicates as having a lower grade than the central area.
Noted is that the results from the above holes including the test hole for vein configuration are similar to or above the average grade estimated by Wardrop in the Scoping Study. The National Instrument 43-101 resource estimate undertaken in early 2010 by Wardrop (a Tetra Tech Company) UK as part of the Scoping Study, totalled 103.2 million tonnes at 0.35% WO3 and 0.04% MoS2, based on a cut-off grade of 0.1% WO3, and included only the Hangingwall and Footwall Veins. Refer to 'Woulfe Mining Corporation, Sangdong Project, Scoping Study', dated April 2010, by Wardrop, a Tetra Tech company, UK office, available on Woulfe's website, for further technical information on the project.
Hole WSDD0022A was drilled at a dip of 55 degrees to the south to test the Footwall Vein with a proposed length of 54 metres. Results to 49.0 metres were reported in the first release on April 19th 2011, with an intersection of 7.3 metres (true width of 6.1 metres) with an average grade of 0.38% WO3 from 40.5 to 47.8 metres. With all assays now available, this intersection has been extended to 54.5 metres, with a true width of 11.8 metres averaging 0.33% WO3, with the intersection from 44.5 to 54.5 metres averaging 0.42% WO3 over a true thickness of 8.4 metres. This is considered a very encouraging result for the Footwall Vein on the eastern margin of the deposit.
Hole WSDD0025 was drilled at an incline of 8 degrees in a northerly direction and was designed to pass through the Hangingwall contact of the Main Vein and test the parting between the Main and Hangingwall Veins, in which fault structures have been interpreted. Although it was planned to intersect the Hangingwall Vein, it did not encounter mineralisation beyond the Main Zone to the proposed depth of 89 metres. Further interpretation is required in this area.
Hole WSDD10 was drilled at a dip of 21 degrees in a westerly direction to test the Footwall Vein along strike beyond the rehabilitated development limit. This hole intersected 30.0 metres (true width 9.6 metres) with an average grade of 0.55% WO3, confirming the excellent width and grade of the Footwall Vein encountered in WSDD22A.
The full sample and assay results from which the above intercepts have been calculated are shown in the following table. Note that not all the samples are contiguous, including a 3.0 metre gap between 72.0 to 75.0 metres in hole WSDD0010. Once these assay results are available, the Footwall Vein is likely to extend from 70 to 106 metres (true width 11.5 metres). Additional sampling is being undertaken where required and these results will be presented in future news releases.
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True Width Grade Grade
Sample # Hole ID From (m) To (m) Length (m) (m) (%WO3) (%MoS2)
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WSD00119 WSDD0022A 49.0 50.0 1.0 0.84 0.01 0.00
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WSD00120 WSDD0022A 50.0 50.5 0.5 0.42 0.29 0.00
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WSD00121 WSDD0022A 50.5 51.5 1.0 0.84 0.00 0.00
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WSD00122 WSDD0022A 51.5 52.0 0.5 0.42 0.33 0.02
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WSD00123 WSDD0022A 52.0 52.5 0.5 0.42 0.18 0.00
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WSD00125 WSDD0022A 52.5 53.0 0.5 0.42 1.73 0.05
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WSD00126 WSDD0022A 53.0 54.0 1.0 0.84 0.19 0.05
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WSD00127 WSDD0022A 54.0 54.5 0.5 0.42 0.61 0.07
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WSD00128 WSDD0022A 54.5 55.0 0.5 0.42 0.06 0.03
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WSD00129 WSDD0025 0.0 1.0 1.0 0.62 0.09 0.00
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WSD00130 WSDD0025 1.0 2.0 1.0 0.62 0.11 0.00
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WSD00131 WSDD0025 2.0 3.0 1.0 0.62 0.14 0.00
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WSD00132 WSDD0025 3.0 4.0 1.0 0.62 0.10 0.00
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WSD00133 WSDD0025 4.0 5.0 1.0 0.62 0.87 0.07
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WSD00134 WSDD0025 5.0 6.0 1.0 0.62 0.28 1.00
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WSD00135 WSDD0025 6.0 7.0 1.0 0.62 0.15 0.03
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WSD00136 WSDD0025 7.0 8.0 1.0 0.62 0.25 0.12
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WSD00137 WSDD0025 8.0 9.4 1.4 0.87 0.28 0.02
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WSD00138 WSDD0025 9.4 10.0 0.6 0.37 1.16 0.03
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WSD00140 WSDD0025 10.0 10.4 0.4 0.25 0.22 0.03
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WSD00141 WSDD0025 10.4 11.0 0.6 0.37 0.39 0.05
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WSD00142 WSDD0025 11.0 11.5 0.5 0.31 0.35 0.77
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WSD00143 WSDD0025 11.5 12.0 0.5 0.31 0.05 0.00
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WSD00144 WSDD0025 13.0 13.6 0.6 0.37 0.08 0.02
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WSD00145 WSDD0025 13.6 14.0 0.4 0.25 0.05 0.02
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WSD00146 WSDD0025 14.0 15.0 1.0 0.62 0.03 0.00
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WSD00147 WSDD0025 15.0 16.0 1.0 0.62 0.05 0.00
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WSD00148 WSDD0025 16.0 17.0 1.0 0.62 0.10 0.00
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WSD00149 WSDD0025 17.0 18.0 1.0 0.62 0.06 0.00
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WSD00151 WSDD0025 18.0 18.5 0.5 0.31 0.13 0.02
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WSD00152 WSDD0025 18.5 19.0 0.5 0.31 0.22 0.08
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WSD00154 WSDD0025 19.0 19.5 0.5 0.31 0.06 0.00
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WSD00155 WSDD0025 19.5 20.0 0.5 0.31 0.05 0.00
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WSD00156 WSDD0025 21.0 22.0 1.0 0.62 0.08 0.00
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WSD00157 WSDD0025 22.0 23.0 1.0 0.62 0.05 0.00
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WSD00158 WSDD0025 23.0 24.0 1.0 0.62 0.04 0.00
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WSD00159 WSDD0025 24.0 25.0 1.0 0.62 0.34 0.00
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WSD00160 WSDD0025 25.0 26.0 1.0 0.62 0.04 0.00
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WSD00162 WSDD0025 26.0 27.0 1.0 0.62 0.14 0.00
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WSD00163 WSDD0025 27.0 27.5 0.5 0.31 0.03 0.00
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WSD00164 WSDD0025 27.5 28.0 0.5 0.31 0.09 0.12
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WSD00165 WSDD0025 28.0 28.5 0.5 0.31 0.04 0.00
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WSD00166 WSDD0025 28.5 29.0 0.5 0.31 0.43 0.05
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WSD00167 WSDD0025 29.0 30.2 1.2 0.74 0.04 0.00
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WSD00168 WSDD0025 30.2 30.6 0.4 0.25 0.35 0.03
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WSD00169 WSDD0025 30.6 31.4 0.8 0.50 0.03 0.00
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WSD00170 WSDD0025 31.4 32.0 0.6 0.37 0.06 0.00
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WSD00172 WSDD0025 84.3 85.0 0.7 0.43 0.00 0.02
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WSD00173 WSDD0025 85.0 86.0 1.0 0.62 0.00 0.48
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WSD00174 WSDD0025 86.0 86.5 0.5 0.31 0.00 0.03
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WSD00176 WSDD0025 86.5 87.0 0.5 0.31 0.08 0.05
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WSD00177 WSDD0025 87.0 87.5 0.5 0.31 0.24 0.05
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WSD00178 WSDD0025 87.5 88.0 0.5 0.31 0.00 0.05
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WSD00179 WSDD0010 17.0 18.0 1.0 0.32 0.05 0.02
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WSD00180 WSDD0010 18.0 19.0 1.0 0.32 0.00 0.00
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WSD00181 WSDD0010 19.0 20.0 1.0 0.32 0.00 0.03
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WSD00182 WSDD0010 20.0 21.0 1.0 0.32 0.00 0.03
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WSD00183 WSDD0010 44.0 45.0 1.0 0.32 0.00 0.00
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WSD00184 WSDD0010 45.0 46.0 1.0 0.32 0.00 0.15
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WSD00185 WSDD0010 46.0 47.0 1.0 0.32 0.00 0.00
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WSD00186 WSDD0010 47.0 48.0 1.0 0.32 0.04 0.48
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WSD00187 WSDD0010 48.0 49.0 1.0 0.32 0.00 0.00
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WSD00188 WSDD0010 49.0 51.0 2.0 0.64 0.00 0.68
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WSD00189 WSDD0010 51.0 53.0 2.0 0.64 0.01 0.03
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WSD00190 WSDD0010 53.0 54.0 1.0 0.32 0.04 0.02
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WSD00191 WSDD0010 54.0 54.5 0.5 0.16 0.30 0.00
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WSD00192 WSDD0010 54.5 55.0 0.5 0.16 0.00 0.00
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WSD00193 WSDD0010 55.0 56.0 1.0 0.32 0.01 0.03
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WSD00194 WSDD0010 56.0 56.5 0.5 0.16 0.01 0.00
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WSD00195 WSDD0010 56.5 57.5 1.0 0.32 0.00 0.00
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WSD00196 WSDD0010 57.5 58.5 1.0 0.32 0.00 0.05
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WSD00197 WSDD0010 58.5 59.0 0.5 0.32 0.35 0.20
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WSD00201 WSDD0010 59.0 60.0 1.0 0.32 0.13 0.05
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WSD00202 WSDD0010 66.0 67.0 1.0 0.32 0.00 0.02
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WSD00203 WSDD0010 67.0 67.7 0.7 0.22 0.00 0.00
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WSD00204 WSDD0010 67.7 68.1 0.4 0.13 0.28 0.00
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WSD00205 WSDD0010 68.1 69.0 0.9 0.29 0.00 0.20
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WSD00206 WSDD0010 69.0 70.0 1.0 0.32 0.00 0.08
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WSD00207 WSDD0010 70.0 70.8 0.8 0.26 0.73 0.02
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WSD00208 WSDD0010 70.8 71.1 0.3 0.10 0.73 0.03
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WSD00209 WSDD0010 71.1 72.0 0.9 0.29 0.01 0.00
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WSD00210 WSDD0010 75.0 76.0 1.0 0.32 0.05 0.00
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WSD00211 WSDD0010 76.0 77.0 1.0 0.32 0.15 0.08
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WSD00212 WSDD0010 77.0 78.0 1.0 0.32 0.80 0.07
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WSD00213 WSDD0010 78.0 79.0 1.0 0.32 0.59 0.02
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WSD00214 WSDD0010 79.0 80.0 1.0 0.32 0.04 0.03
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WSD00215 WSDD0010 80.0 81.0 1.0 0.32 0.04 0.00
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WSD00216 WSDD0010 81.0 82.0 1.0 0.32 0.13 0.00
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WSD00217 WSDD0010 82.0 83.0 1.0 0.32 0.80 0.05
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WSD00218 WSDD0010 83.0 84.0 1.0 0.32 0.00 0.00
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WSD00219 WSDD0010 84.0 85.0 1.0 0.32 0.05 0.00
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WSD00220 WSDD0010 85.0 85.5 0.5 0.16 0.32 0.03
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WSD00221 WSDD0010 85.5 86.5 1.0 0.32 0.01 0.00
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WSD00225 WSDD0010 86.5 87.3 0.8 0.26 0.06 0.00
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WSD00226 WSDD0010 87.3 88.0 0.7 0.22 0.00 0.00
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WSD00227 WSDD0010 88.0 89.0 1.0 0.32 0.10 0.00
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WSD00228 WSDD0010 89.0 90.0 1.0 0.32 2.19 0.05
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WSD00229 WSDD0010 90.0 91.0 1.0 0.32 0.57 0.03
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WSD00230 WSDD0010 91.0 92.0 1.0 0.32 2.49 0.10
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WSD00231 WSDD0010 92.0 92.5 0.5 0.16 0.15 0.05
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WSD00232 WSDD0010 92.5 93.5 1.0 0.32 0.01 0.00
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WSD00233 WSDD0010 93.5 94.0 0.5 0.16 0.00 0.00
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WSD00234 WSDD0010 94.0 95.0 1.0 0.32 0.00 0.00
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WSD00235 WSDD0010 95.0 96.0 1.0 0.32 0.00 0.00
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WSD00239 WSDD0010 96.0 97.0 1.0 0.32 1.52 0.03
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WSD00240 WSDD0010 97.0 98.0 1.0 0.32 0.82 0.05
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WSD00241 WSDD0010 98.0 98.7 0.7 0.22 0.67 0.07
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WSD00242 WSDD0010 98.7 99.0 0.3 0.10 0.08 0.02
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WSD00243 WSDD0010 99.0 99.4 0.4 0.13 0.47 0.00
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WSD00244 WSDD0010 99.4 100.0 0.6 0.19 0.33 0.03
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WSD00245 WSDD0010 100.0 100.5 0.5 0.16 0.09 0.03
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WSD00246 WSDD0010 100.5 101.0 0.5 0.16 0.48 0.03
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WSD00247 WSDD0010 101.0 102.0 1.0 0.32 0.05 0.00
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WSD00248 WSDD0010 102.0 102.5 0.5 0.16 0.09 0.00
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WSD00249 WSDD0010 102.5 103.0 0.5 0.16 0.23 0.00
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WSD00250 WSDD0010 103.0 103.5 0.5 0.16 0.76 0.03
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WSD00251 WSDD0010 103.5 104.0 0.5 0.16 2.49 0.03
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WSD00252 WSDD0010 104.0 104.5 0.5 0.16 1.73 0.05
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WSD00253 WSDD0010 104.5 105.0 0.5 0.16 1.85 0.07
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WSD00254 WSDD0010 105.0 105.5 0.5 0.16 0.77 0.02
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WSD00255 WSDD0010 105.5 106.0 0.5 0.16 1.48 0.07
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WSD00256 WSDD0010 106.0 106.5 0.5 0.16 0.13 0.00
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WSD00257 WSDD0010 106.5 107.0 0.5 0.16 0.11 0.00
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WSD00258 WSDD0010 107.0 107.5 0.5 0.16 0.05 0.00
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WSD00262 WSDD0010 107.5 108.0 0.5 0.16 0.09 0.02
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The samples are prepared on-site in Korea to appropriate industry standards and sent to SGS Perth, Australia for analysis. Samples are analysed by Inductively Coupled Plasma Mass Spectrometry (ICP) and for ore-grade quantities of specific elements by aqua regia or 4-acid digestion followed by ICP analysis. Molybdenum is analysed by X-ray fluorescence. The QA/QC protocol comprises insertion of one standard, one blank (crushed glass) and one pulp duplicate in every batch of 20 samples. No QA/QC results are available as yet.
This news release has been reviewed and approved in the form and context in which it appears by Mr Paul Gribble FIMMM, C.Eng, of Wardrop who are working with Woulfe on the Sangdong studies. Mr Gribble has appropriate qualifications and sufficient relevant experience to qualify as a Qualified Person for the reporting of exploration results for the Sangdong deposit.
On Behalf of the Board of Directors
Woulfe Mining Corp.
Brian Wesson (FAusIMM), President, CEO and Director
About Woulfe Mining Corp.
Woulfe Mining Corp. is a TSX-V listed company with a diversified portfolio of mining licenses for tungsten, molybdenum, gold, base metals and uranium-vanadium in South Korea.
The company's current projects include the Sangdong tungsten-molybdenum mine, historically, one of the largest tungsten mines in the world; the Muguk gold-silver mine, formerly South Korea's largest gold mine, as well as a number of other properties with significant known mineralization and excellent regional exploration potential.
Woulfe has high expectations for near-term, low-cost production. The company has assembled a highly skilled, in-country, bilingual technical team and a board of directors with an outstanding track record of success.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: commodity price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of mineral exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the appropriate regulatory authorities.
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.
Contacts:
Renmark Financial Communications
Barbara Komorowski
1 (514) 939-3989
bkomorowski@renmarkfinancial.com
Nicola Street Capital
Nick Smith
1 (415) 595-0865
nsmith@nicolastreetcapital.com
Woulfe Mining Corp.
Administration Office
1 604 684 6264
1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com