Woulfe Mining Reports Final Drill Results for Phase 1 Feasibility Drilling Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/24/11 -- Woulfe Mining Corp. ('Woulfe' or the 'Company') (TSX VENTURE: WOF)(OTCQX: WFEMF) is pleased to announce assay results for batches six and seven of samples associated with the now completed phase 1 drilling program at Sangdong. The tungsten-molybdenum mineralisation at Sangdong is hosted within three parallel, shallow-dipping skarn zones (Main, Hangingwall and Footwall) with a lateral extent of up to 1,200 metres along strike and 1,500 metres down dip.
Highlights of the results include 17.3 metres (true width) of 0.87% WO3 in the Hangingwall Zone, 8.0 metres (true width) of 0.99% WO3 in the Main Zone and 8.2 metres (true width) of 0.68% WO3 in the Footwall Zone.
The recent drilling results are summarised as below:
Main Zone
(The Main Zone was not included in NI43-101 resources March 2010)
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Length True Width Grade Grade
Hole Interval (m) (m) (m) (%WO3) (%MoS2) Zone
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Hole SD 97 Collar 4112085N, 484505E, Azimuth 95, Dip -77, Depth 310m,
Target H/W, Main, F/W
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Intersection 302.0-310.0 8.0 8.0 0.99 0.05 Main
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includes 302.0-307.0 5.0 5.0 1.46 0.07 Main
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SD 95 Collar 4111816N, 484362E, Azimuth 36, Dip -68, Depth 280m,
Target H/W, Main, F/W
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Intersection 201.0-211.0 10.0 6.8 0.38 0.02 Main
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includes 201.0-202.5 1.5 1.0 0.61 0.02 Main
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includes 205.5-207.5 2.0 1.4 0.81 0.09 Main
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SD 93 Collar 4112027N, 484387E, Azimuth 165, Dip -75, Depth 294m,
Target H/W, Main, F/W
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Intersection 242.5-250.0 7.5 7.5 0.33 0.02 Main
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SD 98 Collar 4112027N, 484388E, Azimuth 132, Dip-74, Depth 325m,
Target H/W, Main, F/W
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Intersection 244.0-246.0 2.0 2.0 0.37 0.01 Main
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WSDD0026 Collar 4111510N, 485320E, Azimuth 315, Dip -55, Depth 98m,
Target Main, F/W
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Intersection 0.0-2.0 2.0 1.4 0.86 0.08 Main
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Footwall Zones
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Length True Width Grade Grade
Hole Interval (m) (m) (m) (%WO3) (%MoS2) Zone
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SD 95 Collar 4111816N, 484362E, Azimuth 36, Dip -68, Depth 280m,
Target H/W, Main, F/W
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Intersection 219.0-220.5 1.5 1.0 0.49 0.0 F/W (1)
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Intersection 252.0-264.0 12.0 8.2 0.68 0.00 F/W
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includes 252.0-257.5 5.5 3.8 0.86 0.00 F/W
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WSDD0027 Collar 4111481N, 484984E, Azimuth 44, Dip 31, Depth 75m,
Target F/W, Main
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Intersection 10.0-29.0 19.0 15.6 0.36 0.01 F/W
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includes 12.0-16.5 4.5 3.7 0.49 0.00 F/W
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includes 20.5-25.5 5.0 4.1 0.56 0.02 F/W
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SD 98 Collar 4112027N, 484388E, Azimuth 132, Dip-74, Depth 325m,
Target H/W, Main, F/W
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Intersection 280.0-286.0 6.0 6.0 0.56 0.02 F/W
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Intersection 303.5-309.0 5.5 5.5 0.30 0.08 F/W
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includes 306.0-309.0 3.0 3.0 0.43 0.13 F/W
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SD 93 Collar 4112027N, 484387E, Azimuth 165, Dip -75, Depth 294m,
Target H/W, Main, F/W
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Intersection 274.0-277.5 3.5 3.5 0.50 0.00 F/W
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Intersection 283.0-288.5 5.5 5.5 0.37 0.04 F/W
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WSDD0026 Collar 4111510N, 485320E, Azimuth 315, Dip -55, Depth 98m,
Target Main, F/W
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Intersection 75.5-77.0 1.5 1.1 0.41 0.06 F/W
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Hangingwall Zone
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Length True Width Grade Grade
Hole Interval (m) (m) (m) (%WO3) (%MoS2) Zone
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SD 92 Collar 4111716N, 484911E, Azimuth 223, Dip -77, Depth 190m,
Target H/W
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Intersection 156.0-174.0 18.0 17.3 0.88 0.09 H/W
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includes 156.0-160.5 4.5 4.3 1.14 0.24 H/W
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includes 162.0-170.0 8.0 7.7 1.19 0.06 H/W
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SD 97 Collar 4112085N, 484505E, Azimuth 95, Dip -77, Depth 310m,
Target H/W, Main, F/W
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Intersection 269.0-281.0 12.0 12.0 0.55 0.05 H/W
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includes 271.5-274.5 3.0 3.0 1.10 0.07 H/W
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includes 277.0-280.0 3.0 3.0 0.66 0.06 H/W
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SD 95 Collar 4111816N, 484362E, Azimuth 36, Dip -68, Depth 280m,
Target H/W, Main, F/W
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Intersection 154.5-156.0 1.5 1.0 0.44 0.01 H/W
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Intersection 162.0-169.5 7.5 5.1 0.30 0.03 H/W
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Intersection 173.5-176.5 3.0 2.0 0.32 0.08 H/W
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SD 98 Collar 4112027N, 484388E, Azimuth 132, Dip-74, Depth 325m,
Target H/W, Main, F/W
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Intersection 215.5-217.0 1.5 1.5 0.63 0.05 H/W
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SD 93 Collar 4112027N, 484387E, Azimuth 165, Dip -75, Depth 294m,
Target H/W, Main, F/W
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Intersection 154.0-155.5 1.5 1.5 0.30 0.01 H/W
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Significant drill intercepts, defined as any mineralisation of 1 metre lengths or longer, are presented in the tables above. A cut-off of 0.15% WO3 was used for the intersection calculations.
The drilling program targeted the unmined mineralisation in the upper section of the mine above the current water level for mine planning and feasibility reserve estimation purposes. The 2010 March Wardrop Engineering Scoping Study produced an Inferred Resource of 103.6 million tonnes at 0.35% WO3, 0.04% MoS2 at a cut-off of 0.1% WO3. This resource estimate modelled the group of Footwall mineralised zones as a combined unit and the Hangingwall Zone as another unit. Any remaining mineralisation from the Main Zone was not included. The intersection summaries shown above may also group mineralised zones within the overall Footwall zone.
Batches six and seven of assay results comprised seven holes, of which five were surface holes, four of which were drilled to define the western margin of the deposit. The fifth surface hole (SD 92) located in the central portion of the deposit to define the Hangingwall Zone intersected 17.3 metres true width at 0.87% WO3. Other significant intersections include 8.0 metres true width at 0.99% WO3 (SD 97) in the Main Zone, 8.2 metres true width at 0.68% WO3 (SD 95) and 15.6 metres true width at 0.36% WO3 (WSDD0027) in the Footwall Zone, and 12.0 metres true width at 0.56% WO3 (SD 97) in the Hangingwall Zone.
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 is 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 is focused on the development of the Sangdong tungsten mine (one of the World's largest and most renowned tungsten mine for 40 years). This property has substantial value for our shareholders given the outcome of the scoping study in March 2010 that determined that the project NPV was US$467 million at a commodity price of $2500 per tonne Ammonium Paratungstate (APT). Today, the APT price is over US$45,000 per tonne. Given the robust project and market, Woulfe has accelerated the project. An updated resource statement is due at the end of June and detailed design, final construction permitting and feasibility will be complete year end. The company's target is to move to production towards the end of 2012. The current market for tungsten and molybdenum is very strong with Taegutec (a global manufacturer) close on doubling production in Korea of powders and finished tungsten goods. There is also a large shortage in markets especially outside China. It is believed that China is moving from being a major exporter of tungsten to a net importer as tungsten is a high level strategic metal needed for most manufacture and high tech applications in developing technologies.
In the last 18 months the company has focused on building the Sangdong tungsten mine team and opening the mine. The project is well staffed with professionals and is moving forward rapidly. Woulfe Corporate has now turned its focus to the Muguk gold project, historically Korea's largest gold mine. In 1998, Muguk was reported by Korea Resources Corporation (KORES) to contain a combined resource of 1,418,980 tonnes @ 13.5 g/t gold, 72.8 g/t silver (615,956 oz gold and 3,321,599 oz silver). Woulfe cautions that a Qualified Person has not done sufficient work to classify the historical estimate as current, that it is not treating the historical estimate as current and that the historical estimate should not be relied upon. A drill campaign is starting drilling the down dip extensions of the Three Brothers Vein in June 2011. Woulfe's other projects will be considered once these two projects are moving to production, in order to unlock value for shareholders and to move the company to a positive cash flow as quickly as possible.
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
Office phone 1 (514) 939-3989
bkomorowski@renmarkfinancial.com
Nicola Street Capital
Nick Smith
Mobile phone 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