PICKETT MTN

Located in Penobscot County of northern Maine, U.S.A., the Pickett Mountain VMS deposit is one of the highest grade undeveloped polymetallic massive sulphide deposits in North America. It occurs in the Northern Maine Volcanic Belt, an Ordovician-age rift-related assemblage comprising part of the Gander Terrane in the eastern North American Appalachians.

The Gander Terrane is well-endowed with numerous Zn-Pb-Cu-Ag massive sulphide deposits including 46 known deposits in the Bathurst Mining Camp in New Brunswick as well several in the Buchans mining district in Newfoundland. The Bathurst Mining Camp is one of the premier VMS districts in the world, featuring the world-class Brunswick #12 deposit, with past production of 128 million tonnes grading 8.57% Zn, 4.49% Pb, 0.34% Cu and 99.9 g/t Ag. Similarly, the Buchans deposit in Newfoundland was an important deposit, with past production of 16 million tonnes at a grade of 14.51% Zn, 7.56% Pb, 1.33% Cu, 126 g/t Ag and 1.37 g/t Au. In contrast, the Northern Maine Volcanic belt is host to only 6 deposits, largely due to a significant lack of exploration and Maine’s previously unworkable mining laws and regulations over the last 30–40 years.

A new mining law, recently enacted in the Maine legislature in November 2017, provides clarity on the process to permit the mining of metallic minerals in certain situations and with higher commodity prices, interest in high-grade VMS projects like Pickett Mountain has been revived. Due to the lack of more modern exploration, and clarity in the new regulations, Wolfden believes there is significant exploration upside in this jurisdiction for its stakeholders.

PROPERTY HIGHLIGHTS

Average grades

10

4

1.5

100

g/t

Ag plus Au

Preliminary concentrate recoveries

88% Zn

78% Pb

77% Cu

Location map, Maine U.S.A.

(Click image for larger view)

Techtonic map of the Appalachians

(Click image for larger view)

RESOURCES

The Pickett Mtn. Resource Statement is effective January 7, 2019

Mineral Resource Estimate Parameters and Assumptions

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
Resources are presented as undiluted and in-situ for an underground mining scenario and are considered to have reasonable prospects for economic extraction.
The metal prices used to determine Zinc Equivalent (ZnEq) grades where US$1.20/pound for zinc, US$1.00/pound for lead, US$2.50/pound for copper, US$16.00/troy ounce for silver, and US$1200/troy ounce for gold. The base case utilized a calculated cut-off grade of 9.00% ZnEq.
Indicated Resources were estimated using a maximum distance of 25 metres from a drill hole and meeting a single hole minimum.
Inferred Resources were estimated utilizing a no hole minimum and using a minimum of 25 metres and maximum of 200 metres from a drill hole.
The MRE encompasses 3 mineralized massive sulphide lenses.
A total of 148 drill holes comprise the database including 2550 samples; of these 940 samples were utilized in the estimate.
Grade capping was not utilized as it was noted that the general uniformity of grade was fairly consistent with no significant outliers in the assay results.
The specific gravities used in the MRE were based on a total of 253 physically measured specific gravities within the mineralized lenses.
Wolfden is not aware of any legal, political, environmental or other risks that could materially affect the potential development of the mineral resources.