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Wolfden Resources Corporation (WLF.V), also known as Wolfden, is an exploration and development company specializing in metallic mineral deposits. The company's flagship project, the Pickett Mountain Project in North America, focuses on high-grade polymetallic resources including Zn, Pb, Cu, Ag, and Au. Additionally, Wolfden owns two nickel sulphide deposits in Manitoba, aiming to be a domestic source of base and critical metals for renewable energy expansion.
The Pickett Project, currently undergoing rezoning application with the Maine Land Use Planning Commission (LUPC), is a state-of-the-art underground metallic mineral mine proposal. With a proposed 1200-tonne per day capacity, the project is set to operate for 10-15 years, employing approximately 272 direct employees and contractors. Wolfden's commitment to environmental protection and adherence to strict mining regulations ensures sustainable development and economic growth in the region.
As the project progresses through the rezoning process, Wolfden plans to conduct a feasibility study, including environmental data collection, resource conversion drilling, operational design, and cost estimation. The company's dedication to community engagement, information sessions, and public hearings underscores its efforts to address local needs and ensure project benefits for residents and businesses in the area.
Wolfden Resources Corporation has announced a strategic agreement with Advance Lithium Corp for the acquisition of its Tetagouche Project located in New Brunswick's Bathurst Mining Camp. As part of this agreement, Advance Lithium will issue 19.9% of its shares to Wolfden and invest $3 million in the project, alongside additional cash or share payments totaling $750,000. Wolfden retains a 2% Net Smelter Return and has rights of refusal on claims sold or transferred. This transaction allows Wolfden to concentrate on its Pickett Mt Project in Maine while providing a financial stake in Advance Lithium's exploration endeavors.
Wolfden Resources Corporation has announced a significant milestone as the Maine Land Use Planning Commission has deemed its rezoning application complete for the Pickett Mountain Project. This project involves 374 acres being re-zoned to allow for a 1200 tonne per day underground mine, expected to sustain a workforce of 272 employees. Mined ore is rich in zinc, copper, lead, silver, and gold. The mine aims for environmental protection and regulatory compliance, with community support noted from surrounding towns. The application will undergo further review, including a public hearing under the Commission's Chapter 10 and Chapter 12 rules.
Wolfden Resources Corporation has submitted a re-zoning application to the Maine Land Use Planning Commission for a 374-acre portion of its Pickett Mountain Project. This proposal seeks to change the land designation from General Management to Planned Development, facilitating the construction and operation of a small-scale underground mine. The mine, projected to operate for 10-15 years at a capacity of 1,200 tonnes per day, is expected to create around 272 jobs. The project aims to align with environmental protections and has garnered community support, reflecting its potential for economic growth in a timber-based economy.
Wolfden Resources Corporation has completed a non-brokered private placement financing, raising $2.3 million through the issuance of 10,952,310 common shares at C$0.21 each. The proceeds will primarily fund the exploration and development of the Pickett Mountain high-grade polymetallic deposit in Maine. Certain insiders participated in this financing, which is classified as a related party transaction. The company intends to use exemptions from formal valuation and minority approval requirements under applicable regulations.
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