WOLFDEN RES CORP ORD - WLFFF STOCK NEWS

Wolfden Resources has secured a $275,000 grant from the Manitoba Mineral Development Fund to enhance exploration at its Nickel Island Ni-Cu-Co-PGE Project in Manitoba. The project boasts an estimated Inferred Mineral Resource of 8.5 million tonnes at 0.86% NiEq. The funding will expedite ground geophysical surveys and diamond drilling, aiming to expand the mineralized system. Wolfden plans to match the grant with additional funds and collaborate with local Indigenous communities for future development.

Wolfden Resources Corporation has announced a non-brokered private placement financing to issue up to 12,272,728 common shares at C$0.22, aiming for gross proceeds of C$2.7 million. The majority of the funds will support the exploration and development of the Pickett Mountain polymetallic deposit in Maine. The offering will close in multiple tranches around December 30, 2022, pending TSX Venture Exchange approval. Additionally, some investors are insiders, involving related party transactions governed by specific regulations.

Wolfden Resources Corporation (WLF.V) updated on local support for its Pickett Mt. Project in Northern Maine, where the towns of Stacyville and Hersey voted overwhelmingly (92%) in favor of the mine permitting process. The communities expressed interest in hosting operational facilities, contingent on Maine's DEP approvals. The project aims for a modern underground mining operation, adhering to stringent environmental regulations. Ongoing community engagement has fostered trust and support, with plans for a rezoning application to allow industrial use of a small portion of the land.

Wolfden Resources Corporation has granted 3,155,000 options to purchase common shares at an exercise price of $0.25 per share, set to expire on September 1, 2027. This grant, part of the Company's Share Incentive Plan, reflects an annual review of compensation since February 2021 and includes new employees, directors, and consultants. Wolfden focuses on high-margin metallic mineral deposits, notably the Pickett Mountain Project, a top-tier polymetallic project in North America.

Wolfden Resources announced favorable results from the exploration program at its California Lake Project in New Brunswick. Highlights include drill intercepts of 496 g/t AgEq over 5.3 metres and 866 g/t AgEq over 2.0 metres. The nine-drill hole program, totaling 1,368 metres, identified five silver-gold-base metal zones and validated several geochemical anomalies. The project covers a 127 square kilometre land package within the Bathurst Greenstone Belt, offering significant growth potential. Future exploration will focus on trenching and drilling additional targets.

Wolfden Resources has filed an independent technical report for the Nickel Island Project in Manitoba, confirming a mineral resource estimate of 8.5 million tonnes at 0.86% NiEq. The report highlights the potential for additional nickel and PGE mineralization, with geological settings indicative of future discoveries. However, work permits for drilling remain outstanding, delaying exploration activities for 2022. The company emphasizes that the project has significant development potential to support the growing EV market.

Wolfden Resources Corporation has released an initial NI43-101 compliant mineral resource estimate for its Rice Island Nickel-Copper-Cobalt and PGE Project in Manitoba. The estimate includes 4.3 million tonnes at 1.11% NiEq indicated and 3.4 million tonnes at 0.89% NiEq inferred resources. The company plans a 2,500 metre expansion drilling program in Q1 2022, targeting deeper mineralization based on geophysical data. The Rice Island project highlights significant potential due to proximity to infrastructure and anticipated grade increases, which may positively impact its valuation within the North American EV market.

Wolfden Resources Corporation has withdrawn its application to rezone a 646-acre portion of its Pickett Mt. Project in Northern Maine. The withdrawal is aimed at allowing the Company to amend its application for future approval by the Maine Land Use Planning Commission (LUPC). Despite this setback, the President and CEO Ron Little expressed confidence in a revised application. The project promises to generate 303 jobs annually and contribute $697M in economic output to the state, while also being noted as one of the greenest mine designs globally.

Wolfden Resources Corporation has upsized its private placement financing from 10 million units to 12.6 million at C$0.32 per unit, raising gross proceeds of $4.03 million. The funds will support exploration at the Pickett Mountain polymetallic deposit in Maine and the recently optioned Big Silver Project. The offering is subject to TSX Venture Exchange approval and is expected to close by March 31, 2021. New long-term investors are backing the company's drilling efforts in Maine and Manitoba, with assay results to follow.