Wolverine Expands Frog Property Package in Labrador

Rhea-AI Summary

Wolverine (WOLV) acquires 9,587 hectares in Labrador for rare earth element exploration in partnership with Rich Resources Inc. The Hook property, strategically located near existing mines, shows promising early-stage results with 0.114% TREE in lake sediment samples. Wolverine plans aggressive exploration in 2024, including airborne surveys and drill testing.

9,587 Hectares Staked in Prospective Rare Earth Element Territory

Vancouver, British Columbia--(Newsfile Corp. - February 14, 2024) - Wolverine (OTC PINK : WOLV), in partnership with Rich Resources Inc, has acquired 9,587 hectares through staking of 3 licenses (384 claims) to expand its critical minerals rare earth element (REE) presence in Labrador. The new property package, named The Hook property, is located 60 km south-southwest of the Voisey's Bay mine owned and operated by VALE and 26 km south-southwest of the Frog property, also jointly held by Wolverine and Rich Resources Inc. The nearest communities include Nain and Natuashish, located approximately 90 km away.

Figure 1 - Location map

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The Hook property is an early stage project that historically has never had work done on it. It was acquired based on government regional geophysics and lake sediment sampling. A total of 8 lake sediments were taken on the property with analytical results averaging 0.114% TREE (total rare earths sampled for). These are focused along a 9 km long linear magnetic anomaly.

Both the Frog andThe Hook properties are situated in strategic locations along a 175 km corridor extending from Quebec to the Atlantic Ocean that is hosted by granitic rocks containing monazite mineralization (Figure 1). To date 4 REE deposits have been identified along the REE belt in Labrador including the Strange Lake, Ytterby 2 + 3, and Flowers River deposits.

Wolverine intends on conducting aggressive exploration programs for REEs on both the Frog and The Hook properties in 2024, beginning with airborne radiometrics and magnetics followed by prospecting and drill testing. Drill testing has already been approved for the Frog property by the Ministry of Mines.

On Behalf of the Board

Bruce Costerd
CEO

For further information please contact:

Bruce Costerd (778) 297-4409
investor@wolverineresourcescorp.com
http://www.wolverineresourcescorp.com

About Wolverine

Wolverine is focused on the identification, acquisition, and exploration of mineral properties in Labrador with strong potential to host significant resources, especially critical minerals. Wolverine trades on the OTC PINK under the symbol WOLV. For more information visit www.wolverineresourcescorp.com

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future, including but not limited to, statements regarding exploration of the Property.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

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FAQ

What is the name of the property package acquired by Wolverine (WOLV) in partnership with Rich Resources Inc?

The property package acquired is named The Hook property.

Where is The Hook property located?

The Hook property is located 60 km south-southwest of the Voisey's Bay mine owned by VALE and 26 km south-southwest of the Frog property, also held by Wolverine and Rich Resources Inc.

What are the nearest communities to The Hook property?

The nearest communities to The Hook property include Nain and Natuashish, located approximately 90 km away.

What is the average total rare earths sampled for (TREE) in lake sediment samples on The Hook property?

The average TREE in lake sediment samples on The Hook property is 0.114%.

What exploration programs does Wolverine (WOLV) plan to conduct in 2024 on The Hook property?

Wolverine intends to conduct aggressive exploration programs for rare earth elements on The Hook property in 2024, including airborne radiometrics and magnetics followed by prospecting and drill testing.