Woulfe Mining's Sangdong Project NI43-101 Update of Resources-Tungsten Grade Below Level 3 Increased by 47% and Molybdenum Grade by 34%
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 2, 2012) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce that Tetra Tech Wardrop (Tetra Tech) have completed an update of the Mineral Resources for Woulfe's Sangdong Tungsten Molybdenum project in South Korea.
The NI43-101 report for the Sangdong Project resource was released today containing new information:
•Upper section (above level 3) indicated tungsten resource as reported increased by 195% (2.7 times excluding hanging wall ore body)
•Upper section (Above level 3) Inferred resource increased 2%.
Even with the significant increase in indicated resource above the valley floor the inferred in the same area increased by 2% which gave an overall increase in resources of 47% for the upper section.
•Lower area below level 3 was modelled giving the higher level of understanding of the mineralisation and the tungsten grade increased by 47% and molybdenum grade 34% which is understandable as we approach the historically drilled high grade molybdenum modelled by KORES below the skarn mineralisation.
Summary
Following completion of the phase 2 drilling and further historical data compilation at the Sangdong mine in South Korea, Tetra Tech has completed a further update of the Mineral Resources. The Resource for the skarn mineralised zones is summarised in Table 1. It is important to note that the Indicated Resource does not include the hanging wall zone, as further work is needed to fully appreciate the stability for mining after the main and footwall have been mined. The Resource given in Table 1 represents the whole of the known dip length, split broadly into two zones; that above the historical - level 2, and the resources from - level 2 down dip. Woulfe is continuing to drill and explore within the accessible working areas to refine the Resource.
In order to estimate the down-dip resource potential at the Sangdong Project, presented in Table 1, Tetra Tech has completed a separate estimation of the down-dip resource using all available samples, including those samples which cannot be included in the up dip 'Indicated' Resource. Due to some uncertainties of the historic data, the Resource has been classified as 'Inferred' but is included in order to reconcile the current and previous Tetra Tech estimates and to indicate future potential at Sangdong. Upgrading of the resource category may be realised by continued exploration drilling and by further collection of well documented samples as has been the case with the Phase 1 and Phase 2 drilling in the upper portions of the mine. This estimate is based on geological and mining data not previously available to Tetra Tech to better define the mineralisation geometry compared with previous estimates.
Table 1. Sangdong, Skarn Mineralisation Resource Estimate; Reporting Cut-off 0.15% WO 3 *
Resource Category Mineralised Zone Tonnes Density WO 3
(%) MoS 2
(%) MTU
'Indicated' F2 2,298,000 2.98 0.63 0.04 1,448,000
'Indicated' F3 2,604,000 2.96 0.56 0.05 1,458,000
'Indicated' HALO 5,576,000 2.91 0.27 0.03 1,505,000
'Indicated' MAIN 5,952,000 3.25 0.50 0.03 2,976,000
Total Indicated 16,431,000 3.04 0.45 0.04 7,387,000
'Inferred' F2 2,680,000 2.91 0.50 0.03 1,340,000
'Inferred' F3 2,712,000 2.90 0.49 0.03 1,329,000
'Inferred' HALO 6,523,000 2.88 0.23 0.02 1,500,000
'Inferred' HW 7,191,000 2.96 0.58 0.08 4,171,000
'Inferred' MAIN 259,000 2.92 0.52 0.02 135,000
Total Inferred 19,368,000 2.92 0.44 0.05 8,475,000
'Inferred' F2 4,097,000 2.85 0.60 0.07 2,458,000
'Inferred' F3 4,315,000 2.85 0.57 0.06 2,460,000
'Inferred' HALO 5,973,000 2.85 0.21 0.06 1,254,000
'Inferred' HW 15,924,000 2.84 0.69 0.11 10,988,000
'Inferred' MAIN 4,208,000 2.85 0.60 0.03 2,525,000
Total Inferred Down Dip 34,519,000 2.85 0.47 0.07 19,685,000
Note: MoS2 is reported in terms of WO3 cut-off
Key
MoS2=Molybdenum Disulphide
MTU=Metric Tonne Unit
WO3=Tungsten trioxide
Details
This Resource update (effective date January 24th, 2012) represents the update of the combination of the new compliant phase 2 drilling results and further compilation of detailed historical geological and mining data.
Work concentrated on developing more detailed models of the three skarn zones from both drill data and additional historical geological mapping. Importantly, additional intermediate alteration mineralisation was defined between the two thinner skarn zones, the F2 and F3 zones, that go to make up the footwall zone. Additional mining records were digitised and detailed models of historical mining depletion were created.
Each of the skarn zones is described below. In each figure blocks in green are of Indicated category, blue of Inferred category. Blocks shown in red are not classified for reasons described by zone.
Hangingwall Zone
To view Figure 1, visit the following link: media3.marketwire.com/docs/Woulfe_Figure1.pdf
Figure 1 (available at www.woulfemining.com) shows that the Hangingwall Zone above level 2 is unclassified in this update. This is a change from the interim resource update of July 2011. Geotechnical studies showed poor ground conditions in this upper area where this zone is close to the surface. In addition the phase 2 drilling encountered consistent problems in attempting to core this zone with little addition to the sample inventory. This reduction in confidence in this zone at this level in the mine led to non-classification. Tetra Tech note, however, that there is still good potential for this zone down dip, which will be reported in the near future.
Main Zone
The detailed study of historical mining areas largely concentrated on the Main Zone. Areas of mining depletion were modelled and Figure 2 (available at www.woulfemining.com) shows the effects of historical mining. The Main Zone is largely mined below the level 2 as shown by the blocks in red. A zone of Indicated mineralisation is defined on the Eastern periphery of the Main Zone. The down dip Resource potential is thought to be limited to pillars remaining in the lowest levels of the old mine.
Footwall Zones
The footwall zones were the main subject of the detailed study of historical geological mapping and distribution of the mineralisation. This resulted in a change of approach from that in the Interim Resource report. This estimate has divided the Footwall Zone into two separate skarn zones, the F2 and F3 zones, plus a zone of lower grade alteration material between these zones termed the Intermediate Zone. It is anticipated that in some areas it will be possible to mine the three units together and this will be determined in the current Feasibility Study work.
Figure 3 (available at www.woulfemining.com) shows the distribution of Indicated and Inferred blocks in the F2 Zone. The current modelling is consistent with historical down dip information for the Footwall Zone and the down dip potential of these zones is good and will be reported in the near future.
To view Figures 2 and 3, visit the following link: media3.marketwire.com/docs/woulfe-figure2and3.pdf
Future work
Woulfe is continuing to drill, explore and sample within the Upper Section of the old mine and plan to dewater down to level 4 the near future to allow these efforts to be expanded. Definition and refinement of the Sangdong models will continue as more underground drilling is completed. This data will increase the sample density increasing the area meeting the criteria for the 'Indicated' category.
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 Tetra Tech 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 mineral resources and exploration results for the Sangdong deposit.
On Behalf of the Board of Directors
Woulfe Mining Corp.
Brian Wesson (FAusIMM), President, CEO and Director
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