Picket Mountain
Explorer and developer Wolfden Resources has raised C$2-million from Altius Minerals and Kinross Gold, which now hold about 12.6% and 11.4% of the issued and outstanding shares of the company.
The proceeds of the C$0.32-a-share offering will be used to continue exploration at the Pickett Mountain polymetallic deposit, in Maine, US – about 85 km west of the Canadian border.
Drilling in 2020 would seek to further expand the mineral resources, including high-grade mineralisation intersected in the final holes of the 2020 drill programme in the footwall of the deposit, said Wolfden CEO Ron Little.
“The company has been working in parallel on an application to rezone a small portion of its Picket Mountain property to allow for an underground mining operation and hopes to conclude the process in 2021 with a favourable outcome,” he stated.
Pickett Mountain is said to be one of the highest-grade polymetallic projects in North America. An October 2020 preliminary economic study indicated robust underground mining operations with a net present value of $200-million, a payback of 2.4 years and a breakeven all-in sustaining cost of $0.38/lb zinc equivalent.