Pickett Mountain Project and Undiscovered Mineral Potential Penobscot County, Maine GSM Meeting November 17, 2017
TSX-V:WLF Disclaimer This presentation may contain "forward looking information" within the meaning of Canadian securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry, the risk of commodity price and foreign exchange rate fluctuations, the ability of Wolfden to fund the capital and operating expenses necessary to achieve the business objectives of Wolfden, as well as those risks described in public disclosure documents filed by Wolfden. Due to the risks, uncertainties and assumptions inherent in forward- looking information, prospective investors in securities of Wolfden should not place undue reliance on these forward-looking information. This presentation has been completed by Wolfden. Certain corporate projects referred to herein are subject to agreements with third parties who have not prepared, reviewed nor approved this presentation. The presentation is not intended to reflect the actual plans or exploration and development programs contemplated for such projects. Donald Hoy, P. Geo., is the Qualified Person for the information contained in this presentation and is a Qualified Person within the meaning of National Instrument 43-101. For further information on the technical data provided in this presentation, including the key assumptions underlying the mineral resource herein, refer to the Sedar filings as listed below: 2
TSX-V:WLF Base-Metal VMS Endowment – North American Appalachians • The Gander Terrane is well endowed with high-grade Zn-Pb-Cu- Ag massive sulphide deposits (Bathurst Mining Camp and the Buchans District) • The Maine Volcanic Belt, the extension of the Gander Terrane, is very prospective given minimal exploration efforts as compared to New Brunswick and Newfoundland • Recent changes to mining regulations in Maine could change this 3
TSX-V:WLF First Mover Advantage In Maine • In 2013, Maine introduced new legislation to reform mining laws and regulations • Prior to this initiative, the last mining operation In Maine occurred in the 1970’s; mineral exploration in recent times has been absent • Bill LD820, that permits mining of metallic minerals in certain prescribed situations , was recently enacted in the Maine Legislature (June 2017); the new laws will take effect in November 2017 • The regulations passed are stringent; they appear to be best suited to deposits that are high-grade underground situations with a small surface footprint • Pickett Mountain is one of the highest-grade undeveloped volcanogenic massive sulphide deposits in North America 4
Pickett Mountain Project Acquisition and Financing The Acquisition: • Wolfden completed a purchase and sale agreement to acquire a 100% interest in the Pickett Mountain property comprising 6,871 acres, for cash consideration of US$8.5 million • The property acquisition includes all mineral, subsurface, timber and surface rights, including the Pickett Mountain Zn-Pb-Cu-Ag massive sulphide deposit with no underlying royalties The Royalty and Financing Agreement: • Wolfden also completed a royalty and equity-based financing agreement with Altius Minerals Corporation to fund the Acquisition • Altius has acquired a 1.35% gross sales royalty on the Pickett Mountain project for US$6.0 million with an option to purchase an additional 0.50% gross royalty before the first anniversary of production, for US$7.5 million • Additionally, Altius purchased 14,200,000 units of WLF at a price of C$0.25 per unit for gross proceeds of C$3,550,000 (private placement) • Wolfden also participated in the private placement and raised proceeds of C$1,500,000 (C$5,050,000 total)
TSX-V:WLF Pickett Mountain Deposit – History, Location and Infrastructure The Pickett Mountain deposit was discovered in 1979 by Getty Mines Ltd.; completed diamond drilling, metallurgical work, environmental studies and PF studies during 1979-1984 Pickett Mountain Land Tract • Chevron Ltd. completed metallurgical work and some deeper drilling on the deposit (1984-1989); this was the last time the property was explored • Property is accessible year-round via forestry roads from State highway 11, 10 miles north of Patten Pickett Mountain Zn-Pb-Cu-Ag Deposit • Closest power line is on State Highway 11 (11 miles away) • Overall good location, remote enough and isolated away from population centres in State Highway 11 northern Maine but close to transportation and infrastructure • Opportunity to sell timber rights (Est, US$5-6M) 6
Pickett Mountain Deposit – A High-Grade Massive Sulphide Deposit • Volcanic-hosted massive sulphide deposits with these grades are rare • 14.65% Zn, 6.40% Pb, 2.74% Cu & 3.78 opt Ag over 25 feet (true thickness)
Pickett Mountain Deposit – Preliminary Metallurgical Study • Preliminary metallurgical work completed by Getty (1984) on drill core produced 3 floatation concentrates with resulting recoveries of 88% for zinc, 78% for lead and 78% for copper • These are excellent recoveries in comparison to most volcanogenic massive sulphide deposits in the North American Appalachians Pickett Mountain Forest Land Tract
Pickett Mountain Property – Regional Geologic Setting Weeksboro- Grand Pitch Formation (Cambrian) Lunksoos Lake Anticlinorium Pickett Mountain Zn-Pb-Cu-Ag Deposit • Bimodal felsic and mafic Area of Planned Airborne volcanic rocks of Geophysical Survey Ordovician age (465 Ma) are host rocks (Shin Brook equivalents?) • Anticline cored by sediments of Grand Pitch Formation Bimodal Volcanic Rocks • Regionally, felt to (Ordovician) be good potential within the outlying bimodal volcanic rocks
Pickett Mountain Deposit – Geological Plan Map & Cross Section • The deposit comprises 2 main lens that contain 90% of the known historical resource; 3 lens are also known in the hanging-wall, suggesting excellent potential for the existence of additional stacked lens in the favourable footwall breccia and hanging-wall tuff
Pickett Mountain Deposit – Longitudinal Section Compilation of historic drilling reveals 2 main massive sulphide bodies; West Lens and an East Lens • There are at least 3 smaller massive sulphide lens in the hanging-wall as well • Notably, the East Lens appears to be open along strike to the NE and at depth East Lens West Lens • The West Lens is open at depth below the -400 Long Section Looking NW metre elevation
Pickett Mountain Deposit – Property Exploration Potential • Ground EM surveys clearly show a prominent conductor coinciding with the massive sulphide deposit • SW extension of the mineralized horizon shows potential (minimal drilling) • Notably, down-hole EM surveys were not completed on any of the historic Minimal Drilling drill holes ( on drill holes testing the deposit nor on step- out exploration holes
Pickett Mountain Deposit – Property Exploration Potential • Well-defined Zn- Pb-Cu soil anomaly is Exploration Target located coincident and down-drainage from the known massive sulphide deposit • Southwest extent of the EM conductor associated with the deposit and coincident soil anomaly situated 400 metres to the southwest of the known deposit not adequately drill tested
Volcanogenic Massive Sulphide Deposits – Clustering Effect Caribou BMS #12 Favourable Volcanic/Sedimentary Rocks • In the Bathurst Mining Camp in NB there are 46 known massive sulphide deposits led by the world-class Brunswick #12 deposit (100MT @ 12% Pb+Zn) • The same clustering effect is likely for the Central Maine Volcanic Belt
Summary • The Maine Volcanic belt hosting the Pickett Mountain deposit is extremely prospective given the mineral endowment in neighbouring New Brunswick (Bathurst Mining Camp) and in Newfoundland (Buchans District); new mining laws and regulations to be enacted in late 2017 in Maine, present an excellent exploration and development opportunity in a relatively under- explored jurisdiction • The Pickett Mountain massive sulphide deposit is thought to represent one of the highest- grade undeveloped VMS deposits in North America • Preliminary metallurgical work produced 3 floatation concentrates with excellent recoveries for zinc (88%), lead (77%) and copper (74%) when compared to recoveries for other VMS deposits in the Appalachians • The potential to enlarge the known Pickett Mountain VMS deposit is thought to be very good as is the potential to discover additional satellite deposits on the property and outlying regions
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