Pickett Mountain Project and Undiscovered Mineral Potential - - PowerPoint PPT Presentation

Pickett Mountain Project and Undiscovered Mineral Potential Penobscot County, Maine

GSM Meeting November 17, 2017

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Disclaimer

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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:

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Base-Metal VMS Endowment – North American Appalachians

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• 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

• f 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

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First Mover Advantage In Maine

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• In 2013, Maine introduced new legislation to reform mining

laws and regulations

• Prior to this initiative, the last mining operation In Maine
• ccurred 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

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)

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Pickett Mountain Zn-Pb-Cu-Ag Deposit

Pickett Mountain Deposit – History, Location and Infrastructure

Pickett Mountain Land Tract

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

• 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

• Closest power line is on State Highway 11 (11 miles

away)

• Overall good location, remote enough and

isolated away from population centres in northern Maine but close to transportation and infrastructure

• Opportunity to sell timber rights (Est, US$5-6M)

State Highway 11

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

Grand Pitch Formation (Cambrian) Bimodal Volcanic Rocks (Ordovician) Pickett Mountain Zn-Pb-Cu-Ag Deposit

Weeksboro- Lunksoos Lake Anticlinorium

• Bimodal felsic

and mafic volcanic rocks of Ordovician age (465 Ma) are host rocks (Shin Brook equivalents?)

• Anticline cored by

sediments of Grand Pitch Formation

• Regionally, felt to

be good potential within the outlying bimodal volcanic rocks

Area of Planned Airborne Geophysical Survey

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

• pen along strike to

the NE and at depth

• The West Lens is
• pen at depth

below the -400 metre elevation

East Lens West Lens Long Section Looking NW

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 drill holes ( on drill holes testing the deposit nor on step-

• ut exploration

holes

Minimal Drilling

• Well-defined Zn-

Pb-Cu soil anomaly is located coincident and down-drainage from the known massive sulphide deposit

• Southwest extent
• f 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

Pickett Mountain Deposit – Property Exploration Potential

Exploration Target

Volcanogenic Massive Sulphide Deposits – Clustering Effect

BMS #12 Caribou 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

• A public information session will be held in Patten in early December to introduce the Company, the

project and to listen to and address concerns that local stakeholders may have in regard to the upcoming exploration program; it is anticipated that these meetings will be held from time to time as the project evolves

• A first-phase diamond drilling program comprising 6,000 metres will be completed on the Pickett

Mountain VMS deposit in December to confirm the grade, nature and extent of the deposit; step-

• ut drilling will also be completed along strike and at depth in efforts to enlarge the known deposit
• Concurrently, a large loop electromagnetic survey will be completed over the deposit locale to help

define depth and on-strike extensions of

• A detailed high-resolution airborne geophysical survey will be completed over the Weeksboro-

Lunksoos anticlinorium in the New Year to determine a geophysical signature for the deposit and to look for prospective targets elsewhere within the volcanic belt hosting the Pickett Mountain deposit

• Wolfden continues to evaluate and assess other prospective base-metal opportunities in Maine;

further acquisitions are likely

Pickett Mountain Project – What to Look For

Donald Hoy, M.Sc., P. Geo. President, CEO & Director Tel: 807-624-1131

Website: www.wolfdenresources.com