Vancouver, British Columbia – September 29, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Wolverine Resources Corp. (OTC Pink: WOLV) (“Wolverine”) announced today that it has completed a NI 43-101 report on its recently acquired Frog Property, located in Labrador, Canada.
The Property is located approximately 70 kilometres west-northwest of the town of Natuashish and 65 kilometres southwest of the town of Nain, Labrador, situated 30 kilometres south of the Voisey’s Bay nickel, copper, and cobalt deposit operated by Voisey’s Bay Nickel Company Ltd., a subsidiary of Vale S.A.
The Frog property is 60% owned by 86835 Newfoundland & Labrador Corp (“86835”) of Natuashish, NL, an Innu owned private corporation and 40% owned by Wolverine. On August 9, 2022, Wolverine entered into an amended purchase agreement with 86835 to earn a 40% interest in the Frog Property for the consideration of 27,500,000 common shares of Wolverine at a deemed price of CDN $0.05 per share for a purchase price of CDN $1,375,000. There are no outstanding Net Smelter Royalties (“NSR”s) or encumbrances on the Property at this time.
Previous exploration in 2021-2022, consisting of ground magnetics and prospecting, delineated a strongly magnetic body extending over a 1.4 km strike length that is open to the north and south. This magnetic feature is 180 to 360 m wide and shows a sharp contrast of up to 20,000 nT between the anomaly and country rock. Rock sampling during the 2021 prospecting programs produced weakly anomalous results in nickel and copper as well as elevated rare earth elements from float samples in the area of interest.
During a property visit by the author of the NI 43-101 report in September 2022, it was noted that the northern extension of the strong magnetic anomaly crossing the valley floor contained volcanic rocks similar to the Flowers River complex containing rare earth elements. Outcroppings were sampled containing what is believed to be eudialyte crystals, typically containing significant contents of zirconium and rare earths. Samples have been sent for analyses and petrographics and results are pending.
A prospecting program is being mobilized to focus on this new rare earths discovery and airborne radiometric/magnetic surveys are being planned to cover the entire Property.
The technical content on the Frog Property has been reviewed and approved by L. John Peters, P. Geo., as the Qualified Person.
The NI 43-101 Report is available on Wolverine’s website at https://wolverineresourcescorp.com and www.sedar.com.
On Behalf of the Board
Bruce E. Costerd
For further information please contact:
Bruce Costerd (778) 297-4409
Mr. Dale Shirley
Big Reach Media, Inc.
Mobile: (780) 964-4732
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 Frog 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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