Wolfden Resources (WLF.V) has released some more drill results from its diamond drill program it has conducted at the Rice Island property in Manitoba. The company has been successful in extending the known copper-nickel mineralization with intervals of for instance 6 meters at 0.74% nickel and 0.61% copper, but the real eye-opener was a nice long interval of 30 meters containing 1.5% nickel and 0.67% copper. Followed up by 17.4 meters of 2.57% nickel and 1.07% copper.
The shorter intercepts aren’t that impressive as the current nickel and copper price wouldn’t make mineralization located 200 meters down hole very economic, but the Rice Island project definitely is something you need to keep your eye on considering the project is located in Manitoba, a very mining-friendly region in Canada. Wolfden has also announced it completed a flow-through placement, raising C$360,000 at a price of C$0.10 per unit with each unit containing one common share and ½ share purchase warrant. Each full warrant will allow the warrantholder to acquire an additional share at a fixed price of C$0.20 for two years from the closing date.