Woulfe Mining Announces Muguk Gold Drilling Results
VANCOUVER, BRITISH COLUMBIA – October 13, 2010 – Woulfe Mining Corp. (TSX-V: WOF) (“Woulfe” or the “Company”) is working to define a resource at its Muguk property to comply with NI 43-101 requirements. Woulfe has now achieved an encouraging result from its second hole into the Muguk gold prospect in South Korea. The purpose of diamond drill hole MG-2 was to establish the continuity of mineralisation in the No.7 Vein which has been defined by historical drilling and mapping from the 1980s.
Woulfe Mining’s hole MG-2 intersected a zone containing seven thin quartz veins which form part of the No.7 Vein. This zone has a true thickness of around 11 metres, while the individual veinlets range from 0.3 metres to 0.8 metres thick.
Historical sampling of the No.7 Vein at Muguk suggests the mineralisation within the zone is variable with historical one metre assays varying from below detection limit to 384 g/t. There was one significant assay encountered within the zone in diamond drill hole MG-2:
Sample 42402 386.30 metres to 386.67 metres 16.7 g/t gold, 16 g/t silver
This sample is from a vein on the eastern margin of the zone which has a true thickness of 0.3 metres. The hole continued to a depth of 450 metres in order to define better the geological setting of the deposit.
The significance of MG-2 is that it confirms the assumption of continuity between intersections. The mineralisation can now confidently be assumed to extend at least 180 metres to the north and 260 metres vertically.
Mineralisation therefore extends from MG -1 (1.4 metres true thickness at 5.6g/t gold) to historical hole No. 85.3 which intersected a true thickness of 5.4 metres at 7.0g/t gold, including 1.2 metres at 16.9g/t gold and 1.2 metres at 14.8g/t gold, separated by a 3.0 metre unsampled interval.
"These results confirm our expectations at Muguk, historically Korea’s largest producing gold mine," stated Brian Wesson, CEO and President of Woulfe. "The ongoing work at Muguk will define and potentially expand the historic, non-NI 43-101 compliant resource. Our main focus remains the Sandong Project where we have several financial partners exploring strategic relationships in South Korea to fast track production.”
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