Woulfe Mining Reports Drill Results from Sangdong

Woulfe Mining Corp. has announced assay results for the first batches of samples associated with the phase 2 drilling program at Sangdong.

Following the completion of the highly successful phase 1 drilling program earlier this year, Woulfe has embarked on a second round of drilling to upgrade the Inferred resources in the upper portion of the deposit.

The initial phase 2 holes were located on the eastern extremity of the deposit to close off the mineralisation for mine planning purposes. The holes are located on Sangdong, Taebaek and No 1 Levels.

Brian Wesson, CEO and President of Woulfe, commented, "The initial 5000 metre drill program earlier this year was very successful, moving close to 6 million tonnes into indicated and delineating over 18 million tonnes in inferred based on only new drilling. The current 3,800 metre campaign is focused on the inferred areas, in-filling them to get them into the high category. It can be seen from these results that the tungsten grades are holding up and are higher than expected."

Significant drill intercepts, defined as any mineralisation of 1 metre lengths or longer, are presented in the tables above. A cut-off of 0.15% WO₃ was used for the intersection calculations.

The phase 2 drilling program is targeting the unmined mineralisation in the upper section of the mine above the current water level for mine planning and feasibility reserve estimation purposes. The resource for this section of the mine was re-estimated following the completion of the phase 1 program, resulting in an Indicated Resource of 6.0 million tonnes at 0.42% WO₃, 0.04% MoS₂ and an Inferred Resource of 18.6 million tonnes at 0.45% WO₃, 0.05% MoS₂ at a cut-off of 0.2% WO₃. This resource represents approximately one quarter of the dip length of known mineralisation from the old mine, and compares with the Scoping Study Inferred Resource of 103.6 million tonnes at 0.35% WO₃, 0.04% MoS₂ at a cut-off of 0.1% WO₃ for the entire mine.

This batch of assay results comprises 17 holes, of which 5 were drilled from 1 Level to test the Hangingwall Zone, 5 were drilled from the eastern end of Sangdong Level to determine the limit of economic mineralisation, 1 was drilled from Taebaek Level to test the Main and Hangingwall Zone, and the rest were drilled from Sangdong Level to test the various zones.

Significant Main Zone intersections include 16.7 metres true width at 0.91% WO₃ (WSDD0050A) and 3.4 metres true width at 0.69% WO₃ (WSDD0040). Significant Footwall Zone intersections include 13.5 metres true width at 0.53% WO₃ (WSDD0049), 11.6 metres true width at 0.46% WO₃ (WSDD0029) and 7.2 metres true width at 0.54% WO₃ (WSDD0030). Significant Hangingwall Zone intersections include 38.1 metres true width at 0.76% WO₃ (WSDD0042), 8.9 metres true width at 0.47% WO₃ (WSDD0043) and 6.4 metres true width at 0.59% WO₃ (WSDD0035).

The samples are prepared on-site in Korea to appropriate industry standards and sent to SGS Perth, Australia for analysis. Samples are analysed by Inductively Coupled Plasma Mass Spectrometry (ICP) and for ore-grade quantities of specific elements by aqua regia or 4-acid digestion followed by ICP analysis. Molybdenum is analysed by X-ray fluorescence. The QA/QC protocol comprises insertion of one standard, one blank (crushed glass) and one pulp duplicate in every batch of 20 samples. No QA/QC results are available as yet.