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Woulfe Mining (WOF.V) - encouraging assays from Sangdong tungsten-molybdenum project

Comment by Objective Capital , May 20, 2011
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Woulfe Mining Corp continues to generate encouraging assays from its Sangdong tungsten-molybdenum project in South Korea. The latest assays derive from a third batch of samples taken from seven holes drilled into the deposit. One hole intersected the Main Zone, four intersected the Footwall Zone and two failed to encounter mineralisation -- one because of improper orientation, the second because of bad ground conditions.

The Main Zone hole was particularly promising, yielding an average of 0.91 percent tungsten trioxide (WO3) and 0.07 percent molybdenum disulphide (MoS2) over a true width of 18.3 metres. The four holes into the Footwall Zone also yielded significant mineralisation. Hole WSDD0005 averaged 0.39 percent WO3 and 0.03 percent MoS2 over 7.7 metres. Hole WSDD0004 averaged 0.36 percent WO3 and 0.04 percent MoS2 over 13.4 metres. Hole WSDD0016 averaged 0.55 percent WO3 and 0.02 percent MoS2 over 9.2 metres, while hole WSDD0009 averaged 0.26 percent WO3 and 0.02 percent MoS2 over 5.2 metres.

Objective's view:

Woulfe's drilling continues to demonstrate the promising nature of this project, which the company is targeting as a low-cost tungsten-molybdenum producer for at least 10 years. The Main Zone result is particularly encouraging, as Woulfe did not include this zone in its scoping study resource calculations.

We believe the result continues to support our hypothesised mine model and resulting base-case and optimistic valuations, but with increased confidence based on these assays.

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