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Wolfden Resources Corp., a mineral exploration company based in Thunder Bay, Ontario, plans to buy and mine property in northern Penobscot County that's near Katahdin Woods and Waters National Monument.
The company announced in a Sept. 7 news release that is has entered into a purchase-and-sale agreement "with an arm's length third party to acquire a 100% interest in property located in Pickett Mountain, Penobscot County, northern Maine" for a cash price of $8.5 million.
Located just off Route 11 north of Patten and along the border of Penobscot and Aroostook counties, the Pickett Mountain property was marketed by LandVest as an "exceptional investment opportunity located in the heart of Maine's north woods" with a "well-stocked and diverse timber resource, more than 12 miles of nearly undeveloped lake and river frontage, and prospective sub-surface mineral rights."
The acquisition involves 6,871 acres of timberland and is subject to a 45-day due diligence review by the company prior to closing, Wolfden stated.
In its news release, Wolfden stated that the property is considered "to be one of the highest-grade undeveloped volcanogenic massive sulfide deposits in North America," which was discovered by Getty Mines Ltd. in 1979 and had not been explored since 1989. It explicitly cites LD 820, "An Act To Protect Maine's Clean Water and Taxpayers from Mining Pollution," approved by lawmakers in June and slated to go into effect on Nov. 1, as a factor in its interest, stating that the law permits "mining of metallic minerals in Maine in certain prescribed situations."
