Wolfden Resources Corporation announced that the Company has been awarded a $275,000 grant from the Manitoba Mineral Development Fund (MMDF) to support the 2023 exploration programs on its wholly-owned Nickel Island Ni-Cu-Co-PGE Project at Island Lake, Manitoba. The Nickel Island deposit has an estimated Inferred Mineral Resource of 8.5 mT at 0.86% NiEq that remains open along strike and at depth. Plans include ground geophysical surveys to prioritize potential extensions of the mineralized system that could be followed up with diamond drilling.

The creation of the MMDF is in response to the relative economic instability of the mining and mineral development industry in Manitoba. Projects funded by MMDF will benefit Manitoba's economy and local communities, featuring a partner-based approach to help grow and diversify the provincial economy together among other things, with Indigenous communities. An airborne VTEM survey was flow over the property in 2016.

This survey identified 43 conductive zones (approx. 26 kms worth) with the majority associated with magnetic highs, including the known Nickel Island deposit. In January 2023, Wolfden plans to complete two geophysical grids, covering approximately half of the conductive targets in order to prioritize the next phase of exploration drilling.

The highest priority targets are expected to be coincident conductive- gravity-magnetic highs. The Company has recently received a work permit from the province to commence the winter exploration program and plans to progress through additional community consultation prior to drill testing the priority targets or potential deposit expansion. In addition to the planned program, Wolfden is working toward signing an MOU with the neighboring First Nation Communities that envisions setting up a jointly owned mining services company that would take a lead in both supporting exploration and future mineral resource development in the region.