Toronto, Ontario -- October 17, 2018 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (“Wallbridge” or the “Company”) is pleased to announce that it has entered into an option agreement (the “Agreement”) to acquire 100% of the Beschefer property (“Beschefer” or “Beschefer Project”), from Lateegra Gold Corp., a wholly owned subsidiary of Excellon Resources Inc. (“Excellon” -- TSX:EXN”). The Beschefer Project is an advanced gold exploration property located approximately 30 kilometres southwest of Wallbridge’s Fenelon Gold property (“Fenelon”).
“We are pleased to have been able to add the Beschefer Project to our project pipeline as we grow our company” stated Marz Kord, President & CEO of Wallbridge. “While our immediate focus continues to be advancing and expanding Fenelon, exploring nearby high-potential gold properties such as Beschefer will increase Wallbridge’s footprint in the district and support the future evaluation of a possible central processing plant. We will continue to review nearby properties to achieve our long-term goal of becoming a sustainable mid-sized gold producer.”
“We are keen to start exploration on the Beschefer Project, which has demonstrated size and grade potential” stated Attila Péntek, Vice-President, Exploration of Wallbridge. “The B-14 Zone is a large-scale structure located in a favorable orogenic gold setting which shows good continuity, consistent thickness and hosts high grade mineralization. To date it has only been tested by wide-spaced historic drilling with holes 75-100 metres apart. Our strategy will be similar to that which we executed successfully at Fenelon. Initially, we will be tightening the drill pattern to test the continuity of the known high-grade shoots, following which we will explore for additional parallel high-grade zones within the B-14 Zone structure and other nearby shear zones in an effort to drill off a significant underground gold resource.”
About the Beschefer Project
The Beschefer Project covers 647 hectares and is located in the Northern Abitibi Greenstone Belt, 14 km east of the past-producing polymetallic Selbaie Mine, 45 km northeast of the Casa Berardi Mine and 28 km from Wallbridge’s Fenelon Gold Property. Historically, the area has mainly been explored for volcanogenic massive sulfide deposits similar to the Matagami camp and the Selbaie Mine.
Gold mineralization was discovered in the B-14 Zone in 1995 by Billiton Canada Inc. and the property has seen very limited exploration before the involvement by Excellon in 2011, which completed approximately 17,000 metres up to 2013. Excellon’s programs produced very positive results, extending the B-14 mineralization down to almost 600 m vertical depth, discovering the upper shear zone and intersecting the highest-grade intersections on the property, including 55.63 g/t Au over 5.57 metres and 13.07 g/t gold over 8.75 metres. Excellon’s primary focus is on production and exploration at its Platosa Mine and Miguel Auza Property in Mexico. There has been no exploration at Beschefer since 2013.
Terms of the Agreement
The Option to acquire Beschefer (the “Option”) may be exercised by the Company by incurring and funding aggregate exploration expenditures on the project (“Expenditures”) in the following amounts and issuing common shares in the capital of the Company (“Common Shares”) over a three- year period, as follows:
(a) the Company shall issue 500,000 Common Shares promptly following execution of this Agreement on October 16, 2018 (the “Effective Date”);
(b) the Company shall incur C$500,000 in Expenditures on or before the first anniversary of the Effective Date;
(c) the Company shall issue 1,000,000 Common Shares promptly after the first anniversary of the Effective Date;
(d) the Company shall incur C$2,000,000 in Expenditures on or before the second anniversary of the Effective Date;
(e) the Company shall issue 2,000,000 Common Shares promptly after the second anniversary of the Effective Date;
(f) the Company shall incur C$2,000,000 in Expenditures on or before the third anniversary of the Effective Date; and
(g) the Company shall issue 3,500,000 Common Shares on or before the third anniversary of the Effective Date.
Wallbridge may accelerate Expenditures and the Option will be effectively exercised when Wallbridge has funded and incurred Expenditures which total C$4,500,000 and issued Common Shares which total 7,000,000 Common Shares.
A summary of historic drill hole results is reported in Table 1 and also shown on the Figures below.
|Table 1. Beschefer Project Historic Assay Highlights|
|Drill Hole||From||To||Length||True Width||Au||Zone||Year||Company|
|B14-35||204.00||212.00||8.00||7.28||10.28||B-14||1997||Les Mines Selbaie|
|including...||204.40||205.00||0.60||0.55||86.74||B-14||1997||Les Mines Selbaie|
|B14-6||156.10||184.10||28.40||28.22||3.56||B-14||1996||Les Mines Selbaie|
|including...||178.60||184.10||5.50||5.47||7.42||B-14||1996||Les Mines Selbaie|
|B14-43||187.30||187.80||0.50||0.50||29.71||Upper||1997||Les Mines Selbaie|
|B14-4||159.90||160.70||0.80||0.79||16.94||B-14||1996||Les Mines Selbaie|
Figure 1: Regional Geology Map
Figure 2: Beschefer Inclined Long Section
Figure 3: Beschefer Cross Section
The Qualified Persons responsible for the technical content of this press release are Marz Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice President Exploration for Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.
Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other additional advanced-stage projects which would add to the Company's near-term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.
Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).
For Further Information
Please visit the Company's website at www.wallbridgemining.com or contact:
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682-9297 ext. 251
Tel: (416) 704-0937
This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.
Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.
Wallbridge Mining Company Limited is an equal opportunity employer.
|Titre du poste||Statut||Lieu|
|Géologue Souterrain Senior||Temps plein||Fenelon|
|Géologue Spécialiste GIS||Temps plein||Fenelon|