Toronto, Ontario -- May 21, 2019 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce that its exploration drill program has significantly increased the known extent of the newly-discovered Area 51 gold system at its 100%-owned Fenelon Gold property ("Fenelon" or the "Property"). Several new holes have intersected wide zones of mineralization with intervals containing visible gold. Drilling to date has indicated the presence of broad stockwork-style gold mineralization with focused high-grade veins and shear zones over a 700-metre strike length and close to 600-metre vertical extent.
In addition, resource drilling at the Fenelon Main Zone is continuing to extend high-grade shoots to depth with 26.37 g/t gold over 2.18 metres and several other visible gold-bearing intersections pending.
Exploration Drilling - Area 51 & Tabasco Mineralized Corridors
"Our ongoing exploration program continues to significantly expand the known footprint of the Area 51-Tabasco gold system. We now have indicated the presence of broad stockwork-style gold mineralization with focused high-grade veins and shear zones over a 700-metre strike length and close to 600-metre vertical extent," explained Attila Pentek, VP Exploration. "The 100-200 metre step-outs are aggressive for such gold deposits and aim to give us an early indication of the distribution of this mineralization style. As such, the results yielded by FA-18-038EXT and FA-18-040EXT are very positive in proving the continuity of this well-mineralized structural corridor and confirming our initial interpretation of this new geologic environment. We will continue with our approach of large step-outs along strike and down-dip to further define the size potential and also carry-out some of the tighter, 40 metre spaced drilling to better understand the controls on "sweet spots", such as those intersected in FA-19-052, FA-19-059, and 19-0925-007, and to start proving up a resource in the Area 51 corridor."
Three rigs (two surface, one underground) are currently active on exploration drilling, doing large-spaced step-outs to define the footprint of the Area 51 gold system which was discovered by the last hole of the 2018 program (FA-18-051), approximately 300 m west of the Fenelon Main Zone. A total of approximately 8,000 metres have been drilled as part of the 2019 exploration drill program and assay results are pending for 13 surface drill holes and four underground holes.
FA-18-038EXT, an extension of a 2018 drill hole, confirms the presence of the broad gold-bearing system within the Area 51 corridor intersecting 0.32 g/t gold over 137.43 metres, including 0.56 g/t gold over 54.63 metres, which further includes higher grade sub-intervals, like 1.33 g/t gold over 11.93 metres.
FA-18-040EXT, an extension of a 2018 drill hole, intersected a lower grade domain within the Area 51 system similar to FA-18-038EXT with 0.41 g/t gold over 134.45 metres, including 0.67 g/t gold over 33.67 metres, which further includes higher grade sub-intervals, like 1.00 g/t gold over 16.28 metres. In-fill sampling of last year's portion of the drill core revealed another zone that assayed 1.14 g/t gold over 17.28 metres.
FA-19-053 intersected broad stockwork-style gold mineralization consisting of a network of sulfide-bearing veins and shear zones with two occurrences of visible gold in the Area 51 corridor, at approximately 500 metres vertical depth, in the vicinity of historic, near-surface (150-180 m vertical depth) intersections of 6.16 g/t gold over 3.00 metres and 34.20 g/t gold over 0.32 metres.
Drill holes FA-19-054 and FA-19-056 were testing the Area 51-Tabasco mineralized corridors vertically above FA-19-052 and both intersected several mineralized zones with one occurrence of visible gold noted in each hole.
Underground drill holes 19-0925-005A, -006 and -007 also tested the eastern extension of the Area 51 system and successfully extended the known footprint of the mineralized system with visible gold reported in two of the holes (19-0925-005 and -007). Hole 19-0925-007 is particularly important, as it is the first hole intersecting strong stockwork mineralization characteristic of the Area 51 system over a broad interval at only 150 metres vertical depth, in contrast to most intersections so far, which were at approximately 400 to 500 metres vertical depth.
Drill holes FA-19-055 and FA-19-057, testing the eastern extension of the geophysical (magnetic-low) feature interpreted to correspond to the Area 51 structure, intersected sporadic veins and shear zones, as well as blue quartz-bearing alteration which appears to be similar to Area 51-style mineralization in favourable intermediate to mafic intrusive rocks. FA-19-058 tested a magnetic-low target parallel to the Area 51 structure, intersecting a potentially gold-bearing zone in the Jeremy Pluton within the target area.
FA-19-059 was testing the Area 51-Tabasco mineralized corridors slightly East and vertically above FA-19-052 and intersected a broad, 225 metre interval of typical Area 51-style mineralization with three visible gold-bearing veins observed. Another significant zone with visible gold was intersected further down-hole at 590 m vertical depth, which is currently the deepest visible gold-bearing intersection on the Property.
Resource Drilling - Main Gabbro Zones
One underground drill rig is currently active on tightly spaced resource drilling, completing 15-20 metre step-outs on known mineralization within the main gabbro below the area where the Company mined the 2018/2019 bulk sample, down to 250 metres vertical depth. A total of approximately 4,500 metres has been drilled as part of the 2019 resource drill program and assay results are currently pending for 21 underground holes.
A summary of the new drill hole results from the ongoing 2019 underground and surface drill programs are reported in Tables 1 and 2 and also shown on the Figures below as well as on the Company website.
Table 1. Wallbridge Fenelon Gold Property 2018/2019 Drill Assay Highlights (1)
|Drill Hole||From||To||From||To||Length||True Width||Au||Au Capped(2)||VG(3)||Zone||Drill Program|
|FA-19-052||362.50||590.30||227.80||NA||1.46||1.46||Area 51||Surface Exploration|
|FA-19-052*||Including...||392.50||397.07||4.57||NA||5.14||5.14||VG||Area 51||Surface Exploration|
|FA-19-052*||482.90||485.50||2.60||NA||4.57||4.57||VG||Area 51||Surface Exploration|
|FA-19-052*||493.76||500.00||6.24||NA||8.71||8.71||VG||Area 51||Surface Exploration|
|FA-19-052*||516.34||518.70||2.36||NA||5.63||5.63||VG||Area 51||Surface Exploration|
|FA-19-052*||565.25||576.47||11.22||NA||15.93||15.93||VG||Area 51||Surface Exploration|
|19-1035-002||115.78||117.68||1.90||1.54||0.96||0.96||Naga Viper||U/G Resource|
|19-1035-004||121.45||122.84||1.39||1.12||1.58||1.58||Naga Viper||U/G Resource|
|19-1035-006||102.00||104.40||2.40||2.11||1.52||1.52||Naga Viper||U/G Resource|
|19-5150-001||84.32||86.86||2.54||0.78||7.97||7.97||VG||Naga Viper||U/G Resource|
|19-5150-003||36.81||38.99||2.18||1.61||26.37||26.37||VG||Naga Viper||U/G Resource|
|19-0925-002||No Assays greater than 1 g/t Au|
|FA-18-038||612.00||616.28||4.28||NA||1.02||1.02||VG||Area 51||Surface Exploration|
|FA-18-038||638.75||639.60||0.85||NA||3.47||3.47||Area 51||Surface Exploration|
|FA-18-038||689.77||744.40||54.63||NA||0.56||0.56||Area 51||Surface Exploration|
|FA-18-038||Including...||689.77||701.70||11.93||NA||1.33||1.33||Area 51||Surface Exploration|
|FA-18-038||731.18||744.40||13.22||NA||0.78||0.78||Area 51||Surface Exploration|
|FA-18-038||775.50||776.80||1.30||NA||2.23||2.23||Area 51||Surface Exploration|
|FA-18-038||793.39||794.79||1.40||NA||1.04||1.04||Area 51||Surface Exploration|
|FA-18-038||839.82||840.77||0.95||NA||1.21||1.21||Area 51||Surface Exploration|
|FA-18-040||531.00||548.28||17.28||NA||1.14||1.14||Area 51||Surface Exploration|
|FA-18-040||590.45||724.90||134.45||NA||0.41||0.41||Area 51||Surface Exploration|
|FA-18-040||Including...||621.00||654.67||33.67||NA||0.67||0.67||Area 51||Surface Exploration|
|FA-18-040||Which includes...||635.35||651.63||16.28||NA||1.00||1.00||VG||Area 51||Surface Exploration|
|FA-18-040||761.00||762.25||1.25||NA||1.72||1.72||Area 51||Surface Exploration|
(1) Table includes only highlight assay results received since the latest press release.
(2) Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.
(3) Intervals containing visible gold ("VG").
(4) Currently not enough information available to estimate true width.
* Previously announced interval, see Wallbridge Press Release dated Apr 23, 2019
Table 2. Wallbridge Fenelon Gold Property 2018/2019 drill hole information (1)
|Drill Hole ID||Local grid E||Local grid N||Elevation||Length (Metres)||Azimuth||Dip||VG/CP(2)||Note|
|18-5175-007||10580||10986||5177||205||228||-43||CP||Final Assays Received|
|18-5175-011||10580||10986||5177||200||191||-48||CP||Final Assays Received|
|18-1035-019||10571||10997||5214||100||193||-36||VG||Further Assays pending|
|19-5150-001||10595||10950||5147||181||230||-62||VG||Final Assays Received|
|19-5150-002||10595||10950||5147||147||222||-48||VG||Final Assays Received|
|19-5150-003||10595||10950||5147||102||205||-32||VG||Final Assays Received|
|19-5150-004||10595||10950||5147||56||227||-26||VG||Final Assays Received|
|19-5150-005||10595||10950||5147||132||170||-50||CP||Final Assays Received|
|19-5150-006||10595||10950||5147||274||178||-63||CP||Final Assays Received|
|19-5150-007||10595||10950||5147||90||182||-20||CP||Final Assays Received|
|19-5150-008||10595||10950||5147||102||152||-15||CP||Final Assays Received|
|19-5150-009||10595||10950||5147||63||232||-39||CP||Final Assays Received|
|19-5150-010||10595||10950||5147||51||228||-10||CP||Final Assays Received|
|19-1035-001||10502||10851||5134||177||25||-57||CP||Further Sampling Underway|
|19-1035-002||10502||10851||5134||150||25||-48||CP||Final Assays Received|
|19-1035-003||10502||10851||5134||138||23||-38||VG||Further Assays pending|
|19-1035-004||10502||10851||5134||165||38||-46||Final Assays Received|
|19-1035-005||10502||10851||5134||138||49||-43||CP||Final Assays Received|
|19-1035-006||10502||10851||5134||168||30||-41||Final Assays Received|
|19-0925-002||10595||10950||5134||87||24||-38||CP||Final Assays Received|
|19-0925-004||10595||10950||5134||99||25||-10||CP||Final Assays Received|
|FA-18-038||10458||11053||5260||915||240||-54||VG||Final Assays Received|
|FA-18-040||10459||11054||5261||803||246||-48||VG||Further Sampling Underway|
|FA-18-051||10432||11040||5260||670||220||-51||VG||Further Assays pending|
|FA-19-052||10121||10605||5258||833||35||-62||VG||Further Sampling Underway|
(1) Table includes only drill holes for which assays are pending. For earlier holes please refer to tables in previous press releases.
(2) Drill holes containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").
Fenelon is located in northwestern Quebec proximal to the Sunday Lake Deformation Zone ("SLDZ") which hosts the Detour Gold Mine in Ontario, and Balmoral Resources' gold deposits at Martiniere. Fenelon hosts the Discovery Zone gold deposit and surrounding 4 km strike length of a gold-hosting secondary splay of the SLDZ.
Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the existing resource. Wallbridge has undertaken successful surface exploration drilling campaigns in 2017, 2018 and 2019, and has recently completed an underground 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones, located additional parallel zones, and discovered a new gold system referred to as Area 51.
Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.
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 recently-completed 35,000-tonne bulk sample. Wallbridge is also pursuing 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. As part of this strategy, the Company recently optioned the Beschefer Project, an advanced gold property with proven size and grade-potential near Fenelon Gold. 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
Chief Financial Officer
Tel: (416) 716-8346
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.