Toronto, Ontario -- September 5, 2017 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (“Wallbridge”) is pleased to announce assay results from its second round of exploration drilling on the 100% owned Fenelon Gold property (“Fenelon”) in Quebec. Nine of fifteen drill holes intersected visible gold, expanding the high-grade deposit to the west and down-plunge and discovering two new parallel zones. Mineralization remains open along strike and to depth and follow-up drilling is planned to begin in September.
“This is Wallbridge’s second successful drilling program at Fenelon since acquisition. We are excited with the results which significantly expand the high-grade core of the deposit at 100 metres depth and within reach of the planned bulk sample development. In addition, several new parallel zones have been identified which have similar potential. We are more confident than ever in the resource expansion potential at Fenelon,” stated Marz Kord, President and CEO of Wallbridge, “We look forward to more surface drilling this fall to further extend the deposit at shallow depths and test other targets on the property. In addition, we look forward to underground drilling to expand the deposit during the 35,000 tonne bulk sample that we plan to start this fall”.
Twenty-four exploration drill holes totaling 4,808 metres have been completed from surface at Fenelon in 2017. The drilling reported here includes fifteen drill holes totaling 3,231 metres of which nine holes intersected visible gold as shown in the table below (see press release July 12, 2017). This program followed-up results from earlier in the year when five of nine holes intersected significant gold, including 149.08 g/t gold over 7.06 metres (see Wallbridge press release dated April 18, 2017).
A summary of the assay results from this second round of exploration drilling are reported in Table 1 and 2 and also shown on Figures 1, 2, 3, 4, and 5 below.
Table 1. Fenelon exploration drilling assay results.
|Drill Hole||From||To||From||To||Length*||Au||Au Capped**||VG***||Zone|
|*Drill core length. The true width is 66-78 % of the drill core length.|
|**Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.|
|***Intervals containing visible gold (“VG”).|
Wallbridge acquired Fenelon last fall and released positive results from a pre-feasibility study earlier this year (see Wallbridge press release dated March 6, 2017). In addition to ongoing surface exploration to expand the resource, Wallbridge received a Certificate of Non-Liability (Attestation de Non-Assujettissement) from the Government of Quebec for the dewatering of the pit and ramp and a 35,000 tonne bulk sample and has submitted an application for a certificate of authorization ("C of A") from the regional authority responsible for issuing permits. The underground bulk sample at Fenelon is expected to commence later in 2017 and Wallbridge is working to achieve commercial production at Fenelon in 2018 (see Wallbridge press release dated August 15, 2017).
Table 2. Fenelon Gold Property drill hole information.
|Drill Hole ID||UTM E||UTM N||Elevation||Length (Metres)||Azimuth||Dip|
Drill core samples from the recent drill programs at Fenelon were cut and bagged on site and transported to ALS Chemex. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at ALS Chemex Ltd. 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 (for samples returning >100g/t Au, 50g is automatically analyzed by fire assay with gravimetric finish). For samples >10g/t Au or samples containing visible gold, Wallbridge requests screen metallic analysis of the remaining pulverised split to test for coarse free gold. Several screen metallic analysis are still pending. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.
The Qualified Person responsible for the technical content of this press release is Attila Pentek, P.Geo., Ph.D., Senior Geologist for Wallbridge Mining Company Limited. Mr. Pentek has prepared, supervised and approved the scientific and technical disclosures in this press release.
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 preparing to develop its 100%-owned high-grade gold Fenelon Gold Property in Quebec with ongoing exploration and a bulk sample targeted to start in 2017. Wallbridge is also in discussions regarding several other advanced stage projects which could become the Company's next mines. 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 active exploration for copper and gold in Jamaica and British Columbia through its 12.7% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited).
For Further Information
Please visit the Company's website at www.wallbridgemining.com or contact:
Wallbridge Mining Company Limited
Joshua Bailey, P.Geo., M.Sc., MBA
Vice President Exploration
Tel: (705) 682-9297 ext. 240
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.