Wallbridge Extends Tabasco Zone with Visible Gold to Over 300 m Depth

November 20, 2018

Toronto, Ontario - November 20, 2018 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge or the "Company) is pleased to announce continued positive results from its underground as well as surface drill programs and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned Fenelon Gold Property ("Fenelon or "Property).

Highlights

  • All six surface holes intersected mineralized shear zones with the deepest hole intersecting visible gold.
  • Surface drill hole FA-18-038 intersected two mineralized shear zones, including an approximately 1 metre interval with several pinheads of visible gold, at 325 m vertical depth in what is currently interpreted to be the down-dip extension of the Tabasco zone. This is the deepest occurrence of visible gold-bearing mineralization drilled so far at Fenelon.
  • Visible gold was observed to be present in 49 of 83 underground holes and drilling is currently testing the down-plunge of the main mineralized zones down to 200 m depth.

18-1020-005:

18.99 g/t gold over 2.62 metres in the Chipotle zone

18-1020-006:

14.77 g/t gold over 4.26 metres in the Habanero zone

18-0990-020:

5.48 g/t gold over 7.65 metres including

 

44.90 g/t gold over 0.48 metres in the Naga Viper zone, and

 

6.29 g/t gold over 5.98 metres in the Habanero zone

18-0990-021:

6.34 g/t gold over 5.92 metres in the Habanero zone

18-0990-024:

7.17 g/t gold over 5.39 metres in the Habanero zone

    • Assay results from 17 underground drill holes and five surface drill holes are pending.
    • Production from the third and fourth stopes (CH-02 and NV-02) is underway.
    • Over 16,000 tonnes of ore has been mined of which 13,500 tonnes have been shipped to the Camflo mill.

     "It is very encouraging that our first deep hole of the program returned such a strongly mineralized intersection, especially given that it is the deepest visible gold occurrence on the Property ever drilled. Being at over 300 m depth and approximately 350 m west of the current underground development, this intersection opens up a large area for future resource expansion stated Attila Péntek, Vice-President, Exploration of Wallbridge. "After a slow start of the surface program caused by weather-related delays, we now have two surface drill rigs and one underground drill turning to build resources and test deep targets.

    The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold for total estimated production of 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$1,720 per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and including the financing costs, is expected to be sufficient to cover the budgeted working capital requirements.

    In the next few weeks, underground drilling will target the main high-grade shoots down-plunge to 200 m depth. Surface drilling will follow known mineralized zones and expand resources to 300-400 m depth and further away from the mine workings.

    A summary of the drill hole results from the underground drilling 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 Underground Drill Assay Highlights

    Drill Hole

    From

    To

    From

    To

    Length

    True Width

    Au

    Au Capped*

    VG**

    Zone

    Press Release

     

    (m)

    (m)

    (m)

    (m)

    (m)

    (m)

    (g/t)

    (g/t)

     

     

     

    18-1030-006

    27.79

    30.20

     

     

    2.41

    2.20

    15.91

    15.91

    VG

    Chipotle

    July 25, 2018

    18-1030-006

    Including...

    28.50

    29.11

    0.61

    0.56

    59.10

    59.10

    VG

    Chipotle

    July 25, 2018

    18-1030-009

    77.58

    81.00

     

     

    3.42

    2.70

    35.91

    35.91

    VG

    Paprika

    July 25, 2018

    18-1030-009

    Including...

    78.90

    80.60

    1.70

    1.34

    63.33

    63.33

    VG

    Paprika

    July 25, 2018

    18-1030-011

    80.10

    85.50

     

     

    5.40

    4.37

    10.05

    10.05

     

    Naga Viper

    Aug 14, 2018

    18-1035-002

    49.20

    54.00

     

     

    4.80

    3.26

    29.23

    28.35

    VG

    Chipotle

    Aug 14, 2018

    18-1035-002

    Including...

    49.97

    52.95

    2.98

    2.03

    46.30

    44.89

    VG

    Chipotle

    Aug 14, 2018

    18-1035-004

    24.94

    26.02

     

     

    1.08

    0.73

    65.70

    65.70

    VG

    Fresno

    Aug 14, 2018

    18-1035-004

    70.00

    74.16

     

     

    4.16

    3.27

    9.37

    9.37

     

    Naga Viper

    Sept 19, 2018

    18-1035-005

    58.77

    64.90

     

     

    6.13

    5.86

    48.81

    24.35

    VG

    Naga Viper

    Aug 28, 2018

    18-1035-010

    30.45

    34.08

     

     

    3.63

    2.72

    30.47

    30.47

    VG

    Chipotle

    Aug 28, 2018

    18-1035-010

    Including...

    32.90

    34.08

    1.18

    0.89

    91.94

    91.94

    VG

    Chipotle

    Aug 28, 2018

    18-1035-010

    64.40

    65.40

     

     

    1.00

    0.75

    28.80

    28.80

    VG

    Paprika

    Sept 5, 2018

    18-1035-011

    27.75

    30.00

     

     

    2.25

    1.78

    65.76

    42.89

    VG

    Chipotle

    Sept 5, 2018

    18-1035-013

    27.36

    29.48

     

     

    2.12

    1.77

    144.96

    78.10

    VG

    Chipotle

    Sept 5, 2018

    18-1035-013

    41.00

    42.00

     

     

    1.00

    0.91

    94.54

    94.54

    VG

    Anaheim

    Oct 02, 2018

    18-1035-013

    Including...

    27.99

    29.15

    1.16

    0.97

    262.18

    140.00

    VG

    Chipotle

    Sept 5, 2018

    18-1035-013

    51.40

    58.35

     

     

    4.28

    3.58

    40.69

    40.09

    VG

    Naga Viper

    Sept 5, 2018

    18-1035-017

    56.00

    66.13

     

     

    10.13

    5.51

    50.31

    25.18

    VG

    Chipotle

    Aug 28, 2018

    18-1035-018

    52.99

    56.50

     

     

    3.51

    2.38

    12.68

    12.68

    VG

    Chipotle

    Sept 5, 2018

    18-1035-018

    63.70

    69.00

     

     

    5.30

    3.60

    9.04

    9.04

    VG

    Chipotle

    Sept 5, 2018

    18-1035-018

    Including...

    66.00

    66.96

    0.96

    0.65

    35.79

    35.79

    VG

    Chipotle

    Sept 5, 2018

    18-1035-019

    47.00

    55.00

     

     

    8.00

    5.56

    27.10

    24.69

    VG

    Chipotle

    Sept 5, 2018

    18-1035-019

    59.30

    60.30

     

     

    1.00

    0.69

    39.10

    39.10

    VG

    Chipotle

    Sept 5, 2018

    18-1035-019

    72.50

    77.35

     

     

    4.85

    4.10

    137.63

    88.38

    VG

    Naga Viper

    Sept 5, 2018

    18-1075-001

    26.14

    28.41

     

     

    2.27

    1.82

    18.54

    18.54

     

    Naga Viper

    Sept 19, 2018

    18-1080-001

    21.00

    21.50

     

     

    0.50

    0.40

    611.00

    140.00

    VG

    Naga Viper

    Sept 5, 2018

    18-1080-003

    35.70

    37.20

     

     

    1.50

    1.00

    19.24

    19.24

    VG

    Naga Viper

    Sept 5, 2018

    18-1080-003

    Including...

    35.70

    36.18

    0.48

    0.32

    58.20

    58.20

    VG

    Naga Viper

    Sept 5, 2018

    18-0990-006

    104.52

    109.10

     

     

    3.50

    2.33

    39.47

    23.32

    VG

    Naga Viper

    Sept 19, 2018

    18-0990-007

    101.30

    101.90

     

     

    0.60

    0.40

    204.00

    140.00

    VG

    Naga Viper

    Sept 19, 2018

    18-0990-007

    106.95

    111.00

     

     

    4.05

    2.70

    35.21

    31.36

    VG

    Naga Viper

    Sept 19, 2018

    18-0990-007

    132.02

    134.97

     

     

    2.95

    2.20

    122.35

    35.45

    VG

    Habanero

    Sept 19, 2018

    18-0990-009

    91.85

    98.74

     

     

    6.89

    3.60

    5.73

    5.73

    VG

    Naga Viper

    Oct 02, 2018

    18-0990-009

    115.26

    115.75

     

     

    0.49

    0.31

    242.00

    242.00

    VG

    Paprika

    Oct 09, 2018

    18-0990-010

    94.70

    99.25

     

     

    4.55

    3.50

    12.42

    12.42

    VG

    Paprika

    Sept 19, 2018

    18-0990-010

    111.40

    116.92

     

     

    5.52

    4.99

    41.02

    41.02

    VG

    Habanero

    Sept 19, 2018

    18-0990-010

    Including...

    112.6

    114.23

    1.62

    1.46

    109.79

    109.79

    VG

    Habanero

    Sept 19, 2018

    18-0990-011

    104.41

    112.20

     

     

    7.79

    7.17

    54.45

    41.51

    VG

    Habanero

    Oct 02, 2018

    18-0990-013

    106.32

    121.33

     

     

    15.01

    11.01

    13.92

    13.92

    VG

     

    Oct 23, 2018

    18-0990-013

    Including...

    106.3

    111.71

    4.89

    3.59

    10.31

    10.31

    VG

    Paprika

    Oct 23, 2018

    18-0990-013

    Including...

    115

    121.3

    6.37

    4.67

    24.30

    24.30

    VG

    Habanero

    Oct 09, 2018

    18-0990-014

    115.86

    117.54

     

     

    1.68

    1.39

    19.37

    19.37

    VG

    Habanero

    Oct 23, 2018

    18-0990-017

    106.83

    108.53

     

     

    1.70

    1.02

    134.57

    127.00

    VG

    Paprika

    Oct 09, 2018

    18-0990-017

    114.22

    118.12

     

     

    3.90

    2.34

    11.23

    11.23

    VG

    Paprika

    Oct 09, 2018

    18-0990-017

    124.02

    126.73

     

     

    2.71

    1.63

    98.90

    47.45

    VG

    Habanero

    Oct 09, 2018

    18-0990-018

    110.80

    120.75

     

     

    9.95

    6.57

    4.46

    4.46

    VG

    Paprika

    Nov 05, 2018

    18-0990-018

    Including...

    110.8

    112.30

    1.50

    0.99

    16.39

    16.39

    VG

    Paprika

    Nov 05, 2018

    18-0990-018

    132.30

    134.80

     

     

    2.50

    1.65

    12.08

    12.08

    VG

    Habanero

    Nov 05, 2018

    18-1000-002

    107.75

    109.84

     

     

    2.09

    1.10

    19.60

    19.60

    VG

    Naga Viper

    Oct 23, 2018

    18-1000-003

    83.00

    87.56

     

     

    4.56

    3.15

    21.00

    21.00

    VG

    Naga Viper

    Oct 23, 2018

    18-1000-003

    109.36

    114.62

     

     

    5.26

    3.59

    37.91

    37.91

    VG

    Habanero

    Oct 23, 2018

    18-1000-004

    98.60

    100.96

     

     

    2.36

    1.42

    54.79

    54.79

    VG

    Naga Viper

    Nov 05, 2018

    18-1000-005

    91.00

    94.25

     

     

    3.25

    2.05

    19.92

    19.92

    VG

    Naga Viper

    Nov 05, 2018

    18-1000-006

    77.55

    81.90

     

     

    4.35

    2.84

    24.28

    24.28

    VG

    Naga Viper

    Nov 05, 2018

    18-1000-006

    106.60

    113.40

     

     

    6.80

    4.44

    16.40

    16.40

    VG

    Habanero

    Nov 05, 2018

    18-1000-007

    95.60

    99.40

     

     

    3.80

    2.66

    14.67

    14.67

    VG

    Paprika

    Nov 05, 2018

    18-1000-009

    31.23

    33.39

     

     

    2.16

    1.86

    87.63

    68.61

    VG

    Fresno

    Nov 05, 2018

    18-1000-009

    48.74

    49.45

     

     

    0.71

    0.61

    13.97

    13.97

     

    Chipotle

    Nov 05, 2018

    18-1010-003

    110.10

    111.70

     

     

    1.60

    1.01

    16.99

    16.99

     

    Habanero

    Nov 05, 2018

    18-1020-005

    85.50

    88.12

     

     

    2.62

    1.48

    18.99

    18.99

    VG

    Chipotle

    Current Release

    18-1020-006

    111.53

    115.79

     

     

    4.26

    2.56

    14.77

    14.77

    VG

    Habanero

    Current Release

    18-0990-020

    98.60

    106.25

     

     

    7.65

    4.05

    5.48

    5.48

    VG

    Naga Viper

    Current Release

    18-0990-020

    Including...

    99.35

    99.83

    0.48

    0.25

    44.90

    44.90

    VG

    Naga Viper

    Current Release

    18-0990-020

    133.80

    139.78

     

     

    5.98

    3.17

    6.29

    6.29

    VG

    Habanero

    Current Release

    18-0990-021

    111.96

    117.88

     

     

    5.92

    4.08

    6.34

    6.34

    VG

    Habanero

    Current Release

    18-0990-024

    143.37

    148.76

     

     

    5.39

    2.64

    7.17

    7.17

    VG

    Habanero

    Current Release

    *Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.

    **Intervals containing visible gold ("VG").

    Table 2. Wallbridge Fenelon Gold Property 2018 Underground drill hole information*

    Drill Hole ID

    Local grid
    E

    Local grid
    N

    Elevation

    Length
    (Metres)

    Azimuth

    Dip

    VG**

    Note

    18-1075-003

    10592

    10955

    5214

    48

    208

    -25

     

    Further Assays pending

    18-1000-007

    10540

    11014

    5215

    126

    202

    -38

    VG

    Further Assays pending

    18-1160-001

    10679

    10934

    5216

    51

    200

    0

     

    Assays pending

    18-1130-002

    10654

    10948

    5215

    90

    201

    -47

     

    Assays pending

    18-1130-003

    10654

    10948

    5215

    81

    191

    -27

     

    Assays pending

    18-1130-004

    10654

    10948

    5215

    75

    202

    -17

     

    Assays pending

    18-1120-002

    10644

    10954

    5214

    87

    202

    -44

     

    Further Assays pending

    18-1120-003

    10644

    10954

    5214

    75

    208

    -30

     

    Assays pending

    18-1120-004

    10644

    10954

    5214

    72

    202

    -17

     

    Assays pending

    18-1110-002

    10636

    10959

    5214

    102

    204

    -41

    VG

    Further Assays pending

    18-1110-003

    10636

    10959

    5214

    75

    205

    -17

     

    Assays pending

    18-1110-004

    10636

    10959

    5214

    75

    207

    11

    VG

    Assays pending

    18-5175-001

    10581

    10985

    5179

    210

    239

    -36

     

    Assays pending

    18-5175-002

    10581

    10985

    5179

    150

    242

    -26

    VG

    Assays pending

    18-5175-003

    10581

    10985

    5179

    156

    232

    -34

     

    Assays pending

    18-5175-004

    10581

    10985

    5179

    156

    226

    -35

     

    Assays pending

    18-5175-005

    10581

    10985

    5179

    130

    221

    -28

    VG

    Assays pending

    * Table includes only underground holes for which assays are pending. For earlier holes please refer to tables in previous press releases. 

    **Intervals containing visible gold ("VG").

    Table 3. Wallbridge Fenelon Gold Property 2018 Surface drill hole information

    Drill Hole ID

    Local grid E

    Local grid N

    Elevation

    Length (Metres)

    Azimuth

    Dip

    VG/MZ**

    Note

    FA-18-034

    10224

    10828

    5258

    192

    25

    -55

    MZ

    Further Assays pending

    FA-18-035

    10224

    10828

    5258

    228

    25

    -62

    MZ

     

    FA-18-037

    10458

    11053

    5260

    201

    234

    -47

    MZ

    Assays pending

    FA-18-038

    10458

    11053

    5260

    586

    240

    -54

    VG

    Assays pending

    FA-18-039

    10752

    10825

    5257

    263

    25

    -50

    MZ

    Assays pending

    FA-18-041

    10752

    10825

    5257

    201

    32

    -62

    MZ

    Assays pending

    **Intervals containing visible gold ("VG") or mineralized shear zone ("MZ).

    Figure 1:  Fenelon Gold, Plan view

    Figure 2:  Fenelon Gold, Longitudinal

    Figure 3: Fenelon Gold, 3D View

    Figure 4:  Fenelon Gold, Habanero Zone Longitudinal

    Figure 5:  Fenelon Gold, Naga Viper Zone Longitudinal

    Figure 6:  Fenelon Gold, Chipotle Zone Longitudinal

    Figure 7:  Fenelon Gold, Tabasco Zone Longitudinal

    Wallbridge's Fenelon Gold Property 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. The Fenelon Gold Property 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 (see Wallbridge Press Release dated February 02, 2017). In addition, Wallbridge has completed surface exploration drilling campaigns and is currently drilling from underground as part of its 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.

    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 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. 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
    Email: mkord@wallbridgemining.com

    David Ellis
    Investor Relations
    Tel: (416) 704-0937
    Email: dellis@wallbridgemining.com

    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.

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