Toronto, Ontario - July 09, 2019 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce that its exploration drilling program has intersected high-grade gold mineralization within the Main Gabbro at approximately 600 metre vertical depth at its 100%-owned Fenelon Gold Property ("Fenelon" or the "Property").
Furthermore, exploration drilling to the southwest continues to encounter strong mineralization within the Tabasco and Area 51 corridors over a 900 metre proven strike length. The results released here significantly advance the 2019 exploration goal of expanding the known footprint and demonstrating the large size potential of the Fenelon Gold System (see Wallbridge Press Release dated June 24, 2019).
Since the last press release (see Wallbridge Press Release dated June 24, 2019), assay results of six exploration drill holes were received with highlights as follows:
|Main Gabbro zone
|FA-19-059:||17.58 g/t gold over 11.04 metres, including 60.56 g/t gold over 1.78 metres within the Main Gabbro (see Figures 1, 2 and 6).
|"The intersection in FA-19-059 reported today is the deepest high-grade gold hit so far on the Property and extends the known mineralization in the Main Gabbro to almost 600 metre vertical depth", stated Attila Péntek, Vice President Exploration of Wallbridge. "Based on the currently available limited information, this intersection is modelled to correspond to the thickening of the Cayenne zone as it transitions from the sediments into the Main Gabbro. We are also very pleased by the consistent high quality of intersections in the deeper parts of the Tabasco zone, like those in FA-19-056, FA-19-059, FA-19-063 announced below and FA-19-054 released previously."
|FA-19-056:||2.71 g/t gold over 11.59 metres, including 9.21 g/t gold over 1.38 metres in the Tabasco zone (see Figures 1, 2 and 6);
|FA-19-063:||5.75 g/t gold over 10.94 metres, including 21.94 g/t gold over 2.49 metres in the Tabasco zone (see Figures 1, 2 and 5);
|Area 51 corridor
|FA-19-053:||10.47 g/t gold over 2.99 metres, including 27.04 g/t gold over 0.78 metres in Area 51 (see Figures 1, 2 and 3);
|FA-19-059:||3.24 g/t gold over 7.18 metres, including 41.82 g/t gold over 0.30 metres in Area 51 (see Figures 1, 2 and 7);
|19-0925-007:||6.00 g/t gold over 1.93 metres and 9.57 g/t gold over 0.64 metres within 0.86 g/t gold over 29.45 metres in Area 51, and 2.70 g/t gold over 3.05 metres within 0.90 g/t gold over 18.37 metres also in Area 51 (see Figures 1, 2, 8 and 9).|
The intersections in FA-19-059 announced above are in addition to the 3.28 g/t gold over 17.60 metres in Area 51 and 7.32 g/t gold over 7.63 metres in the Tabasco zone previously reported from the same hole in the Wallbridge Press Release dated June 24, 2019.
FA-19-067 intersected a visible gold-bearing zone near 550 metre vertical depth; this is in addition to the widespread gold mineralization with occurrences of visible gold released in the last press release (see Wallbridge Press Release dated June 24, 2019) (see Figures 1, 2 and 4). Assay results are pending.
FA-19-070 intersected widespread gold mineralization within and adjacent the Jeremie Pluton with one occurrence of visible gold observed (see Figures 1, 2 and 6). Drilling of this hole is still underway and assay results are pending.
"We are quite pleased with the growth of the gold mineralization not only in the Main Gabbro but also in the Tabasco zone and in the Area 51 corridor", stated Marz Kord, President & CEO of Wallbridge Mining. "We now see several large intersections of potentially economic mineralization over hundreds of metres of strike length within the Tabasco-Area 51 corridor as evident from results in holes 19-053, 19-056, 19-059, and 19-063 and 19-0925-007. The intersection in FA-19-053 is over 200 metres from the nearest drill hole and the farthest northwest high-grade hit along the Jeremie pluton which opens up significant space for future exploration and resource growth. These intersections may lend themselves to underground bulk mining and/or narrow vein high-grade mining methods. More importantly, we see these large intersections persist from the north in the Tabasco zones, throughout Area 51, and, now, well into the Jeremie Pluton as seen from the mineralization in holes 19-065 and 19-067 with results still pending."
Assay results are reported below for five surface drill holes (FA-19-053, FA-19-056, FA-19-058, FA-19-059 and FA-19-063) and one underground drill hole (19-0925-007) from the 2019 exploration drill program. To date, a total of over 17,000 metres have been drilled as part of the 2019 exploration drill program and assay results are pending for 16 surface drill holes and five underground holes, including eighteen intervals with visible gold. Three rigs (two surface, one underground) are currently active on exploration drilling, doing large-spaced step-outs to define the footprint of the Fenelon Gold System. Further, approximately 8,900 metres have been drilled as part of the 2019 resource drill program, currently underway with one underground drill rig), and these results will be announced in separate press releases from the exploration results.
Table 1. Wallbridge Fenelon Gold Property 2018/2019 Drill Assay Highlights (1)
|FA-19-058||No Assays greater than 1 g/t Au|
(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.
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|
|19-0925-006||10397||10902||5135||420||180||-41||Further Assays pending|
|19-0925-007||10397||10902||5135||495||180||-5||VG||Final Assays Received|
|FA-18-040||10459||11054||5261||803||246||-48||VG||Additional Sampling Underway|
|FA-19-053||10432||11043||5260||966||262||-48||VG||Further assays pending|
|FA-19-054||10195||10553||5258||777||360||-55||VG||Further assays pending|
|FA-19-056||10195||10629||5258||666||360||-55||VG||Additional Sampling Underway|
|FA-19-058||10195||10553||5258||303||190||-55||Final Assays Received|
|FA-19-059||10269||10578||5258||774||360||-61||VG||Final Assays Received|
|FA-19-063||10119||10528||5258||927||360||-55||VG||Further assays pending|
(1) Table includes only drill holes for which assay results are announced in this press release or 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 Martinière. Secondary splays of the SLDZ transect the Property over two to four-kilometre strike lengths and have controlled the emplacement of a significant gold system along the Jeremie Pluton and within a mafic-ultramafic sill referred to as the Main Gabbro.
Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the resource that existed in the Main Gabbro prior to any drilling by the Company. 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 associated to the Jeremie Pluton 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. 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.