Toronto, Ontario -- October 09, 2018 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (“Wallbridge” or the “Company”) is pleased to announce continued positive results from its underground drill program 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”).
|18-0990-009:||242.00 g/t gold over 0.49 metres in the Paprika zone|
|18-0990-013:||24.30 g/t gold over 6.37 metres in the Habanero zone|
|18-0990-017:||98.90 g/t gold over 2.71 metres in the Habanero zone,|
|134.57 g/t gold over 1.70 metres and|
|11.23 g/t gold over 3.90 metres in the Paprika zone|
“The mineralization in the West extension area and the continuity of high-grade gold mineralization, particularly in the Habanero zone, is remarkable,” stated Attila Péntek, Vice-President, Exploration of Wallbridge. “We are looking forward to drifting into this area in the latter part of the bulk sample program.”
“We have successfully advanced the Fenelon bulk sample development over the last few months and will continue to do so until the completion of the bulk sample. This has been coupled with exceptional exploration drilling results from underground within the vicinity of the same development,” stated Marz Kord, President & CEO of Wallbridge. “The final result of the bulk sample is expected to generate approximately 35,000 tonnes of ore grading in the range of 18 to 25 grams per tonne of gold. The first batch which has been processed included the material from our first stope and lower grade material left behind on surface and underground during the 2004 bulk sample conducted by previous operators. As part of our bulk sample plans, we included this lower grade material in our first batch while we optimize the milling processes. Our focus during this bulk sample testing is to determine the best mining method, the best mining practices, and the best processing approach to maximize recoveries. We look forward to the 4th quarter and beyond as we complete additional development and extract the remaining stopes while we build a modern, scalable mining operation for years to come.”
Underground drilling to date from the 5213 Level has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth), which is the lowermost level that is planned to be developed during the 2018 bulk sample program. In the next few weeks drilling will focus on adding high grade resources in the East Extension areas and at depth, below the 5130 Level.
A new underground drill station has been developed on the 5180 Level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.
The bulk sample is expected to produce 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.
The bulk sample program is designed to test a few stopes in several zones. The geology team has developed an extensive sampling program to characterize the mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face and muck samples are also taken in a regular pattern on surface.
A 10,000-metre surface drilling program is now also underway to follow known mineralized zones and expand resources at depth and further away from the mine workings.
|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|
|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|
|18-1030-007||31.26||32.66||1.40||1.08||16.72||16.72||VG||Chipotle||July 25, 2018|
|18-1030-008||34.47||38.06||3.59||2.76||9.27||9.27||VG||Chipotle||July 25, 2018|
|18-1030-008||Including...||35.03||36.61||1.58||1.22||17.37||17.37||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|
|18-1030-010||81.00||81.42||0.42||0.32||13.60||13.60||VG||Naga Viper||July 25, 2018|
|18-1030-011||80.10||85.50||5.40||4.37||10.05||10.05||Naga Viper||Aug 14, 2018|
|18-1030-012||68.30||71.26||2.96||1.33||10.09||10.09||VG||Chipotle||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|
|18-1035-005||78.65||79.31||0.66||0.53||26.90||26.90||Paprika||Aug 28, 2018|
|18-1035-007||84.90||85.50||0.60||0.48||15.60||15.60||Habanero||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|
|18-1035-011||56.50||60.50||2.95||2.36||11.09||11.09||Naga Viper||Sept 19, 2018|
|18-1035-012||28.01||28.56||0.55||0.44||28.30||28.30||VG||Chipotle||Aug 14, 2018|
|18-1035-012||56.41||56.71||0.30||0.29||61.10||61.10||VG||Naga Viper||Aug 14, 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|
|18-1035-014||85.70||86.45||0.75||0.58||10.23||10.23||Naga Viper||Sept 19, 2018|
|18-1035-015||72.60||74.34||1.74||1.16||15.74||15.74||Chipotle||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|
|18-1080-006||19.30||21.00||1.70||1.59||12.80||12.80||VG||Naga Viper||Sept 5, 2018|
|18-1080-006||Including...||20.48||21.00||0.52||0.49||39.80||39.80||VG||Naga Viper||Sept 5, 2018|
|18-1080-006||36.88||41.23||4.35||4.08||3.05||3.05||Habanero||Sept 5, 2018|
|18-1080-006||Including...||40.52||41.23||0.71||0.67||11.10||11.10||Habanero||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||Chipotle||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|
|18-0990-008||126.81||127.85||1.04||0.78||6.98||6.98||VG||Habanero||Oct 02, 2018|
|18-0990-009||91.85||98.74||6.89||3.60||5.73||5.73||VG||Naga Viper||Oct 02, 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||5.66||5.21||74.90||57.09||VG||Habanero||Oct 02, 2018|
|18-0990-013||88.50||91.40||2.90||1.93||5.01||5.01||VG||Naga Viper||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|
|18-1035-012||10572||10996||5214||69||203||-6||VG||Further Assays pending|
|18-1075-003||10592||10955||5214||48||208||-25||Further Assays pending|
|18-0990-009||10532||11019||5215||135||208||-42||VG||Further Assays pending|
|18-0990-013||10532||11019||5215||132||208||-39||VG||Further Assays pending|
|18-0990-014||10532||11019||5215||126||208||-36||VG||Further Assays pending|
|18-0990-016||10532||11019||5215||111||214||-15||Further Assays pending|
|18-0990-018||10532||11019||5215||150||216||-46||VG||Further Assays pending|
|18-1000-002||10540||11014||5215||156||204||-49||VG||Further Assays pending|
|18-1000-003||10540||11014||5215||147||199||-46||VG||Further Assays pending|
* Table includes only underground holes drilled since July. For earlier holes please refer to tables in previous press releases.
**Intervals containing visible gold ("VG")
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. 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.