Toronto, Ontario - August 7, 2019 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce that its exploration drilling program continues to show excellent along strike and down-dip continuity of numerous gold zones over hundreds of metres in Area 51 at its 100%-owned Fenelon Gold Property ("Fenelon" or the "Property").
In addition, drilling on the Tabasco Zone located between the mine workings and the Area 51 discovery is demonstrating excellent continuity of this zone. The intersection of 5.50 g/t gold over 10.96 metres reported today has extended this zone down to 600 metres depth confirming the significance of this zone and the strong continuation of the Fenelon gold system at depth.
The results released today significantly advance the 2019 exploration goal of expanding the known footprint and demonstrating the large size potential of the Fenelon Gold System.
|Area 51 corridor
|FA-19-065:||A broad envelope of continuous, stockwork-style gold mineralization in Area 51 grading 0.98 g/t gold over 191.90 metres, including:
|This intersection is located approximately 100 metres southwest of the previously released intersection (see Wallbridge Press Release dated April 23, 2019) of 1.46 g/t gold over 227.80 metres in FA-19-052, which includes of 2.81 g/t gold over 98.91 metres (see Figure 1).
|FA-19-065:||5.50 g/t gold over 10.96 metres, including 10.28 g/t gold over 5.07 metres at a vertical depth of 600 metres where the Tabasco zone cuts across the Jeremie Pluton. This intersection represents a 100 metre down-dip extension of this zone (see Figures 5 and 6).
"We are confirming the continuity of numerous high-grade gold-bearing structures within Area 51 along strike and down-dip, making these zones prime targets for future resource growth amenable to an underground mining scenario", stated Marz Kord, President & CEO of Wallbridge. "In addition, a potential open-pit type resource scenario in Area 51 will be pursued with additional drilling due to the evidence of strong near-surface mineralization in holes FA-19-067 and FA-19-073 along with significant, broad, low grade intersections in excess of 100 metres, like the ones highlighted above."
"The zones at Fenelon tend to widen and get richer as they transition from the sediments into more favourable host rocks, like the Jeremie Pluton and the Main Gabbro," stated Attila Péntek, Vice President Exploration of Wallbridge. "This is again evident from the higher grade, thicker intersection of the Tabasco zone in FA-19-065 announced today, along with the Cayenne intersection in FA-19-059 announced in a previous press release. We now have demonstrated strong mineralization in multiple zones at 600 metre vertical depth, which is the deepest we have drilled the gold system so far. We are looking forward to drilling undercuts to these recent successful drill holes to follow the gold system even deeper.
"Our exploration drilling continues to prove up significant gold endowment in Area 51 along the edge of the Jeremie Pluton from surface down to 600 metres depth. Drill holes FA-19-073 and FA-19-075 intersecting a network of visible gold-bearing veins in Area 51, has proven our recent interpretation of a second, ENE-WSW mineralized trend that now extends hundreds of metres into the pluton itself."
Summary of Drill Results:
|FA-19-065:||5.50 g/t gold over 10.96 metres, including 10.28 g/t gold over 5.07 metres at a vertical depth of 600 metres where the Tabasco zone cuts across the Jeremie Pluton. This intersection represents a 100 metre down-dip extension of this zone.
|FA-19-061:||2.46 g/t gold over 3.90 metres, at shallow (275 metre vertical) depth in the sediments.
|Area 51 corridor
|FA-19-065:||A broad envelope of continuous, stockwork-style gold mineralization in Area 51 grading 0.98 g/t gold over 191.90 metres, with the following higher-grade subintervals:
|FA-19-063:||5.55 g/t gold over 4.31 metres, 26.54 g/t gold over 1.02 metre and 6.60 g/t gold over 1.01 metre;
This is in addition to other intersections in this hole reported in the previous press release (see Wallbridge Press Release dated July 09, 2019). Assay results of further in-fill samples near these intersections are pending.
|FA-19-071:||Several mineralized zones in the Area 51 and Tabasco corridors which are interpreted to be the up-dip extensions of visible gold-bearing zones in hole FA-19-067 and -072 further below on the same drill section. Assay results are pending.
|FA-19-072:||Several significant mineralized zones, three containing visible gold, within widespread stockwork-style mineralization in Area 51 and in the Tabasco and Cayenne corridors where they cut across the Main Gabbro. Assay results are pending.
|FA-19-073:||Network of visible gold-bearing veins near surface within Area 51. These zones represent an approximately 80 m extension of the newly recognized ENE-WSW mineralized trend in to the Jeremie Pluton. Several additional zones in the Tabasco and Cayenne corridors. Assay results are pending.
|FA-19-074:||Several mineralized zones, one containing visible gold, in the Area 51 and Tabasco corridors which are interpreted to be up-dip extensions of the zones observed in holes FA-19-067, -071, and -072 further below on the same drill section. Assay results are pending.
|FA-19-075:||Network of visible gold-bearing veins and shear zones near surface within Area 51, so far over an approximate core length of 320 metres. Drilling is currently underway and assay results are pending.
|FA-19-076:||Several mineralized zones in the Area 51 and Tabasco corridors which are interpreted to be the up-dip extensions of visible gold-bearing zones in hole FA-073 further below on the same drill section. Drilling is currently underway and assay results are pending.
Wallbridge currently has four drill rigs operating on the Property with over 32,000 total metres drilled so far in 2019, including 21,000 metres of exploration drilling and 11,000 metres of resource drilling. The program is on track to complete 60,000-70,000 metres by the end of the year. Three rigs (two surface, one underground) are active on exploration drilling, doing large-spaced step-outs to define the footprint of the Fenelon Gold System and one underground drill rig is working on resource drilling, testing the Naga Viper, Cayenne and Tabasco zones near the existing mine workings.
Assay results are reported below for three surface drill holes (FA-19-061, FA-19-063, and FA-19-065) from the 2019 exploration drill program. Assay results are pending for 21 surface drill holes and five underground holes, including 23 intervals with visible gold. With the widespread gold mineralization, especially in Area 51, over hundreds of metres of core lengths, the processing, sampling and assaying of the drill holes takes considerable time. Even though the Company is making all possible efforts to accelerate this process, the reporting of meaningful, complete composites is in most cases only possible once all assay results are received. Results of the 2019 resource drill program have been and will continue to be announced in press releases separate from the exploration results.
Table 1. Wallbridge Fenelon Gold Property 2019 Drill Assay Highlights (1)
|FA-19-065||Which includes...||390.53||390.86||0.33||24.59||24.59||VG||Area 51|
|FA-19-065||Which includes...||433.38||436.47||3.09||6.56||6.56||Area 51|
|FA-19-065||Which includes...||466.59||467.02||0.43||68.05||68.05||VG||Area 51|
(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 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|
|FA-18-038||10458||11053||5260||915||240||-54||VG||Further assays pending|
|FA-18-040||10459||11054||5261||803||246||-48||VG||Final Assays Received|
|FA-19-053||10432||11043||5260||978||262||-48||VG||Final Assays Received|
|FA-19-054||10195||10553||5258||783||360||-55||VG||Further assays pending|
|FA-19-056||10195||10629||5258||666||360||-55||VG||Further assays pending|
|FA-19-059||10269||10578||5258||780||360||-61||VG||Further assays pending|
|FA-19-061||10191||10704||5257||663||360||-55||CP||Final Assays Received|
|FA-19-063||10119||10528||5258||927||360||-55||VG||Further assays pending|
|FA-19-065||10119||10528||5258||960||11||-65||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.