Toronto, Ontario -- June 24, 2019 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") today announced continued high-grade gold assays from the ongoing resource drill program at its 100%-owned Fenelon Gold property ("Fenelon" or the "Property").
Drilling in Fenelon's Main Gabbro area continues to successfully follow high-grade shoots, particularly in the Naga Viper and Cayenne zones in proximity and below the existing underground workings. Since the last press release (see Wallbridge Press Release dated May 21, 2019), 7,500 metres of resource drilling has been completed and assay results from 13 resource drill holes have been received with highlights as follows:
19-0970-001: 64.69 g/t gold over 0.50 metre (0.45 metre estimated true width) in the Naga Viper zone,
19-1035-003: 16.66 g/t gold over 2.33 metres (2.12 metre estimated true width) in the Naga Viper zone,
18-1035-019: 14.67 g/t gold over 1.00 metre (0.70 metre estimated true width) in the Habanero zone
19-0985-003: 17.93 g/t gold over 0.65 metre (0.50 metre estimated true width) in the Naga Viper zone,
"These extensions of high-grade shoots in the Naga Viper zone have good potential for adding resources in the vicinity of the existing mine workings, which will be important in the first phase of commercial gold production at Fenelon," stated Attila Péntek, Vice President Exploration of Wallbridge.
One underground drill rig is currently active on tightly-spaced resource drilling, completing 15 to 30 metre step-outs on known mineralization within the Main Gabbro down to 350 metres depth, below the area where the Company completed the 2018/2019 bulk sample. In addition to the resource expansion program, over 13,000 metres of exploration drilling have been completed in 2019 and these results will be announced in separate press releases from the resource drilling results. Assays are pending for 25 resource drill holes, including five with visible gold; results from the 13 underground drill holes of the 2019 resource drill program and one 2018 drill hole received to date are reported in Tables 1 and 2 and also shown on the Figure below as well as on the Company website.
Table 1. Wallbridge Fenelon Gold Property 2018/2019 Drill Assay Highlights (1)
|Drill Hole||From||To||From||To||Length||True Width||Au||Au Capped(2)||VG(3)||Zone|
|19-0925-005||No assays greater than 1g/t Au|
|19-0940-001||No assays greater than 1g/t Au|
|19-0940-002||No assays greater than 1g/t Au|
|19-0955-003||No assays greater than 1g/t Au|
|19-0955-004||No assays greater than 1g/t Au|
|19-0970-003||No assays greater than 1g/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|
|18-1035-019||10571||10997||5214||100||193||-36||VG||Final Assays Received|
|19-1035-001||10502||10852||5134||177||25||-57||CP||Additional Sampling Underway|
|19-1035-003||10502||10852||5134||138||23||-38||VG||Final Assays Received|
|19-0925-001||10399||10906||5134||111||24||-56||CP||Final Assays Received|
|19-0925-003||10399||10906||5134||75||24||-17||CP||Final Assays Received|
|19-0925-005||10397||10902||5135||48||190||-55||Final Assays Received|
|19-0940-001||10417||10897||5134||110||24||-53||CP||Final Assays Received|
|19-0940-002||10417||10897||5134||103||24||-15||CP||Final Assays Received|
|19-0955-001||10430||10890||5134||105||21||-4||CP||Final Assays Received|
|19-0955-002||10430||10890||5134||102||24||-44||VG||Final Assays Received|
|19-0955-003||10430||10890||5134||135||24||-55||CP||Final Assays Received|
|19-0955-004||10430||10890||5134||138||24||-64||CP||Final Assays Received|
|19-0970-001||10444||10883||5134||117||24||-37||VG||Final Assays Received|
|19-0970-003||10444||10883||5134||156||24||-63||CP||Final Assays Received|
(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.