Wallbridge Mining Company Limited (TSX:WM)
(
“Wallbridge” or the
“Company”)
is pleased to report that a mineralized zone in CAS-21-123, the
first drill hole of this summer’s 5,300 metre drill program on the
Casault Gold Property
(“Casault” or the
“Property”), has assayed
6.85 g/t Au over 2.00
metres.
This intersection is considered significant as
it is located in the northern, largely untested part of the
property, where no gold zone has been identified to date. This hole
was collared approximately 2 kilometres from the nearest anomalous
gold intersections (> 1 g/t Au over 1 m) on both the Casault and
Martiniere properties (see Fig. 2).
This hole is one of 13 drilled over the last few
months to test a variety of grassroots exploration targets 4 to 12
kilometres west of the Company’s Martiniere Gold Property
("Martiniere").
The other 12 drill holes of the Casault program
have also intersected strong shear and alteration zones with
sulfide mineralization that are interpreted to potentially be part
of gold-bearing systems. Assay results of these drill holes are
pending and will be released as they become available.
“This intersection of encouraging gold
mineralization in the first drill hole of our Casault program in an
entirely grassroots area is not only a testament to our growing
understanding of the regional controls on gold deposition in the
Detour-Fenelon area but also to the prospectivity of the over 900
square kilometre land package along this underexplored belt”,
stated Marz Kord, President & CEO of Wallbridge. “We are keenly
awaiting the assay results of other completed holes and are looking
forward to following-up on this intersection.”
Casault Gold Property
Wallbridge has an option to acquire up to a 65%
interest in the 177 km2 Casault Property from Midland Exploration
(“Midland”) (see Wallbridge News Release dated June 18, 2020).
Casault covers a number of grassroots exploration targets 4 to 12
kilometres west of the Company’s Martiniere Gold Project
("Martiniere") and 34 to 41 kilometres west of its
flagship Fenelon gold property ("Fenelon") (see
Figs. 1 and 2). The property covers more than 20 kilometres of the
Sunday Lake Deformation Zone (“SDLZ”), along which
the Company’s Martiniere and Fenelon gold deposits are located and
which also hosts Kirkland Lake Gold’s world-class Detour Lake
Mine.
The Casault property also hosts the Vortex Zone,
a syenite-associated disseminated gold system with drill hole
intersections grading up to 1.38 g/t Au over 26.5 metres that was
traced over a distance of 1.5 kilometres.
Drill Program Completed
Between July and September 2021, Wallbridge
completed a 13-hole drill program, testing a variety of grassroots
exploration targets at Casault. Drilling has focused on the
unexplored northern part of the Property, within 1 to 2 kilometres
north of the SLDZ, on the same assemblage of rocks that hosts the
Company’s Martiniere gold system. Martiniere hosts historic
indicated resources of approximately 591,000 gold ounces with an
updated resource estimate currently underway (see details of the
historic resource estimate on the Company’s website). The initial
drilling at Casault was approximately 5 kilometres east of the
closest target tested by the 2021 drilling at Martiniere.
Hole CAS-21-123 tested a prominent NW-SE
oriented structure interpreted from airborne magnetics (see Fig.
3). This structural orientation is known to control gold
mineralization at Fenelon and Martiniere, and a series of large
structures of this trend also transects the Casault property. The
particular structure tested by CAS-21-123 extends for an
approximately 8 kilometres across the Company’s Martiniere, Casault
and Doigt properties and was historically tested by one drill hole
on Martiniere, yielding 30.40 g/t Au over 0.44 metres, which has
not yet been followed-up.
The intersection of 6.85 g/t Au over
2.00 metres in CAS-21-123 is associated with a mineralized
zone consisting of chalcopyrite, pyrite, pyrrhotite, and electrum,
a gold-silver mineral phase, hosted within deformed and heavily
carbonate-altered, felsic to intermediate, porphyritic rocks.
2021 Detour-Fenelon Gold Trend Regional
Drill Program
This drilling completed at Casault is part of
the Company’s approximately 20,000 to 25,000-metre regional drill
program on the Company’s district-scale, underexplored land package
on the Detour-Fenelon Gold Trend.
Assay results of one drill hole of the 2021
Casault exploration drill program are reported in the Table and
Figures below. All figures and a table with drill hole information
of recently completed holes are posted on the Company’s website
under “Current Program” at
https://wallbridgemining.com/our-projects/detour-gold-trend/casault/.
Figure 1. Overview Map of Wallbridge's
Detour-Fenelon land
packagehttps://www.globenewswire.com/NewsRoom/AttachmentNg/67535193-8d07-46e6-ae16-53cdd51ac159
Figure 2. Geology Map of the northern
part of the Casault Gold Property and the Martiniere gold
deposithttps://www.globenewswire.com/NewsRoom/AttachmentNg/b17848d1-2556-490c-83ed-ef389d4da2f6
Figure 3. Compilation map of the
northeastern part of the Casault Gold
Propertyhttps://www.globenewswire.com/NewsRoom/AttachmentNg/c489b145-a1d3-4e15-883e-937cea60e964
Table 1. Casault Gold Property, Recent
Drill Assay Highlights
Drill Hole |
From |
To |
Length |
Au |
VG(1) |
Zone/Corridor |
Section |
|
|
|
|
|
|
|
|
|
(m) |
(m) |
(m) |
(g/t) |
|
|
|
|
|
|
|
|
|
|
|
CAS-21-123 |
254.50 |
256.50 |
2.00 |
6.85 |
VG |
NEW |
|
(1) Intervals containing visible gold or electrum, a gold-silver
alloy ("VG").
Note: There is currently not enough information
to estimate the true width of the intersection.
Assay QA/QC and Qualified
Persons
Drill core samples from the 2021 drill program
at Casault were cut and bagged on site and transported to AGAT
Laboratories Ltd. for analysis. Samples are crushed to 75% less
than 2mm. A 250g riffle split is pulverized to 85% passing 75
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 Person responsible for the
technical content of this press release is Peter Lauder, P.Geo,
Exploration Manager of Wallbridge.
About Wallbridge Mining
Wallbridge is currently advancing the
exploration and development of its 100%‒owned Fenelon Gold property
located along the Detour‒Fenelon Gold Trend, an emerging gold belt
in northwestern Québec. The Company completed approximately 102,000
metres of drilling in 2020 and is currently conducting a
fully‒funded 2021 program of approximately 150,000-170,000 metres
of drilling and 2,500 metres of underground exploration development
(Phase 1 of a 10,000‒metre program). The Company intends to
complete a maiden mineral resource estimate on the Fenelon Gold
System in October 2021.
Wallbridge now holds several kilometres
surrounding its rapidly expanding Fenelon discovery providing room
for growth, as well as future mine development flexibility.
Wallbridge's land holdings in Québec along the Detour‒Fenelon Gold
Trend total more than 900.0 km2, improving Wallbridge's potential
for further discoveries along a 90‒kilometre strike length in this
underexplored belt.
Wallbridge is also the operator of, and a 17.8%
shareholder in, Lonmin Canada Inc., a privately‒held company with a
portfolio of nickel, copper, and platinum‒group metals (PGM)
projects in Ontario's Sudbury Basin.
This news release has been authorized by the
undersigned on behalf of Wallbridge Mining Company Limited.
For further information please
visit the Company's website at www.wallbridgemining.com or
contact:
Wallbridge Mining Company
LimitedMarz Kord, P. Eng., M. Sc., MBAPresident &
CEOTel: (705) 682‒9297 ext. 251Email:
mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics,
MBAInvestor Relations AdvisorEmail:
vvargas@wallbridgemining.com
This press release may contain certain
“forward‒looking statements” within the meaning of applicable
Canadian securities legislation relating to, among other things,
the operations of Wallbridge Mining Company Limited (“Wallbridge”
or “Company”) and the environment within which it operates. All
statements, other than statements of historical fact, included
herein, including, without limitation, statements regarding future
plans and objectives of Wallbridge, future opportunities and
anticipated goals, the Company’s portfolio, treasury, management
team, timetable to mineral resource estimation, permitting and the
prospective mineralization of the properties, are forward‒looking
statements that involve various risks, assumptions, estimates and
uncertainties. Generally, forward‒looking information can be
identified by the use of forward‒looking terminology such as
“seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”,
“scheduled”, “estimates”, “expects”, “forecasts”, “intends”,
“projects”, “predicts”, “proposes”, "potential", “targets” and
variations of such words and phrases, or by statements that certain
actions, events or results “may”, “will”, “could”, “would”,
“should” or “might”, “be taken”, “occur” or “be achieved”. There
can be no assurance that such statements will prove to be accurate,
and actual results and future events could differ materially from
those anticipated in such statements.
By their nature, forward‒looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the
possibility that the predicted outcomes could differ materially
from those contained in such statements. These risks and
uncertainties include, but are not limited to, delays in obtaining
or failures to obtain required governmental, regulatory,
environmental or other required approval, the actual results of
current exploration activities, fluctuations in prices of
commodities, fluctuations in currency markets, actual results of
additional exploration and development activities at the Company’s
projects, capital expenditures, the availability of any additional
capital required to advance projects, accidents, or pandemic
interruptions.
Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward‒looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. These statements reflect
the current internal projections, expectations or beliefs of the
Company and are based on information currently available to the
Company.
The Company does not undertake to update
any forward‒looking information, except in accordance with
applicable securities laws. The Company believes that the
expectations reflected in those forward‒looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward‒looking statements
included in this press release should not be unduly relied upon by
investors as actual results may vary.
Risks and uncertainties about
Wallbridge’s business are more fully discussed in the disclosure
material filed with the securities regulatory authorities in Canada
and available on SEDAR under the Company’s profile at
www.sedar.com. Readers are urged to read these materials and should
not place undue reliance on the forward‒looking statements
contained in this press release.
Covid‒19 ‒ Given the rapidly evolving
nature of the Coronavirus (COVID‒19) pandemic, Wallbridge is
actively monitoring the situation in order to continue to maintain
as best as possible the activities while striving to protect the
health of its personnel. Wallbridge' activities will continue to
align with the guidance provided by local, provincial and federal
authorities in Canada. The Company has established measures to
continue normal activities while protecting the health of its
employees and stakeholders. Depending on the evolution of the
virus, measures may affect the regular operations of Wallbridge and
the participation of staff members in events inside or outside
Canada.
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