Wallbridge Mining Company Limited (TSX:WM)
(
“Wallbridge” or the
“Company”)
is pleased to announce that the resource expansion drill program on
its Martiniere gold property
(“Martiniere” or the
“Property”), (see Fig. 1) testing the depth and along
strike extensions of known zones at Martiniere has intersected
significant mineralization. This new mineralization is outside of
the previously known mineralized envelope and will not be included
in the upcoming updated mineral resource estimate currently
underway. Due to the success of the ongoing 10,000-metre Phase 1
program, a more substantial drill program will be reviewed for
2022.
Since the start of our drilling program in July
at Martiniere, 12 holes totaling approximately 8,000 metres have
been completed.
Highlights of assay results received to date
include:
|
MDE-21-326 |
3.68 g/t Au
over 22.50 metres, including |
|
|
|
6.45 g/t Au over 5.00 metres |
|
|
in the extension of
the Bug Lake North shoot, approximately 100 metres down-plunge of
the previously known extent (see Figs. 2, 3, 4, and 5); |
|
|
|
|
|
MDE-21-328 |
2.21 g/t Au
over 36.60 metres, including |
|
|
|
14.15 g/t Au over 3.10
metres, and |
|
|
|
10.18 g/t Au over 2.00
metres |
|
|
50 metres south-west
of the Bug Lake Porphyry, approximately 140 metres vertically
undercutting the historic intersections of the Bug Lake South zone
(see Figs. 2, 3, 4, and 6); |
|
|
|
|
|
MDE-21-330 |
3.83 g/t Au
over 10.50 metres, including |
|
|
|
6.84 g/t Au over 4.60
metres |
|
|
in the extension of
the Bug Lake South shoot, approximately 150 metres down-plunge from
the previous historic intersection and 230 m to the southeast of
MDE-21-328, reported today, with the area in between remaining open
(see Figs. 2, 3, 4, and 7); |
Assays for four of the 12 holes completed to
date have been received. Final assay results are available for
MDE-21-326 to MDE-21-328 and MDE-21-330, while only partial results
have so far been received for MDE-21-329.
“Our initial drilling has confirmed that
Martiniere has excellent potential to become the Company’s second
gold asset that can, in the near term, be brought to a meaningful
resource size,” stated Marz Kord, President & CEO of
Wallbridge. “Additional drilling is needed to assess the ultimate
size potential of the Martiniere Gold System through expansion of
the known footprint. In addition, there are numerous
high-quality targets with discovery potential throughout the
property that we are eager to test in future drill programs.”
Martiniere Drill Program
Underway
As announced previously (see Wallbridge News
Release dated July 22, 2021), Wallbridge mobilized a drill rig at
the end of July to Martiniere to commence an approximately
10,000-metre Phase 1 drill program. To date, approximately 8,000
metres in 12 drill holes have been completed as part of this
program.
The Phase 1 drill program is focusing on the following
objectives:
1) |
near-surface targets to extend known mineralized zones along strike
with the objective of increasing the open pit constrained portion
of the mineral resource (see Fig. 3); |
2) |
targets at depth to follow known high-grade shoots to expand the
underground, high-grade resource potential (see Fig. 4); |
3) |
high-priority geological-geophysical targets and isolated
historical gold intersections property-wide to discover new
mineralized gold zones (see Fig. 2). |
So far, all of the drilling has been within the
known 2.0 by 1.8-kilometre footprint of the Martiniere Gold System,
testing various targets related to objectives 1 and 2. These
objectives will continue to be the focus for the remainder of the
2021 drill program. Seasonal drilling logistics are being evaluated
for the feasibility of also testing some of the high priority
property-wide targets (objective 3) this year, or postponing those
to the Spring of 2022.
Visual results of the 12 drill holes completed
so far have been very encouraging, with mineralization typical to
the Martiniere Gold System intersected in the majority of drill
holes, including two holes filling in an otherwise untested area
linking the Martiniere West and Martiniere Central Zones. Three of
the first four drill holes have returned significant, >40 metal
factor (metal factor = Au grade multiplied by thickness)
intersections.
Assay results of 4 drill holes of the 2021
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” of the Martiniere Project page. Assay results
from an additional 8 drill holes are currently pending and will be
announced once they are available.
About the Martiniere Gold
Property
Martiniere is located within Wallbridge’s 910
km2 Detour-Fenelon Gold Trend land package, which extends over 97
kilometres in an East-West direction along the Sunday Lake
Deformation Zone (“SLDZ”), a major structure that
controlled the emplacement of Kirkland Lake’s Detour Lake deposit,
45 kilometres west of Martiniere, and the Company’s Fenelon Gold
System, located 30 kilometres to the east of Martiniere (see Fig.
1).
Gold on the Martiniere project was discovered in
1997 by Cyprus Canada Inc. and subsequently the property was
explored by International Taurus Resources Inc. and American
Bonanza. Balmoral Resources Ltd. (“Balmoral”)
acquired Martiniere in November 2010 and, from 2011 to 2017,
drilled over 130,000 metres and reported an initial mineral
resource estimate in March 2018. Their work expanded the historical
intercepts on the project into the Bug and Martiniere West gold
deposits and identified several additional zones and showings,
including VMS mineralization.
The Martiniere Gold System extends over a known
area of approximately 2.0 by 1.8 kilometres and has been traced by
sporadic drill holes down to a vertical depth of 700 metres; most
drilling, however, has focused only on the top 300 metres from
surface. The gold system is divided into the Bug deposits (Bug Lake
North and South), which were emplaced along the Bug Lake Porphyry;
the Martiniere West deposit, hosted by a gabbroic intrusion; and
other less explored mineralized zones along strike or near these
deposits (Horsefly Zone, Central Zone, NW Extension and others)
(see Fig. 3). The Martiniere Gold System is most likely part of the
orogenic class of gold deposits and high-grade, structurally
controlled gold mineralization is generally surrounded by a
broader, lower grade halo.
Balmoral reported a, now historic, mineral
resource estimate for the Martinière project in March 2018, which
included separate estimates for the Bug and Martinière West gold
deposits for a total indicated resources of approximately 591,000
ounces and inferred resources of approximately 53,000 ounces of
gold (see details of the historic resource estimate on the
Company’s website).
These “mineral resources” are deemed historic
and should not be relied upon. The qualified persons for the March
2021 Technical Report (see Technical Report filed on March 18, 2021
on SEDAR) have not done sufficient work to classify the historical
estimate as current mineral resources or mineral reserves. Although
they comply with current NI 43-101 requirements and follow CIM
definition standards, they are included for illustrative purposes
only and the Company is not treating the historical estimate as
current mineral resources.
The Company has retained InnovExplo to complete
an updated mineral resource estimate on the Property which will be
published along with the Fenelon maiden mineral resource estimate
in October 2021.
2021 Detour-Fenelon Gold Trend Drill
Program
The drilling completed at Martiniere is part of
the Company’s approximately 150,000 -metre 2021 drill program,
which is mainly focusing on resource and exploration drilling at
Fenelon, with approximately 20,000 to 25,000 metres devoted to
regional exploration on the Company’s district-scale, underexplored
land package on the Detour-Fenelon Gold Trend.
Figure
1. Overview Map of Wallbridge’s
Detour-Fenelon land
packagehttps://www.globenewswire.com/NewsRoom/AttachmentNg/cad4e0a1-94b0-48e1-9d6e-a10cecc4e950
Figure
2. Geology Map of the Martiniere
Propertyhttps://www.globenewswire.com/NewsRoom/AttachmentNg/a92f6cd5-81c8-472c-bda3-3de2a97f0109
Figure
3. Plan view of the Martiniere Gold
Systemhttps://www.globenewswire.com/NewsRoom/AttachmentNg/84737c7b-1f01-4d8c-95db-05bde9416233
Figure
4. Vertical Long Section of the Bug Lake
Trendhttps://www.globenewswire.com/NewsRoom/AttachmentNg/45c045b2-45f5-4f9f-a848-ee87b8725d60
Figure
5. Martiniere Gold, Cross Section
Ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/cd4b15dc-02e8-4728-9934-d42065e1fa1a
Figure
6. Martiniere Gold, Cross Section
B https://www.globenewswire.com/NewsRoom/AttachmentNg/c44bb677-75c3-4f2b-ac28-b8550a31442f
Figure
7. Martiniere Gold, Cross Section
Chttps://www.globenewswire.com/NewsRoom/AttachmentNg/7800da37-63ad-47b8-b379-2c3652f32aed
Table 1. Wallbridge Fenelon Gold Property, Recent Drill
Assay Highlights (1) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut (2) |
VG (3) |
Zone/Corridor |
Section |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
|
MDE-21-326 |
216.00 |
219.00 |
3.00 |
1.72 |
1.72 |
|
Bug Lake North |
Section A |
MDE-21-326 |
300.00 |
322.50 |
22.50 |
3.68 |
3.68 |
VG |
Bug Lake North |
Section A |
Including… |
301.60 |
303.60 |
2.00 |
13.78 |
13.78 |
|
Bug Lake North |
Section A |
And… |
309.00 |
314.00 |
5.00 |
6.45 |
6.45 |
VG |
Bug Lake North |
Section A |
MDE-21-327 |
No Significant Mineralization (4) |
|
MDE-21-328 |
350.00 |
353.00 |
3.00 |
2.12 |
2.12 |
|
Bug Lake South |
Section B |
MDE-21-328 |
463.50 |
464.00 |
0.50 |
33.40 |
33.40 |
VG |
Bug Lake South |
Section B |
MDE-21-328 |
762.00 |
764.00 |
2.00 |
5.01 |
5.01 |
|
Bug Lake South |
Section B |
MDE-21-328 |
805.40 |
842.00 |
36.60 |
2.21 |
2.21 |
|
Bug Lake South |
Section B |
Including… |
805.40 |
808.50 |
3.10 |
14.15 |
14.15 |
|
Bug Lake South |
Section B |
And… |
825.00 |
827.00 |
2.00 |
10.18 |
10.18 |
|
Bug Lake South |
Section B |
MDE-21-330 |
649.50 |
660.00 |
10.50 |
3.83 |
3.83 |
|
Bug Lake South |
Section C |
Including… |
650.90 |
655.50 |
4.60 |
6.84 |
6.84 |
|
Bug Lake South |
Section C |
(1) Table includes only assay results received since the latest
press release dated July 22, 2021.(2) Au cut at: 35 g/t Au.(3)
Intervals containing visible gold ("VG").(4) Metal factor of at
least 5 g/t*m and minimum weighted average composite grade of 1 g/t
Au.
Note: True widths are estimated to be 50‒80% of
the reported core length intervals.
Assay QA/QC and Qualified
Persons
Drill core samples from Balmoral’s drill
programs at Martiniere were all submitted for analysis to ALS
Canada Ltd. Balmoral’s QA/QC practices and ALS’s analytical methods
were described in detail in the 2018 Technical Report on the
Property (see Technical Report filed by Balmoral Resources on March
29, 2018, on SEDAR).
Drill core samples from Wallbridge’s 2021 drill
program at Martiniere are cut and bagged on site and transported to
Bureau Veritas Commodities Canada Ltd. for analysis. Samples, along
with standards and blanks that are included for quality assurance
and quality control, were prepared and analyzed at the
laboratories. Samples are crushed to 90% less than 2mm. A 1kg
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 150,000metres of
drilling and 2,000 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's land holdings in Québec along the
Detour‒Fenelon Gold Trend cover 910.0 km2.This includes property
adjacent to its Fenelon and Martiniere deposits which provides room
for expansion of theses deposits as well as providing options for
placement of future mine infrastructure. There is also potential
for further discoveries along the 97 kilometres of 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
Limited
Marz 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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