Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced further positive assay
results from its resource drill program on the Fenelon Gold
Property
(“Fenelon” or the “Property”).
The assay results announced today are from drill
holes that were part of the Company’s drill program in support of
the maiden mineral resource estimate (“MRE”) on
the Fenelon Gold System (see Wallbridge press release dated
November 9, 2021). The complete results of these drill holes were
not received in time for inclusion into the MRE, however, they now
provide us with further confidence on the robustness of the
resource.
The Company plans to continue with its
exploration and underground development program for the balance of
this year. Future exploration programs are currently being
developed and will be disclosed when available.
“With almost 60% of the mineral resources both
at Fenelon and Martiniere being in the indicated category, future
drill programs will dominantly focus on significantly growing the
mineral resources and enhancing our knowledge of the deposits,”
stated Marz Kord, President & CEO of Wallbridge. “We are also
progressing well with various studies, such as metallurgical test
work and geotechnical work in support of an economic study.”
Drill hole intersections that are located within
indicated or inferred blocks of the November 2021 MRE are reported
as “in-fill drill results,” while intercepts outside of those
blocks are reported as “expansion drill results”.
Resource In-fill Drill
Results
Highlight in-fill intersections since our last
news release from this program include:
|
FA-21-266 |
|
2.30
g/t Au over 19.55 metres in Area 51, and |
|
|
|
|
1.71 g/t Au over 35.55 metres,
including |
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|
|
|
|
4.73 g/t Au over 5.40 metres in the
Tabasco Zone; |
|
|
FA-21-266-W4 |
|
3.84 g/t Au over 21.15
metres, including |
|
|
|
|
|
26.25
g/t Au over 1.50 metres, and |
|
|
|
|
|
5.60 g/t Au over 5.60 metres in the Tabasco
Zone; |
|
|
FA-21-279 |
|
8.94 g/t Au over 4.00 metres,
including |
|
|
|
|
|
26.59
g/t Au over 1.30 metres, and |
|
|
|
|
2.50 g/t Au over
16.10 metres,
including |
|
|
|
|
|
3.16 g/t Au over 12.20 metres in the Contact
Zone, and |
|
|
|
|
5.18 g/t Au over 8.00 metres,
including |
|
|
|
|
|
29.48 g/t Au over 1.10 metres in the Tabasco
Zone; |
|
|
FA-21-283B |
|
10.98 g/t Au over 8.40 metres,
including |
|
|
|
|
|
29.95
g/t Au over 3.00 metres, and |
|
|
|
|
1.22 g/t Au over 23.25 metres in
the Contact Zone; |
|
|
FA-21-284 |
|
3.66 g/t Au over 7.95 metres in
the Contact Zone; |
|
|
|
|
|
|
|
|
FA-21-285 |
|
1.04 g/t Au over 43.90 metres in
the Contact Zone; |
|
|
|
|
|
|
|
|
FA-21-289 |
|
3.13 g/t Au over 11.00 metres,
including |
|
|
|
|
|
5.23 g/t Au over 5.70 metres, and |
|
|
|
|
2.07 g/t Au over 35.00 metres,
including |
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|
|
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9.37 g/t Au over 5.60 metres in Area 51. |
|
Resource Expansion Drill
Results
Highlight expansion intersections since our last
news release from this program include:
|
FA-21-296 |
|
0.55
g/t Au over 47.40 metres, including |
|
|
|
|
|
4.84
g/t Au over 3.00 metres in Area 51. |
|
Assay results from 26 drill holes of the 2021
Fenelon 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://www.wallbridgemining.com/s/fenelon.asp.
Figure 1. Fenelon Gold, Plan
Viewhttps://www.globenewswire.com/NewsRoom/AttachmentNg/5146b0ba-65aa-4cb0-8d02-2a5b19e58c8c
Figure 2. Fenelon Gold, Long
Sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/6a01649d-a573-4ec7-9b48-e1f65801806c
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 |
In-fill or Expansion |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
|
|
FA-19-096-W2 |
705.5 |
712.3 |
6.8 |
0.94 |
0.94 |
|
Area 51 |
10125 |
In-fill within pit |
FA-20-153-W1 |
671.85 |
672.35 |
0.5 |
22.69 |
22.69 |
VG |
Area 51 |
10425 |
In-fill outside pit |
FA-20-153-W1 |
786.35 |
797.65 |
11.3 |
0.73 |
0.73 |
VG |
Area 51 |
10425 |
In-fill outside pit |
Including… |
794.5 |
797.65 |
3.15 |
1.65 |
1.65 |
|
Area 51 |
10425 |
In-fill outside pit |
FA-20-153-W1 |
811.85 |
812.35 |
0.5 |
19.6 |
19.6 |
VG |
Area 51 |
10425 |
In-fill outside pit |
FA-20-154-W1 |
No Significant Mineralization (4) |
9975 |
|
FA-21-252 |
231.5 |
249 |
17.5 |
0.48 |
0.48 |
|
Area 51 |
10200 |
Expansion |
FA-21-263-W1 |
No Significant Mineralization (4) |
10425 & 10500 |
|
FA-21-266 |
835 |
836 |
1 |
7.27 |
7.27 |
|
Area 51 |
10275 |
In-fill outside pit |
FA-21-266 |
1118.8 |
1138.35 |
19.55 |
2.3 |
2.3 |
|
Area 51 & Contact Zone |
10275 |
In-fill outside pit |
Including… |
1135.6 |
1138.35 |
2.75 |
10.23 |
10.23 |
|
Contact Zone |
10275 |
In-fill outside pit |
FA-21-266 |
1162.1 |
1197.65 |
35.55 |
1.71 |
1.71 |
|
Tabasco |
10275 |
In-fill outside pit |
Including… |
1192.25 |
1197.65 |
5.4 |
4.73 |
4.73 |
|
Tabasco |
10275 |
In-fill outside pit |
FA-21-266-W3 |
No Significant Mineralization (4) |
10425 & 10500 |
|
FA-21-266-W4 |
939.2 |
942.35 |
3.15 |
3.76 |
3.76 |
|
Area 51 |
10250 |
In-fill outside pit |
FA-21-266-W4 |
1126 |
1147.15 |
21.15 |
3.84 |
3.84 |
VG |
Tabasco |
10350 |
In-fill outside pit |
Including… |
1126 |
1127.5 |
1.5 |
26.25 |
26.25 |
|
Tabasco |
10350 |
In-fill outside pit |
And… |
1137.4 |
1143 |
5.6 |
5.6 |
5.6 |
VG |
Tabasco |
10350 |
In-fill outside pit |
FA-21-275 |
No Significant Mineralization (4) |
9750 |
|
FA-21-279 |
68.1 |
79.5 |
11.4 |
1.04 |
1.04 |
|
Contact Zone |
10125 |
In-fill within pit |
FA-21-279 |
232.9 |
250.1 |
17.2 |
1.53 |
1.53 |
VG |
Contact Zone |
10125 |
In-fill within pit |
Including… |
232.9 |
235.5 |
2.6 |
4.81 |
4.81 |
|
Contact Zone |
10125 |
In-fill within pit |
And… |
247.7 |
250.1 |
2.4 |
5.45 |
5.45 |
VG |
Contact Zone |
10125 |
In-fill within pit |
FA-21-279 |
351.5 |
355.5 |
4 |
8.94 |
8.94 |
VG |
Contact Zone |
10125 |
In-fill within pit |
|
|
|
|
|
|
|
|
|
|
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 |
In-fill or Expansion |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
|
|
Including… |
351.5 |
352.8 |
1.3 |
26.59 |
26.59 |
VG |
Contact Zone |
10125 |
In-fill within pit |
FA-21-279 |
383 |
383.5 |
0.5 |
24.7 |
24.7 |
|
Contact Zone |
10125 |
In-fill within pit |
FA-21-279 |
396.4 |
412.5 |
16.1 |
2.5 |
2.5 |
VG |
Contact Zone |
10125 |
In-fill within pit |
Including… |
396.4 |
408.6 |
12.2 |
3.16 |
3.16 |
VG |
Contact Zone |
10125 |
In-fill within pit |
Which Includes… |
408 |
408.6 |
0.6 |
28.8 |
28.8 |
VG |
Contact Zone |
10125 |
In-fill within pit |
FA-21-279 |
454.5 |
463.5 |
9 |
1.05 |
1.05 |
|
Contact Zone |
10125 |
In-fill within pit |
FA-21-279 |
580 |
588 |
8 |
5.18 |
5.18 |
|
Tabasco |
10125 |
In-fill within pit |
Including… |
586 |
587.1 |
1.1 |
29.48 |
29.48 |
|
Tabasco |
10125 |
In-fill within pit |
FA-21-279 |
631 |
644 |
13 |
0.63 |
0.63 |
|
Tabasco |
10125 |
In-fill within pit |
FA-21-283A |
No Significant Mineralization (4) |
9750 |
In-fill within pit |
FA-21-283B |
244.25 |
258.1 |
13.85 |
0.73 |
0.73 |
|
Contact Zone |
10125 |
In-fill within pit |
FA-21-283B |
368 |
376.4 |
8.4 |
10.98 |
10.98 |
|
Contact Zone |
10125 |
In-fill within pit |
Including… |
368 |
371 |
3 |
29.95 |
29.95 |
|
Contact Zone |
10125 |
In-fill within pit |
FA-21-283B |
390.9 |
414.15 |
23.25 |
1.22 |
1.22 |
VG |
Contact Zone |
10200 |
In-fill within pit |
Including… |
402 |
403 |
1 |
10.89 |
10.89 |
VG |
Contact Zone |
10200 |
In-fill within pit |
And… |
413 |
414.15 |
1.15 |
7.98 |
7.98 |
|
Contact Zone |
10200 |
In-fill within pit |
FA-21-283B |
539 |
557 |
18 |
0.57 |
0.57 |
|
Tabasco |
10200 |
In-fill within pit |
FA-21-284 |
217 |
241.6 |
24.6 |
0.61 |
0.61 |
|
Contact Zone |
10350 |
In-fill within pit |
Including… |
217 |
221.5 |
4.5 |
1.82 |
1.82 |
|
Contact Zone |
10350 |
In-fill within pit |
FA-21-284 |
389.7 |
391.15 |
1.45 |
3.74 |
3.74 |
|
Contact Zone |
10350 |
In-fill within pit |
FA-21-284 |
416.3 |
424.25 |
7.95 |
3.66 |
3.66 |
|
Contact Zone |
10350 |
In-fill within pit |
FA-21-284 |
474.5 |
484.8 |
10.3 |
0.66 |
0.66 |
|
Tabasco |
10350 |
In-fill within pit |
|
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 |
In-fill or Expansion |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
|
|
FA-21-285 |
112.85 |
116.35 |
3.5 |
7.76 |
7.76 |
VG |
Contact Zone |
10350 |
In-fill within pit |
Including… |
115.75 |
116.35 |
0.6 |
41.83 |
41.83 |
VG |
Contact Zone |
10350 |
In-fill within pit |
FA-21-285 |
185.4 |
196 |
10.6 |
0.85 |
0.85 |
|
Contact Zone |
10350 |
In-fill within pit |
FA-21-285 |
247 |
278.5 |
31.5 |
0.48 |
0.48 |
|
Contact Zone |
10350 |
In-fill within pit |
FA-21-285 |
298 |
309.65 |
11.65 |
1.67 |
1.67 |
|
Contact Zone |
10350 |
In-fill within pit |
Including… |
300.3 |
301 |
0.7 |
14 |
14 |
|
Contact Zone |
10350 |
In-fill within pit |
And… |
308.1 |
309.65 |
1.55 |
5.35 |
5.35 |
|
Contact Zone |
10350 |
In-fill within pit |
FA-21-285 |
340.7 |
368.25 |
27.55 |
0.6 |
0.6 |
|
Contact Zone |
10350 |
In-fill within pit |
Including… |
354.45 |
355 |
0.55 |
11 |
11 |
|
Contact Zone |
10350 |
In-fill within pit |
FA-21-285 |
422.1 |
466 |
43.9 |
1.04 |
1.04 |
|
Contact Zone |
10350 |
In-fill within pit |
Including… |
425 |
428.05 |
3.05 |
5.53 |
5.53 |
|
Contact Zone |
10350 |
In-fill within pit |
And… |
443.65 |
448 |
4.35 |
3.44 |
3.44 |
|
Contact Zone |
10350 |
In-fill within pit |
And… |
464.5 |
466 |
1.5 |
5.07 |
5.07 |
|
Contact Zone |
10350 |
In-fill within pit |
FA-21-287 |
310 |
313.3 |
3.3 |
4.25 |
4.25 |
VG |
Area 51 |
9750 |
In-fill within pit |
Including… |
311 |
311.5 |
0.5 |
23.71 |
23.71 |
VG |
Area 51 |
9750 |
In-fill within pit |
FA-21-289 |
537 |
548 |
11 |
3.13 |
3.13 |
|
Area 51 |
10250 |
In-fill within pit |
Including… |
537 |
542.7 |
5.7 |
5.23 |
5.23 |
|
Area 51 |
10250 |
In-fill within pit |
FA-21-289 |
563 |
598 |
35 |
2.07 |
2.07 |
|
Area 51 |
10250 |
In-fill within pit |
Including… |
578.4 |
584 |
5.6 |
9.37 |
9.37 |
|
Area 51 |
10250 |
In-fill within pit |
FA-21-290 |
140.5 |
141 |
0.5 |
10.1 |
10.1 |
|
Area 51 |
9825 |
In-fill within pit |
FA-21-290 |
168 |
184.2 |
16.2 |
1.6 |
1.6 |
VG |
Area 51 |
9825 |
In-fill within pit |
Including… |
183.7 |
184.2 |
0.5 |
32.81 |
32.81 |
VG |
Area 51 |
9825 |
In-fill within pit |
FA-21-290 |
237.5 |
238 |
0.5 |
31.23 |
31.23 |
VG |
Area 51 |
9825 |
In-fill within pit |
FA-21-290 |
258 |
275.5 |
17.5 |
1.42 |
1.42 |
|
Area 51 |
9825 |
In-fill within pit |
Including… |
265.5 |
271 |
5.5 |
2.43 |
2.43 |
|
Area 51 |
9825 |
In-fill within pit |
FA-21-294 |
306 |
324 |
18 |
0.35 |
0.35 |
|
Area 51 |
9500 |
Expansion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
In-fill or Expansion |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
|
|
Including… |
314.5 |
316 |
1.5 |
3.45 |
3.45 |
|
Area 51 |
9500 |
Expansion |
FA-21-296 |
152.5 |
199.9 |
47.4 |
0.55 |
0.55 |
|
Area 51 |
9500 |
Expansion |
Including… |
152.5 |
155.5 |
3 |
4.84 |
4.84 |
|
Area 51 |
9500 |
Expansion |
And… |
196.15 |
199 |
2.85 |
2.96 |
2.96 |
|
Area 51 |
9500 |
Expansion |
FA-21-302 |
No Significant Mineralization (4) |
9900 |
|
FA-21-303 |
167.5 |
185.2 |
17.7 |
0.65 |
0.65 |
|
Area 51 |
9525 |
Expansion |
Including… |
167.5 |
168.5 |
1 |
7.53 |
7.53 |
|
Area 51 |
9525 |
Expansion |
FA-21-306 |
205 |
220 |
15 |
0.53 |
0.53 |
|
Area 51 |
10425 |
In-fill outside pit |
FA-21-306 |
290 |
298 |
8 |
3.26 |
3.26 |
|
Area 51 |
10425 |
In-fill outside pit |
Including… |
290 |
291.3 |
1.3 |
18.84 |
18.84 |
|
Area 51 |
10425 |
In-fill outside pit |
FA-21-306 |
337 |
338.5 |
1.5 |
5.23 |
5.23 |
|
Area 51 |
10425 |
In-fill outside pit |
FA-21-308 |
122.5 |
134.5 |
12 |
0.52 |
0.52 |
|
Area 51 |
9525 |
Expansion |
Including… |
133 |
134.5 |
1.5 |
3.67 |
3.67 |
|
Area 51 |
9525 |
Expansion |
FA-21-309 |
No Significant Mineralization (4) |
9600 & 9675 |
|
FA-21-312 |
No Significant Mineralization (4) |
10800 |
|
(1) |
|
Table includes
only assay results received since the latest press release dated
October 6, 2021. |
(2) |
|
Au cut: High-grade capping is 75g/t Au for Area 51 and 110 g/t
Au for Tabasco-Cayenne-Contact Zones. |
(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 the ongoing 2021 drill
program at Fenelon are cut and bagged either on site or by
contractors and transported to SGS Canada Inc., AGAT Laboratories
Ltd. or Bureau Veritas Commodities Canada Ltd. for analysis. In
2020 samples were submitted to either SGS Canada Inc. or ALS 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. At SGS,
AGAT and Bureau Veritas 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
which is located along the Detour‒Fenelon Gold Trend, an emerging
gold belt in northwestern Québec. Within three years of the
discovery of the Area 51 and Tabasco-Cayenne Zones, through drill
programs totaling over 300,000 metres, Wallbridge reached an
important milestone by announcing a maiden MRE for Fenelon and an
updated MRE for the Martiniere Gold Property totalling 2.67 Moz Au
in the indicated category and 1.72 Moz Au in the inferred category
(for details of the MREs see Wallbridge press release dated
November 9, 2021).
Both properties are located on the Company’s 910
km2 land package along the Detour-Fenelon Gold Trend in Northern
Abitibi, Québec, with significant potential for further discoveries
over a 97‒kilometre strike length of 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
Cautionary Note Regarding
Forward-Looking Information
This press release of Wallbridge Mining
Company Limited ("Wallbridge" or the "Company") contains
forward-looking statements or information (collectively, “FLI”)
within the meaning of applicable Canadian securities legislation.
FLI is based on expectations, estimates, projections and
interpretations as at the date of this press release.
All statements, other than statements of
historical fact, included herein are FLI that involve various
risks, assumptions, estimates and uncertainties. Generally, FLI can
be identified by the use of statements that include words 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.”
FLI herein includes, but is not limited
to: future drill results; the Company’s ability to convert inferred
resources into measured and indicated resources; environmental
matters; stakeholder engagement and relationships; parameters and
methods used to estimate the mineral resource estimates (each an
“MRE”) at the Fenelon Gold and Martiniere properties (collectively
the “Deposits”); the prospects, if any, of the Deposits; future
drilling at the Deposits; and the significance of historic
exploration activities and results.
FLI is designed to help you understand
management’s current views of its near- and longer-term prospects,
and it may not be appropriate for other purposes. FLI by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such FLI. Although the FLI
contained in this press release is based upon what management
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure shareholders and prospective purchasers
of securities of the Company that actual results will be consistent
with such FLI, as there may be other factors that cause results not
to be as anticipated, estimated or intended, and neither the
Company nor any other person assumes responsibility for the
accuracy and completeness of any such FLI. Except as required by
law, the Company does not undertake, and assumes no obligation, to
update or revise any such FLI contained herein to reflect new
events or circumstances, except as may be required by law. Unless
otherwise noted, this press release has been prepared based on
information available as of the date of this press release.
Accordingly, you should not place undue reliance on the FLI or
information contained herein.
Furthermore, should one or more of the
risks, uncertainties or other factors materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in FLI.
Assumptions upon which FLI is based,
without limitation, include: the ability of exploration activities
to accurately predict mineralization; the accuracy of geological
modelling; the ability of the Company to complete further
exploration activities; the legitimacy of title and property
interests in the Deposits; the accuracy of key assumptions,
parameters or methods used to estimate the MREs; the ability of the
Company to obtain required approvals; the results of exploration
activities; the evolution of the global economic climate; metal
prices; environmental expectations; community and non-governmental
actions; and any impacts of COVID-19 on the Deposits, the Company’s
financial position, the Company’s ability to secure required
funding, or operations. Risks and uncertainties about Wallbridge's
business are more fully discussed in the disclosure materials filed
with the securities regulatory authorities in Canada, which are
available at
www.sedar.com.
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.
Information Concerning Estimates of
Mineral Resources
The disclosure in this press release and
referred to herein was prepared in accordance with NI 43-101 which
differs significantly from the requirements of the U.S. Securities
and Exchange Commission (the "SEC"). The terms "measured mineral
resource", "indicated mineral resource" and "inferred mineral
resource" used in this press release are in reference to the mining
terms defined in the Canadian Institute of Mining, Metallurgy and
Petroleum Standards (the "CIM Definition Standards"), which
definitions have been adopted by NI 43-101. Accordingly,
information contained in this press release providing descriptions
of our mineral deposits in accordance with NI 43-101 may not be
comparable to similar information made public by other U.S.
companies subject to the United States federal securities laws and
the rules and regulations thereunder.
Investors are cautioned not to assume that
any part or all of mineral resources will ever be converted into
reserves. Pursuant to CIM Definition Standards, "inferred mineral
resources" are that part of a mineral resource for which quantity
and grade or quality are estimated on the basis of limited
geological evidence and sampling. Such geological evidence is
sufficient to imply but not verify geological and grade or quality
continuity. An inferred mineral resource has a lower level of
confidence than that applying to an indicated mineral resource and
must not be converted to a mineral reserve. However, it is
reasonably expected that the majority of inferred mineral resources
could be upgraded to indicated mineral resources with continued
exploration. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that all or any part of an inferred mineral resource is
economically or legally mineable. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in place tonnage and grade without reference to unit
measures.
Canadian standards, including the CIM
Definition Standards and NI 43-101, differ significantly from
standards in the SEC Industry Guide 7. Effective February 25, 2019,
the SEC adopted new mining disclosure rules under subpart 1300 of
Regulation S-K of the United States Securities Act of 1933, as
amended (the "SEC Modernization Rules"), with compliance required
for the first fiscal year beginning on or after January 1, 2021.
The SEC Modernization Rules replace the historical property
disclosure requirements included in SEC Industry Guide 7. As a
result of the adoption of the SEC Modernization Rules, the SEC now
recognizes estimates of "measured mineral resources", "indicated
mineral resources" and "inferred mineral resources". Information
regarding mineral resources contained or referenced in this press
release may not be comparable to similar information made public by
companies that report according to U.S. standards. While the SEC
Modernization Rules are purported to be "substantially similar" to
the CIM Definition Standards, readers are cautioned that there are
differences between the SEC Modernization Rules and the CIM
Definitions Standards. Accordingly, there is no assurance any
mineral resources that the Company may report as "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources" under NI 43-101 would be the same had the Company
prepared the resource estimates under the standards adopted under
the SEC Modernization Rules.
Wallbridge Mining (TSX:WM)
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