Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced the filing of a
National Instrument 43-101 Technical Report (the “
Technical
Report”) for the maiden Mineral Resource Estimate
(“
MRE”) for the Fenelon gold property and updated
MREs for the Martiniere gold property and the Grasset (Ni-Cu-PGM)
property located on the Company’s 910 km2 land position on the
Detour-Fenelon Gold Trend in Northern Abitibi, Quebec. The
Technical Report is available for review on SEDAR (sedar.com) and
the Company's website (wallbridgemining.com).
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.
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