Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced that it has approved a
$70 million exploration program for 2022 that will focus on growing
the gold mineral resources at the Company’s flagship Fenelon and
Martiniere properties, located on the highly prospective
Detour-Fenelon Gold Trend in Northern Abitibi, Quebec.
“We see excellent potential to build on our
track record of exploration success over the past years to further
grow mineral resources at both Fenelon and Martiniere in 2022, with
most known mineralized gold trends remaining open for expansion,
and additional opportunities within the existing resource
footprints,” said Marz Kord, President & CEO of Wallbridge.
“After validating the multi-million-ounce potential of this
emerging gold camp with a significant mineral resource estimate in
2021, we plan to maintain a similar pace of exploration work this
year, with 8 to10 active drills. We expect this program to deliver
a number of catalysts for our shareholders over the course of 2022,
as we update our mineral resource estimates for Fenelon and
Martiniere and will lay the groundwork for an economic study that
will incorporate our properties across the Detour-Fenelon Gold
Trend.”
The Detour-Fenelon Gold Trend (see Figure 1) has
a demonstrated potential to host world-class gold deposits yet
remains highly underexplored in comparison to other prolific gold
belts in the southern portion of the Abitibi, such as the
Timmins-Porcupine, Kirkland Lake and Val d’Or camps. Regional
exploration on this trend is expected to account for approximately
10% of the Company’s 2022 exploration budget.
“The goal of our regional exploration program in
2022 will be to add new discoveries to our growing inventory of
‘drill bit successes’ on the Company’s largely underexplored yet
highly prospective land package of roughly 910 km2, located just
east of the 30+ million-ounce Detour Lake deposit,” said Attila
Péntek, Wallbridge’s Vice President, Exploration. “Our 2022 program
makes Wallbridge one of the most active gold explorers in Quebec
and we intend to build on our track record of delivering
shareholder value through exploration success once again this
year.”
2022 Exploration Program
Wallbridge finished 2021 with approximately $40
million of cash on hand and expects to receive approximately $10
million in 2020 refundable tax credits from the province of Quebec.
The balance of the 2022 exploration budget of $70 million is
expected to be funded from other sources.
Approximately 60-65% of the Company’s planned
drilling in 2022 will be targeted at Fenelon, 25-30% will be
targeted at Martiniere, and the remaining 10% will be allocated to
regional exploration (see details in table below). These results
will be supplemented by approximately 60,000+ metres of drilling
completed in 2021 after the cut-off date for the Company’s November
2021 Mineral Resource Estimate. In addition, funding has been
allocated for preparation work for economic studies and underground
maintenance.
2022 Work Program |
Description |
Budget |
Fenelon ‒ Resource drilling within the open pit shell defined in
2021 |
35,000 metres |
$11.5M |
Fenelon ‒ Resource expansion and exploration drilling |
80,000 metres |
$26.5M |
Martiniere ‒ Resource expansion and exploration drilling |
40,000 metres |
$13.5M |
Regional exploration ‒ Exploration drilling, Geophysics etc. |
12,000 metres |
$6.0M |
Studies, capital expenditures & underground maintenance |
|
$12.5M |
Total |
|
$70.0M |
2022 Drill Program Highlights: Fenelon
& Martiniere
In November 2021, less than three years from the
discovery of the Area 51 and Tabasco/Cayenne Zones, Wallbridge
announced a maiden Mineral Resource Estimate for Fenelon Gold and
an updated Mineral Resource Estimate for the Martiniere Gold
Property totalling 2.67 million ounces of indicated gold resources
and 1.72 million ounces of inferred gold resources (for details see
Wallbridge press release dated November 9, 2021 and Technical
Report filed December 23, 2021 on SEDAR).
The Fenelon deposit remains open laterally in
most directions, and at depth below the current extent of drilling
at approximately 1,000 metres. Expansion drilling in 2022 will
focus on adding resources within the 2021 resource open pit shell
and within the known footprint of the gold system where drill
spacing was not sufficient to include mineralization in the 2021
Mineral Resource Estimate. Drilling will also aim to extend known
gold zones and test extensions of the main host rocks (Jeremie
Diorite, Main Gabbro), as well as structures important in
controlling gold mineralization (Sunday Lake Deformation Zone,
Jeremie Fault, and other secondary fault zones).
At Martiniere, the deposit is currently
separated into multiple isolated zones with very little drilling in
between, resulting in several smaller open pits in the 2021 Mineral
Resource Estimate. Drilling in 2022 will focus on connecting these
zones to form a more continuous orebody that can support a more
optimal open pit configuration. In addition, both the Martiniere
West and the Bug Lake Trends are open along strike and drilling is
limited below 400 metres of vertical depth. Lateral and depth
extensions of the known zones will also be targeted in the 2022
drill program.
Regional Exploration
Wallbridge intends to allocate approximately 10%
of the 2022 budget to pursue further grassroots discoveries on its
extensive land package. Spanning 97 kilometres in an east-west
direction along the Detour-Fenelon Gold Trend, (roughly equivalent
to the distance between Rouyn-Noranda and Val d’Or), Wallbridge’s
910 km2 Detour-Fenelon land package offers excellent potential for
new gold discoveries.
As reported on October 21, 2021, the Company has
completed an initial 5,300 metre drill program on the Casault Gold
Property, discovering new gold mineralization in the first drill
hole. Full assay results are pending, and the Company is reviewing
plans to continue exploration on this property in 2022.
At Grasset, within 10 kilometres of the Fenelon
deposit, the Company has been drilling since November to follow-up
on the Grasset Gold showings, where historic intersections include
1.66 grams per tonne (g/t) of gold over 33 metres, and 6.15 g/t of
gold over 4.04 metres.
Assay results of completed holes along with
further details on planned regional exploration activities in 2022
will be reported when available.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5b395df3-a774-44da-a006-20d66edb5fdc
About Wallbridge Mining
Wallbridge is currently advancing the
exploration and development of its 100%-owned Fenelon Gold and
Martiniere properties, located along the highly prospective
Detour-Fenelon Gold Trend, an emerging gold camp in northwestern
Québec. Both properties are located on the Company’s 910 km2 land
package, 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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