Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced further positive assay
results from its resource drilling program on the Fenelon Gold
Property
(“Fenelon” or the
“Property”), located on the highly prospective
Detour-Fenelon Gold Trend in Northern Abitibi, Quebec.
Ongoing drilling within the 2021 mineral
resource estimate (“MRE”) open pit shell has
intersected new, near-surface mineralization grading 2.59
g/t of gold over 57.65 metres in drill hole FA-21-304.
Deep resource drilling, below the current extent of the MRE has
also been successful in extending the Eastern Shoot of the
Tabasco/Cayenne Zones with 9.70 g/t of gold over 3.70
metres in hole FA-21-311-W1.
“These drilling results continue to validate
substantial opportunities to increase the mineral resources within
the known footprint of the Fenelon deposit, and within the
extensions along strike and at depth,” stated Marz Kord, President
& CEO of Wallbridge. “In Area 51, we have encountered several
new intersections with open pit potential, at higher grades than
the average open pit grade in our 2021 MRE. Over the course of
2022, in addition to resource expansion and exploration drilling,
we will continue to target zones with the potential to deliver
higher grade near surface mineralization inside the current pit
shell, which will strengthen the overall economics of the open pit
component of the project.”
Resource Expansion Drill
Results
Highlight expansion intersections since the last
news release from this program include:
|
FA-21-304 |
2.59
g/t Au over 57.65 metres, including |
|
|
|
18.81
g/t Au over 2.10 metres, and |
|
|
|
31.51 g/t Au over 2.50 metres in Area 51; |
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|
|
|
This intersection is near surface, starting at a
vertical depth of only 110 metres and located inside the 2021 MRE
open pit shell, but not within the resource block model. |
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|
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FA-21-311-W1 |
9.70 g/t Au over 3.70 metres in
the Tabasco Zone; |
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This intersection is at a vertical depth of 1,200
metres, 170 metres below the last intersection of the
Tabasco/Cayenne Zones in the Eastern Shoot. |
Resource In-fill Drill Results
Infill drilling to improve the quality and
robustness of the existing resources remains ongoing. The following
are highlight infill intersections since our last update:
|
FA-20-159-W3 |
1.40
g/t Au over 53.85 metres, including |
|
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2.44 g/t Au over 18.80 metres,
which includes |
|
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4.71
g/t Au over 5.20 metres in Area 51; |
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FA-21-314 |
1.01 g/t Au over 36.20 metres,
and |
|
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2.98 g/t Au over 16.60 metres in
Area 51; |
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FA-21-314-W1 |
0.88 g/t Au over 34.65 metres,
including |
|
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3.59 g/t Au over 4.80 metres in Area 51; |
Assay results from 11 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/fd21ef2c-9480-4d8a-bd5d-97eee7e72742
Figure 2. Fenelon Gold, Long
Sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/15c08103-52f2-431b-b886-9dd80df4f060
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-20-159-W3 |
552.50 |
606.35 |
53.85 |
1.40 |
1.40 |
VG |
Area 51 |
10200 |
In-fill |
Including… |
552.50 |
559.10 |
6.60 |
2.93 |
2.93 |
|
Area 51 |
10200 |
In-fill |
And… |
575.00 |
593.80 |
18.80 |
2.44 |
2.44 |
VG |
Area 51 |
10200 |
In-fill |
Which Includes… |
575.00 |
580.20 |
5.20 |
4.71 |
4.71 |
VG |
Area 51 |
10200 |
In-fill |
FA-20-205-W2 |
No Significant Mineralization (4) |
10350 |
|
FA-20-205-W3 |
No Significant Mineralization (4) |
10350 |
|
FA-21-304 |
56.00 |
64.80 |
8.80 |
0.77 |
0.77 |
|
Area 51 |
9825 |
In-fill |
FA-21-304 |
104.35 |
162.00 |
57.65 |
2.59 |
2.19 |
VG |
Area 51 |
9825 |
Expansion |
Including… |
124.90 |
127.00 |
2.10 |
18.81 |
18.81 |
|
Area 51 |
9825 |
Expansion |
And… |
159.50 |
162.00 |
2.50 |
31.51 |
22.31 |
VG |
Area 51 |
9825 |
Expansion |
FA-21-307 |
438.70 |
447.50 |
8.80 |
1.27 |
1.27 |
|
Gabbro East Extension |
10800 |
In-fill |
FA-21-310 |
272.00 |
282.00 |
10.00 |
0.65 |
0.65 |
|
Tabasco |
9600 |
Expansion |
FA-21-311 |
160.00 |
161.30 |
1.30 |
5.53 |
5.53 |
|
Area 51 |
10350 |
Expansion |
FA-21-311 |
290.00 |
292.50 |
2.50 |
2.23 |
2.23 |
|
Area 51 |
10350 |
Expansion |
FA-21-311 |
616.50 |
619.00 |
2.50 |
3.44 |
3.44 |
|
Area 51 |
10350 |
Expansion |
FA-21-311 |
967.50 |
968.10 |
0.60 |
10.90 |
10.90 |
|
Area 51 |
10350 |
Expansion |
FA-21-311 |
1072.80 |
1074.31 |
1.51 |
5.69 |
5.69 |
VG |
Area 51 |
10350 |
Expansion |
FA-21-311-W1 |
1308.50 |
1313.55 |
5.05 |
2.21 |
2.21 |
|
Tabasco |
10350 |
Expansion |
FA-21-311-W1 |
1348.50 |
1352.20 |
3.70 |
9.70 |
9.70 |
|
Tabasco |
10350 |
Expansion |
FA-21-311-W1 |
1385.50 |
1388.50 |
3.00 |
1.90 |
1.90 |
|
Tabasco |
10350 |
Expansion |
FA-21-313 |
No Significant Mineralization (4) |
10725 |
|
FA-21-314 |
270.00 |
306.20 |
36.20 |
1.01 |
1.01 |
|
Area 51 |
10125 |
In-fill |
Including… |
286.50 |
288.00 |
1.50 |
9.82 |
9.82 |
|
Area 51 |
10125 |
In-fill |
And… |
303.00 |
306.20 |
3.20 |
2.64 |
2.64 |
|
Area 51 |
10125 |
In-fill |
FA-21-314 |
360.40 |
377.00 |
16.60 |
2.98 |
2.98 |
VG |
Area 51 |
10125 |
In-fill |
Including… |
360.40 |
362.00 |
1.60 |
24.89 |
24.89 |
VG |
Area 51 |
10125 |
In-fill |
FA-21-314-W1 |
408.00 |
423.50 |
15.50 |
0.53 |
0.53 |
VG |
Area 51 |
10125 |
In-fill |
FA-21-314-W1 |
440.00 |
449.00 |
9.00 |
0.93 |
0.93 |
|
Area 51 |
10125 |
In-fill |
FA-21-314-W1 |
457.20 |
488.00 |
30.80 |
1.31 |
1.31 |
VG |
Area 51 |
10125 |
In-fill |
Including… |
474.00 |
482.00 |
8.00 |
2.78 |
2.78 |
VG |
Area 51 |
10125 |
In-fill |
FA-21-314-W1 |
513.35 |
548.00 |
34.65 |
0.88 |
0.88 |
VG |
Area 51 |
10125 |
In-fill |
Including… |
513.35 |
518.15 |
4.80 |
3.59 |
3.59 |
VG |
Area 51 |
10125 |
In-fill |
FA-21-314-W1 |
679.60 |
724.90 |
45.30 |
1.25 |
1.25 |
VG |
Tabasco |
10125 |
In-fill |
Including… |
702.30 |
703.80 |
1.50 |
22.01 |
22.01 |
VG |
Tabasco |
10125 |
In-fill |
FA-21-315 |
No Significant Mineralization (4) |
10125 |
|
(1) Table includes only assay results received since the latest
press release dated December 9, 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 5.25 g/t*m and a minimum weighted average
composite grade of 0.35 g/t Au for intervals within/beside the 2021
MRE open pit shell, or metal factor of at least 7.50 g/t*m and a
minimum weighted average composite grade of 1.50 g/t Au for
intervals below the depth extent of the 2021 MRE open pit
shell.
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 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.
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
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 and
Technical Report filed December 23, 2021 on SEDAR).
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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