Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced positive assay results
that continue to validate the resource growth potential of the
Martiniere Gold Property
(“Martiniere” or the
“Property”), located within the Company’s highly
prospective, 910-square-kilometre land package on the
Detour-Fenelon Gold Trend in Northern Abitibi, Quebec.
The results announced today extend gold
mineralization at depth and are starting to establish a connection
between the Martiniere West and Bug Lake Trends, demonstrating that
they are part of a continuous deposit. After completing
approximately 9,380 metres in its initial, 2021 drill program at
Martiniere, the Company plans to drill approximately 40,000 metres
at the Property in 2022 with two drill rigs now mobilized at the
site.
“With each new set of results, we are
increasingly confident in the substantial growth potential of
Martiniere, and, combined with our Fenelon project, we see the
potential for the emergence of a significant new gold producing
district at the heart of our land package in the prolific Abitibi
gold belt,” said Marz Kord, President and CEO of Wallbridge. “Our
first drill program at Martiniere, completed in November 2021, has
demonstrated the growth potential of this deposit and based on this
success, our 2022 program at Martiniere is much larger than last
year’s. We are optimistic that further drilling will continue to
prove up the connectivity of these zones, resulting in a more
continuous deposit that will allow us to optimize the Martiniere
open pit design, strengthen the project’s overall economics and
deliver the updated mineral resource in 2023.”
Martiniere and Fenelon are located close to
existing infrastructure, with electricity transmission lines less
than 20 kilometers away, and year-round road access on a maintained
highway approximately 120 kilometres from air and rail connections
in Matagami, Quebec.
Resource Expansion Drill
Results
Highlight expansion intersections since the last
news release from this program include:
|
MDE-21-338 |
46.76
g/t Au over 2.40 metres, including |
|
|
129.90 g/t Au over 0.85 metre, extending the
Martiniere CentralZone to a vertical depth of 300 metres, 210
metres below the 2021 MRE. Further assays around this interval are
pending. |
|
MDE-21-331 |
77.89
g/t Au over 1.00 metres in the interpreted southeast
extension of the |
|
|
Bug Lake North trend and outside of the 2021 MRE. |
|
MDE-21-332 |
3.18
g/t Au over 9.40 metres, including |
|
|
7.83 g/t Au over 2.70 metres, extending the Bug
Lake Northhigh-grade shoot by 130 metres along strike to the
southeast, outside of the 2021 MRE. |
|
MDE-21-333 |
6.99
g/t Au over 4.80 metres, located between the Martiniere
Central and |
|
|
the Bug Lake North zones; |
|
MDE-21-336 |
7.26
g/t Au over 3.60 metres, located between the Martiniere
West and |
|
|
the Martiniere Central zones; |
Resource In-fill Drill
Results
Highlight expansion intersections since the last
news release from this program include:
|
MDE-21-329 |
2.37
g/t Au over 19.00 metres, including |
|
|
4.94 g/t Au over 8.10 metres, in the Bug Lake
North trend at a vertical depth of 215 metres. |
Assay results from nine drill holes of the 2021
Martiniere drill program are reported in the Table and Figures
below. Further assays results are pending for four drill holes of
the 2021 program. 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.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/967bc6e1-706d-4e96-8b0c-d1b0c4ae7f92https://www.globenewswire.com/NewsRoom/AttachmentNg/8aba7d1f-ec4a-4c26-98bc-1ca0232c1205https://www.globenewswire.com/NewsRoom/AttachmentNg/5d2d956e-54aa-43d3-a745-6ed7c6f5c62e
Table 1. Regional Gold Property, Recent Drill Assay
Highlights (1) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut(2) |
VG(3) |
Zone/Corridor |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
MDE-21-329 |
260.00 |
279.00 |
19.00 |
2.37 |
2.37 |
|
Bug Lake North |
Including… |
260.00 |
268.10 |
8.10 |
4.94 |
4.94 |
|
Bug Lake North |
MDE-21-331 |
177.5 |
178.5 |
1.00 |
77.89 |
35.00 |
|
Bug Lake South |
MDE-21-331 |
380.50 |
382.10 |
1.60 |
4.99 |
4.99 |
|
Bug Lake South |
MDE-21-332 |
232.00 |
242.00 |
10.00 |
0.84 |
0.84 |
|
Bug Lake North |
MDE-21-332 |
432.00 |
441.40 |
9.40 |
3.18 |
3.18 |
|
Bug Lake North |
Including… |
433.30 |
436.00 |
2.70 |
7.83 |
7.83 |
|
Bug Lake North |
MDE-21-332 |
696.25 |
701.00 |
4.75 |
2.37 |
2.37 |
|
Bug Lake South |
MDE-21-333 |
95.00 |
99.80 |
4.80 |
6.99 |
6.99 |
|
Bug Lake North |
MDE-21-333 |
511.50 |
514.00 |
2.50 |
2.00 |
2.00 |
|
Bug Lake North |
MDE-21-333 |
625.00 |
630.00 |
5.00 |
1.22 |
1.22 |
VG |
Bug Lake North |
MDE-21-334 |
322.00 |
325.20 |
3.20 |
2.04 |
2.04 |
|
Bug Lake North |
MDW-21-335 |
71.25 |
72.10 |
0.85 |
8.84 |
8.84 |
|
Martiniere Central |
MDW-21-336 |
91.00 |
94.60 |
3.60 |
7.26 |
7.26 |
VG |
Martiniere West |
Including… |
91.00 |
92.10 |
1.10 |
15.98 |
15.98 |
|
Martiniere West |
MDE-21-337 |
152.00 |
155.75 |
3.75 |
3.26 |
3.26 |
|
Bug Lake North |
MDE-21-337 |
465.50 |
473.00 |
7.50 |
0.69 |
0.69 |
|
Bug Lake North |
MDE-21-337 |
713.50 |
716.50 |
3.00 |
2.29 |
2.29 |
|
Bug Lake North |
MDE-21-338 |
117.50 |
119.00 |
1.50 |
4.23 |
4.23 |
|
Martiniere Central |
MDE-21-338 |
396.60 |
399.00 |
2.40 |
46.76 |
13.15 |
VG |
Martiniere Central |
Including… |
397.60 |
398.45 |
0.85 |
129.90 |
35.00 |
VG |
Martiniere Central |
(1) Table includes only assay results received since the latest
press release dated October 26, 2021.(2) Au cut: High-grade capping
is 35g/t Au for all the zones, in accordance with the 2021 MRE.(3)
Intervals containing visible gold ("VG").(4) Metal factor of at
least 5 g/t*m and a minimum weighted average composite grade of
0.40 g/t Au for intervals.
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 Wallbridge’s 2021 drill
program at Martiniere were 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. 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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