Wallbridge Mining Company Limited (TSX: WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today reports positive assay results
from the ongoing drill program at the Company's Fenelon Gold
project (“
Fenelon”) at its Detour-Fenelon Gold
Trend Property in Northwestern Quebec. The results announced today
continue to demonstrate significant expansion potential both within
and beyond the known footprint of the Fenelon gold deposit as
outlined in the 2021 mineral resource estimate
(
“MRE”).
“The resource expansion drilling completed at
Fenelon since the beginning of the year has met our expectations,
confirming the potential to add resources in close proximity to the
2021 MRE that can be included in the next resource update,” said
Attila Péntek, Wallbridge’s Vice President, Exploration. “Over the
coming months, we will continue to focus on areas with the
strongest potential to add high-quality gold ounces, which will
inform our decisions regarding the optimal mine configuration for
Fenelon in upcoming economic studies.”
Fenelon is located 80 kilometres east of Agnico
Eagle’s Detour Lake gold mine at the centre of Wallbridge’s
strategic land package, which covers roughly 910 square kilometres
of the most prospective ground on the Detour-Fenelon Gold Trend.
Thus far, the Company has added near surface mineralization in Area
51 through its 2022 drill program at Fenelon, extending this zone
to the southwest. It has also established underground access to
Area 51, confirming anticipated grades and continuity at depth. In
addition, drilling has extended the Tabasco and Cayenne zones at
depth, and identified strong gold mineralization in the Ripley
zone, south of the main Fenelon deposit.
Highlights of the drilling results released today include the
following:
Within 2021
MRE Footprint |
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FA-21-380 |
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2.53 g/t Au over 27.50
metres in the Interstellar 3 zone of Area 51, 80 metres
below the underground exploration drift completed earlier this
year, demonstrating good continuity of this zone. |
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Lateral
Expansion from 2021 MRE |
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East-Southeast Area 51/Contact Zone |
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FA-22-409 |
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2.14 g/t Au over 15.50
metres, including |
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4.83 g/t Au over 2.10
metres, and |
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5.20 g/t Au over 4.00
metres near the Contact Zone in a new Area 51 zone
southeast of the MRE. |
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FA-22-421 |
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1.35 g/t Au over 19.50
metres, including |
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6.76 g/t Au over 3.00
metres in a new Area 51 zone southeast of the MRE. |
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21-5130-003 |
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0.95 g/t Au over 24.00
metres along the Contact Zone close to the eastern edge of
the MRE. |
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FA-22-394-W1 |
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37.55 g/t Au over 0.55
metres in a new Area 51 zone southeast of the MRE. |
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West-Southwest Area 51/Contact Zone |
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FA-22-399 |
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1.19 g/t Au over 49.25
metres, including |
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9.43 g/t Au over 3.50
metres near the Contact Zone within Area 51, west of the
MRE. |
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FA-20-171-W1 |
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46.90 g/t Au over 0.50
metres, extending Area 51 mineralization west of the
MRE. |
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FA-21-382 |
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16.69 g/t Au over 1.30
metres, extending Area 51 mineralization southwest of the
MRE. |
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FA-21-385 |
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45.94 g/t Au over 0.50
metres, extending Area 51 mineralization west of the
MRE. |
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Final assay results from 29 drill holes and
partial results for three holes of the 2021/2022 Fenelon drill
program are reported in the Table
and Figures below. All figures and the 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, Plan View
Figure 2. Fenelon, 3D View Looking
Northeast
Table 1. Wallbridge Fenelon 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) |
|
|
22-5080-005 |
No
Significant Mineralization (4) |
22-5080-009 |
No Significant Mineralization (4) |
21-5130-003 |
361.50 |
445.70 |
84.20 |
0.52 |
0.52 |
|
Contact Zone |
Including... |
361.50 |
385.50 |
24.00 |
0.95 |
0.95 |
|
Contact Zone |
And… |
423.00 |
432.00 |
9.00 |
0.80 |
0.80 |
|
Contact Zone |
21-5130-004 |
262.30 |
264.30 |
2.00 |
7.57 |
7.57 |
|
Contact Zone |
Including… |
263.30 |
264.30 |
1.00 |
14.37 |
14.37 |
|
Contact Zone |
FA-20-171-W1 |
880.00 |
880.50 |
0.50 |
46.90 |
46.90 |
|
Area 51 |
FA-21-311-W9 |
923.50 |
925.00 |
1.50 |
4.12 |
4.12 |
|
Area 51 |
FA-21-326(5) |
436.00 |
437.50 |
1.50 |
1.05 |
1.05 |
|
New Zone |
FA-21-342 |
No Significant Mineralization (5) |
FA-21-345 |
No Significant Mineralization (5) |
FA-21-346 |
No Significant Mineralization (5) |
FA-21-347-W5 |
No Significant Mineralization (4) |
FA-21-380 |
318.50 |
346.00 |
27.50 |
2.53 |
2.53 |
|
Area 51 |
FA-21-382 |
143.60 |
144.90 |
1.30 |
16.69 |
16.69 |
|
Area 51 |
FA-21-383 |
385.20 |
385.70 |
0.50 |
15.10 |
15.10 |
|
Area 51 |
FA-21-385 |
390.50 |
391.00 |
0.50 |
45.94 |
45.94 |
VG |
Area 51 |
FA-21-389 |
No Significant Mineralization (4) |
FA-22-391(5) |
188.00 |
189.00 |
1.00 |
1.20 |
1.20 |
|
New Zone |
FA-22-394 |
462.00 |
494.50 |
32.50 |
0.76 |
0.76 |
|
Area 51 |
FA-22-394 |
591.50 |
604.00 |
12.50 |
0.57 |
0.57 |
|
Area 51 |
FA-22-394 |
804.00 |
808.00 |
4.00 |
1.32 |
1.32 |
|
Area 51 |
FA-22-394 |
814.50 |
816.00 |
1.50 |
3.51 |
3.51 |
|
Area 51 |
FA-22-394 |
836.50 |
838.00 |
1.50 |
4.37 |
4.37 |
|
Area 51 |
FA-22-394-W1 |
460.00 |
461.00 |
1.00 |
7.16 |
7.16 |
|
Area 51 |
FA-22-394-W1 |
556.00 |
563.50 |
7.50 |
1.04 |
1.04 |
|
Area 51 |
FA-22-394-W1 |
908.50 |
917.50 |
9.00 |
1.86 |
1.86 |
|
Area 51 |
FA-22-394-W1 |
959.90 |
960.45 |
0.55 |
37.55 |
37.55 |
VG |
Area 51 |
FA-22-394-W1 |
1012.00 |
1013.50 |
1.50 |
3.83 |
3.83 |
|
Area 51 |
FA-22-396 |
214.00 |
217.00 |
3.00 |
3.39 |
3.39 |
|
Area 51 |
Table 1. Wallbridge Fenelon 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) |
|
|
Including… |
216.00 |
217.00 |
1.00 |
7.45 |
7.45 |
|
Area 51 |
FA-22-396 |
376 |
377 |
1 |
10.66 |
10.66 |
|
Area 51 |
FA-22-399 |
236.15 |
245.75 |
9.60 |
1.52 |
1.52 |
|
Area 51 |
Including… |
236.15 |
236.95 |
0.80 |
12.10 |
12.10 |
|
Area 51 |
FA-22-399 |
582.40 |
583.30 |
0.90 |
7.22 |
7.22 |
|
Area 51 |
FA-22-399 |
614.00 |
616.50 |
2.50 |
4.61 |
4.61 |
VG |
Area 51 |
FA-22-399 |
638.10 |
687.35 |
49.25 |
1.19 |
1.19 |
VG |
Area 51 & Contact Zone |
Including… |
649.50 |
653.00 |
3.50 |
9.43 |
9.43 |
|
Area 51 & Contact Zone |
FA-22-399 |
799.00 |
800.50 |
1.50 |
4.32 |
4.32 |
|
Cayenne |
FA-22-402(5) |
90.00 |
91.00 |
1.00 |
1.53 |
1.53 |
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Ripley |
FA-22-402(5) |
178.00 |
179.50 |
1.50 |
1.86 |
1.86 |
|
Ripley |
FA-22-402(5) |
408.50 |
418.00 |
9.50 |
0.31 |
0.31 |
|
Ripley |
FA-22-402(5) |
452.50 |
454.00 |
1.50 |
0.64 |
0.64 |
|
Ripley |
FA-22-402(5) |
478.00 |
479.50 |
1.50 |
1.68 |
1.68 |
|
Ripley |
FA-22-402(5) |
503.50 |
506.50 |
3.00 |
1.19 |
1.19 |
|
Ripley |
FA-22-404 |
No Significant Mineralization (4) |
FA-22-407 |
183.50 |
189.00 |
5.50 |
2.25 |
2.25 |
|
Cayenne |
FA-22-408 |
No Significant Mineralization (4) |
FA-22-409 |
992.00 |
1007.50 |
15.50 |
2.14 |
2.14 |
VG |
Area 51 & Contact Zone |
Including… |
992.00 |
994.10 |
2.10 |
4.83 |
4.83 |
|
Area 51 & Contact Zone |
And… |
1003.50 |
1007.50 |
4.00 |
5.20 |
5.20 |
VG |
Area 51 & Contact Zone |
FA-22-409 |
1052.50 |
1055.50 |
3.00 |
2.49 |
2.49 |
|
Contact Zone |
FA-22-409 |
1082.50 |
1084.00 |
1.50 |
3.69 |
3.69 |
|
Contact Zone |
FA-22-411 |
472.90 |
476.30 |
3.40 |
2.52 |
2.52 |
VG |
Area 51 |
Including… |
473.90 |
474.40 |
0.50 |
15.14 |
15.14 |
VG |
Area 51 |
FA-22-412 |
185.00 |
187.20 |
2.20 |
7.58 |
7.58 |
VG |
Area 51 |
Including… |
185.00 |
185.50 |
0.50 |
22.46 |
22.46 |
VG |
Area 51 |
FA-22-412 |
587.5 |
588.2 |
0.7 |
18.08 |
18.08 |
VG |
Area 51 |
FA-22-412 |
616.20 |
635.00 |
18.80 |
0.61 |
0.61 |
|
Area 51 |
Table 1. Wallbridge Fenelon 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) |
|
|
Including… |
628.50 |
635.00 |
6.50 |
1.15 |
1.15 |
|
Area 51 |
FA-22-412 |
688.5 |
703.2 |
14.7 |
0.9735 |
0.9735 |
|
Contact Zone |
FA-22-413A |
No Significant Mineralization (4) |
FA-22-414 |
269.00 |
273.50 |
4.50 |
1.41 |
1.41 |
|
Tabasco |
FA-22-414 |
409.00 |
412.50 |
3.50 |
2.76 |
2.76 |
|
Tabasco |
Including… |
409.00 |
410.10 |
1.10 |
6.88 |
6.88 |
|
Tabasco |
FA-22-417 |
231.50 |
233.00 |
1.50 |
3.57 |
3.57 |
|
Area 51 |
FA-22-421 |
385.00 |
404.50 |
19.50 |
1.35 |
1.35 |
|
Area 51 |
Including… |
401.50 |
404.50 |
3.00 |
6.76 |
6.76 |
|
Area 51 |
(1) Table includes only assay results received
since the latest press release dated April 28, 2022. |
(2) Au cut at: 110 g/t Au for the Tabasco/Contact
/Cayenne zones; 75 g/t Au for the Area 51 zones. |
(3) Intervals containing visible gold ("VG"). |
(4) Metal factor of at least 5 g/t*m and minimum
weighted average composite grade of 0.35 g/t Au within the 2021 MRE
open pit shell and 1.5 g/t Au for outside open pit shell. |
(5) Metal factor of at least 1 g/t*m and minimum
weighted average composite grade of 0.3 g/t Au for exploration
drillholes. |
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. 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 or ICP. At SGS 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
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 Christopher Kelly, MSc,
Senior Geologist of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through
the discovery, acquisition, development, and production of gold
from a portfolio of advanced exploration stage assets located in
established mining jurisdictions within Canada. Wallbridge’s
flagship project, Fenelon, is located on the highly prospective
Detour-Fenelon Gold Trend in Northern Abitibi, Quebec. A mineral
resource estimate completed in 2021 validated the
multi-million-ounce gold potential of Fenelon as well as
Wallbridge’s nearby Martiniere Property, incorporating a combined
2.67 million ounces of indicated resources and 1.72 million ounces
of inferred resources. Fenelon and Martiniere, located within a
910-square-kilometre exploration land package controlled by
Wallbridge, have the potential to be developed into mines, and are
close to existing power and transportation infrastructure.
Wallbridge also has interests in several copper, nickel and
platinum group metal properties, including a 17.8% interest in
Lonmin Canada Inc.
Further information about Wallbridge can be
found in the Company’s regulatory filings available on SEDAR at
www.sedar.com and on the Company’s website
at www.wallbridgemining.com.
This news release has been authorized by the
undersigned on behalf of Wallbridge Mining Company Limited.
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 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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ca4e75a-1dad-4c3d-bcb5-6f89c7cd90d4
https://www.globenewswire.com/NewsRoom/AttachmentNg/6de599d2-c3d3-4428-a61e-13c54f342c46
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