Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) is pleased to announce that assay
results from one of the final holes of its 2022 drill program at
the Martiniere Gold Project
(“Martiniere” or the
“Project”) continue to demonstrate excellent
resource growth potential.
Martiniere is located 30 kilometres and within
trucking distance of the Company’s flagship Fenelon gold project
(“Fenelon”) and 45 kilometres east of the Detour
Lake gold mine on the highly prospective Detour-Fenelon Gold Trend
in Northern Abitibi, Quebec. The 2021-2022 drilling program was
primarily designed to establish connections between the Martiniere
West and Bug Lake Trends (see Figure 1) and also included several
exploration holes, drilling larger-spaced step-outs on the
gold-bearing trends and zones. The results announced today come
from such an exploration hole, MR-22-036, testing the eastern
extent of the gold system. Assay results from the last two
exploration drill holes of the 2022 program are pending.
Attila Péntek, Wallbridge’s Vice President,
Exploration, commented:
“The results reported today reveal the presence
of gold mineralization several hundred metres east of the current
mineral resource footprint. This is important because it opens up a
new direction for future exploration and resource expansion at
Martiniere.
"These new mineralized zones are associated with
porphyritic intrusive rocks, similar to the Bug Lake Porphyry, one
of the main controls on gold mineralization at Martiniere.”
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://wallbridgemining.com/our-projects/martiniere/.
The 2021-2022 Drill Program at Martiniere
Following an initial drill program of 9,380
metres in 2021, the Company has completed 21,400 metres of
additional drilling at Martiniere this year. The results from this
program, which now includes more than 30,000 metres of drilling by
the Company, will provide significant new data for an updated
mineral resource estimate (“MRE”) at Martiniere
scheduled for the first quarter of 2023.
Highlights of the 2021 drill program, as
reported in the Company’s press releases dated October 26, 2021 and
February 2, 2022, include 3.68 g/t Au over 22.50
metres in MDE-21-326 (Bug Lake North), 2.21 g/t Au
over 36.60 metres in MDE-21-328 (Bug Lake South) and
46.76 g/t Au over 2.40 metres in MDE-21-338
(Martiniere Central).
Highlights of the 2022 drill program were
reported in the Company’s press release dated August 30, 2022 and
include 12.27 g/t Au over 5.60 metres in hole
MR-22-026, extending the Martiniere West zone along strike by over
400 metres to the southwest; 4.75 g/t Au over 5.50
metres in hole MR-22-020, expanding the Martiniere West
zone down-plunge by over 300 metres; and 2.50 g/t Au over
17.35 metres, near-surface in hole MR-22-029 in the area
between the Martiniere West and Central zones.
About the Martiniere Gold
Property
Martiniere currently contains 544,000 ounces of
indicated gold resources and 256,000 ounces of inferred gold
resources within a large, mineralized footprint of four-square
kilometres. The deposit has only been meaningfully drilled to a
maximum vertical depth of 400 metres and mineralized shoots remain
open down-plunge.
In August, the Company signed a landmark
Pre-Development Agreement with its Cree Nation Partners, who have
agreed to support and cooperate on Wallbridge’s activities on the
Detour-Fenelon Gold Trend.
Figure 1. Detour Fenelon Gold
Trend
Figure 2. Martiniere Gold, Plan
View
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) |
|
|
MR-22-036 |
146.40 |
148.50 |
2.10 |
2.54 |
2.54 |
|
New Zone |
MR-22-036 |
215.50 |
218.50 |
3.00 |
15.90 |
15.90 |
|
New Zone |
MR-22-036 |
250.80 |
252.50 |
1.70 |
19.31 |
19.21 |
|
New Zone |
MR-22-036 |
408.90 |
433.00 |
24.10 |
4.07 |
2.58 |
|
New Zone |
Including… |
408.90 |
410.00 |
1.10 |
67.65 |
35.00 |
|
New Zone |
And… |
424.00 |
430.00 |
7.50 |
2.46 |
2.46 |
|
New Zone |
(1) Table
includes only assay results received since the latest press release
dated August 30, 2022. |
(2) Au cut at : 35
g/t Au. |
(3) Intervals
containing visible gold ("VG"). |
(4) Metal factor
of at least 5 g/t*m and minimum weighted average composite grade of
0.40 g/t Au within the 2021 MRE open pit shell and 2.4 g/t Au for
outside 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 Martiniere 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, standards and blanks
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 Peter Lauder, P.Geo.,
Exploration Manager of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through
the exploration and sustainable development of gold projects along
the Detour-Fenelon Gold Trend while respecting the environment and
communities where it operates.
Wallbridge’s flagship project, Fenelon Gold
(“Fenelon”), is located on the highly prospective
Detour-Fenelon Gold Trend Property (“Detour-Fenelon Gold
Trend Property”) in Northern Abitibi. A mineral resource
estimate completed in 2021 validated the
multi-million-ounce potential of the 100%-owned Fenelon and
Martiniere properties, incorporating a combined 2.67 million
ounces of indicated gold resources and 1.72 million ounces of
inferred gold resources. Fenelon and Martiniere, located within a
910 km2 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 holds a portfolio of nickel
assets (“Nickel Assets”) in Ontario and Quebec. In
line with its strategy to unlock the value of its Nickel Assets,
Wallbridge announced on July 13, 2022, that it has entered into a
definitive agreement with Archer Exploration Corp.
(“Archer”), pursuant to which, Archer will acquire
all of Wallbridge’s property, assets, rights and obligations
related to its Nickel Assets, including Grasset, to create a
focused and well-funded publicly traded nickel exploration and
development company.
Wallbridge will continue to focus on its core
Detour-Fenelon Gold Trend Property while enabling shareholders to
participate in the potential economic upside in Archer.
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 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,
statements regarding the Agreement, Transaction, Distribution (as
previously defined) and the timing and terms of financing
activities to be carried out by Archer as previously announced (the
“Financing”), and the intentions of Wallbridge and
Archer upon completion of the transaction, 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 the Company and Archer to obtain
required approvals and satisfy the closing conditions under the
definitive agreement (including completion of the Financing by
Archer), the results of exploration activities, the Company’s
financial position and general economic conditions, 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 evolution
of the global economic climate; metal prices; environmental
expectations; community and non-governmental actions; any impacts
of COVID-19 on the Deposits; and, the Company’s ability to secure
required funding. 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.
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/cc25d220-e7d5-4f5b-8bc8-7cbb4ec17114
https://www.globenewswire.com/NewsRoom/AttachmentNg/2854d8c7-ebbf-46b9-be87-25ac07a2592b
Wallbridge Mining (TSX:WM)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Wallbridge Mining (TSX:WM)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024