Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) is pleased to report that new assay
results from the in-fill sampling program at its 100%-owned Fenelon
Gold Project (
“Fenelon” or the
“Project”) have yielded additional gold
mineralization from previously unsampled sections of drill core
within and adjacent to the Project’s existing Mineral Resource
Estimate (
“MRE”). The results from this program
will be incorporated into the MRE update and Preliminary Economic
Assessment (“
PEA”) currently underway at Fenelon.
Attila Péntek, Wallbridge’s Vice President,
Exploration, commented:
“Launched earlier this year, our systematic
in-fill sampling program continues to deliver excellent results,
providing a cost-efficient method of identifying additional gold
mineralization that can be incorporated into the next MRE update
for Fenelon, expected in the first quarter of 2023, followed by a
PEA for the project by the end of the second quarter of next
year.”
“The high-grade interval of 72.00 g/t Au over
1.50 metres from the Contact Zone in hole FA-20-195, one of the
northwestern-most intersections of this zone, is very important
because it underscores the potential for additional resource growth
in this direction. In addition, the intersection of 15.12 g/t Au
over 1.00 metre from FA-06-270 is at a very shallow depth in the
Tabasco Zone, allowing for further expansion of mineralization in
an area where recent intersections have also revealed strong gold
mineralization.”
Wallbridge has prioritized more than 30,000
metres of previously unsampled drill core for in-fill sampling in
2022. This evaluation focuses on intervals that occur within or
adjacent to known mineralized zones. To date, results for
approximately 23,500 metres have been received.
Assay result highlights announced today
include:
|
FA-20-195 |
72.00
g/t Au over 1.50 metres in the Contact Zone, 170 metres
northwest of the MRE outline, at a vertical depth of 680
metres; |
|
FA-21-230-W1 |
5.95 g/t Au over 4.50 metres, including |
|
|
17.10 g/t Au over 1.50 metres in Area 51, outside
of the MRE; |
|
FA-06-270 |
15.12 g/t Au over 1.00 metre in the Tabasco
Zone, near surface at a vertical depth of only 35 metres, outside
of the MRE. |
In-fill assay results of previously unsampled
core from four exploration drill holes drilled between 2006 and
2021 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://wallbridgemining.com/our-projects/fenelon-gold/.
Fenelon is located within Wallbridge's
910-square-kilometre land package on the Detour-Fenelon Gold Trend,
80 kilometres east of the Detour Lake gold mine.
Figure 1. Detour Fenelon Gold
Trend
Figure 2. Fenelon Gold, Drill Core
In-Fill Sampling Program, Plan View
Figure 3. Fenelon Gold, Drill Core
In-Fill Sampling Program, Cross Sections
Table 1. Wallbridge Fenelon Gold Property, 2022 In-fill
Assay Highlights (1) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut(2) |
VG(3) |
Zones |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
FA-06-270 |
44.00 |
45.00 |
1.00 |
15.12 |
15.12 |
|
Tabasco |
FA-17-10 |
166.00 |
169.90 |
3.90 |
2.11 |
2.11 |
|
Gabbro East |
FA-20-195 |
870.00 |
871.50 |
1.50 |
72.00 |
72.00 |
VG |
Contact Zone |
FA-21-230-W1 |
495.00 |
499.50 |
4.50 |
5.95 |
5.95 |
|
Area 51 |
Including… |
498.00 |
499.50 |
1.50 |
17.10 |
17.10 |
|
Area 51 |
(1) Table includes only assay results received since the
latest press release dated September 28th, 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. |
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. or Bureau Veritas
Commodities Canada Ltd. for analysis. Samples, standards and blanks
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 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/39b61f33-9c78-4b94-8e76-8c405e6ff798https://www.globenewswire.com/NewsRoom/AttachmentNg/b5c653d9-6be5-4b68-9b04-8aabff44e5f1https://www.globenewswire.com/NewsRoom/AttachmentNg/10f1522d-3ee8-48f3-8c68-ae7114c4ca16
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