Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) is pleased to announce an updated
mineral resource estimate (“
MRE”) for its Fenelon
Gold (“
Fenelon”) and Martiniere Gold
(“
Martiniere”) projects, located on the Company’s
Detour-Fenelon Gold Trend land package in Northern Abitibi, Quebec.
Marz Kord, President & CEO of Wallbridge
stated:
“Building on the success of our 2021 maiden MRE,
the subsequent exploration program has delivered an MRE with
significantly improved grade and a larger resource. This confirms
our belief that a potential underground bulk mining scenario is the
most attractive option at Fenelon, as it has the potential to
deliver attractive economics with lower capex, a smaller footprint
and faster permitting process than a large open pit. We believe a
resource of this size, grade and zone thickness could be analogous
to some of the large, bulk-mineable deposits that are already being
successfully mined in the Abitibi region today. The updated MRE is
a significant milestone as Wallbridge prepares to deliver a
preliminary economic assessment for Fenelon in Q2 2023.”
Attila Péntek, Wallbridge’s Vice President,
Exploration added:
“Today’s updated mineral resource reflects the
Company’s focused and effective drilling and sampling program which
has essentially replaced over 800,000 lower grade ounces with 1.3
million higher-grade ounces at Fenelon. This translated into
significant increases in gold grade at Fenelon, with an 85%
increase in the grade of the Indicated resources and an 84%
increase in the grade of Inferred resources, compared to the 2021
Fenelon maiden MRE. We also achieved positive results at
Martiniere, where we increased the resource ounces substantially,
with a 26% increase in the Indicated category and a 146% increase
in the Inferred category. We continue to pursue value-generating
growth, with both deposits remaining open in multiple directions,
and substantial potential for discoveries along our extensive,
underexplored land package. We look forward to carrying our
positive exploration momentum into 2023.”
Highlights
-
Detour-Fenelon Gold Trend Indicated resources of
3.05 Moz at 3.09 g/t Au (14% increase in ounces and 62% increase in
Au grade from 2021).
-
Fenelon: Indicated resources are 2.37 Moz at 3.40
g/t Au (11% increase in ounces and 85% increase in Au grade
from 2021).
-
Martiniere: Indicated resources of 0.68 Moz at
2.35 g/t Au (26% increase in ounces and 5% increase in Au grade
from 2021).
-
Detour-Fenelon Gold Trend Inferred resources of
2.35 Moz at 2.96 g/t Au (36% increase in ounces and 76% increase in
Au grade from 2021).
-
Fenelon: Inferred resources are 1.72 Moz at 2.89
g/t Au (17% increase in ounces and 84% increase in Au grade
from 2021).
-
Martiniere: Inferred resources of 0.63 Moz at 3.17
g/t Au (146% increase in ounces and 11% increase in Au grade from
2021).
- 57% of the
ounces of the Detour-Fenelon Gold Trend MRE are in the Indicated
category.
- MRE will form
the foundation for Wallbridge’s upcoming preliminary economic
assessment (“PEA”) of Fenelon, which is expected
to be completed in Q2 2023.
- Significant
expansion potential exists at Fenelon and Martiniere as both gold
deposits are open in multiple directions.
Table 1 – Detour-Fenelon Gold Trend 2023
MRE compared to the 2021 MRE
Mineral Resource Estimation
Methodology
The updated MRE for Fenelon is based on 1,350
recent and historic drill holes totaling approximately 537,000 m,
variably spaced from 20 to 200 m on the Gabbro,
Tabasco/Cayenne, Area 51 and Ripley/Reaper zones. This includes 917
drill holes totaling approximately 460,000 m drilled by Wallbridge
since 2016.
The updated MRE for Martiniere is based on 596
recent and historic drill holes totaling over 169,000 m, variably
spaced from 20 to 150 m on the Martiniere North, Martiniere West,
Martiniere Central, Bug Lake and Horsefly zones. A total of 54
holes drilled to date by Wallbridge since the acquisition of
Balmoral have been incorporated into the Martiniere MRE.
For both deposits, the geological,
litho-structural, and 3D modelling of the mineralized zones was
prepared in Leapfrog Geo and the MREs were prepared in Leapfrog
Edge using a sub-block model of 4m x 4m x 4m parent blocks. Gold
grades were calculated using the Inverse Distance squared
interpolation method using hard boundaries for both deposits.
The mineral resources are categorized as
Indicated and Inferred based on drill spacing, as well as
geological and grade continuity. For Fenelon, in the
Tabasco/Cayenne Zones, a maximum distance to the closest composite
of 35 m for Indicated and 70 m for Inferred while
25 m was used for Indicated and 50 m for Inferred in all
other zones. For Martiniere, maximum distance to the closest
composite was 35 m for Indicated and 70 m for
Inferred.
The reasonable prospect for an eventual
economical extraction is met by having used reasonable cut-off
grades both for a potential open pit and underground extraction
scenarios, a minimum width (2 m), and constraining volumes
(Deswik optimized shapes and Whittle optimized pit-shells). The
reasonable prospect for an eventual economical extraction will be
further evaluated in the upcoming PEA which is expected in Q2
2023.
Table 2 – Detour-Fenelon Gold Trend 2023
MRE (Economic Parameters)
Table 3 – Detour-Fenelon Gold Trend 2023
MRE (Results for the Fenelon deposit per zones)
Table 4 – Detour-Fenelon Gold Trend 2023
MRE (Results for the Martiniere deposit per zones)
Notes:
- The independent and qualified
persons for the current Detour-Fenelon Gold Trend 2023 MRE are Carl
Pelletier, P.Geo.,Vincent Nadeau-Benoit, P.Geo., Simon Boudreau,
P.Eng. and Marc R, Beauvais, P.Eng., of InnovExplo Inc. The
Detour-Fenelon Gold Trend 2023 MRE follows 2014 CIM Definition
Standards and 2019 CIM MRMR Best Practice Guidelines. The effective
date of the Detour-Fenelon Gold Trend 2023 MRE is January 13,
2023.
- These mineral resources are not
mineral reserves as they do not have demonstrated economic
viability.
- The QPs are not aware of any known
environmental, permitting, legal, title-related, taxation,
sociopolitical or marketing issues, or any other relevant issue,
that could materially affect the potential development of mineral
resources other than those discussed in the Detour-Fenelon Gold
Trend 2023 MRE.
- For Fenelon, 112 high-grade zones
and seven (7) low-grade envelopes were modelled in 3D to the true
thickness of the mineralization. Supported by measurements, a
density value of 2.80 g/cm3 was applied to the blocks inside
the high-grade zones, and 2.81 g/cm3 was applied to the blocks
inside the low-grade envelopes. High-grade capping was done on raw
assay data and established on a per-zone basis and ranges between
25 g/t and 100 g/t Au for the high-grade zones (except for the
high-grade zones Chipotle and Cayenne 3 a high-grade capping values
of 330 g/t Au was applied) and ranges between 4 g/t and
10 g/t Au for the low-grade envelopes. Composites (1.0 m) were
calculated within the zones and envelopes using the grade of the
adjacent material when assayed or a value of zero when not assayed.
A minimum mining width of 2 metres was used for underground stope
optimization.
- For Martiniere, 75 high-grade zones
and nine (9) low-grade envelopes were modelled in 3D to the true
thickness of the mineralization. Supported by measurements, a
density value of 2.83 g/cm3 was applied to the blocks inside
the high-grade zones (except for the high-grade zones associated
with massive sulfide intersections where a value of 3.00 g/cm3
was applied), and 2.81 g/cm3 was applied to the blocks inside
the low-grade envelopes. High-grade capping was done on raw assay
data and established on a per-zone basis and ranges between
25 g/t and 100 g/t Au for the high-grade zones
and ranges between 1 g/t and 6 g/t Au for the
low-grade envelopes. Composites (1.0 m) were calculated within
the zones and envelopes using the grade of the adjacent material
when assayed or a value of zero when not assayed. A minimum mining
width of 2 metres was used for underground stope optimization.
- The criterion of reasonable
prospects for eventual economic extraction has been met by having
constraining volumes applied to any blocks (potential surface and
underground extraction scenario) using Whittle and DSO and by the
application of cut-off grades. The cut-off grade for the Fenelon
deposit was calculated using a gold price of US$1,600 per ounce; a
CA/US exchange rate of 1.30; a refining cost of $5.00/t; a
processing cost of $18.15/t; a mining cost of $5.50/t (bedrock) or
$2.15/t (overburden) for the surface portion, a mining cost of
$65.00/t for the underground portion and a G&A cost of $9.20/t.
Values of metallurgical recovery of 95.0% and royalty of 4.0% were
applied during the cut-off grade calculation. The cut-off grade for
the Martiniere deposit was calculated using a gold price of
US$1,600 per ounce; a CA/US exchange rate of 1.30; a refining cost
of $5.00/t; a processing cost of $18.15/t; a mining cost of $4.55/t
(bedrock) or $2.15/t (overburden) for the surface portion, a mining
cost of $118.80/t for the underground portion using the long-hole
mining method (LH), a mining cost of $130.70/t for the underground
portion using the cut and fill mining method (C & F), a G&A
cost of $9.20/t and a transport to process cost of $6.50/t. Values
of metallurgical recovery of 96.0% and royalty of 2.0% were applied
during the cut-off grade calculation. The cut-off grades should be
re-evaluated in light of future prevailing market conditions (metal
prices, exchange rate, mining cost, etc.).
- Results are presented in-situ.
Ounce (troy) = metric tons x grade/31.10348. The number of tonnes
and ounces was rounded to the nearest thousand. Any discrepancies
in the totals are due to rounding effects; rounding followed the
recommendations as per NI 43-101.
Table 5 – Gold price sensitivity
analysis for the Detour-Fenelon Gold Trend 2023 MRE (Fenelon
Deposit)
Table 6 – Gold price sensitivity
analysis for the Detour-Fenelon Gold Trend 2023 MRE (Martiniere
Deposit)
The tables above illustrate the sensitivity of
each MRE to different gold prices for a potential open-pit and
underground operation scenario with reasonable outlook for economic
extraction. The reader is cautioned that the figures provided in
these tables should not be interpreted as a statement of mineral
resources. Quantities and estimated grades for different cut-off
grades are presented for the sole purpose of demonstrating the
sensitivity of the resource model to the choice of a specific
cut-off grade.
Figure 1. Wallbridge’s Detour-Fenelon
Gold Trend land package
Figure 2. Fenelon Gold, Plan View, 2023
MRE vs. 2021 MRE
Figure 3. Fenelon Gold, Longitudinal
Section, 2023 MRE vs. 2021 MRE
Figure 4. Martiniere Gold, Plan View,
2023 MRE vs. 2021 MRE
Figure 5. Martiniere Gold, Longitudinal
Section, 2023 MRE vs. 2021 MRE
Qualified Persons
The independent qualified persons responsible
for the MREs of the Fenelon and Martiniere projects, as defined in
NI 43-101, are Mr. Carl Pelletier, P. Geo., Mr. Vincent
Nadeau-Benoit, P. Geo., Mr. Simon Boudreau, P.Eng. and Mr. Marc R.
Beauvais, P.Eng. of InnovExplo Inc. Mrs. Pelletier, Nadeau-Benoit,
Boudreau and Beauvais have read and approved the scientific and
technical information relating to the MREs contained in this press
release.
The scientific and technical information of the
Company and of the Fenelon and Martiniere projects included in this
news release have been reviewed and approved by Francois Chabot,
Eng, Technical Studies Manager of Wallbridge and a Qualified Person
as defined by NI 43-101.
NI 43-101 Technical Report
A technical report, which is being prepared in
accordance with National Instrument 43-101 (“NI
43-101”), will be available on SEDAR (www.sedar.com) under
the Company’s issuer profile within 45 days. The effective date of
the current MRE is January 13, 2023.
Webcast
Wallbridge will host a webcast on Wednesday,
January 18, 2023, at 10:00 am (Eastern Time). Marz Kord, President
and Chief Executive Officer; Attila Péntek, Vice-President
Exploration; and other members of the leadership team will provide
an in-depth review of the MREs and be available to answer
questions. Management’s presentation for the webcast will be
available on the Company’s website at www.wallbridgemining.com.
To participate in the webcast please register at
https://us06web.zoom.us/webinar/register/WN_n3F2-knpRYaZwJXRpt856g
About Wallbridge Mining
Wallbridge is focused on creating value through
the exploration 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 Quebec’s Northern Abitibi region. An
updated mineral resource estimate completed in January 2023 yielded
significantly improved grades and additional ounces at the
100%-owned Fenelon and Martiniere properties, incorporating a
combined 3.05 million ounces of Indicated gold resources and 2.35
million ounces of Inferred gold resources. Fenelon and Martiniere
are located within an approximate 830 km2 exploration land package
controlled by Wallbridge. The Company believes that these two
deposits have good potential for economic development, especially
given their proximity to existing hydro-electric power and
transportation infrastructure. In addition, Wallbridge believes
that the extensive land package is extremely prospective for the
discovery of additional gold deposits.
Wallbridge also holds a 19.9% interest in the
common shares of Archer Exploration Corp.
(“Archer”). Archer holds a portfolio of nickel
assets in Ontario and Quebec.
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,
MBACapital Markets 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 potential future performance of Archer
common shares, 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 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:
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