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Wallbridge Mining Company Ltd
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Wallbridge drills 7.02 m of 237.81 g/t Au at Fenelon

2017-11-09 09:10 ET - News Release

Mr. Joshua Bailey reports


Wallbridge Mining Company Ltd. has released initial assay results from its third round of exploration drilling on the 100-per-cent-owned Fenelon gold property in Quebec. Results are reported for an initial three drill holes (FA-17-25, FA-17-26, and FA-17-27). Results for another six holes are pending. Mineralization remains open along strike and to depth and follow-up drilling is planned as part of the pending bulk sample for which permits are expected this year.


Drill-hole FA-17-26 intersected two significant mineralized intervals including 237.81 grams per tonne gold over 7.02 metres from 139.83 metres downhole within the Viper zone, stepping-out below the previous FA-17-07 and FA-17-17 intersections.

Drill-hole FA-17-27 intersected 122.25 g/t gold over 4.73 metres from 130.12 metres downhole within the Habanero zone with a higher-grade sub-interval of 362.83 g/t gold over 1.54 metres.

FA-17-25 intersected two significant mineralized intervals including 4.20 g/t gold over 9.29 metres from 118.04 metres downhole with a higher-grade sub-interval of 7.83 g/t gold over 4.58 metres.

To date, 33 exploration drill holes totaling 6,348 metres have been completed at Fenelon in 2017. The current drilling followed up previous 2017 Wallbridge drilling on the west extension target where drill hole FA-17-07 intersected three mineralized zones including 141.16 g/t gold over 7.06 metres in the Viper zone (see Wallbridge press release dated April 18, 2017) and FA-17-17 intersecting four mineralized zones including 311.08 g/t gold over 3.06 metres, also in the Viper zone (see Wallbridge press release dated Sept. 5, 2017).

"We continue to be pleasantly surprised by the drill results from Fenelon," stated Marz Kord, president and chief executive officer of Wallbridge. "We knew when we purchased the property that there was room to expand the resource, but to get holes grading in excess of 100 grams over mineable widths in each of our first three programs is truly remarkable. To date our drilling has been limited to targets at shallow depth near the existing ramp and we are really just scratching the near surface potential.

We have applied for permits for an underground bulk sample which we hope to receive shortly. This will allow us to dewater the existing ramp and extend development down to 5,150-level (100 metres from surface), from which point we can assess the nature of the high-grade mineralization by extracting around 35,000 tonnes of ore. This development will also provide a platform from which to drill the extensions of the deposit to depth, as well as to evaluate a number of other targets that offer the potential for existence of new high-grade zones.

These current results provide evidence that the Fenelon gold property hosts additional high-grade mineralization. Due to their proximity to the existing development, we believe that with additional drilling we will be able to convert these into resources and ultimately reserves. Our immediate focus is the completion of the bulk sample in 2018 as well as increasing the mineral resources and reserves by exploring extensions of the known deposit and testing other targets on the property."

Table 1. Fenelon exploration drilling assay results.
Drill Hole      From       To     From       To   Length     * AuAu Capped*   *VG***      Zone
                 (m)      (m)      (m)      (m)      (m)    (g/t)    (g/t)
FA-17-25       32.06    32.65                       0.59     8.10     8.10       VG    Cayenne
              118.04   127.33                       9.29     4.20     4.20       VG   Habanero
             Including...       122.75   127.33     4.58     7.83     7.83       VG   Habanero
              151.26   154.57                       3.31     0.41     0.41               Viper
FA-17-26       16.10    22.12                       2.47     1.23     1.23            New Zone
             Including...        16.10    16.57     0.47     4.87     4.87            New Zone
              139.83   146.85                       7.02   237.81    72.65       VG      Viper
FA-17-27      130.12   134.85                       4.73   122.25    22.46       VG   Habanero
FA-17-27     Includi    ng...   130.56   132.10     1.54   362.83    56.34       VG   Habanero

FA-17-28    Visible gold identified, assays results pending                   
FA-17-29    Assays results pending                                            
FA-17-30    Visible gold identified, assays results pending                   
FA-17-31    Assays results pending                                            
FA-17-32    Visible gold identified, assays results pending                   
FA-17-33    Assays results pending  
*Drill core length. The true width is 66-78 % of the drill core length.      
**Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.
***Intervals containing visible gold ("VG").                                 


Wallbridge acquired Fenelon in October, 2016, and released positive results from a prefeasibility study earlier this year (see Wallbridge press release dated March 6, 2017). In addition to continuing exploration to expand the resource, Wallbridge received a certificate of non-liability from the Government of Quebec for the dewatering of the pit and ramp and a 35,000-tonne bulk sample and has submitted an application for a certificate of authorization from the regional authority responsible for issuing permits. The underground bulk sample at Fenelon is expected to commence before the end of 2017.

Drill core samples from the recent drill programs at Fenelon were cut and bagged on site and transported to ALS Chemex. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at ALS Chemex laboratories. Samples are crushed to 90 per cent less than two millimetres. A one kilogram riffle split is pulverized to greater than 95 per cent passing 106 microns. 50-gram samples are analyzed by fire assay and AAS. For samples greater than 100 g/t Au, 50 grams is automatically analyzed by fire assay with gravimetric finish which are reported as final assays. To test for coarse free gold and for additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples greater than 10 g/t Au or containing visible gold. These and future assay results may vary from time to time due to reanalysis for quality assurance and quality control.

The qualified person responsible for the technical content of this press release is Dr. Attila Pentek, PGeo, PhD, senior geologist for Wallbridge Mining. Dr. Pentek has prepared, supervised and approved the scientific and technical disclosures in this press release.

About Wallbridge Mining Company Ltd.

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently preparing to develop its 100-per-cent-owned high-grade Fenelon gold property in Quebec with continuing exploration and a bulk sample targeted to start in 2017. Wallbridge is also continuing partner-financed exploration on its large portfolio of nickel, copper and platinum group metal projects in Sudbury, Ont., with a focus on its high-grade Parkin project.

Wallbridge also has exposure to active exploration for copper and gold in Jamaica and British Columbia through its 12.7-per-cent ownership of Carube Copper Corp.

We seek Safe Harbor.

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