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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 374,622,236
Close 2018-12-14 C$ 0.16
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Wallbridge completes drill program at Beschefer

2018-12-17 08:28 ET - News Release

Mr. Attila Pentek reports

WALLBRIDGE COMPLETES SUCCESSFUL INITIAL DRILL PROGRAM AT BESCHEFER

Wallbridge Mining Company Ltd. has completed a successful initial drill program designed to test the continuity of two high-grade shoots within the B-14 shear zone at its recently optioned Beschefer property.

Highlights:

  • Five drill holes totalling approximately 1,600 metres were completed in less than three weeks.
  • All five drill holes intersected the mineralized B-14 shear zone where expected, proving excellent geological continuity of this gold-bearing structure.
  • The mineralized intersection in the deepest drill hole of the program, BE18-052, represents a 40-metre down-plunge stepout from the previous highlight intersection of 55.63 grams per tonne gold over 5.57 metres in BE13-038.
  • A more substantial exploration program and delivery of a maiden resource estimate are planned for 2019.

Mineralization typical of gold-bearing portions of the shear zone was intersected in all five holes at the expected depths demonstrating the continuity of the mineralized system within the two high-grade shoots. Previous wide-spaced drilling (75 to 100 m) was filled in by four holes (BE18-048 to -051) resulting in 25 to 45 m spacing. The mineralized shear zone interval intersected in BE18-052, approximately 40 metres down plunge from the last historic high-grade intersection in this eastern shoot, indicates that gold mineralization remains open down plunge. Assay results are pending and will be released when available.

"Our initial drill program at Beschefer has successfully achieved all of its objectives and has proven the exceptional potential of this project. The first four drill holes demonstrated the remarkable continuity and predictability of the gold-bearing B-14 structure, whereas our last hole of the program provided a further 40-metre down-plunge stepout indicating the potential to expand the high-grade gold mineralization," stated Attila Pentek, vice-president, exploration, of Wallbridge. "We are very keen to accelerate resource drilling and exploration on this project with an aim to publish a maiden resource estimate in 2019."

About the Beschefer project

The Beschefer project covers 647 hectares and is located in the Northern Abitibi greenstone belt, 14 kilometres east of the past-producing polymetallic Selbaie mine, 45 km northeast of the Casa Berardi mine and 28 km from Wallbridge's Fenelon gold property. Historically, the area has mainly been explored for volcanogenic massive sulphide deposits similar to the Matagami camp and the Selbaie mine.

Gold mineralization was discovered in the B-14 zone in 1995 by Billiton Canada Inc. and the property has seen very limited exploration before the involvement by Excellon in 2011, which completed approximately 17,000 metres of drilling up to 2013. Excellon's programs produced very positive results, extending the B-14 mineralization down to almost 600 metres vertical depth, discovering the upper shear zone and intersecting the highest-grade intersections on the property, including 55.63 grams per tonne Au over 5.57 metres and 13.07 g/t gold over 8.75 metres. Excellon's primary focus is on production and exploration at its Platosa mine and Miguel Auza property in Mexico. There has been no exploration at Beschefer since 2013.

Wallbridge entered into an option agreement to acquire 100 per cent of Beschefer as part of its strategy of building a gold production pipeline in the emerging Sunday Lake-Selbaie belt (see Wallbridge press release dated Oct. 17, 2018).

                 BESCHEFER PROJECT HISTORIC ASSAY HIGHLIGHTS  
                 
Drill hole           From          To      Length     True width          Au
                      (m)         (m)         (m)            (m)       (g/t)

BE13-038           323.36      328.93        5.57           5.41       55.63
BE12-014           220.75      229.50        8.75           7.80       13.07
including          228.00      229.50        1.50           1.34       58.50
B14-35             204.00      212.00        8.00           7.28       10.28
including          204.40      205.00        0.60           0.55       86.74
BE11-003           179.42      183.20        3.78           3.69       12.40
B14-6              156.10      184.10       28.40          28.22        3.56
including          178.60      184.10        5.50           5.47        7.42
BE13-042           454.93      463.65        8.72           8.00        5.16
including          459.37      459.67        0.30           0.28        91.4
BE13-043           117.61      120.10        2.49           2.30        6.65
SBJ-06-01          201.80      211.80       10.00           9.03        4.46
BE12-006           114.95      122.75        7.80           6.89        4.54
BE12-030           362.94      369.00        6.06           5.98        3.56
B14-43             187.30      187.80        0.50           0.50       29.71
B14-4              159.90      160.70        0.80           0.79       16.94
BE11-001           185.46      194.84        9.38           9.24        3.01
BE13-045           559.20      570.30       11.10           9.40        3.03
including          564.30      570.30        6.00           5.08        4.25
 

The qualified persons responsible for the technical content of this press release are Marz Kord, PEng, MSc, MBA, president and chief executive officer, and Dr. Attila Pentek, PGeo, PhD, vice-president, exploration, for Wallbridge Mining.

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 developing its 100-per-cent-owned high-grade Fenelon gold property in Quebec with continuing exploration and a bulk sample in 2018. Wallbridge is also pursuing other additional advanced-stage projects which would add to the company's near-term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October, 2015.

We seek Safe Harbor.

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