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Wallbridge Mining company Ltd
Symbol C : WM
Shares Issued 390,366,736
Close 2019-03-25 C$ 0.305
Recent Sedar Documents

Wallbridge drills 6.22 m of 3.38 g/t Au at Fenelon

2019-03-25 10:20 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE INTERSECTS MULTIPLE STRUCTURES WITH GOLD MINERALIZATION IN NEW AREA 51 DISCOVERY AND EXTENDS THE MAIN ZONE TO 650 METRE DEPTH AT FENELON GOLD PROPERTY

The first hole of Wallbridge Mining Company Ltd.'s 2019 surface drill program has intersected multiple visible gold-bearing shear zones and other abundant mineralized veins over an approximate 275-metre core length. These multiple structures and gold occurrences confirm the recently announced Area 51 discovery (see Wallbridge press release dated Feb. 21, 2019) as a target of significant size, which increases the ultimate size potential of the gold system at its 100-per-cent-owned Fenelon gold property. Assay results are pending and will be reported when received. In addition, Wallbridge continues to achieve positive results from the underground drill program targeting the extensions of the other known zones at Fenelon.

Highlights:

  • Six intersections of visible gold were observed in the first hole of the 2019 surface drilling program (FA-19-052) within Area 51, confirming the significance of this previously unknown mineralized corridor located approximately 300 metres west of the bulk sample area that was discovered by the last hole of the 2018 program (FA-18-051).
  • The Area 51 gold system appears to have formed along the regional contact of a thus-far-unknown southern extension of the Jeremie pluton. Geophysical data indicate that this northwest-southeast-trending contact may extend over 2.5 kilometres on the property, representing one of the main targets for the 2019 exploration drill program.
  • The Area 51 and Tabasco mineralized corridors now extend down to 500 metres of vertical depth.
  • The main gabbroic sill and mineralized zones hosted within have now been extended down to 650 metres of vertical depth. Chalcopyrite in silicified shear zones indicates the presence of the gold-bearing system.
  • Since the last press release (see Wallbridge press release dated Feb. 21, 2019), highlights of assay results received from the exploration and resource expansion drill programs at Fenelon are as follows:
    • Surface drilling:
      • FA-18-051 -- In addition to previously reported assay results, infill sampling has now resulted in outlining additional mineralized zones within the newly discovered Area 51 gold system, including 5.16 grams per tonne gold over 3.4 metres and one gram per tonne gold over 5.65 metres.
    • Underground drilling:
      • 18-5175-006 -- 5.74 grams per tonne gold over 2.32 metres in the Naga Viper zone;
      • 18-5175-013 -- 3.38 grams per tonne gold over 6.22 metres, including 5.05 grams per tonne gold over 3.66 metres, in the Naga Viper zone;
      • 19-5150-002 -- 5.41 grams per tonne gold over 3.77 metres, including 12.61 grams per tonne gold over 1.28 metres, in the Naga Viper zone;
  • The 2019 drill program began in late February with one surface and one underground drill rig. An additional two drill rigs are being added in April to achieve the 50,000 metres to 75,000 metres of drilling planned for this year.
  • Visible gold was observed to be present in five of 12 underground holes and the one surface hole (FA-19-052) drilled in 2019 to date.
  • The balance of assay results from the 2018 drill program, as well as from the 2019 underground and surface drill programs, including hole FA-19-052, is currently pending.

"The goal of our 2019 program of 50,000 to 75,000 metres combined underground and surface drilling was designed to prove up substantial additional underground gold resources at Fenelon in preparation for an updated 43-101 [National Instrument 43-101] resource estimate," commented Marz Kord, president and chief executive officer of Wallbridge. "The Area 51 mineralized corridor is an exciting discovery that confirms the significant potential to expand the mineralized system at Fenelon. While underground drilling continues to expand resources to depth, surface drilling will test Area 51 as well as other targets property wide."

"Area 51 has proven to be a very significant mineralized corridor. The remarkable endowment of this gold-bearing system was indicated by numerous higher-grade shear zones within a low-grade gold halo over approximately 200 metres core length in hole FA-18-051. The visible gold-bearing shear zones and other abundant mineralized veins over an approximately 275-metre core length in FA-19-052 increases our confidence in the potential of this discovery," commented Attila Pentek, vice-president of exploration at Wallbridge. "Surface drilling in Area 51 will initially aim for 50-to-100-metre stepouts on the known gold mineralization to test our concept of a continuous, kilometre-scale, gold-bearing structure."

The 2019 underground resource drilling, designed to extend the known zones below the 2018/2019 bulk sample development to 350 metres of depth, is being carried out from the recently established, 230-metre-long exploration drift on the 5130 level (approximately 125 metres of depth).

An Orevision surface induced polarization survey to test the 600-metre strike length of the gold-hosting mineralized environment northwest of the main deposit was completed by Abitibi Geophysics Inc. in February. The results of this study are being incorporated with existing geophysical data into a coherent 3-D model, which will be used to guide geologic modelling and drill targeting.

A summary of the new drill hole results from the continuing 2018/2019 underground and surface drill programs is provided in the attached table.

           WALLBRIDGE FENELON GOLD PROPERTY 2018/2019 DRILL ASSAY HIGHLIGHTS 
                       
Drill hole        From       To     Length     True width       Au    Au capped        VG     
                    (m)      (m)        (m)            (m)    (g/t)        (g/t)         

18-5175-006      51.56    56.05       4.49           3.16     2.15         2.15        VG       
18-5175-006      75.41    77.73       2.32           1.62     5.74         5.74        VG     
18-5175-007      91.68    95.76       4.08           2.17     1.39         1.39         -        
18-5175-012     113.67   122.65       8.98           4.17     1.79         1.79         -
18-5175-013      90.68    96.90       6.22           2.87     3.38         3.38         -
Including        90.68    94.34       3.66           1.69     5.05         5.05         -         
19-5150-002      55.88    59.65       3.77           1.95     5.41         5.41        VG       
Including            -        -       1.28           0.66    12.61        12.61        VG      
FA-18-042       194.05   195.00       0.95            N/A     1.37         1.37         -  
FA-18-046                     No assay results greater than 1 g/t Au                    -
FA-18-047                     No assay results greater than 1 g/t Au                    -
FA-18-048                     No assay results greater than 1 g/t Au                    -
FA-18-049       112.25   112.55       0.30              -     2.02         2.02         -   
FA-18-050                     No assay results greater than 1 g/t Au                   
FA-18-051       555.00   555.40       0.40            N/A     1.13         1.13         -  
FA-18-051       593.50   596.90       3.40            N/A     5.16         5.16         - 
FA-18-051       620.10   625.75       5.65            N/A     1.00         1.00         -

Fenelon is located in northwestern Quebec, proximal to the Sunday Lake deformation zone (SLDZ), which hosts the Detour gold mine in Ontario, and Balmoral Resources' gold deposits at Martiniere. Fenelon hosts the Discovery zone gold deposit and surrounding four-kilometre strike length of a gold-hosting secondary splay of the SLDZ.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive prefeasibility study on the existing resource. Wallbridge has undertaken successful surface exploration drilling campaigns in 2017, 2018 and 2019, and has substantially completed an underground 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.

Drill core samples from the continuing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada 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. Fifty-gram samples are analyzed by fire assay and AAS. Samples greater than 10 grams per tonne gold are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold, as well as for 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 reanalysis for quality assurance and quality control.

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 of exploration at Wallbridge Mining.

About Wallbridge Mining Company Ltd.

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

Wallbridge Mining Company is currently developing its 100-per-cent-owned high-grade Fenelon gold property in Quebec with continuing exploration and a 35,000-tonne bulk sample. Wallbridge is also pursuing 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.

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