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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 390,866,736
Close 2019-04-22 C$ 0.395
Recent Sedar Documents

Wallbridge drills 98.91 m of 2.81 g/t Au at Fenelon

2019-04-23 08:46 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE ASSAYS 2.81 G/T GOLD OVER 98.91 METRES INCLUDING 15.93 G/T GOLD OVER 11.22 METRES CONFIRMING SIGNIFICANCE OF AREA 51 ZONE DISCOVERY

Wallbridge Mining Company Ltd.'s hole FA-19-052 has assayed 2.81 grams per tonne gold over 98.91 metres confirming the significance of the newly discovered Area 51 zone at its 100-per-cent-owned Fenelon gold property. In addition, the company announced intercepts from the Fenelon Main zone including 22.54 g/t gold over 7.95 metres (5.58-metre true width).

Highlights

Area 51 zone

  • 2.81 g/t gold over 98.91 metres in FA-19-052 within Area 51 zone, within a broad mineralized interval of more than 200 metres;
  • Higher-grade subintervals within the 98.9 metres include:
    • 15.93 g/t gold over 11.22 metres, including 34.59 g/t gold over 1.07 metres and 62.68 g/t gold over 2.25 metres;
    • 8.71 g/t gold over 6.24 metres;
    • 4.57 g/t gold over 2.60 metres;
    • 5.63 g/t gold over 2.36 metres;
  • Visible gold was observed to be present in all holes testing Area 51 zone to date;
  • Approximately 400 metres of strike length within Area 51 have now been tested to greater-than-500-metre vertical depth;
  • Two more drills have now been added for a total of two surface and two underground drill rigs.

Fenelon Main zone

Significant mineralization was also encountered within the main Gabbro (Fenelon Main zone):

  • 22.54 g/t gold over 7.95 metres, including 42.29 g/t gold over 4.02 metres;
  • 7.85 g/t gold over 4.65 metres.

"These assays confirm that Area 51 zone is a target that dramatically increases the potential of the gold system at Fenelon," said Marz Kord, president and chief executive officer of Wallbridge. "We have now tested approximately 400 metres along the strike of this potential 2.5-kilometre structure and each of the holes drilled to date has intersected broad zones of mineralization with occasional visible gold. We have added two more drills and will continue to test the Area 51 zone along strike, the Fenelon Main zone to depth and other targets on the Fenelon gold property."

The Area 51 zone was discovered by the last hole of the 2018 program (FA-18-051), approximately 300 m west of the Fenelon Main zone.

"Since completing our highly successful drill hole FA-19-052, which is the subject of this press release, we have extended two holes drilled last year and drilled two additional holes through Area 51," explained Attila Pentek, vice-president of exploration. "All four holes intersected significant gold mineralization along 400 m strike length of Area 51. We continue to intersect broad gold mineralization hosted within various porphyritic and gabbroic rock types with visible gold-bearing shear zones. These characteristics confirm the significant size potential of this newly discovered mineralized corridor. These results warrant very aggressive step-out drilling up-dip, down-dip and along strike to test the size of this system."

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

  
       WALLBRIDGE FENELON GOLD PROPERTY 2018/2019 DRILL ASSAY HIGHLIGHTS (1)                 
                                                                               Au
Drill hole          From         To       Length    True width        Au   capped (2) 
                      (m)        (m)          (m)           (m)     (g/t)    (g/t)     VG (3)

FA-18-035          35.22      36.26         1.04          0.66      1.08     1.08
FA-18-041         171.00     171.73         0.73            NA      2.26     2.26
18-5175-011        49.73      50.40         0.67          0.36      2.13     2.13
18-5175-011        91.35      96.00         4.65          2.56      7.85     7.85
19-1035-003       110.15     110.68         0.53          0.48      1.04     1.04
19-5150-001       174.40     175.05         0.65          0.23      3.27     3.27
19-5150-002        66.00      68.60         2.60          1.36      2.03     2.03
19-5150-004        38.73      46.68         7.95          5.58     22.54    22.54
Incl.              38.73      42.75         4.02          2.81     42.29    42.29      VG
19-5150-005        No assay results greater than 1 g/t Au
19-5150-006        81.30      83.58         2.28          0.68      1.28     1.28
19-5150-006       231.30     232.32         1.02          0.36      1.06     1.06
19-5150-008        No assay results greater than 1 g/t Au
19-5150-009        48.47      49.08         0.61          0.34      3.52     3.52
19-5150-009        58.21      59.60         1.39          0.78      2.34     2.34
FA-18-051         633.00     634.44         1.44            NA      5.92     5.92
FA-18-051         647.14     648.00         0.86            NA      5.22     5.22
FA-19-052         118.30     123.60         5.30            NA      1.00     1.00
FA-19-052         303.24     304.00         0.76            NA      1.23     1.23
FA-19-052         334.08     335.00         0.92            NA      2.00     2.00
FA-19-052         362.50     363.36         0.86            NA      1.06     1.06
FA-19-052         368.20     368.95         0.75            NA      1.47     1.47
FA-19-052         392.50     397.07         4.57            NA      5.14     5.14      VG
FA-19-052         442.02     442.49         0.47            NA      5.32     5.32
FA-19-052         450.31     451.18         0.87            NA      8.92     8.92
FA-19-052         477.56     576.47        98.91            NA      2.81     2.81
Incl.             477.56     479.00         1.44            NA      5.15     5.15
Incl.             482.90     485.50         2.60            NA      4.57     4.57      VG
Incl.             493.76     500.00         6.24            NA      8.71     8.71      VG
Incl.             516.34     518.70         2.36            NA      5.63     5.63      VG
Incl.             532.46     533.96         1.50            NA      1.50     1.50
Incl.             565.25     576.47        11.22            NA     15.93    15.93
Incl.             567.93     569.00         1.07            NA     34.59    34.59      VG
Incl.             574.22     576.47         2.25            NA     62.68    62.68      VG
FA-19-052         588.97     590.30         1.33            NA      2.64     2.64

Holes starting with FA represent surface exploration program.

(1) Table includes only highlight assay results since the latest press release. Earlier 
    highlight intersections of the 2018 program can be found on the company website.

(2) Au capped at 140 g/t following InnovExplo's 2016 mineral resource estimate.

(3) Intervals containing visible gold (VG).

(4) Currently not enough information available to estimate true width.


  

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 pre-feasibility 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 Inc. 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 over 10 g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and 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 Attila Pentek, PGeo, PhD, vice-president of 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 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.

We seek Safe Harbor.

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