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Wallbridge Mining Company Ltd
Symbol C : WM
Shares Issued 445,353,874
Close 2019-06-24 C$ 0.335
Recent Sedar Documents

Wallbridge drills 20.72 m of 3.93 g/t Au at Fenelon

2019-06-24 10:27 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE EXPLORATION DRILLING INTERSECTS 3.93 G/T GOLD OVER 20.72 METRES, INCLUDING 55.95 G/T GOLD OVER 1.24 METRES AT FENELON GOLD PROPERTY

Wallbridge Mining Company Ltd.'s surface and underground exploration drilling continues to intersect significant, high-grade, visible-gold-bearing zones within broad mineralized intervals at its 100-per-cent-owned Fenelon gold property. The results released here significantly advance the 2019 exploration goal of expanding the known footprint and demonstrating the large size potential of the Fenelon gold system (see Wallbridge press release dated June 24, 2019).

Highlights:

  • Since the last press release (see Wallbridge press release dated May 21, 2019), assay results of four exploration drill holes were received, with highlights as follows:
    • 19-0925-005A:
      • 3.93 grams per tonne gold over 20.72 metres, including 55.95 grams per tonne gold over 1.24 metres in the Tabasco corridor.
    • FA-19-054:
      • 3.61 grams per tonne gold over 18.96 metres, including 9.31 grams per tonne gold over 2.83 metres and 6.19 grams per tonne gold over 2.59 metres in the Tabasco corridor. This intersection is hosted in the sedimentary package between the Jeremie pluton and the main gabbro, where such wide mineralized shear zones have not been encountered before. Further sampling is now under way around this intersection to fully define the extent of this new mineralized environment.
      • Farther up hole, broad stockwork mineralization was intersected in the Jeremie pluton (Area 51 corridor), grading 0.31 gram per tonne gold over 114.18 metres.
    • FA-19-059:
      • 3.28 grams per tonne gold over 17.6 metres (including 7.74 grams per tonne gold over 1.85 metres and 72.35 grams per tonne gold over 0.43 metre) included within broad stockwork mineralization grading 1.02 grams per tonne gold over 78.32 metres within the Area 51 corridor.
      • Further assay results (including one interval with visible gold) are pending within Area 51. Therefore, the long interval reported above might be updated in the future.
      • The company drilled 7.32 grams per tonne gold over 7.63 metres, including 41.82 grams per tonne gold over 0.6 metre in the Tabasco corridor.
      • Further assay results are pending for a visible-gold-bearing intersection farther down hole (hosted in the main gabbro).
  • FA-19-065 intersected Area 51-style stockwork gold mineralization within and adjacent to the Jeremie pluton over almost the entire 960-metre core length, with five occurrences of visible gold noted. Assay results are pending.
  • FA-19-067 intersected stockwork gold mineralization within the Jeremie pluton over approximately 400 metres of core length, with seven occurrences of visible gold observed. Drilling of this hole is still under way and assay results are pending.
  • FA-19-052's high-grade intersection was recalculated to 6.71 grams per tonne gold over 27.35 metres (from 15.93 grams per tonne gold over 11.22 metres) within the previously reported intersection of 2.81 grams per tonne gold over 98.91 metres in the Area 51 corridor.
  • With very little drilling, Wallbridge has confirmed the existence of significant gold mineralization in the newly discovered Area 51 corridor over 900 metres of a potential 2.5-kilometre strike length. The 100-metre-to-200-metre stepouts provide an understanding of the geology, the continuity of the mineralized system and an indication of the structural controls. Tighter-spaced drilling will be conducted in subsequent phases of the exploration program to develop the mineral resources.
  • Even though the gold mineralization in Area 51 exhibits important differences (host rock, mineralogy, mineralization style and structural control) when compared with the previously known shear zones in the main gabbro area, drilling indicates that these zones and host environments are connected and all form part of the large Fenelon gold system.

"The widely spaced exploration drilling has been very successful in discovering high-grade shear zones, like the ones grading 72.35 grams per tonne gold over 0.43 metres and 55.95 grams per tonne gold over 1.24 metres in this release, surrounded by extensive low-grade mineralization. Together, they form tens of metres of wide mineralized zones grading in the range of 3.0 to 4.0 grams per tonne gold, which, in the future, could be mined using underground bulk mining methods," commented Marz Kord, president and chief executive officer of Wallbridge. "Our overall approach to drilling many of these exploration holes has been very efficient, often resulting in multiple ore-grade intersections, such as in FA-19-059."

"An unexpected surprise was the intersection of 3.61 grams per tonne gold over 18.96 metres in hole FA-19-054, within a mineralized shear zone cutting through sediments at a vertical depth of 450 metres. Such significant mineralization has previously not been observed to be hosted by the sedimentary package at Fenelon, highlighting the fact that we now have multiple mineralization styles and host lithologies within the rapidly growing footprint of the Fenelon gold system," commented Attila Pentek, vice-president, exploration, of Wallbridge. "Our drilling has now identified a new, east-northeast-west-southwest structural trend, as shown in figure 1, which is an important structural control on our high-grade mineralization."

Assay results are reported herein for three surface drill holes (FA-19-054, FA-19-055 and FA-19-059) and one underground drill hole (19-0925-005A) from the 2019 exploration drill program. Since the last press release (see Wallbridge press release dated May 21, 2019), over 13,000 metres have been drilled as part of the exploration drill program, and assay results are pending for 15 surface drill holes and four underground holes, including eight with visible gold. Three rigs (two surface and one underground) are currently active on exploration drilling, doing large-spaced stepouts to define the footprint of the Fenelon gold system. Further, approximately 7,500 metres have been drilled as part of the 2019 resource drill program, and these results will be announced in separate press releases from the exploration results.

A summary of the new drill hole results from the continuing 2019 exploration drill program is provided in the attached tables.

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. Secondary splays of the SLDZ transect the property over two-to-four-kilometre strike lengths and have controlled the emplacement of a significant gold system along the Jeremie pluton and within a mafic-ultramafic sill that is referred to as the main gabbro.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive prefeasibility study on the resource that existed in the main gabbro prior to any drilling by the company. Wallbridge undertook successful surface exploration drilling campaigns in 2017, 2018 and 2019, and has recently completed an underground 35,000-tonne bulk sample at Fenelon. Drilling to date has: significantly extended existing zones; located additional parallel zones; and discovered a new gold system associated to the Jeremie pluton, which is referred to as Area 51.

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 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 atomic absorption spectroscopy. 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, 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 Dr. Attila Pentek, PGeo, PhD, vice-president of exploration.

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 recently completed 35,000-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the company's near-term project pipeline. Wallbridge is also continuing partner-financed exploration on its large portfolio of nickel, copper and platinum group metals projects in Sudbury, Ont., with a focus on its high-grade Parkin project.

We seek Safe Harbor.

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