21:06:24 EST Fri 06 Dec 2019
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 445,353,874
Close 2019-07-09 C$ 0.415
Recent Sedar Documents

Wallbridge drills 11.04 m of 17.58 g/t Au at Fenelon

2019-07-09 09:38 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE INTERSECTS 17.58 G/T GOLD OVER 11.04 METRES AT 600 METRES DEPTH IN DEEP EXTENSION OF THE MAIN GABBRO AT FENELON

Wallbridge Mining Company Ltd.'s exploration drilling program has intersected high-grade gold mineralization within the Main Gabbro at approximately 600-metre vertical depth at its 100-per-cent-owned Fenelon gold property.

Furthermore, exploration drilling to the southwest continues to encounter strong mineralization within the Tabasco and Area 51 corridors over a 900-metre proven strike length. The results released herein significantly advance the 2019 exploration goal of expanding the known footprint and demonstrating the large-size potential of the Fenelon gold system (see Wallbridge's press release dated June 24, 2019).

Highlights

Since the last press release (see Wallbridge's press release dated June 24, 2019), assay results of six exploration drill holes were received with highlights as follows.

Main Gabbro zone:

  • FA-19-059: 17.58 grams per tonne gold over 11.04 metres, including 60.56 grams per tonne gold over 1.78 metres within the Main Gabbro.

"The intersection in FA-19-059 reported today is the deepest high-grade gold hit so far on the property and extends the known mineralization in the Main Gabbro to almost 600-metre vertical depth," stated Attila Pentek, vice-president, exploration, of Wallbridge. "Based on the currently available limited information, this intersection is modelled to correspond to the thickening of the Cayenne zone as it transitions from the sediments into the Main Gabbro. We are also very pleased by the consistent high quality of intersections in the deeper parts of the Tabasco zone, like those in FA-19-056, FA-19-059, FA-19-063 announced below and FA-19-054 released previously."

Tabasco zone:

  • FA-19-056: 2.71 grams per tonne gold over 11.59 metres, including 9.21 grams per tonne gold over 1.38 metres in the Tabasco zone;
  • FA-19-063: 5.75 grams per tonne gold over 10.94 metres, including 21.94 grams per tonne gold over 2.49 metres in the Tabasco zone.

Area 51 corridor:

  • FA-19-053: 10.47 grams per tonne gold over 2.99 metres, including 27.04 grams per tonne gold over 0.78 metre in Area 51;
  • FA-19-059: 3.24 grams per tonne gold over 7.18 metres, including 41.82 grams per tonne gold over 0.30 metre in Area 51;
  • 19-0925-007: 6.00 grams per tonne gold over 1.93 metres and 9.57 grams per tonne gold over 0.64 metre within 0.86 gram per tonne gold over 29.45 metres in Area 51, and 2.70 grams per tonne gold over 3.05 metres within 0.90 gram per tonne gold over 18.37 metres also in Area 51.

The intersections in FA-19-059 announced herein are in addition to the 3.28 grams per tonne gold over 17.60 metres in Area 51 and 7.32 grams per tonne gold over 7.63 metres in the Tabasco zone previously reported from the same hole in Wallbridge's press release dated June 24, 2019.

FA-19-067 intersected a visible gold-bearing zone near 550-metre vertical depth; this is in addition to the widespread gold mineralization with occurrences of visible gold released in the last press release (see Wallbridge's press release dated June 24, 2019). Assay results are pending. FA-19-070 intersected widespread gold mineralization within and adjacent the Jeremie pluton, with one occurrence of visible gold observed. Drilling of this hole is still under way and assay results are pending. Hole 19-1000-007 intersected two visible gold-bearing zones in Area 51. Assay results are pending.

"We are quite pleased with the growth of the gold mineralization not only in the Main Gabbro, but also in the Tabasco zone and in the Area 51 corridor," stated Marz Kord, president and chief executive officer of Wallbridge Mining. "We now see several large intersections of potentially economic mineralization over hundreds of metres of strike length within the Tabasco-Area 51 corridor as evident from results in holes 19-053, 19-056, 19-059, and 19-063 and 19-0925-007. The intersection in FA-19-053 is over 200 metres from the nearest drill hole and the farthest-northwest high-grade hit along the Jeremie pluton, which opens up significant space for future exploration and resource growth. These intersections may lend themselves to underground bulk mining and/or narrow vein high-grade mining methods. More importantly, we see these large intersections persist from the north in the Tabasco zones, throughout Area 51, and, now, well into the Jeremie pluton as seen from the mineralization in holes 19-065 and 19-067, with results still pending."

Assay results are reported herein for five surface drill holes (FA-19-053, FA-19-056, FA-19-058, FA-19-059 and FA-19-063) and one underground drill hole (19-0925-007) from the 2019 exploration drill program. To date, a total of over 17,000 metres have been drilled as part of the 2019 exploration drill program and assay results are pending for 16 surface drill holes and five underground holes, including 18 intervals with visible gold. Three rigs (two surface, one underground) are currently active on exploration drilling, doing large-spaced stepouts to define the footprint of the Fenelon gold system. Further, approximately 8,900 metres have been drilled as part of the 2019 resource drill program, currently under way with one underground drill rig), 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 shown in the attached table as well as on the company's website.

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

19-0925-007     156.75   157.84                        1.09              1.37        1.37                    Area 51
19-0925-007      187.8    188.2                         0.4              1.62        1.62                    Area 51
19-0925-007      328.5   359.35                       30.85              0.84        0.84                    Area 51
19-0925-007                         328.5   330.43     1.93                 6           6                    Area 51
19-0925-007                        342.58   343.18      0.6              6.52        6.52                    Area 51
19-0925-007                        353.42   354.06     0.64              9.57        9.57        VG          Area 51
19-0925-007                         358.7   359.35     0.65              3.43        3.43                    Area 51
19-0925-007        384   384.73                        0.73              3.68        3.68                    Area 51
19-0925-007     437.33    455.7                       18.37               0.9         0.9                    Area 51
19-0925-007                         440.4   443.45     3.05               2.7         2.7                    Area 51
19-0925-007                        454.98    455.7     0.72              3.94        3.94                    Area 51
FA-19-053       397.73   398.93                         1.2              5.37        5.37                    Cayenne
FA-19-053       514.71   515.85                        1.14              1.45        1.45                    Tabasco
FA-19-053        594.7   596.04                        1.34              2.15        2.15                    Area 51
FA-19-053        654.8    655.8                           1              3.94        3.94                    Area 51
FA-19-053        663.3    664.7                         1.4              1.91        1.91                    Area 51
FA-19-053        699.4    700.9                         1.5               8.7         8.7                    Area 51
FA-19-053       705.26    706.4                        1.14              1.31        1.31                    Area 51
FA-19-053        765.1   765.55                        0.45              1.47        1.47                    Area 51
FA-19-053       769.91    772.9                        2.99             10.47       10.47                    Area 51
FA-19-053                          770.62    771.4     0.78             27.04       27.04        VG          Area 51
FA-19-053       878.08    879.4                        1.32              1.05        1.05                    Area 51
FA-19-056        65.87    67.16                        1.29              2.83        2.83                    Area 51
FA-19-056         80.2     80.5                         0.3              6.35        6.35                    Area 51
FA-19-056        94.69     95.2                        0.51               4.9         4.9                    Area 51
FA-19-056       109.08   109.71                        0.63               1.3         1.3                    Area 51
FA-19-056       233.07      234                        0.93              1.19        1.19                    Area 51
FA-19-056        289.9   290.78                        0.88              1.33        1.33                    Area 51
FA-19-056          354   355.08                        1.08              1.89        1.89                    Area 51
FA-19-056       490.74   491.56                        0.82              2.26        2.26                    Area 51
FA-19-056       497.79   509.38                       11.59              2.71        2.71        VG          Tabasco
FA-19-056                          504.48   505.86     1.38              9.21        9.21                    Tabasco
FA-19-058                                                                            No assays greater than 1 g/t Au
FA-19-059       430.41   437.59                        7.18              3.24        3.24                    Area 51
FA-19-059                          437.29   437.59      0.3             41.82       41.82        VG          Area 51
FA-19-059        665.7   676.74                       11.04             17.58       16.09               Cayenne/Main
FA-19-059                          672.63   674.41     1.78             60.56       51.35        VG           Gabbro
FA-19-063        60.32     61.3                        0.98              4.01        4.01                    Area 51
FA-19-063       106.03      107                        0.97              1.85        1.85                    Area 51
FA-19-063       269.37   274.77                         5.4              1.37        1.37                    Area 51
FA-19-063          300   301.04                        1.04              1.11        1.11                    Area 51
FA-19-063       313.82   314.57                        0.75              1.46        1.46                    Area 51
FA-19-063       398.03    399.4                        1.37              2.49        2.49                    Area 51
FA-19-063       448.44   451.35                        2.91              1.68        1.68                    Area 51
FA-19-063       457.13      462                        4.87              2.56        2.56                    Area 51
FA-19-063          567   568.12                        1.12                 1           1                    Area 51
FA-19-063       604.96    615.9                       10.94              5.75        5.75                    Tabasco
FA-19-063                          612.06   614.55     2.49             21.94       21.94        VG          Tabasco
FA-19-063       641.11    641.8                        0.69              4.74        4.74                    Cayenne
FA-19-063        645.4      646                         0.6              1.49        1.49                    Cayenne
FA-19-063        719.2   719.58                        0.38              4.03        4.03                Main Gabbro

Notes:
(1) The table includes only highlight assay results received since the latest press release.
(2) Gold was capped at 140 grams per tonne following InnovExplo's 2016 mineral resource estimate.
(3) Intervals containing visible gold (VG).
(4) Currently, there is not enough information available to estimate true width. 

Fenelon is located in northwestern Quebec proximal to the Sunday Lake deformation zone, which hosts the Detour gold mine in Ontario, and Balmoral Resources' gold deposits at Martiniere. Secondary splays of the Sunday Lake deformation zone transect the property over two-kilometre-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 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 has undertaken 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 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 Canada laboratories. Samples are crushed to 90 per cent less than two millimetres. A one-kilogram riffle split is pulverized to over 95 per cent passing 106 microns. Fifty-gram samples are analyzed by fire assay and AAS. Samples over 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, 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 recently completed 35,000-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects that 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 metal projects in Sudbury, Ont., with a focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3-per-cent ownership of Carube Copper Corp. (formerly Miocene Resources Ltd., a Wallbridge spinout of its British Columbia assets).

We seek Safe Harbor.

© 2019 Canjex Publishing Ltd. All rights reserved.