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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 810,222,284
Close 2021-04-28 C$ 0.61
Recent Sedar Documents

Wallbridge drills 16.4 m of 17.79 g/t Au at Fenelon

2021-04-29 06:41 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE INTERSECTS 17.79 G/T AU OVER 16.40 METRES IN NEWLY DISCOVERED EASTERN EXTENSION OF THE GABBRO ZONES

Wallbridge Mining Company Ltd. has released results from its exploration drill program at the Fenelon gold property, with an intersection of 17.79 grams per tonne gold over 16.40 metres, including 76.98 g/t Au over 3.30 metres in a newly discovered eastern extension of the gabbro zones. This high-grade zone is located approximately 140 metres along strike to the east of, and 175 metres vertically below, the known part of the gabbro zones where Wallbridge completed a 33,500-tonne underground bulk sample in 2019 with an average grade of 18.49 grams per tonne gold. The mineralization is open for expansion with very few historic drill holes in the area.

"We are very excited about this new high-grade discovery hosted within the Main gabbro, 140 metres away from the known gabbro zones," stated Attila Pentek, vice-president, exploration, of Wallbridge. "This eastern extension of the Main gabbro, one of the important host rocks at Fenelon, has seen very limited drilling in the past, only with shallow 100-to-200-metre holes. This intersection is still close to surface, at a vertical depth of 300 metres, and is open in all directions."

Fenelon gold system, exploration drill results

Assay results of five exploration drill holes are being reported today. These holes tested the geology and extensions of known host rocks and mineralized trends several hundred metres away from the central part of the known Fenelon gold system where definition drilling is under way in preparation for the maiden 2021 mineral resource estimate.

Highlight intersections from the holes reported today include:

  • FA-20-219: 17.79 g/t Au over 16.40 metres, including 76.98 g/t Au over 3.30 metres and 6.65 g/t Au over 5.30 metres.

The new high-grade zone discovered in hole FA-20-219 consists of sulphide-rich silicified shear zones, similar to those typical of the gabbro zones; however, instead of chalcopyrite and pyrrhotite being the dominant minerals, there are abundant pyrite, arsenopyrite and sphalerite. The orientation of the zones appears to be similar to that of the Tabasco-Cayenne and gabbro zones, striking west-northwest-east-southeast. Follow-up holes are planned to determine the significance and extent of this new gold-mineralized zone.

2020/2021 drilling program update

In 2021, the company is planning to complete approximately 170,000 metres of drilling, with a maiden mineral resource estimate at Fenelon anticipated in the third quarter of 2021 (see Wallbridge press release dated Jan. 11, 2021). Approximately 10 to 15 per cent of the drilling program will be devoted to regional exploration on the company's district-scale, underexplored land package on the Detour-Fenelon gold trend.

Currently, the company has eight drill rigs operating at Fenelon. In the coming months, six drill rigs will be targeting the Fenelon gold system (Tabasco-Cayenne-Area 51 mineralization) to approximately 1,000 m vertical depth, carrying out a combination of definition and expansion drilling at a nominal 75-metre drill spacing. Two drill rigs have been focusing on near-surface, open-pit resource drilling in the western portion of Area 51. Additional drills may be devoted to Fenelon resource expansion, and regional grassroots exploration at various projects on the company's 900-square-kilometre Detour-Fenelon gold trend land package later in the year.

Assay results of five drill holes of the 2020/2021 exploration drill program are reported in the associated table. All figures and a table with drill hole information of recently completed holes are posted on the company's website under the heading current program.

    WALLBRIDGE FENELON GOLD PROPERTY, RECENT DRILL ASSAY HIGHLIGHTS (1)   
 
Drill hole         From          To      Length          Au       Au cut (2)
                    (m)         (m)         (m)       (g/t)            (g/t)

FA-20-212        100.50      102.00        1.50        4.59             4.59
FA-20-212        780.00      783.00        3.00        1.64             1.64
FA-20-212        819.00      822.00        3.00        1.30             1.30
FA-20-212        862.80      865.50        2.70        1.14             1.14
FA-20-212        927.90      928.40        0.50       13.75            13.75
FA-20-212      1,033.50    1,038.00        4.50        1.59             1.59
FA-20-213        337.00      338.00        1.00        4.29             4.29
FA-20-213        398.00      400.00        2.00        1.78             1.78
FA-20-214                                  no significant mineralization (3)
FA-20-216                                  no significant mineralization (3)
FA-20-219        373.60      390.00       16.40       17.79            17.79
including        374.70      378.00        3.30       76.98            76.98
and              384.70      390.00        5.30        6.65             6.65
FA-20-219        963.85      965.50        1.65        6.19             6.19
including        963.85      964.40        0.55       14.49            14.49

(1) The table includes only assay results received since the latest press 
release dated March 25, 2021.
(2) Au was cut at 140 g/t.
(3) The metal factor was at least three g/t multiplied by m with a minimum 
weighted average composite grade of one g/t Au.
Note: True widths are estimated to be 50 to 80 per cent of the reported 
core length intervals.

Assay quality assurance/quality control and qualified persons

Drill core samples from the continuing drill program at Fenelon are cut and bagged either on site or by contractors and transported to either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples, along with standards, blanks and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada or ALS Canada laboratories. Samples are crushed to 90 per cent or 95 per cent less than two millimetres. A one-kilogram riffle split is pulverized to over 95 per cent passing 106 microns or 85 per cent passing 75 microns. Fifty-gram samples are analyzed by fire assay and AAS (atomic absorption spectroscopy). At SGS, 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 person responsible for the technical content of this press release is Christopher Kelly, PGeo, senior geologist of Wallbridge.

About Wallbridge Mining Company Ltd.

Wallbridge is currently advancing the exploration and development of its 100-per-cent-owned Fenelon gold property, which is located along the Detour-Fenelon gold trend, an emerging gold belt in northwestern Quebec. The company completed approximately 102,000 metres of drilling in 2020 and has begun a fully financed 2021 program of approximately 170,000 metres of drilling and 4,800 metres of underground exploration development (phase 1 of a 10,000-metre two-year program). The company intends to complete a maiden mineral resource on the Fenelon gold system in the third quarter of 2021.

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