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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 810,716,601
Close 2021-06-28 C$ 0.51
Recent Sedar Documents

Wallbridge drills 24.9 m of 23.7 g/t Au at Fenelon

2021-06-29 06:44 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE CONTINUES SUCCESSFUL EXPANSION AND DEFINITION OF HIGH-GRADE SHOOTS IN TABASCO AND AREA 51 AT FENELON

Wallbridge Mining Company Ltd. has released additional assay results from its current drilling program on the Fenelon gold property. Expansion drilling continues to reveal additional bulk-minable near-surface mineralized corridors in the western part of Area 51, while definition drilling continues to define steep high-metal-factor (gold grade multiplied by thickness) gold shoots within the Tabasco-Cayenne zones.

Drilling is currently focusing on multiple areas, within the approximately 1.0-kilometre-by-1.2-kilometre central portion of the Fenelon gold system, to expand and better define the mineralization in support of the maiden mineral resource estimate (MMRE). Over 200,000 metres of drilling will be incorporated into the MMRE.

Highlight results from these various areas, released today, include:

Area 51 near-surface expansion drilling:

  • 23.70 grams per tonne gold over 24.90 metres in FA-21-269.

Tabasco-Cayenne-Contact zone definition drilling:

  • 6.83 g/t Au over 15.00 metres in FA-21-247;
  • 6.61 g/t Au over 11.35 metres in FA-21-261.

Area 51 definition drilling (near surface down to around 300 m vertical depth -- potential open-pit resource):

  • 1.97 g/t Au over 38.50 metres in FA-21-264A-W1 ;
  • 1.02 g/t Au over 33.70 metres in FA-21-247;
  • 91.80 g/t Au over 0.50 metre in FA-21-248.

Area 51 definition drilling (below 300 m depth):

  • 15.37 g/t Au over 3.25 metres in FA-21-257.

"The wide near-surface intersections in Area 51, consistently yielding one to two g/t gold average grades, will be very important in building a robust, potentially bulk-minable resource in this part of the deposit. Higher-grade intersections, like that intersected in hole FA-21-269, will enhance the larger Area 51 near-surface resource base," stated Marz Kord, president and chief executive officer of Wallbridge.

Mr. Kord further added: "The Tabasco intersections in holes FA-21-247 and FA-21-261 released today are important in confirming the presence and geometry of steep gold-rich shoots within the central 600-metre strike length of the Tabasco zone, which has seen the most drilling to date. The ongoing definition drilling and geological modelling has been increasing our understanding of this deposit, as we work towards our maiden resource. It is also revealing the controls on high-grade gold deposition in this gold system and will continue to drive our exploration as we further test the extensions of these zones."

Area 51 expansion drill results

In recent months, drilling has also been focusing on expanding the known footprint of near-surface gold mineralization in the western-southwestern portion of Area 51 in order to grow the open-pit resource potential.

Today's results include:

  • FA-21-269: 23.70 g/t Au over 24.90 metres, including 3.79 g/t Au over 5.20 metres, and 196.29 g/t Au over 2.90 metres at a vertical depth of 70 metres.

Tabasco-Cayenne-Contact zones, definition drill results

Definition and expansion drilling at a nominal 75-metre drill spacing, targeting the Tabasco-Cayenne-Contact zones over a strike length of approximately 800 metres and vertical depths between 300 and 1,000 metres, has been the primary focus of this campaign to better define the geometry and grade of the zones and gain information on the structural controls of the gold mineralization:

  • FA-21-247: 6.83 g/t Au over 15.00 metres, including 20.19 g/t Au over 4.10 metres in the Tabasco zone;
  • FA-21-261: 6.61 g/t Au over 11.35 metres, including 18.09 g/t Au over 3.85 metres in the Tabasco zone.

Area 51 definition drill results

As the company's drill holes approach Tabasco-Cayenne, they also transect the Area 51 gold vein network, providing important information from all of these zones.

Near-surface highlights from Area 51 zones from the holes reported today include:

  • FA-21-264A-W1: 1.97 g/t Au over 38.50 metres, including 8.49 g/t Au over 4.45 metres at a vertical depth of 260 to 290 metres;
  • FA-21-247: 1.02 g/t Au over 33.70 metres, which includes 5.31 g/t Au over 4.00 metres, and 1.26 g/t Au over 13.50 metres, included within a larger interval of 0.89 g/t Au over 59.00 metres at a vertical depth of 230 to 290 metres;
  • FA-21-248: 91.80 g/t Au over 0.50 metre at a vertical depth of 150 metres.

Note: Further assays near this interval pending.

Highlight intersections of Area 51 zones from below 300 m vertical depth reported today include:

  • FA-21-257: 15.37 g/t Au over 3.25 metres.

Infill sampling program results

A systematic campaign of continuous infill sampling of historic drill holes down to a vertical depth of 250 metres is under way in order to collect further information for the open-pit-constrained portion of the MMRE.

Assay results from the historic drilling infill sampling program are highlighted by:

  • FAB-11-35: 2.66 g/t Au over 5.55 metres in the Cayenne zone.

Note: This composite includes historically sampled, as well as new assay results.

2020/2021 drilling program update

In 2021, the company is planning to complete approximately 170,000 metres of drilling, approximately 10 to 15 per cent of which will be devoted to regional exploration on the company's district-scale, underexplored land package on the Detour-Fenelon gold trend.

Assay results of 23 drill holes of the 2021 exploration drill program and one historic drill hole 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 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)

FAB-11-35*               55.45        61.00         5.55         2.66               2.66
including                60.00        61.00         1.00         6.30               6.30
FA-21-221-W4            513.50       520.95         7.45         2.59               2.59
including               520.10       520.95         0.85        20.13              20.13
FA-21-221-W4            553.15       553.80         0.65        22.76              22.76
FA-21-221-W4            563.20       564.20         1.00         6.11               6.11
FA-21-221-W4            583.85       584.45         0.60        60.23              50.00
FA-21-223A              454.20       461.00         6.80         1.02               1.02
FA-21-223A              502.55       506.60         4.05         2.85               2.85
including               502.55       503.15         0.60        11.20              11.20
FA-21-223A              565.00       566.00         1.00        12.70              12.70
FA-21-223A              603.50       604.00         0.50        10.30              10.30
FA-21-223A*             651.80       683.30        31.50         2.39               2.39
including               680.00       681.00         1.00         9.01               9.01
FA-21-223A              878.25       880.00         1.75        11.89              11.89
FA-21-224               545.50       549.00         3.50         1.97               1.97
FA-21-224               651.70       654.50         2.80         2.76               2.76
FA-21-230-W1-W2         731.00       734.80         3.80         3.61               3.61
FA-21-230-W1-W2         743.50       774.55        31.05         2.23               2.23
including               771.45       774.55         3.10         7.24               7.24
FA-21-230-W1-W2         890.85       896.50         5.65         7.28               7.28
including               890.85       892.50         1.65        19.65              19.65
FA-21-232A              178.50       180.00         1.50         5.36               5.36
FA-21-232A              265.50       285.00        19.50         0.77               0.77
including               267.00       270.70         3.70         2.39               2.39
FA-21-235               199.50       201.00         1.50         5.36               5.36
FA-21-236                                              no significant mineralization (3)
FA-21-238               342.45       343.70         1.25        13.55              13.55
FA-21-242               199.60       201.85         2.25         2.61               2.61
FA-21-245                                              no significant mineralization (3)
FA-21-247               269.00       328.00        59.00         0.89               0.89
including               269.00       302.70        33.70         1.02               1.02
which includes          298.70       302.70         4.00         5.31               5.31
and                     314.50       328.00        13.50         1.26               1.26
FA-21-247               449.10       450.75         1.65        10.49              10.49
FA-21-247               497.00       500.50         3.50         2.32               2.32
FA-21-247               644.50       659.50        15.00         6.83               6.83
including               653.50       657.60         4.10        20.19              20.19
FA-21-247               716.00       718.00         2.00         3.60               3.60
FA-21-248               177.15       177.65         0.50        91.80              50.00
FA-21-249               178.00       178.65         0.65        11.50              11.50
FA-21-249               648.00       649.50         1.50         3.95               3.95
FA-21-250                89.00        90.50         1.50         9.34               9.34
FA-21-250             1,031.50     1,034.00         2.50         3.01               3.01
FA-21-257               158.80       159.40         0.60        20.78              20.78
FA-21-257               187.00       187.60         0.60         9.28               9.28
FA-21-257               241.00       242.50         1.50         4.38               4.38
FA-21-257               341.70       342.50         0.80        12.30              12.30
FA-21-257               535.00       547.00        12.00         1.11               1.11
including               546.00       547.00         1.00        10.03              10.03
FA-21-257               633.75       637.00         3.25        15.37              15.37
FA-21-257               658.00       659.00         1.00         6.66               6.66
FA-21-257               797.80       799.55         1.75         3.71               3.71
FA-21-260               102.15       105.15         3.00         2.97               2.97
including               103.00       103.90         0.90         8.39               8.39
FA-21-261               984.15       995.50        11.35         6.61               6.61
including               984.15       988.00         3.85        18.09              18.09
FA-21-264A-W1           314.70       353.20        38.50         1.97               1.77
including               314.70       319.15         4.45         8.49               8.48
and                     352.70       353.20         0.50        64.81              50.00
FA-21-265                85.10        92.30         7.20         1.52               1.52
including                91.80        92.30         0.50        16.89              16.89
FA-21-265               187.40       232.40        45.00         0.82               0.82
including               187.40       192.85         5.45         1.83               1.83
and                     230.40       232.40         2.00         6.19               6.19
FA-21-269                61.00        87.30        24.90        23.70               2.97
including                62.40        67.60         5.20         3.79               3.79
and                      84.40        87.30         2.90       196.29              18.36
which includes           86.70        87.30         0.60       910.00              50.00
FA-21-271                59.70        60.20         0.50        14.41              14.41

(1) Table includes only assay results received since the latest press release dated 
June 2, 2021.
(2) Au was cut at: 100 g/t Au for the Tabasco/Contact zones; 60 g/t Au for the Cayenne 
zones; and 50 g/t Au for the Area 51 zones.
(3) There is a metal factor of at least five g/t multiplied by m and minimum weighted 
average composite grade of one g/t Au.
* Results reported here contain previously announced intervals that were extended 
with new assay results.
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 Luiz Amaral, MSc, PGeo, senior project 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.

We seek Safe Harbor.

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