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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 813,684,554
Close 2021-08-05 C$ 0.63
Recent Sedar Documents

Wallbridge drills 27 m of 3.75 g/t Au at Fenelon

2021-08-05 10:28 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE PROVIDES UPDATE ON FENELON RESOURCE DRILLING

Wallbridge Mining Company Ltd. has almost completed its resource definition drill program for the upcoming maiden mineral resource estimate (MMRE) on the Fenelon gold property.

Drilling has been focusing on multiple areas, within the approximately one-kilometre-by-1.2-kilometre central portion of the Fenelon gold system, to better define the gold mineralization in support of the MMRE. Approximately 260,000 metres drilled by the company at Fenelon within the three years since the commencement of systematic, continuous exploration drilling will be incorporated into the MMRE. With the drill program for the MMRE now substantially complete, drill rigs are being transitioned to focus on resource expansion and exploration drilling at Fenelon as well as regional exploration on the company's other projects along the Detour-Fenelon gold trend (see Wallbridge news release dated July 22, 2021, on the commencement of phase I drill program at the Martiniere project).

"As we near the completion of the resource drill program in support of our maiden mineral resource estimate at Fenelon, we are excited to turn our attention again to more widely spaced exploration drilling to continue outlining the ultimate size potential of the Fenelon gold system and to discover additional gold deposits on our underexplored Detour-Fenelon land package," stated Marz Kord, president and chief executive officer of Wallbridge.

"We are excited to reach this important milestone and to move forward with our MMRE," stated Attila Pentek, vice-president, exploration, of Wallbridge. "The MMRE will provide an initial snapshot of the true potential of the Fenelon gold system, the limits of which we have not yet defined."

Additionally, new assay results from the definition drill program released today continue to demonstrate excellent bulk mining potential at Fenelon and provide important additional information in the top 500 metres of the known gold system. Highlight results released today, include:

  • Tabasco-Cayenne-Contact zone, definition drilling: 3.75 grams per tonne Au over 27 metres, including 5.73 grams per tonne Au over 16 metres, in FA-21-268A; 4.95 grams per tonne Au over 11.70 metres, including 9.22 grams per tonne Au over 5.70 metres, and 17.64 grams per tonne Au over 2.40 metres in FA-21-264A; 6.79 grams per tonne Au over 5.50 metres, including 51.10 grams per tonne Au over 0.60 metre, in FA-21-260;
  • Area 51, definition drilling (above 300-metre depth): 1.93 grams per tonne Au over 13.50 metres and 92.38 grams per tonne Au over 0.50 metre in FA-21-264A;
  • Area 51, definition drilling (below 300-metre depth): 2.23 grams per tonne Au over 10.80 metres in FA-21-224.

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-21-268A: 3.75 grams per tonne Au over 27 metres, including 5.73 grams per tonne Au over 16 metres, in the Tabasco zone;
  • FA-21-264A: 4.95 grams per tonne Au over 11.70 metres, including 9.22 grams per tonne Au over 5.70 metres, in the contact/Tabasco zone, and 17.64 grams per tonne Au over 2.40 metres in the Cayenne zone;
  • FA-21-260: 6.79 grams per tonne Au over 5.50 metres, including 51.10 grams per tonne Au over 0.60 metre, 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. Highlight intersections of Area 51 zones from above 300-metre vertical depth reported today include:

  • FA-21-264A: 1.93 grams per tonne Au over 13.50 metres, and 92.38 grams per tonne Au over 0.50 metre.

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

  • FA-21-224: 2.23 grams per tonne Au over 10.80 metres, including 4.12 grams per tonne Au over four 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:

  • FA-19-079: 14.64 grams per tonne Au over 1.50 metres in the Tabasco zone;
  • FA-19-077: 1.15 grams per tonne Au over 8.50 metres, including 7.62 grams per tonne Au over one metre, in the Tabasco zone.

2021 drilling program update

In 2021, the company is planning to complete approximately 170,000 metres of drilling, including 20,000 metres devoted to regional exploration on the company's district-scale, underexplored land package on the Detour-Fenelon gold trend. As of June 30, 2021, a total of 64,021 metres has been drilled at Fenelon. The decision to use directional drilling to control hole deviation, which is slower but optimizes drill hole spacing and reduces required drilling metreage for the MMRE in the Tabasco, Cayenne and Area 51 zones, means the rate of drilling in the first half of the year was lower than the projected 2021 quarterly average. The company expects higher drilling productivity during the second half of the year as the resource-focused directional drilling gives way to resource expansion drilling and regional exploration. Assay results of 10 drill holes of the 2021 exploration drill program and two historic drill holes are reported. All figures and a table with drill hole information of recently completed holes are posted under "current program" at the company website.

Assay quality assurance/quality control and qualified persons

Drill core samples from the continuing 2021 drill program at Fenelon are cut and bagged either on-site or by contractors and transported to SGS Canada Inc., AGAT Laboratories Ltd. or Bureau Veritas Commodities Canada Ltd. for analysis. In 2020 samples were submitted to either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples, along with standards and blanks that are included for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90 per cent less than two micrometres. A one-kilogram riffle split is pulverized to 85 per cent passing 75 microns. Fifty-gram samples are analyzed by fire assay and atomic absorption spectroscopy. At SGS, AGAT and Bureau Veritas samples greater than 10 grams per tonne Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for additional QA/QC, 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 QA/QC.

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 is currently conducting a fully financed 2021 program of approximately 170,000 metres of drilling and 2,500 metres of underground exploration development (phase 1 of a 10,000-metre program). The company intends to complete a maiden mineral resource estimate on the Fenelon gold system in the third quarter of 2021. Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. Wallbridge's landholdings in Quebec along the Detour-Fenelon gold trend are over 900 square kilometres, improving Wallbridge's potential for further discoveries for over 90-kilometre strike length in this underexplored belt. Wallbridge is also the operator of, and a 17.8-per-cent shareholder in, Lonmin Canada Inc., a privately held company with a portfolio of nickel, copper and platinum-group metals projects in Ontario's Sudbury basin.

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