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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 882,384,242
Close 2022-03-22 C$ 0.38
Recent Sedar Documents

Midland, Wallbridge to begin drilling at Casault

2022-03-22 09:53 ET - News Release

See News Release (C-MD) Midland Exploration Inc

Mr. Gino Roger of Midland reports

MIDLAND AND WALLBRIDGE RESUME DRILLING ON THE NEW GOLD DISCOVERY ON CASAULT

Midland Exploration Inc., in partnership with Wallbridge Mining Company Ltd., will begin a new drilling campaign following up on the new gold discovery made in 2021 in the north part of the Casault project. This new discovery was made along a northwest-southeast-trending structure, approximately five kilometres west of the Martiniere gold project held by Wallbridge.

New follow-up drilling program on the 2021 discovery

The drilling program will begin late March, 2022, and will consist of three drill holes totalling approximately 1,100 metres, mainly designed to test the continuity and validate the orientation of the gold zone intersected in discovery hole CAS-21-123. In the latter, an interval grading 6.85 grams per tonne gold over 2.00 metres, from 254.40 metres to 256.50 metres, was reported during the summer 2021 drilling campaign (see press release by Midland dated Oct. 21, 2021). Additional drill holes are being evaluated in the area for future drill programs.

During this phase, three drill holes are planned to follow up on hole CAS-21-123. Two holes will be drilled in the immediate vicinity of discovery hole CAS-21-123 and a third hole will be collared approximately one kilometre to the southeast, along the same structure.

One drill hole totalling 350 metres will be drilled toward the southwest, scissor style, along the same section as hole CAS-21-123, to test the orientation of veins/intrusions that control gold mineralization.

One drill hole totalling 400 metres will be drilled toward the north, to intersect the mineralized zone below hole CAS-21-123 and test the lithological and structural controls of gold mineralization in this area.

The final drill hole, totalling 350 metres, will be collared approximately one kilometre southeast of the discovery hole and will be drilled toward the northeast to test the same structure intersected in hole CAS-21-123. The magnetic high observed in this area may indicate the presence of a magnetite-bearing pyroxenite that could have acted as a chemical trap for gold.

New gold discovery in 2021

The first drill hole (CAS-21-123) had intersected new gold mineralization with a visible gold-bearing interval returning 6.85 grams per tonne gold over 2.00 metres. This intersection is considered significant as it is located in the northern, largely untested part of the Casault property, where no gold zone has been known so far, approximately two kilometres from the nearest anomalous gold intersections both on the Casault and Martiniere properties.

Hole CAS-21-123 was testing a prominent northwest-southeast-oriented structure interpreted from airborne magnetics. This structural orientation is known to control gold mineralization at Fenelon and Martiniere, and a series of large structures of this trend also transect the Casault property. The particular structure tested by CAS-21-123 extends for an approximately eight kilometres across Wallbridge's Martiniere, Casault and Doigt properties and was historically tested by one drill hole on Martiniere, yielding 30.40 grams per tonne gold over 0.44 metre, which has not been followed up since.

The intersection in CAS-21-123 is associated with a mineralized zone consisting of chalcopyrite, pyrite, pyrrhotite and electrum, a gold-silver mineral phase, within deformed and heavily carbonate-altered host rocks.

Casault gold property

The Casault property is located approximately 110 kilometres west of the town of Matagami, between Wallbridge's Martiniere and Detour East gold properties. Wallbridge has an option to acquire up to a 65-per-cent interest in the 177-square-kilometre project from Midland Exploration (see Midland press release dated June 18, 2020). Casault covers more than 20 kilometres of the SLDZ, along which Wallbridge's Martiniere and Fenelon gold deposits are located and which also hosts Kirkland Lake Gold's world-class Detour Lake mine. The Casault property also hosts the Vortex zone, a syenite-associated disseminated gold system with drill hole intersections grading up to 1.38 grams per tonne gold over 26.5 metres that was traced over a distance of 1.5 kilometres.

Cautionary statements

The true thickness of reported intervals cannot be determined with the information currently available; intervals are thus reported in core length. Mineralization occurring on the Fenelon gold and Martiniere/Bug Lake projects held by Wallbridge is not necessarily indicative of mineralization that may be found on the Casault property held by Midland.

Quality control

Drill core samples from the 2021 drill program at Casault were cut and bagged on site and transported to Agat Laboratories Ltd. for analysis. Samples are crushed to 75 per cent less than two millimetres. A 250-gram riffle split is pulverized to 85 per cent passing 75 microns. Fifty-gram samples are analyzed by fire assay and AAS. 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.

About Wallbridge Mining Company Ltd.

Wallbridge is currently advancing the exploration and development of its 100-per-cent-owned Fenelon gold property, located along the Detour-Fenelon gold trend, an emerging gold belt in northwestern Quebec. Within three years of the discovery of the Area 51 and Tabasco/Cayenne zones, through drill programs totalling over 300,000 metres, Wallbridge reached an important milestone by announcing a maiden MRE (mineral resource estimate) for Fenelon and an updated MRE for the Martiniere gold property totalling 2.67 million ounces gold in the indicated category and 1.72 million ounces in the inferred category (for details of the MREs, see Wallbridge's press release dated Nov. 9, 2021, and technical report filed Dec. 23, 2021, on SEDAR).

Both properties are located on the company's 910-square-kilometre land package along the Detour-Fenelon gold trend in Northern Abitibi, Quebec, with significant potential for further discoveries over a 97-kilometre strike length of 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 (PGM) projects in Ontario's Sudbury basin.

About Midland Exploration Inc.

Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as Wallbridge Mining, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Probe Metals Inc., Agnico Eagle Mines Ltd., Osisko Development Corp., SOQUEM Inc., Nunavik Mineral Exploration Fund and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the corporation's portfolio and generate shareholder value.

This press release was prepared by Mario Masson, PGeo, vice-president, exploration, for Midland and a qualified person as defined by National Instrument 43-101 in conjunction with Wallbridge's technical team.

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