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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 882,384,242
Close 2022-03-24 C$ 0.38
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Wallbridge completes underground development at Fenelon

2022-03-24 10:51 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE ESTABLISHES UNDERGROUND ACCESS TO AREA 51 MINERALIZATION AT FENELON AND CONFIRMS CONTINUITY AND GRADE

Wallbridge Mining Company Ltd. has completed an underground development program that provides direct access to the Area 51 zone of the Fenelon gold property for the first time, a significant milestone for Fenelon.

Preliminary results of tightly spaced underground drilling, geologic mapping and grade control sampling have confirmed the geological modelling and interpretation derived from surface drilling. This includes confirmation of a robust network of mineralized veins with strong continuity over a wide section of more than 30 metres, with grade continuity meeting or exceeding expectations for Area 51.

"After completing approximately 1,800 metres of underground development, we have had our first opportunity to see and touch Area 51 gold mineralization since our team discovered this zone in 2019, and everything we've observed so far increases our confidence in the quality and potential of this deposit," said Attila Pentek, Wallbridge's vice-president, exploration. "Underground access to Area 51 will allow us to obtain invaluable data that we need to further grow our existing gold resources and improve our understanding of the mineralization and grade distribution."

Wallbridge is focused on advancing Fenelon as well as the nearby Martiniere property, located within the company's 910-square-kilometre land package on an underexplored portion of the highly prolific Abitibi greenstone belt in northwestern Quebec. Both Fenelon and Martiniere have the potential to support open-pit and underground mining and are located close to existing power and transportation infrastructure.

Program highlights

Underground development completed

The company completed approximately 1,800 metres of underground development over the course of 2021 and early 2022, providing access to Area 51 gold mineralization and establishing drilling platforms to be used in future resource drill programs. Existing workings, which reached a vertical depth of 185 metres below surface, are being maintained for exploration work.

Preliminary underground infill drill results

After establishing underground access, three infill drill holes totalling 649 metres were completed at a nominal 25-metre spacing to target the Interstellar 03 zone of the Area 51 gold system.

In contrast to surface drill holes, which followed a typical south-to-north drill pattern, these holes were drilled from east to west crossing the veins. All three holes successfully intersected the zone where expected and confirmed the anticipated orientation and grade distribution of the mineralization, with assay results of 2.23 grams per tonne gold over 25.35 metres, including 11.77 grams per tonne gold over 2.85 metres in hole 21-5080-003, as well as 0.68 gram per tonne gold over 10.50 metres in hole 21-5080-001. Assay results for the third underground hole are currently pending.

Geologic mapping and sampling

The new underground exploration drift revealed excellent exposures of typical Area 51 mineralization and its main host rock, the Jeremie diorite, over a 30-metre distance. A network of sulphide-rich quartz veins characteristic of gold-bearing systems are clearly visible on the walls. The individual veins show excellent continuities of up to several metres across the drift, suggesting the deposit could be suitable for bulk mining methods.

Muck samples of 12 rounds within the Area 51 mineralized zone, representing 2,836 tonnes of material, returned an average grade of 1.94 grams per tonne gold, which compares favourably with the grade profile contained in the company's 2021 mineral resource estimate for Fenelon. This grade control (muck and chip) sampling will aid in the interpretation of future mineral resource estimates and evaluation of potential mining methods in economic studies.

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 SGS Canada Inc., Agat Laboratories Ltd. or Bureau Veritas Commodities 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 millimetres. A one-kilogram riffle split is pulverized to 85 per cent passing 75 microns. Fifty-gram samples are analyzed by fire assay and AAS. At SGS, Agat and Bureau Veritas 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.

As of Dec. 10, 2021, muck and chip samples from Fenelon were collected and bagged either by contractors or Wallbridge personnel and transported to SGS Canada for analysis. Samples, along with standards and blanks that are included for quality assurance and quality control, were prepared and analyzed at the laboratory. Samples are crushed to 80 per cent less than two millimetres. A 250-gram riffle split is pulverized to 90 per cent passing 75 microns and 30-gram samples are analyzed by fire assay and ICP.

Prior to this, muck and chip samples were processed at a non-ISO-accredited laboratory. Samples, along with standards and blanks included for quality assurance and quality control, were prepared and analyzed at the laboratory. Samples were crushed to 80 per cent less than two millimetres. A 250-gram split was pulverized to 90 per cent passing 74 microns. Fifteen-gram samples were analyzed by fire assay and AAS.

The qualified person responsible for the technical content of this press release is Peter Lauder, PGeo, exploration manager of Wallbridge.

About Wallbridge Mining Company Ltd.

Wallbridge is focused on creating value through the discovery, acquisition, development and production of gold from a portfolio of exploration-stage and development-stage assets located in established mining jurisdictions within Canada. Wallbridge's flagship project, Fenelon gold, is located on the highly prospective Detour-Fenelon gold trend in northern Abitibi, Quebec. A mineral resource estimate completed in 2021 validated the multimillion-ounce potential of Fenelon as well as Wallbridge's nearby Martiniere property, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources. Fenelon and Martiniere, located within a 910-square-kilometre exploration land package controlled by Wallbridge, have the potential to be developed into mines and are close to existing power and transportation infrastructure. Wallbridge also has interests in several copper, nickel and platinum group metal properties, including a 17.8-per-cent interest in Lonmin Canada Inc.

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