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Wallbridge Mining company Ltd
Symbol WM
Shares Issued 882,384,242
Close 2022-03-29 C$ 0.33
Recent Sedar Documents

Wallbridge drills 0.5 m of 42.63 g/t gold at Grasset

2022-03-30 09:29 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE'S REGIONAL GRASSROOTS EXPLORATION DELIVERS POSITIVE RESULTS NEAR FENELON AND MARTINIERE

Wallbridge Mining Company Ltd. has released a new round of positive drill results from the company's regional exploration program on the Detour-Fenelon gold trend, which is targeting the discovery of satellite deposits and new mineralized zones near the company's Fenelon gold and Martiniere projects in northwestern Quebec.

Highlights

  • New gold mineralization, including 42.63 grams per tonne (g/t) gold over 0.50 metre and 9.98 g/t Au over 0.60 metre, was intercepted on the Grasset property, less than 10 kilometres east of the Fenelon deposit.
  • A new gold system was identified in the northeastern portion of the Casault gold property, adjacent to Martiniere.

"Wallbridge's district-scale property on the Detour-Fenelon gold trend covers an area roughly the same distance as Rouyn-Noranda to Val d'Or, yet it is comparatively underexplored. We continue to see excellent potential for additional gold discoveries, with the opportunity to add to our existing resource base at Fenelon and Martiniere," said Attila Pentek, Wallbridge's vice-president of exploration. "Approximately 10 per cent of our 2022 exploration budget is dedicated to grassroots exploration on our properties in this district. Initial programs at Casault and Grasset have already delivered some very positive results and we are confident that we can continue to build on this success over the course of the year."

Grasset exploration drilling

Between November, 2021, and February, 2022, Wallbridge carried out exploration drilling 10 kilometres southeast of the Fenelon deposit to follow-up on the Grasset gold showing; historic intersections include 1.66 g/t Au over 33 metres, with higher-grade subintervals such as 6.15 g/t Au over 4.04 metres.

One of the first drill holes of the program, GR-21-109, intersected sulphide-bearing quartz-carbonate veining containing visible gold, assaying 42.63 g/t Au over 0.50 metre. Gold mineralization in this area is hosted by gabbroic intrusive host rocks adjacent to the Sunday Lake deformation zone (SLDZ), which has an associated unit of thick polymictic conglomerates and is represented by strong brittle-ductile deformation zones. Another drill hole, FA-21-328, testing interpreted structures adjacent to the SLDZ, discovered new gold mineralization with assay results up to 9.98 g/t Au over 0.60 metre.

The geology and orientation of the deformation zones in these holes is similar to the Fenelon gold deposit, and analogous to other well-known gold deposits in the southern Abitibi. Given this very favourable environment for hosting gold mineralization, the company will continue to explore for new gold zones that may have synergies with a future operation at Fenelon.

Casault exploration drilling

As reported in a Wallbridge news release dated Oct. 21, 2021, the company completed a 13-hole drill program totalling 5,300 metres to test grassroots targets on the unexplored northern part of Casault. This area, one to two kilometres north of the SLDZ, includes the same assemblage of rocks that hosts the company's Martiniere gold deposit.

In addition to 6.85 g/t Au over 2.00 metres in CAS-21-123 previously reported, the drill program successfully identified gold mineralization near the eastern border of the property, toward Martiniere. Drill holes CAS-21-126 to CAS-21-130 all intersected anomalous gold mineralization (see the "Detour-Fenelon gold trend property, regional exploration recent drill assay highlights" table) associated with a volcanic assemblage, a newly discovered ultramafic intrusive complex and the same northwest-southeast structure that is interpreted to control the mineralization intersected in hole CAS-21-123. Structures of this orientation are known to be important conduits for gold at Fenelon, Martiniere and, as reported here, at Grasset and Casault.

A follow-up drill program further testing this newly identified gold mineralized environment will be completed in the second quarter of 2022.

Wallbridge has an option to acquire up to a 65-per-cent interest in the 177-square-kilometre Casault property from Midland Exploration (see Wallbridge news release dated June 18, 2020). Casault covers a number of grassroots exploration targets four to 12 kilometres west of Martiniere and 34 to 41 kilometres west of Fenelon. The property encompasses more than 20 kilometres of the SLDZ, which hosts the company's Martiniere and Fenelon gold deposits and the world-class Detour Lake mine.

Detour-Fenelon gold trend grassroots exploration

An unmanned aerial vehicle (UAV) geophysical magnetic survey was completed in the first quarter of 2022 over the Harri property, which covers 20 kilometres of the SLDZ between the Fenelon and Martiniere projects and the eastern portion of Casault. The purpose of the survey was to provide high resolution magnetic data to help in geologic and structural interpretation and target generation. Such magnetic data have been invaluable at Fenelon in guiding exploration to recognize gold-bearing and other structures.

Further grassroots exploration programs completed in the first quarter of 2022 or planned for later in the year include: biogeochemical (tree bark) sampling, till sampling, outcrop mapping and prospecting, as well as additional UAV magnetics, all with the aim of providing additional geologic information to better define drill targets and improve discovery success.

Assay quality assurance/quality control (QA/QC) and qualified person

Drill core samples from the drill programs 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. Casault samples were crushed to 90 per cent less than two millimetres. A 250-gram riffle split is pulverized to 85 per cent passing 75 microns. Samples from Fenelon and Grasset are crushed to 75 per cent less than two mm. 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 over 10 g/t Au 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 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 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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