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Wallbridge Mining Company Ltd
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Close 2022-04-06 C$ 0.355
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Wallbridge drills 67.70 m of 1.73 g/t Au at Fenelon

2022-04-07 09:30 ET - News Release

Mr. Marz Kord reports


Wallbridge Mining Company Ltd. has released positive assay results from the continuing drill program at the Fenelon gold project, including newly identified areas of mineralization within and surrounding the existing resource footprint on the company's Detour-Fenelon gold trend property in northwestern Quebec.

"Today's results include additional high-quality gold intercepts inside the 2021 mineral resource estimate (MRE) footprint, demonstrating the potential to continue growing the size and quality of Fenelon's existing gold resource. A good example of this is drill hole FA-22-405, which identified a previously unknown area of near-surface mineralization in the Tabasco zone, including one intercept of 4.89 grams per tonne gold over 11 metres," said Attila Pentek, Wallbridge's vice-president, exploration. "The continuity of the deposit was reinforced through results such as drill hole FA-20-159-W6, which included 1.73 g/t Au over 67.70 metres. Several intersections reported today also demonstrate that there is strong potential to expand the resource laterally, while the exploration drill holes have provided important information about the geology surrounding the known deposit, as we look to identify satellite deposits and new mineralized zones."

Fenelon resource drilling

Within 2021 MRE footprint

One of the primary objectives of the company's 2022 Fenelon drill program, as outlined in Wallbridge's news release dated Jan. 10, 2022, is to delineate additional resources within the known footprint of the deposit to support future economic studies and an updated resource estimate for 2023. The company has two to three drill rigs allocated to this program. Recent highlight intersections from this program include:

  • FA-20-159-W6:
    • 1.73 g/t Au over 67.70 metres, including:
    • 2.64 g/t Au over 12 metres, and;
    • 7.33 g/t Au over 6.75 metres in the Area 51 zone;
    • 49.07 g/t Au over one metre;
    • 2.71 g/t Au over 12.40 metres; and
    • 22.83 g/t Au over 2.05 metres in the Tabasco-Cayenne zones;
  • FA-22-405:
    • 4.89 g/t Au over 11 metres, including:
    • 21.87 g/t Au over two metres in the Tabasco zone, at a shallow vertical depth of only 60 metres in a previously unknown area of mineralization.

Lateral expansion from 2021 MRE

The current drill program is also focusing on expanding the resource laterally, in directions where the mineralization is open. Data from this drilling will support future economic studies in determining the optimal mining configuration of the project. The company has three to four drill rigs allocated to this program and recent highlight intersections include:

  • FA-21-379:
    • 5.21 g/t Au over five metres, including:
    • 38 g/t Au over 0.60 metre in Area 51, 100 metres southwest of 2021 MRE;
  • FA-21-382:
    • 44.41 g/t Au over 0.50 metre in Area 51, 200 metres southwest of 2021 MRE;
  • FA-21-390:
    • 0.51 g/t Au over 206.60 metres, including:
    • 1.15 g/t Au over 9.50 metres, and;
    • 2.11 g/t Au over 6.80 metres, and;
    • 2.33 g/t Au over 5.40 metres in the Ripley zone, 1.2 kilometres south of 2021 MRE;
  • FA-21-384:
    • 0.54 g/t Au over 40.50 metres, including:
    • 1.23 g/t Au over 6.50 metres in the Ripley zone, one kilometre south of 2021 MRE.

Fenelon exploration drilling

As part of the continuing drill program, Wallbridge completed exploration drilling in late 2021 to gain a better understanding of the geology surrounding the known Fenelon deposit and to find suitable geologic environments that can host new gold zones and satellite deposits. Lacking surface outcrops, this program is largely guided by detailed unmanned aerial vehicle (UAV) geophysical magnetic survey data that have proven very effective in identifying host rocks and potentially gold-bearing structures.

Fifteen of the drill holes released today (FA-21-319, -323, -325, -330, -332, -335, -339, -352, -354, -357, -363, -367, -369, -372, -377) targeted airborne magnetic features resembling the signature of the Jeremie diorite, one of the main host rocks of the Fenelon deposit. The results will assist in better defining the shape of this geologic unit and in finding western and northwestern extensions of this diorite body that may host gold mineralization. This program resulted in an improved 3-D model of the Jeremie diorite in the area 500 metres to two kilometres west of the Fenelon deposit and new gold mineralization was encountered in drill hole FA-21-357.

Four drill holes released today (FA-21-327, -337, -351, -373) were drilled to locate the Sunday Lake deformation zone and to help interpret the geologic and structural features up to 2.3 kilometres west of the Ripley gold zone. New gold mineralization was encountered in drill hole FA-21-327.

Four drill holes (FA-21-329, -333, -341, -350) were drilled to locate the Sunday Lake deformation zone and to help interpret the geologic and structural features 300 metres east of the Ripley gold zone. New gold mineralization was encountered in all four drill holes.

Final assay results from 72 drill holes and partial results of six holes of the 2021/2022 Fenelon drill program are reported in the attached table.

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. 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 atomic absorption spectroscopy or inductively coupled plasma. At SGS and Bureau Veritas, samples over 10g/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, 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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