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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 445,353,874
Close 2019-06-24 C$ 0.335
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Wallbridge to release further Fenelon results June 24

2019-06-24 09:43 ET - News Release

Mr. Marz Kord reports


Wallbridge Mining Company Ltd. continues to deliver on its 2019 exploration strategy at its 100-per-cent-owned Fenelon gold property and has provided the following update on its drilling and exploration strategy.

Wallbridge currently has four drill rigs operating on the property with over 22,000 total metres drilled so far in 2019 and the program is on track to complete 50,000 m to 70,000 m as planned by the end of the year. At this time, assay results for 36 drill holes have been received with results from 44 holes pending. Recent results on both the resource drilling program and the exploration drilling program will be reported in subsequent press releases today.

The goals for 2019 are:

  1. Resource growth: Add resources in the main gabbro area near existing underground infrastructure (resource drilling);
  2. Demonstrate size potential: Expand the known footprint of the Fenelon gold system (exploration drilling).

"We are achieving excellent results on both of these goals," stated Marz Kord, president and chief executive officer of Wallbridge. "The success of the exploration program at the main gabbro is demonstrated by how we have shown the mineralization continuing to depths close to 600 metres. This is complemented by the continued successful results in the newly discovered Area 51 corridor, which hosts a combination of high-grade shear zones, surrounded by low-grade pervasive alteration, giving us the optionality to evaluate this area with various resource/mining scenarios in mind. These options will be tested in 2019 for possible scenarios of open-pit mining with typical cut-off grades of 0.3 grams per tonne and underground high-grade narrow-vein mining or underground bulk mining. All of these are potential methods that could be used to maximize the value of this deposit."

"Our systematic exploration program, which started in late 2018, has now significantly expanded the known footprint of the high-grade Fenelon gold system. We have now confirmed a 900 m strike length, 500 to 600 m corridor width and tripled the historic depth extent to now 600 m vertical depth. Another newly outlined structural trend controlling high-grade mineralization is also wide open to the southwest and will become one of our main targets for continued stepouts," stated Attila Pentek, vice-president, exploration, of Wallbridge.

The exploration success at Fenelon is rapidly advancing Wallbridge's five-year plan of working toward sustainable annual production of over 60,000 ounces gold in three years with growth to over 100,000 ounces of annual gold production in five years.

To achieve these objectives, Wallbridge is also:

  • Pursuing an additional 25,000-tonne bulk sample permit to test some of the newly discovered zones in the main gabbro area and to evaluate alternative mining methods;
  • Commencing production permitting for the main gabbro area;
  • Continuing to review value-accretive gold projects to add to its portfolio to achieve its 100,000-ounces-per-year gold production target.

The company continues to focus on advancing both exploration goals and will be reporting results of these goals separately starting with two releases later today.

Select highlight assay results that have been reported to date

Resource growth (see Wallbridge press release dated April 23, 2019, and May 21, 2019)

Previously reported results of:

  • 22.54 g/t gold over 7.95 m in 19-5150-004;
  • 26.37 g/t gold over 2.18 m in 19-5150-003;
  • 7.97 g/t gold over 2.54 m in 19-5150-001.

These results demonstrate the expansion of resources proximal to existing infrastructure in the main gabbro.

Demonstrate size potential (see Wallbridge press release dated Feb. 21, 2019, and May 21, 2019)

Previously reported results of:

  • 15.93 g/t gold over 11.22 m (including 34.59 g/t gold over 1.07 m and 62.68 g/t gold over 2.25 m), as well as 8.71 g/t gold over 6.24 m in FA-19-052;
  • 12.7 g/t gold over 2.71 m in FA-18-051;
  • 5.17 g/t gold over 2.23 m in FA-18-038EXT.

These results demonstrate that Area 51 hosts the same kind of high-grade shear zones that occur in the main gabbro.

Furthermore, additional highlight results of:

  • 2.81 g/t gold over 98.91 m, included within 1.46 g/t gold over 227.8 m in FA-19-052;
  • 0.9 g/t gold over 105 m in FA-18-051;
  • 0.67 g/t gold over 33.67 m in FA-18-040EXT (see Wallbridge press release dated May 21, 2019).

These results also demonstrate the connection through a continuous, low-grade stockwork mineralization.

Fenelon is located in northwestern Quebec proximal to the Sunday Lake deformation zone which hosts the Detour gold mine in Ontario and Balmoral Resources' gold deposits at Martiniere. Secondary splays of the Sunday Lake deformation zone transect the property over two km to four km strike lengths and have controlled the emplacement of a significant gold system along the Jeremie pluton and within a mafic-ultramafic sill referred to as the main gabbro.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive prefeasibility study on the resource that existed in the main gabbro prior to any drilling by the company. Wallbridge has undertaken successful surface exploration drilling campaigns in 2017, 2018 and 2019, and has recently completed an underground 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones, located additional parallel zones and discovered a new gold system associated to the Jeremie pluton referred to as Area 51.

Drill core samples from the continuing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS laboratories. Samples are crushed to 90 per cent less than two millimetres. A one-kilogram riffle split is pulverized to greater than 95 per cent passing 106 microns. Fifty-gram samples are analyzed by fire assay and atomic absorption spectroscopy. Samples greater than 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 persons responsible for the technical content of this press release are Mr. Kord, PEng, MSc, MBA, president and CEO, and Mr. Pentek, PGeo, PhD, vice-president, exploration, for Wallbridge.

About Wallbridge Mining Company Ltd.

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability. Wallbridge is currently developing its 100-per-cent-owned high-grade Fenelon gold property in Quebec with continuing exploration and a recently completed 35,000-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the company's near-term project pipeline. Wallbridge is also continuing partner-financed exploration on its large portfolio of nickel, copper and platinum group metals projects in Sudbury, Ont., with a focus on its high-grade Parkin project.

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