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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 445,353,874
Close 2019-08-07 C$ 0.46
Recent Sedar Documents

Wallbridge drills 10.96 m of 5.5 g/t Au at Fenelon

2019-08-07 07:39 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE PROVES EXCELLENT CONTINUITY AT AREA 51 AND INTERSECTS 5.50 G/T GOLD OVER 10.96 METRES IN TABASCO AT FENELON

Wallbridge Mining Company Ltd.'s exploration drilling program continues to show excellent along strike and downdip continuity of numerous gold zones over hundreds of metres in Area 51 at its 100-per-cent-owned Fenelon gold property.

In addition, drilling on the Tabasco zone, located between the mine workings and the Area 51 discovery, is demonstrating excellent continuity of this zone. The intersection of 5.50 grams per tonne gold over 10.96 metres reported today has extended this zone down to 600 m depth confirming the significance of this zone and the strong continuation of the Fenelon gold system at depth.

The results released today significantly advance the 2019 exploration goal of expanding the known footprint and demonstrating the large size potential of the Fenelon gold system.

Highlights:

Area 51 corridor

  • FA-19-065: a broad envelope of continuous, stockwork-style gold mineralization in Area 51 grading 0.98 g/t gold over 191.90 metres, including:
    • 2.43 g/t gold over 42.80 metres which includes:
      • 5.00 g/t gold over 12.71 metres (including 68.05 g/t gold over 0.43 metre);
      • 6.56 g/t gold over 3.09 metres;
    • This intersection is located approximately 100 metres southwest of the previously released intersection (see Wallbridge press release dated April 23, 2019) of 1.46 g/t gold over 227.80 metres in FA-19-052, which includes 2.81 g/t gold over 98.91 metres.

Tabasco zone:

  • FA-19-065: 5.50 g/t gold over 10.96 metres, including 10.28 g/t gold over 5.07 metres at a vertical depth of 600 metres where the Tabasco zone cuts across the Jeremie pluton. This intersection represents a 100-metre downdip extension of this zone.

"We are confirming the continuity of numerous high-grade gold-bearing structures within Area 51 along strike and downdip, making these zones prime targets for future resource growth amenable to an underground mining scenario," stated Marz Kord, president and chief executive officer of Wallbridge. "In addition, a potential open-pit-type resource scenario in Area 51 will be pursued with additional drilling due to the evidence of strong near-surface mineralization in holes FA-19-067 and FA-19-073 along with significant, broad, low-grade intersections in excess of 100 metres, like the ones highlighted above."

"The zones at Fenelon tend to widen and get richer as they transition from the sediments into more favourable host rocks, like the Jeremie pluton and the Main gabbro," stated Dr. Attila Pentek, vice-president, exploration, of Wallbridge. "This is again evident from the higher-grade, thicker intersection of the Tabasco zone in FA-19-065 announced today, along with the Cayenne intersection in FA-19-059 announced in a previous press release. We now have demonstrated strong mineralization in multiple zones at 600-metre vertical depth, which is the deepest we have drilled the gold system so far. We are looking forward to drilling undercuts to these recent successful drill holes to follow the gold system even deeper.

"Our exploration drilling continues to prove up significant gold endowment in Area 51 along the edge of the Jeremie pluton from surface down to 600-metre depth. Drill holes FA-19-073 and FA-19-075 intersecting a network of visible gold-bearing veins in Area 51, has proven our recent interpretation of a second, east-northeast-west-southwest mineralized trend that now extends hundreds of metres into the pluton itself."

Summary of drill results:

  • Since the last press release (see Wallbridge press release dated July 9, 2019), highlights of received assay results are as follows:
    • Tabasco zone:
      • FA-19-065: 5.50 g/t gold over 10.96 metres, including 10.28 g/t gold over 5.07 metres at a vertical depth of 600 metres where the Tabasco zone cuts across the Jeremie pluton. This intersection represents a 100-metre downdip extension of this zone.
      • FA-19-061: 2.46 g/t gold over 3.90 metres, at shallow (275 m vertical) depth in the sediments.
    • Area 51 corridor:
      • FA-19-065: a broad envelope of continuous, stockwork-style gold mineralization in Area 51 grading 0.98 g/t gold over 191.90 metres, with the following higher-grade subintervals:
        • 5.00 g/t gold over 12.71 metres (including 68.05 g/t gold over 0.43 metre) and 6.56 g/t gold over 3.09 metres included within a wide zone of 2.43 g/t gold over 42.80 metres;
        • 2.99 g/t gold over 3.86 metres, 5.60 g/t gold over 0.90 metre and 5.70 g/t gold over 1.21 metres;
        • Additional intersections in Area 51 include 7.18 g/t gold over 0.69 metre and 14.15 g/t gold over 0.85 metre;
      • FA-19-063: 5.55 g/t gold over 4.31 metres, 26.54 g/t gold over 1.02 metres and 6.60 g/t gold over 1.01 metres; this is in addition to other intersections in this hole reported in the previous press release (see Wallbridge press release dated July 9, 2019). Assay results of further infill samples near these intersections are pending;
      • FA-19-071: several mineralized zones in the Area 51 and Tabasco corridors which interpreted to be the updip extensions of visible gold-bearing zones in hole FA-19-067 and -072 farther below on the same drill section. Assay results are pending;
      • FA-19-072: several significant mineralized zones, three containing visible gold, within widespread stockwork-style mineralization in Area 51 and in the Tabasco and Cayenne corridors where they cut across the Main gabbro. Assay results are pending;
      • FA-19-073: network of visible gold-bearing veins near surface within Area 51. These zones represent an approximately 80 m extension of the newly recognized east-northeast-west-southwest mineralized trend in to the Jeremie pluton. Several additional zones in the Tabasco and Cayenne corridors. Assay results are pending;
      • FA-19-074: several mineralized zones, one containing visible gold, in the Area 51 and Tabasco corridors which are interpreted to be updip extensions of the zones observed in holes FA-19-067, -071 and -072 farther below on the same drill section. Assay results are pending;
      • FA-19-075: network of visible gold-bearing veins and shear zones near surface within Area 51, so far over an approximate core length of 320 metres. Drilling is currently under way and assay results are pending;
      • FA-19-076: several mineralized zones in the Area 51 and Tabasco corridors which are interpreted to be the updip extensions of visible gold-bearing zones in hole FA-073 farther below on the same drill section. Drilling is currently under way and assay results are pending.

Wallbridge currently has four drill rigs operating on the property with over 32,000 total metres drilled so far in 2019, including 21,000 metres of exploration drilling and 11,000 metres of resource drilling. The program is on track to complete 60,000 to 70,000 metres by the end of the year. Three rigs (two surface, one underground) are active on exploration drilling, doing large-spaced stepouts to define the footprint of the Fenelon gold system and one underground drill rig is working on resource drilling, testing the Naga Viper, Cayenne and Tabasco zones near the existing mine workings.

Assay results are reported for three surface drill holes (FA-19-061, FA-19-063 and FA-19-065) from the 2019 exploration drill program. Assay results are pending for 21 surface drill holes and five underground holes, including 23 intervals with visible gold. With the widespread gold mineralization, especially in Area 51, over hundreds of metres of core lengths, the processing, sampling and assaying of the drill holes take considerable time. Even though the company is making all possible efforts to accelerate this process, the reporting of meaningful, complete composites is in most cases only possible once all assay results are received. Results of the 2019 resource drill program have been and will continue to be announced in press releases separate from the exploration results.

A summary of the new drill hole results from the continuing 2019 exploration drill program is reported in the associated table.

                  WALLBRIDGE FENELON GOLD PROPERTY 2019 DRILL ASSAY HIGHLIGHTS  
                
Drill hole         From         To      From      To  Length   True width      Au      Au capped 
                    (m)        (m)       (m)     (m)     (m)          (m)   (g/t)          (g/t)

FA-19-061         94.36      96.42                      2.06                 2.32           2.32
FA-19-061        246.00     248.05                      2.05                 1.99           1.99
FA-19-061        307.15     308.65                      1.50                 1.70           1.70
FA-19-061        348.23     352.13                      3.90                 2.46           2.46
FA-19-061        423.60     424.54                      0.94                 1.24           1.24
FA-19-061        435.50     436.90                      1.40                 1.39           1.39
FA-19-063         46.33      47.29                      0.96                 1.30           1.30
FA-19-063        109.99     111.00                      1.01                 6.60           6.60
FA-19-063        200.46     201.48                      1.02                26.54          26.54
FA-19-063        395.09     399.40                      4.31                 5.55           5.55
FA-19-065         36.00      37.50                      1.50                 1.38           1.38
FA-19-065        111.00     111.37                      0.37                 2.02           2.02
FA-19-065        153.59     154.10                      0.51                 7.17           7.17
FA-19-065        179.78     180.93                      1.15                 3.44           3.44
FA-19-065        202.10     202.60                      0.50                 1.09           1.09
FA-19-065        271.56     272.25                      0.69                 7.18           7.18
FA-19-065        277.20     277.82                      0.62                 1.14           1.14
FA-19-065        286.50     287.35                      0.85                14.15          14.15
FA-19-065        296.28     296.76                      0.48                 1.41           1.41
FA-19-065        303.78     304.25                      0.47                 3.41           3.41
FA-19-065        321.95     513.85                    191.90                 0.98           0.98
FA-19-065                including    322.71  324.00    1.29                 3.15           3.15
FA-19-065                             333.76  334.66    0.90                 5.60           5.60
FA-19-065                             336.73  338.00    1.27                 4.13           4.13
FA-19-065                             348.00  349.21    1.21                 5.70           5.70
FA-19-065                             360.00  361.75    1.75                 3.28           3.28
FA-19-065                             369.71  370.43    0.72                 3.03           3.03
FA-19-065                             387.00  390.86    3.86                 2.99           2.99
FA-19-065           which includes    390.53  390.86    0.33                24.59          24.59
FA-19-065                      and    414.76  416.17    1.41                 3.41           3.41
FA-19-065                             433.38  476.18   42.80                 2.43           2.43
FA-19-065           which includes    433.38  436.47    3.09                 6.56           6.56
FA-19-065                             463.47  476.18   12.71                 5.00           5.00
FA-19-065           which includes    466.59  467.02    0.43                68.05          68.05
FA-19-065                      and    493.24  494.12    0.88                 4.06           4.06
FA-19-065                             506.90  508.18    1.28                 3.11           3.11
FA-19-065                             512.45  513.85    1.40                 3.69           3.69
FA-19-065        522.96     525.00                      2.04                 1.14           1.14
FA-19-065        605.60     606.43                      0.83                 5.10           5.10
FA-19-065        623.13     623.75                      0.62                 1.30           1.30
FA-19-065        635.70     637.00                      1.30                 6.72           6.72
FA-19-065        647.18     648.10                      0.92                 1.03           1.03
FA-19-065        660.83     662.11                      1.28                 2.25           2.25
FA-19-065        674.89     685.85                     10.96                 5.50           5.50
FA-19-065           which includes    674.89  679.96    5.07                10.28          10.28

Fenelon is located in northwestern Quebec proximal to the Sunday Lake deformation zone (SLDZ), which hosts the Detour gold mine in Ontario and Balmoral Resources' gold deposits at Martiniere. Secondary splays of the SLDZ transect the property over two-to-four-kilometre 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 Canada Inc. 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 Marz Kord, PEng, MSc, MBA, president and chief executive officer, and Dr. Attila Pentek, PGeo, PhD, vice-president, exploration, for Wallbridge Mining.

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.

We seek Safe Harbor.

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