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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 493,069,176
Close 2019-09-06 C$ 0.37
Recent Sedar Documents

Wallbridge drills 1.58 m of 29.58 g/t Au at Fenelon

2019-09-09 07:46 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE EXPANDS THE MINERALIZED FOOTPRINT AND INTERSECTS SIGNIFICANT GOLD MINERALIZATION IN NEWLY TESTED PORTION OF AREA 51 AT FENELON

Wallbridge Mining Company Ltd. has made several important discoveries and has achieved milestones that further demonstrate the large size potential of the Fenelon gold system.

Drill results extend the Cayenne zone to a depth of 700 metres, the Tabasco zone an additional 150 metres to the east and all known zones an additional 80 metres to the west-northwest. Furthermore, strong, visible gold-bearing mineralization was discovered in a previously untested portion of Area 51, over 300 metres from the nearest drill hole.

"With over 42,000 m drilled so far in 2019, we are on track to complete 70,000 to 80,000 metres by the end of the year allowing us to do an initial assessment of the size potential of the gold system and develop a robust strategy for our 2020 exploration program, which should exceed 100,000 metres of drilling," stated Marz Kord, president and chief executive officer of Wallbridge Mining. "Our permitting process is progressing towards receiving approvals for the start-up of small-scale, 400-to-500-tonne-per-day production from the already developed areas of the main gabbro zones by the second half of 2020 while the continued success of our exploration drill program will support a maiden resource estimate for the combined Fenelon gold system in early 2021."

Highlights of recently received assay results:

  • Cayenne zone:
    • 19-0925-012: 8.04 grams per tonne gold over 1.97 metres, including 22.14 g/t gold over 0.47 metre;
    • 19-0955-005: 29.58 g/t gold over 1.58 metres, including 106.00 g/t gold over 0.43 metre;
    • 19-0955-006: 26.67 g/t gold over 1.83 metres, including 63.07 g/t gold over 0.66 metre;
  • Naga Viper zone:
    • 19-0985-002: 8.52 g/t gold over 1.35 metres;
    • 19-1035-014: 8.55 g/t gold over 2.28 metres;
  • Area 51 corridor:
    • FA-19-067: a broad envelope of stockwork-style gold mineralization within and along the Jeremie pluton grading 0.42 g/t gold over 236.67 metres, which includes:
      • 1.27 g/t gold over 27.21 metres, with the following higher-grade subintervals:
        • 4.91 g/t gold over 3.63 metres (including 18.25 g/t gold over 0.75 metre);
        • 8.12 g/t gold over 1.82 metres;
      • 0.80 g/t gold over 19.94 metres including 23.17 g/t gold over 0.48 metre;
      • 16.33 g/t gold over 0.75 metre;
      • 1.29 g/t gold over 11.46 metres; this zone is developed in the sediments along the contact;
    • 19-0925-008: stockwork-style gold mineralization within the Jeremie pluton over an approximately 90-metre core length with vein intersections including 7.91 g/t gold over 0.66 metre, 5.16 g/t gold over 0.61 metre and 1.79 g/t gold over 1.96 metres. Additional infill sampling is currently under way.

Summary of significant drill results (since last Wallbridge press release dated Aug. 7, 2019):

  • FA-19-077: several mineralized zones, one containing visible gold, in the Area 51, Tabasco and Cayenne corridors; assay results pending;
  • FA-19-078: network of visible gold-bearing veins over an approximately 220-metre core length within Area 51 starting near surface;
  • FA-19-079: several mineralized zones in the Tabasco and Cayenne corridors; Area 51-style mineralization was also intersected over an approximately 100-metre core length at depth in a newly discovered buried portion of the Jeremy pluton; assay results pending;
  • FA-19-080: network of visible gold-bearing veins over an approximately 300-metre core length within Area 51 starting near surface; several mineralized zones, two with visible gold in the Tabasco and Cayenne corridors; this hole, along with 082, extends all known zones 80 metres to the west-northwest; assay results pending;
  • FA-19-081: several mineralized zones, one containing visible gold, in the Area 51, Tabasco and Cayenne corridors; drilling currently under way and assay results pending;
  • FA-19-082: network of mineralized veins, one with visible gold, in the Area 51 corridor; drilling currently under way and assay results pending;
  • FA-18-044ext: extension of a 2018 drill hole from 652 to 1,015 m depth; several mineralized zones, one with visible gold, in a so far entirely untested portion of Area 51, over 300 metres from the nearest drill hole; assay results pending;
  • FA-18-047ext: extension of a 2018 drill hole from 620 to 1,000 m depth; several mineralized zones in the Tabasco and Area 51 corridors; assay results pending;
  • 19-0915-005: network of mineralized veins, two with visible gold, over an approximately 100-metre core length in the Area 51 corridor; assay results pending.

"We've seen good continuity of the Tabasco zone, Cayenne zone and several mineralized structures in Area 51 giving us confidence in our ability to convert the widely spaced intersections into resources when completing our 2020 infill drill program," stated Attila Pentek, vice-president, exploration, of Wallbridge. "The discovery of high-grade mineralization within an entirely untested portion of Area 51 and the proven existence of buried portions of the Jeremie pluton far in the north, open up an entirely new environment to host gold mineralization."

Three rigs are active on exploration drilling from surface, doing large-spaced stepouts to define the footprint of the Fenelon gold system and two underground drill rigs are continuing to test the Naga Viper, Cayenne and Tabasco zones near the existing mine workings as well as follow-up drilling in Area 51.

Assay results are reported in the associated table for the 2019 exploration drill program. Assay results are pending for 28 surface drill holes and 50 underground holes, for a total of approximately 6,500 samples. The company is making all possible efforts to accelerate the sampling and assaying process and has been working with the laboratory to implement several measures to ensure a faster turnaround time of assay results.

A summary of the new drill hole results from the continuing 2019 exploration drill program are reported in the associated table. All figures and a table with drill hole information of recently completed holes can be found on the company website.

               WALLBRIDGE FENELON GOLD PROPERTY 2019 DRILL ASSAY HIGHLIGHTS (1) 
             
Drill hole        From        To      From        To    Length   True width        Au   Au capped(2)
                   (m)       (m)       (m)       (m)       (m)          (m)     (g/t)          (g/t)

19-0925-006     357.25    358.20                          0.95                   1.87
19-0925-008     295.30    295.75                          0.45                   3.00
19-0925-008     311.37    312.74                          1.37                   1.87
19-0925-008     323.34    324.00                          0.66                   7.91
19-0925-008     353.34    355.30                          1.96                   1.79
19-0925-008     383.34    383.95                          0.61                   5.16
19-0925-012      22.03     24.00                          1.97                   8.04
19-0925-012            including     23.53     24.00      0.47                  22.14
19-0955-005      45.00     46.58                          1.58                  29.58
19-0955-005            including     46.15     46.58      0.43                 106.00
19-0955-006      52.75     54.58                          1.83                  26.67
19-0955-006            including     52.75     53.71      0.96                  49.87
19-0970-002      43.50     44.00                          0.50                   8.39
19-0985-001      13.50     14.50                          1.00                   1.06
19-0985-002      95.25     96.60                          1.35                   8.52
19-0985-003     107.35    111.00                          3.65                   2.70
19-0985-004     125.60    128.70                          3.10                   2.11
19-1000-001                                                       no assays greater than one g/t Au
19-1000-002     106.50    112.50                          6.00                   1.84
19-1000-005      94.78     95.17                          0.39                   1.28
19-1000-006     111.59    112.16                          0.57                   3.44
19-1000-006     115.10    116.10                          1.00                   1.27
19-1000-006     123.00    123.93                          0.93                   1.54
19-1000-006     125.70    126.46                          0.76                   1.70
19-1035-007     136.90    146.52                          9.62                   2.10
19-1035-007            including    136.90    140.41      3.51                   3.27
19-1035-007                         141.40    141.80      0.40                   2.44
19-1035-007                         143.15    143.56      0.41                   5.38
19-1035-007                         146.05    146.52      0.47                   7.82
19-1035-014     147.70    148.38                          0.68                   1.47
19-1035-014     150.18    152.46                          2.28                   8.55
19-1035-014            including    150.18    150.48      0.30                  26.28
FA-19-065       810.45    815.26                          4.81                   1.81
FA-19-065              including    814.68    815.26      0.58                   9.44
FA-19-067        90.86     91.58                          0.72                   3.10
FA-19-067       130.79    132.27                          1.48                   1.25
FA-19-067       145.04    146.05                          1.01                   2.15
FA-19-067       218.79    246.00                         27.21                   1.27
FA-19-067              including    218.79    222.42      3.63                   4.91
FA-19-067                           244.18    246.00      1.82                   8.12
FA-19-067       260.10    261.44                          1.34                   1.64
FA-19-067       276.00    276.87                          0.87                   1.29
FA-19-067       279.94    280.78                          0.84                   1.16
FA-19-067       306.48    306.96                          0.48                  23.17
FA-19-067       325.05    326.42                          1.37                   2.13
FA-19-067       366.00    366.75                          0.75                  16.33
FA-19-067       382.66    383.26                          0.60                   1.64
FA-19-067       401.43    402.10                          0.67                   1.28
FA-19-067       444.00    455.46                         11.46                   1.29
FA-19-067              including    444.00    445.07      1.07                   4.69
FA-19-067                           448.14    449.48      1.34                   3.31
FA-19-067                           454.20    455.46      1.26                   3.06
FA-19-067       499.92    500.75                          0.83                   6.11
FA-19-067       523.54    527.83                          4.29                   1.09
FA-19-067              including    527.28    527.83      0.55                   6.99
FA-19-067       543.74    544.74                          1.00                   1.54
FA-19-067       566.65    567.81                          1.16                   1.21
FA-19-067       594.50    595.46                          0.96                   1.43
FA-19-067       598.15    599.21                          1.06                   1.35
FA-19-067       644.08    645.41                          1.33                   2.21
FA-19-067       679.81    680.20                          0.39                   1.27

(1) Table includes only highlight assay results received since the latest press 
release.
(2) Au capped at 140 g/t following InnovExplo's 2016 mineral resource estimate.                                                   

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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