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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 493,069,176
Close 2019-10-21 C$ 0.375
Recent Sedar Documents

Wallbridge drills 38.39 m of 27 g/t Au at Fenelon

2019-10-21 17:59 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE EXPLORATION DRILLING INTERSECTS 27.00 G/T AU OVER 38.39 METRES IN THE TABASCO ZONE

Wallbridge Mining Company Ltd. has released assay results from the continuing 70,000- to 80,000-metre 2019 drill program, which is continuing to follow up the Area 51 and Tabasco discoveries and outline a large gold system, at its 100-per-cent-owned Fenelon gold property.

Drill hole FA-19-086, which was visually described in the last Wallbridge press release dated Oct. 9, 2019, assayed 27.00 grams per tonne gold over 38.39 metres in the Tabasco zone at a vertical depth of 500 metres, further demonstrating the significant gold endowment of the gold system at depth. Further assay results from this hole are pending.

"This interval released from hole FA-19-086 is a truly spectacular intersection with strong gold mineralization throughout the over 38-metre core length that has been assayed so far," stated Attila Pentek, vice-president, exploration, of Wallbridge. "We are keenly awaiting further assay results of surrounding batches from this hole, which, based on the mineral assemblages described, should carry some additional gold mineralization. Holes FA-19-090 and FA-19-092, 100 to 150 metres away, also returned mineralized intersections of significant width along with some visible gold mineralization in the Tabasco zone. These new intersections, for which assays are not yet available, along with 20.89 g/t Au over 8.54 metres, intersected in FA-19-052 (Tabasco), 17.58 g/t Au over 11.04 metres in FA-19-059 (Cayenne) and 5.50 g/t Au over 10.96 metres in FA-19-065 (Tabasco), make us very excited about the potential of the Fenelon gold system at depth."

"We couldn't be more pleased to receive these exceptional assay results from the Tabasco zone in hole FA-19-086, which confirmed our visual assessment about the significance of this intersection," stated Marz Kord, president and chief executive officer of Wallbridge Mining. "We are very proud of the rapid exploration success we have achieved in 2019: A year ago, we only had a conceptual model of the gold zones below 200 metres vertical depth, and now we have several significant, high-grade intersections at 500 to 600 metres deep. We have now accelerated the deep exploration to continue following these high-grade zones to depth, in order that we may plan for a greatly expanded drill program in 2020, which will provide us with the data required to complete a propertywide resource/reserve estimate in early 2021."

Highlights

Tabasco zone

FA-19-086:

  • 27.00 grams per tonne gold (22.17 g/t Au cut) over 38.39 metres, including:
  • 75.02 g/t Au (73.71 g/t Au cut) over 3.83 metres; and
  • 82.61 g/t Au (58.60 g/t Au cut) over 7.51 metres, which further includes:
  • 201.73 g/t Au (130.47 g/t Au cut) over 2.53 metres.

Note: Drill hole composites reported as cut contain higher-grade samples that have been cut to 140 g/t Au. There is currently not enough information available to estimate true widths. Further assay results from this hole are pending.

FA-19-092:

  • A significant, 20-metre core length intersection of the Tabasco zone with sulphide mineralization and visible gold.

Area 51, Andromeda, corridor

FA-19-092:

  • Several mineralized zones, two containing visible gold, over an approximately 200-metre core length in the Area 51, Andromeda, corridor.

19-0915-018:

  • Several mineralized zones, two containing visible gold, over an approximately 250-metre core length in the Area 51, Andromeda, corridor.

Of the six drill rigs currently active on the property, four are focusing on exploration drilling from surface, doing large-spaced stepouts to define the footprint of the Fenelon gold system, and two underground drill rigs are doing more closely spaced drilling of the Tabasco zones and Area 51 near the existing mine workings. A total of over 56,000 metres have been drilled to date in 2019, and the drill program is on track to complete 70,000 to 80,000 metres by the end of the year.

Partial assay results for one surface drill hole (FA-19-086) and complete assay results for nine underground holes (for a total of approximately 2,200 metres) of the 2019 exploration drill program are reported in the attached table. Assays, including further results from hole FA-19-086, are pending for 28 surface drill holes and 53 underground holes, for a total of approximately 31,000 metres. The company's efforts to accelerate the sampling and assaying process have now resulted in faster turnaround time of assay results, and the company is expecting to release results more regularly.

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 cut (2)
                     (m)          (m)          (m)          (m)          (m)            (m)        (g/t)         (g/t)

FA-19-086        600.85       639.24                                  38.39         n/a (3)       27.00         22.17
FA-19-086     Including                    602.75       606.58         3.83            n/a        75.02         73.71
FA-19-086           And                    616.96       624.47         7.51            n/a        82.61         58.60
FA-19-086     Which includes               617.51       620.04         2.53            n/a       201.73        130.47
FA-19-086           And                    637.44       637.94         0.50            n/a        57.17         57.17
19-0915-002   No assays greater than 1 g/t Au
19-0925-016   No assays greater than 1 g/t Au
19-0955-005       56.83        57.50                                   0.67           0.33         4.06          4.06
19-0955-005      108.56       109.20                                   0.64           0.31         5.47          5.47
19-1000-003      121.02       132.00                                  10.98           7.81         1.37          1.37
19-1000-003   Including                    123.00       124.20         1.20           0.85         3.38          3.38
19-1000-003         And                    127.70       129.10         1.40           0.99         3.04          3.04
19-1000-004   No assays greater than 1 g/t Au
19-1000-007      265.42       265.77                                   0.35            n/a         1.03          1.03
19-1000-007      330.26       331.00                                   0.74            n/a         2.21          2.21
19-1000-007      379.54       380.15                                   0.61            n/a         3.61          3.61
19-1000-007      463.56       464.48                                   0.92            n/a         2.76          2.76
19-1000-007      471.55       472.48                                   0.93            n/a         3.21          3.21
19-1035-009   No assays greater than 1 g/t Au
19-1035-013       49.92        55.51                                   5.59           2.81         1.54          1.54
19-1035-013   Including                     49.92        51.17         1.25           0.63         4.19          4.19
19-5140-002   No assays greater than 1 g/t Au

(1) The table includes only highlight assay results received since the latest press release.
(2) Gold cut at 140 grams per tonne following InnovExplo's 2016 mineral resource estimate.
(3) Currently not enough information available to estimate true width.                  

The Fenelon gold property is located proximal to the Sunday Lake deformation zone, an emerging gold belt in northwestern Quebec. This major east-west structure in the northern Abitibi greenstone belt hosts the Detour Lake mine, and is very similar to other breaks controlling world-class gold camps in the southern Abitibi, yet it remains underexplored due to thick overburden cover.

At Fenelon, secondary splays of the Sunday Lake deformation zone have controlled the emplacement of a significant gold system along the Jeremie pluton. Historically, exploration has focused on high-grade shear zones hosted in the Main gabbro, and this is where Wallbridge has completed a bulk sample of 33,500 tonnes grading 18.49 g/t gold.

In late 2018, exploration drilling discovered a new geologic setting with extensive vein network gold mineralization within the pluton, naming it Area 51. The continuing 70,000- to 80,000-metre drill program is proving the connectivity of Area 51 through the sediment-hosted Tabasco and Cayenne zones to the Main gabbro and is continuing to expand the footprint and depth extent of the Fenelon gold system.

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 AAS. 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 Attila Pentek, PGeo, PhD, vice-president, exploration, of Wallbridge.

About Wallbridge Mining Company Ltd.

Wallbridge is establishing a pipeline of projects that will support sustainable 100,000-plus-ounce-gold production, as well as organic growth through exploration and scalability.

The company is currently developing its 100-per-cent-owned Fenelon gold property, which is located proximal to the Sunday Lake deformation zone, an emerging gold belt in northwestern Quebec with continuing 70,000- to 80,000-metre exploration drill program in 2019 and a recently completed 33,500-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-metal projects in Sudbury, Ont., with a focus on its high-grade Parkin project.

We seek Safe Harbor.

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