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Wallbridge drills 1.2 m of 13.68 g/t Au at Fenelon

2019-11-14 12:40 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE EXPANDS THE LOWER TABASCO ZONE AND THE AREA 51 ZONES TO THE SOUTHWEST

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

"The last two weeks have provided us with an additional three wide intersections of strong gold mineralization at depth in the Tabasco zone, all being between 35 to 100 m stepouts and undercuts to existing holes thereby significantly expanding the Tabasco zone at depth. In holes FA-19-094 and -096, the Tabasco showed significant width and an abundance of visible gold with sulphides, further outlining the high-grade domain in what we now call the Lower Tabasco zone," stated Marz Kord, president and chief executive officer of Wallbridge Mining. "We are also just as encouraged by other intersections of mineralization in both the Tabasco and the Area 51 corridors, which may not be as well endowed as those in holes such as FA-19-086, -094 and -096 but show the continuity of the zones with potentially economic grades over significant widths."

Tabasco zone

Lower Tabasco zone

As described in recent press releases, below 400 m vertical depth, the zone changes its dip, becomes more continuous and wider, thereby getting significantly more gold endowed. Most recently, drill hole FA-19-086 intersected 27 grams per tonne gold over 38.39 m at a vertical depth of 450 to 500 m in this zone with further surrounding assays results still pending (see Wallbridge press release dated Oct. 21, 2019).

Recent significant intersections in the Lower Tabasco zone include:

  • FA-19-094: A significant, 13 m core length intersection of the Tabasco zone with sulphide mineralization and abundant visible gold. Assay results are pending. This intersection is an approximate 100 m undercut to the Tabasco zone intersection of 27 g/t Au over 38.39 m in hole FA-19-086.
  • FA-19-096: A significant, 30 m core length intersection of the Tabasco zone with sulphide mineralization and abundant visible gold. Assay results are pending. This intersection is an approximate 70 m undercut to a 20 m core length intersection of the Tabasco zone in hole FA-19-078.
  • FA-19-098: A 13 m core length intersection of the Tabasco zone with abundant sulphide mineralization. Assay results are pending.

Upper Tabasco zone

Two intersections were also obtained at shallow (250 to 300 m vertical) depth, where the Tabasco corridor is known to consist of narrow, vertical high-grade shear zones:

  • FA-19-074: 13.88 g/t Au over 1.20 m;
  • FA-19-077: 13.57 g/t Au over 1.60 m.

"Our systematic, 75-metre spaced drilling approach has been extremely successful, with every drill hole extending the mineralized zones to depth and along strike. In today's release, holes FA-19-097 and FA-19-098 push the Andromeda zones further west-southwest into the Jeremie pluton, and FA-19-094, FA-19-096 and -098 expand all the zones at depth. The Fenelon gold system is growing fast and, with visible gold-bearing veins and zones intersected in almost every drill hole, the quality of the mineralization continues to demonstrate the large size potential of this deposit," stated Attila Pentek, vice-president, exploration, of Wallbridge. "Drill hole FA-19-078 adds robust, wide zones of gold mineralization now closer to surface, further demonstrating the potential for a bulk mining scenario in Area 51."

Area 51 -- Andromeda corridor:

  • FA-19-073: 2.50 g/t Au over 9.95 m, including 27.03 g/t Au over 0.82 m. This near-surface intersection is in addition to other assay results reported from this drill hole in Wallbridge press release dated Oct. 9, 2019.
  • FA-19-078: A broad envelope of vein network gold mineralization within and along the Jeremie pluton grading 0.68 g/t gold over 272.62 m, which includes:
    • 1.54 g/t gold over 23.34 m, including 23.81 g/t Au over 1.02 m;
    • 37.31 g/t Au over 0.75 m;
    • 1.09 g/t gold over 27.90 m;
    • 1.04 g/t gold over 58.50 m, including 16.52 g/t Au over 0.77 m, 5.12 g/t Au over 2.76 m and 3.16 g/t Au over 3.47 m.
  • FA-19-094: Several mineralized zones, two containing visible gold, over an approximately 350 m core length in the Area 51 Andromeda corridor; assay results are pending.
  • FA-19-096: Several mineralized zones, three containing visible gold, over an approximately 380 m core length in the Area 51 Andromeda corridor; assay results are pending.
  • FA-19-097: Several mineralized zones, three containing visible gold, over an approximately 500 m core length in the Area 51 Andromeda corridor; this drill hole extends these Andromeda zones by approximately 80 m to the west. Assay results are pending.
  • FA-19-098: A new zone, with four occurrences of visible gold, was intersected near surface, between 80 to 140 m depth, and this discovery extends the mineralized footprint of Area 51 by 80 m farther to the southwest into the Jeremie pluton. One visible gold-bearing zone was intersected at around 250 m depth and several mineralized zones, two containing visible gold, were intersected farther downhole over a 220 m core length. Assay results are pending.

Of the five drill rigs currently active on the property, three are focusing on exploration drilling from surface, doing large-spaced step outs to define the footprint of the Fenelon gold system, and two underground drill rigs are doing more closely spaced drilling of the main gabbro zones, Tabasco and Area 51, near the existing mine workings. A total of 63,000 m have been drilled to date in 2019 and the drill program is on track to complete 70,000 to 80,000 m by the end of the year.

Assay results for five surface holes and five underground holes (for a total of over 3,800 m) of the 2019 exploration drill program are reported in the included table. Assays, including further results of hole FA-19-077 and -078, are pending for 32 surface drill holes and 64 underground holes, for a total of approximately 34,000 m.

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

Drill hole     From      To    From      To  Length     Au  VG       Zone/corridor
                (m)     (m)     (m)     (m)     (m)  (g/t)  
                        
19-0925-009  319.43  328.76                    9.33   1.13          Area 51, Orion
19-0925-009       Including  319.43  322.17    2.74   1.59          Area 51, Orion
19-0925-009             And  327.00  328.76    1.76   3.29          Area 51, Orion
19-0925-009  332.55  333.00                    0.45   1.34          Area 51, Orion
19-0925-009  334.06  334.57                    0.51   1.06          Area 51, Orion
19-0925-009  336.00  337.36                    1.36   1.43          Area 51, Orion
19-0925-009  351.43  352.33                    0.90   1.08          Area 51, Orion
19-0925-009  367.58  368.00                    0.42   4.04          Area 51, Orion
19-0925-009  440.54  441.42                    0.88   1.00          Area 51, Orion
19-0925-011                                        No assays greater than 1 g/t Au
19-0925-013   69.05   70.15                    1.10   2.14              Naga Viper
19-0925-014                                        No assays greater than 1 g/t Au
19-0925-015                                        No assays greater than 1 g/t Au
FA-19-071     86.68   87.07                    0.39   2.12      Area 51, Andromeda
FA-19-071    297.20  298.00                    0.80   2.46      Area 51, Andromeda
FA-19-071    301.80  303.21                    1.41   2.17      Area 51, Andromeda
FA-19-071    321.07  322.49                    1.42   5.81      Area 51, Andromeda
FA-19-071    399.38  425.95                   26.57   0.91                 Tabasco
FA-19-071    505.68  506.80                    1.12   2.14                 Cayenne
FA-19-071    537.31  538.55                    1.24   1.68                 Cayenne
FA-19-071    550.85  552.30                    1.45   2.55                 Cayenne
FA-19-073     45.32   55.27                    9.95   2.50      Area 51, Andromeda
FA-19-073         Including   54.45   55.27    0.82  27.03      Area 51, Andromeda
FA-19-074    263.42  265.30                    1.88   7.71        Area 51, Contact
FA-19-074         Including  264.79  265.30    0.51  25.54        Area 51, Contact
FA-19-074    328.99  330.19                    1.20  13.88                 Tabasco
FA-19-074         Including  329.85  330.19    0.34  44.17  VG             Tabasco
FA-19-074    335.19  336.17                    0.98   1.76                 Tabasco
FA-19-074    368.96  370.00                    1.04   1.14                 Cayenne
FA-19-074    461.35  464.65                    3.30   1.30                 Cayenne
FA-19-077    334.25  338.67                    4.42   1.34        Area 51, Contact
FA-19-077         Including  337.08  338.67    1.59   2.14        Area 51, Contact
FA-19-077    430.96  432.56                    1.60  13.57                 Tabasco
FA-19-077    451.79  453.29                    1.50   1.18                 Tabasco
FA-19-077    487.00  493.76                    6.76   0.97                 Tabasco
FA-19-077         Including  492.10  492.42    0.32   3.64                 Cayenne
FA-19-078     74.99   76.25                    1.26   1.73      Area 51, Andromeda
FA-19-078    157.43  430.05                  272.62   0.68      Area 51, Andromeda
FA-19-078         Including  157.43  180.77   23.34   1.54      Area 51, Andromeda
FA-19-078               And  171.78   172.8    1.02  23.81      Area 51, Andromeda
FA-19-078               And  275.25  276.00    0.75  37.31  VG  Area 51, Andromeda
FA-19-078               And  324.00  351.90   27.90   1.09  VG  Area 51, Andromeda
FA-19-078               And  371.55  430.05   58.50   1.04  VG  Area 51, Andromeda
FA-19-078    Which includes  379.33   380.1    0.77  16.52  VG  Area 51, Andromeda
FA-19-078               And  397.18  399.94    2.76   5.12  VG  Area 51, Andromeda
FA-19-078               And  411.90  415.37    3.47   3.16      Area 51, Andromeda
FA-19-078    441.92  442.92                    1.00   1.13      Area 51, Andromeda
FA-19-078    469.72  470.68                    0.96   1.02      Area 51, Andromeda 

(1) Table includes only highlight assay results received since the latest press 
release.
(2) Au cut at 140 g/t following InnovExplo's 2016 mineral resource estimate. 
(3) Intervals containing visible gold (VG).               
(4) 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 m to 80,000 m 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 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 Dr. Pentek, PGeo, PhD, vice-president of exploration of Wallbridge.

About Wallbridge Mining Company Ltd.

Wallbridge is establishing a pipeline of projects that will support sustainable plus 100,000-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 a continuing 70,000 m to 80,000 m exploration drill program in 2019 and a recently completed 33,500-tonne bulk sample.

We seek Safe Harbor.

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