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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 499,336,734
Close 2019-12-02 C$ 0.68
Recent Sedar Documents

Wallbridge drills 48.01 m of 22.73 g/t Au at Fenelon

2019-12-03 07:09 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE EXTENDS THE LOWER TABASCO ZONE BY 230 METRES DOWN-DIP AND RECEIVES FIRST HIGH-GRADE ASSAYS FROM ORION VEINS

Hole FA-19-99 of the continuing 75,000-metre 2019 drill program on Wallbridge Mining Company Ltd.'s 100-per-cent-owned Fenelon gold property has intersected visible gold and abundant sulphide mineralization over a 16-metre core length. This extends the Lower Tabasco zone an additional 230 metres downdip to a vertical depth of 850 metres. In addition, complete assay results have now been received for drill hole FA-19-086, surrounding the previously reported 27.00 grams per tonne gold over 38.39 metres (see Wallbridge press release dated Oct. 21, 2019). The complete intersection is now reported as 22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres.

High-grade assays were also received from drill holes testing the newly discovered Orion corridor located over 400 metres to the southeast, further demonstrating the exceptional gold endowment in this gold system over the entire one-kilometre strike length explored so far.

"It is quite remarkable that our current initial wide-spaced drilling with holes spaced 75 metres to more than 200 metres apart continues to consistently intersect mineralization, given the typical size of ore shoots in typical Archean gold systems. The results to date show the exceptional quality of Fenelon and increases our continued understanding of the deposit," stated Marz Kord, president and chief executive officer of Wallbridge. "The recent drilling, particularly our 230-metre undercut in the Lower Tabasco zone, suggests that at depth this zone appears to follow the contact of Jeremie pluton in a subvertical manner, suggesting that further deep drilling in this area is warranted."

Lower Tabasco zone highlights

FA-19-099:

  • A 16-metre core length intersection of the Tabasco zone with visible gold and abundant sulphide mineralization. This interval is an approximate 230-metre undercut to the nearest intersection of the Tabasco zone in hole FA-19-092 and extends the known vertical extent of the gold-bearing system at Fenelon by 100 metres, to a vertical depth of 850 metres. Assay results are pending.

FA-19-086:

  • Further gold-bearing assay results have been received surrounding the interval of 27.00 g/t Au over 38.39 metres announced in Wallbridge press release dated Oct. 21, 2019. The intersection, which is interpreted to be the confluence of the Tabasco zone with one of the Andromeda corridor zones, is now updated as follows:
    • 22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres;
    • Including 34.14 g/t Au (33.62 g/t Au cut) over 9.81 metres;
    • 32.22 g/t Au (24.33 g/t Au cut) over 22.87 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.

"We are very pleased with the visual results of drill hole FA-19-099, our first attempt at testing the Fenelon gold system down to 1,000 m vertical depth," stated Attila Pentek, vice-president, exploration, of Wallbridge. "In addition to extending the Lower Tabasco zone by an astounding 230 metres downdip from the nearest intersection in FA-19-092, we also observed strong mineralization in the Orion and Andromeda corridors of Area 51 and in the Cayenne corridor north of the Tabasco zone, demonstrating the excellent potential to keep extending the deposit to greater depth. In addition, the first high-grade intersections from the Orion corridor, reported today, are encouraging us to continue testing this newly discovered portion of Area 51 in 2020."

A summary of the results for the Area 51 Andromeda corridor, the Area 51 Orion corridor, and the Upper Tabasco zone is presented below.

Area 51 -- Andromeda corridor

FA-19-075:

  • A broad envelope of vein network gold mineralization within and along the Jeremie pluton starting near surface and grading 0.50 g/t Au over 215.23 metres, which includes:
    • 1.20 g/t Au over 44.00 metres, including 41.39 g/t Au over 0.34 metre;
    • 3.98 g/t Au over 4.11 metres, including 14.86 g/t Au over 0.61 metre;

FA-19-078:

  • 22.76 g/t Au over 0.93 metre;
  • 11.33 g/t Au over 1.00 metre; these intersections are in addition to assay results reported from this drill hole in Wallbridge press release dated Nov. 14, 2019.

FA-19-086:

  • 10.62 g/t Au over 2.98 metres;
  • 7.98 g/t Au over 2.05 metres.

FA-19-099:

  • Several mineralized zones, one with visible gold, over several hundred metres of core length. Assay results are pending.

Area 51 -- Orion corridor

FA-18-044EXT:

  • 3.79 g/t Au over 10.25 metres, including 43.19 g/t Au over 0.75 metre. Further assay results are pending.

19-0970-006:

  • 121.00 g/t Au over 0.51 metre;
  • 31.37 g/t Au over 0.50 metre; further assay results are pending.

Upper Tabasco zone

FA-19-068:

  • 1.69 g/t Au over 19.50 metres, including 5.61 g/t Au over 2.54 metres.

Of the five drill rigs currently active on the property, three 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 Main Gabbro zones, Tabasco and Area 51 near the existing mine workings. A total of 70,000 metres have been drilled to date in 2019 and the drill program is on track to complete approximately 75,000 metres by the end of the year.

Assay results for seven surface holes and three underground holes (for a total of over 5,000 metres) of the 2019 exploration drill program are reported in the associated table. Assays, including further results of holes FA-19-075, FA-19-078, FA-18-044EXT and 19-0970-006, are pending for 26 surface drill holes and 78 underground holes, for a total of approximately 33,000 metres.

                  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)

19-0925-018                                                             no assays greater than one g/t Au
19-0970-006         605.04     605.55                         0.51       NA (3)    121.00
19-0970-006         665.50     666.00                         0.50           NA     31.37
19-1000-009          12.18      12.65                         0.47           NA      1.22
19-1000-009         143.35     146.80                         3.45           NA      2.03
19-1000-009         165.00     166.40                         1.40           NA      4.36
FA-18-044-EXT       707.50     709.00                         1.50           NA      2.41
FA-18-044-EXT       769.00     772.69                         3.69           NA      1.35
FA-18-044-EXT               including    772.00   772.69      0.69           NA      4.94
FA-18-044-EXT       791.11     794.05                         2.94           NA      3.35
FA-18-044-EXT               including    793.00   794.05      1.05           NA      5.06
FA-18-044-EXT       820.81     821.67                         0.86           NA      1.54
FA-18-044-EXT       832.50     842.75                        10.25           NA      3.79
FA-18-044-EXT               including    842.00   842.75      0.75           NA     43.19
FA-18-044-EXT       865.90     868.00                         2.10           NA      3.39
FA-19-066           106.60     107.66                         1.06           NA      1.47
FA-19-066           198.10     198.60                         0.50           NA      1.37
FA-19-066           442.70     444.20                         1.50           NA      2.33
FA-19-068           147.65     149.07                         1.42           NA      1.70
FA-19-068           166.63     168.39                         1.76           NA      1.74
FA-19-068           222.18     223.37                         1.19           NA      1.81
FA-19-068           295.43     296.10                         0.67           NA      6.95
FA-19-068           386.80     389.19                         2.39           NA      2.30
FA-19-068           401.50     421.00                        19.50           NA      1.69
FA-19-068                   including    401.50   404.04      2.54           NA      5.61
FA-19-075            53.70     268.93                       215.23           NA      0.50
FA-19-075                   including    153.57   268.93    115.36           NA      0.68
FA-19-075              which includes    207.54   251.54     44.00           NA      1.20
FA-19-075                         and    207.54   207.88      0.34           NA     41.39
FA-19-075                         and    215.43   215.76      0.33           NA      6.13
FA-19-075                         and    247.43   248.04      0.61           NA     14.86
FA-19-075                         and    251.21   251.54      0.33           NA     13.47
FA-19-075           288.48     289.83                         1.35           NA      1.28
FA-19-077           120.16     120.50                         0.34           NA     11.10
FA-19-077           211.00     212.30                         1.30           NA      4.65
FA-19-077           334.25     338.67                         4.42           NA      1.34
FA-19-077           430.96     432.56                         1.60           NA     13.57
FA-19-077                   including    430.96   431.85      0.89           NA     22.76
FA-19-077           451.79     453.29                         1.50           NA      1.18
FA-19-077           487.00     488.34                         1.34           NA      1.86
FA-19-077           492.10     493.76                         1.66           NA      1.24
FA-19-078           502.31     512.50                        10.19           NA      3.22
FA-19-078                   including    502.31   503.24      0.93           NA     22.76
FA-19-078                         and    511.50   512.50      1.00           NA     11.33
FA-19-078           520.40     520.96                         0.56           NA      1.00
FA-19-078           535.93     536.49                         0.56           NA      1.37
FA-19-078           543.74     544.85                         1.11           NA      1.58
FA-19-078           569.25     574.30                         5.05           NA      1.40
FA-19-078           585.00     586.10                         1.10           NA      5.01
FA-19-078           598.52     599.50                         0.98           NA      1.80
FA-19-078           602.37     603.28                         0.91           NA      1.37
FA-19-078           618.64     622.64                         4.00           NA      1.56
FA-19-078           635.40     636.33                         0.93           NA      4.09
FA-19-086           204.21     207.06                         2.85           NA      3.11
FA-19-086                   including    204.21   204.72      0.51           NA     14.76
FA-19-086           265.91     267.00                         1.09           NA      1.01
FA-19-086           294.98     295.86                         0.88           NA      2.28
FA-19-086           319.92     321.00                         1.08           NA      2.94
FA-19-086           360.00     365.52                         5.52           NA      1.55
FA-19-086                   including    365.02   365.52      0.50           NA      6.87
FA-19-086           372.00     372.64                         0.64           NA      2.81
FA-19-086           379.20     379.81                         0.61           NA      4.19
FA-19-086           465.40     466.50                         1.10           NA      3.64
FA-19-086           486.00     493.76                         7.76           NA      2.18
FA-19-086                   including    488.30   489.00      0.70           NA     18.05
FA-19-086           514.50     516.55                         2.05           NA      7.98
FA-19-086           533.11     534.00                         0.89           NA      1.80
FA-19-086           554.59     555.97                         1.38           NA      1.04
FA-19-086           577.83     580.81                         2.98           NA     10.62
FA-19-086           587.45     588.77                         1.32           NA      1.95
FA-19-086           595.67     643.68                        48.01           NA     22.73           18.87
FA-19-086                   including    596.77   606.58      9.81           NA     34.14           33.62
FA-19-086                         and    616.37   639.24     22.87           NA     32.22           24.33
FA-19-086              which includes    617.51   620.04      2.53           NA    201.73          130.47
FA-19-086                         and    637.44   637.94      0.50           NA     57.17           57.17
FA-19-086           664.61     667.58                         2.97                   2.04
FA-19-086           709.17     710.18                         1.01                   1.86

(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) 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 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 75,000 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 Inc. laboratories. Samples are crushed to 90 per cent less than two millimetres. A one kilograms riffle split is pulverized to greater than 95 per cent passing 106 microns. Fifty-gram samples are analyzed by fire assay and AAS (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, 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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