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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 581,880,294
Close 2020-01-03 C$ 0.90
Recent Sedar Documents

Wallbridge drills 9.7 m of 32.18 g/t Au at Fenelon

2020-01-06 08:52 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE CONTINUES TO GROW THE HIGH-GRADE DOMAIN OF THE LOWER TABASCO ZONE AT FENELON

Hole FA-19-094 has returned assays of 32.18 grams per tonne gold (21.56 g/t Au cut) over 9.70 metres from the Lower Tabasco zone on Wallbridge Mining Company Ltd.'s 100-per-cent-owned Fenelon gold property.

Hole FA-19-094, together with previously reported intersections of 22.74 g/t Au (18.87 g/t Au cut) over 48.01 metres (in hole FA-19-086 located 100 metres updip), 20.89 g/t Au (20.89 g/t Au cut) over 8.54 metres (in hole FA-19-52 located 110 metres updip to the southeast) as well as visually strong mineralization with assays pending in FA-19-103, has defined a high-grade core of the Lower Tabasco zone.

The first two deep holes are 240 metres apart along strike, and over 200 metres below intersections in holes -092 and -096. Hole FA-19-099, the visual description of which was reported in Wallbridge press release dated Dec. 3, 2019, returned 5.06 g/t Au over 15.15 metres. Hole FA-19-104 returned a 26-metre core length intersection with visible gold and sulphide mineralization; assays are pending.

"These latest results confirm the presence of a high-grade core to the Lower Tabasco zone, which is currently defined by three holes 80 to 100 metres apart, all with grades of greater than 20 grams per tonne gold," stated Marz Kord, president and chief executive officer of Wallbridge. "In addition, our first two deep holes have greatly expanded the known limits of the Lower Tabasco zone. A major focus of our fully funded 2020 drill program of 100,000 to 120,000 metres will be to complete the infill drilling necessary to bring the Lower Tabasco zone to resource stage by early 2021."

Lower Tabasco zone highlights

FA-19-094:

  • 32.18 g/t Au (21.56 g/t Au cut) over 9.70 metres, including 58.81 g/t Au (38.21 g/t Au cut) over 5.00 metres;
  • This interval is an approximate 100-metre undercut to the intersection of 22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres in hole FA-19-086.

FA-19-092:

  • 4.99 g/t Au over 10.32 metres, including 10.92 g/t Au over 4.06 metres;
  • Further assays around this intersection are pending and may increase the mineralized interval.

FA-19-099:

  • 5.06 g/t Au over 15.15 metres, including 17.96 g/t Au over 1.60 metres;
  • 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. Further assays around this intersection are pending and may increase the mineralized interval.

FA-19-096:

  • 5.53 g/t Au over 11.17 metres and 16.79 g/t Au over 2.75 metres;
  • Further assays around this intersection are pending and may increase the mineralized interval.

FA-19-103:

  • A nine-metre core length intersection of the Tabasco zone with abundant visible gold and sulphide mineralization. This interval is an approximate 10-metre undercut to the intersection of 5.50 g/t Au over 10.96 g/t Au in hole FA-19-065, over 40 metres from the intersection in FA-19-094 and over 30 metres from the intersection in FA-19-096.

FA-19-104:

  • A 26-metre core length intersection of the Tabasco zone with visible gold and sulphide mineralization. This interval is approximately 260 metres from the nearest intersection of the Tabasco zone in FA-19-096.

FA-19-106:

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

"We are defining a very sizeable high-grade domain in the Lower Tabasco zone, which is surrounded by a continuously well-mineralized shear zone grading in the five to 10 g/t Au range," stated Dr. Attila Pentek, vice-president, exploration, of Wallbridge. "We are confident that our 2020 infill program will establish a robust high-grade underground resource in the Lower Tabasco zone. Notwithstanding this zone, the drill holes also intersected gold mineralization in Area 51 and elsewhere for which assays are still pending and we look forward to releasing those results in the near future."

Area 51 -- Andromeda corridor

While mainly targeting the Lower Tabasco zone, the company is continuing with its efficient drilling approach whereby all drill holes cross, and therefore expand and infill, the Area 51 Andromeda corridor before reaching the Lower Tabasco zone. All the drill holes completed in the known Fenelon gold system footprint since the last press release (FA-19-102, -103, -104 and -106) have intersected significant mineralization with visible gold in Area 51 as well. Of particular note is a near-surface zone with visible gold in FA-19-106, which is an 80 m extension of the near0surface zone discovered in FA-19-098 (see Wallbridge press release dated Nov. 14, 2019).

2019/2020 drill program

Five drill rigs are 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 one underground drill rig is doing more closely spaced definition drilling of the Main gabbro zones near the existing mine workings. A total of 75,000 metres were drilled in 2019 and the program will be continuing in 2020 with the same drilling rate of approximately 9,000 metres per month for a total of 100,000 to 120,000 metres.

Assay results of Tabasco zone intersections from five surface holes (FA-19-090, -092, -094, -096 and -099) of the 2019 exploration drill program are reported in the associated table. Assays, including further results of drill holes reported here, are pending for 31 surface drill holes and 101 underground holes, for a total of approximately 11,000 samples.

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

FA-19-090        659.00       669.88                             10.88       NA (3)     1.73           1.73
FA-19-090                  including      663.23     665.80       2.57           NA     4.89           4.89
FA-19-092        723.00       733.32                             10.32           NA     4.99           4.99
FA-19-092                  including      723.00     727.06       4.06           NA    10.92          10.92
FA-19-094        717.45       727.15                              9.70           NA    32.18          21.56
FA-19-094                  including      719.10     724.10       5.00           NA    58.81          38.21
FA-19-096        731.45       734.20                              2.75           NA    16.79          16.79
FA-19-096        743.78       754.95                             11.17           NA     5.53           5.53
FA-19-099      1,009.00     1,024.15                             15.15           NA     5.06           5.06
FA-19-099                  including    1,009.00   1,010.60       1.60           NA    17.96          17.96

(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.                  

About the Fenelon gold property

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 glacial cover.

At Fenelon, secondary splays of the Sunday Lake deformation zone have controlled the emplacement of a significant gold system along and within 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- and shear-hosted gold mineralization gold mineralization within the pluton, naming it Area 51. The 75,000 m 2019 drill program has proven the connectivity of Area 51 through the sediment-hosted Tabasco and Cayenne zones to the Main gabbro and has significantly expanded the footprint and depth extent of the Fenelon gold system. The continuing, fully financed 100,000- to 120,000-metre 2020 drill program is aiming to further define the size potential of the deposit and complete infill drilling in support of a maiden NI 43-101 resource estimate.

Assay quality assurance/quality control and qualified persons

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 Mr. Kord and Dr. Pentek.

About Wallbridge Mining Company Ltd.

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

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.

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