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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 581,880,294
Close 2020-01-20 C$ 0.81
Recent Sedar Documents

Wallbridge drills 0.67 m of 101 g/t Au at Fenelon

2020-01-20 20:29 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE DRILLING STARTING TO OUTLINE OPEN PIT POTENTIAL IN AREA 51

In addition to recent high-grade results in the Lower Tabasco zone (see the press release dated Jan. 6, 2020), the continuing exploration drilling has also intersected wide zones of gold mineralization showing bulk mining potential in Area 51 on Wallbridge Mining Company Ltd.'s 100-per-cent-owned Fenelon gold property.

"Our focus on the property over the last few months has been dedicated to achieving several goals. Firstly, we are following up on high-grade, underground bulk-minable resource development particularly in the Lower Tabasco zone. Secondly, while drilling for the Lower Tabasco zone, we are testing the Area 51 zones and, as such, are beginning to determine both the open-pit and underground bulk-mining resource potential for Area 51. The wide intersections of near-surface gold mineralization, such as 1.21 grams per tonne gold over 70.99 metres in hole FA-19-080, identified in the Andromeda corridor of Area 51, have the potential to positively impact the overall economics at Fenelon," stated Marz Kord, president and chief executive officer of Wallbridge. "Fenelon is situated along the Sunday Lake deformation zone, the same structure which hosts the Detour Lake mine, one of Canada's largest open-pit gold mines. The near-surface drill results to date and the indications of its expansion to the south and to the west are reminiscent of Detour Gold's early development."

Area 51 Andromeda corridor highlights (exploration drilling):

  • FA-19-080: 1.21 grams per tonne gold over 70.99 metres in the Enterprise zone, including 5.13 g/t Au over 7.29 metres, 38.26 g/t Au over 0.59 metre and 3.56 g/t Au over 3.66 metres, 5.72 g/t Au over 3.83 metres in the Milky Way zone, and 11.21 g/t Au over 1.87 metres in the MIB zone;
  • 19-0915-011: 1.01 g/t Au over 132.00 metres, including 20.05 g/t Au over 3.88 metres (which includes 101.00 g/t Au over 0.67 metre) in the Interstellar zone, 2.68 g/t Au over 4.11 metres in the Enterprise zone and 2.35 g/t Au over 7.80 metres (which includes 15.48 g/t Au over 0.91 metre) in the Laika zone;
  • 19-0915-016: 0.88 g/t Au over 167.31 metres, including 18.81 g/t Au over 0.67 metre in the Interstellar zone, 2.05 g/t Au over 44.47 metres (which includes 6.81 g/t Au over 6.29 metres and 3.46 g/t Au over 9.63 metres) in the Laika zone and 10.40 g/t Au over 1.73 metres in the Titan zone;
  • FA-19-090: 1.52 g/t Au over 31.10 metres, including 10.85 g/t Au over 1.78 metres and 13.56 g/t Au over 1.60 metres in the Laika zone, and 3.15 g/t Au over 10.84 metres, including 12.56 g/t Au over 2.47 metres in the Titan zone;
  • FA-19-092: 1.53 g/t Au over 19.95 metres, including 13.81 g/t Au over 0.85 metre;
  • FA-19-099: 1.86 g/t Au over 18.92 metres, including 7.73 g/t Au over 3.53 metres in the Titan zone.

Lower Tabasco zone highlights (exploration drilling):

  • FA-19-099: Further gold-bearing assay results have been received surrounding the interval of 5.06 g/t Au over 15.15 metres announced in Wallbridge press release dated Jan. 6, 2020. The intersection is now updated as follows:
    • 4.16 g/t Au over 35.55 metres;
    • Including 6.95 g/t Au over 7.50 metres;
    • 6.72 g/t Au over 7.50 metres.
  • FA-19-075: 3.03 g/t Au over 18.49 metres, including 6.18 g/t Au over 8.00 metres.

"The updated interval of 4.16 g/t Au over 35.55 metres in FA-19-099, which is currently our deepest intersection at Fenelon, highlights the continuing strength of the gold system at 850 metres vertical depth, and we are looking forward to testing this zone down to 1,500 metres with this year's drill program," stated Attila Pentek, vice-president, exploration, of Wallbridge. "In addition to receiving assays over the next several weeks from a number of visually strong intersections in the Lower Tabasco zone, such as FA-019-096, -098, -103 and -104, we are looking forward to results from several near-surface intersections, such as in holes FA-19-098 and FA-19-106, to continue demonstrating the open-pit resource potential in the Andromeda corridor."

Main gabbro, Serrano zone highlights (definition drilling):

  • 19-1110-004: 4.74 g/t Au over 5.88 metres, including 31.90 g/t Au over 0.60 metre;
  • 19-1110-010: 19.44 g/t Au over 3.27 metres, including 65.20 g/t Au over 0.80 metre.

2019/2020 drill program

Six drill rigs are currently active on the property: Five 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 eight surface holes and 23 underground holes of the 2019 exploration drill program are reported in the attached table. Assays are pending for 24 surface drill holes and 82 underground holes with the majority of the latter being short (less than 50 metres) definition drill holes in the Main gabbro zone.

A table with drill hole information of recently completed holes can be found on the company website.

                WALLBRIDGE'S FENELON GOLD PROPERTY 2019 DRILL ASSAY HIGHLIGHTS (1)   

Drill hole            From          To       From         To      Length         Au    Au cut (2)
                        (m)         (m)        (m)        (m)         (m)      (g/t)        (g/t)

19-0915-003         No assays greater than 1 g/t Au
19-0915-007           4.40        5.60                              1.20       2.28         2.28
19-0915-007          64.60       65.60                              1.00       1.18         1.18
19-0915-008         No assays greater than 1 g/t Au
19-0915-011           7.20        9.30                              2.10       1.30         1.30
19-0915-011          21.72       23.22                              1.50       1.63         1.63
19-0915-011         277.86      279.09                              1.23       1.11         1.11
19-0915-011         283.12      283.65                              0.53       1.68         1.68
19-0915-011         292.04      293.60                              1.56       3.88         3.88
19-0915-011         Including              292.95     293.60        0.65       8.14         8.14
19-0915-011         365.60      497.60                            132.00       1.01         1.01
19-0915-011         Including              365.60     369.71        4.11       2.68         2.68
19-0915-011         And                    406.14     410.02        3.88      20.05        20.05
19-0915-011         Which Includes         409.35     410.02        0.67     101.00       101.00
19-0915-011         And                    463.50     471.30        7.80       2.35         2.35
19-0915-011         Which Includes         466.09     467.00        0.91      15.48        15.48
19-0915-011         And                    496.94     497.60        0.66       8.85         8.85
19-0915-011         510.98      512.43                              1.45       1.47         1.47
19-0915-011         572.96      573.65                              0.69       6.76         6.76
19-0915-016         165.00      166.24                              1.24       1.52         1.52
19-0915-016         278.42      445.73                             167.31       0.88         0.88
19-0915-016         Including              278.42     279.09        0.67      18.81        18.81
19-0915-016         And                    308.30     313.52        5.22       1.83         1.83
19-0915-016         And                    345.53     390.00       44.47       2.05         2.05
19-0915-016         Which Includes         345.53     351.82        6.29       6.81         6.81
19-0915-016         And                    368.07     377.70        9.63       3.46         3.46
19-0915-016         And                    385.63     390.00        4.37       2.11         2.11
19-0915-016         And                    400.40     400.92        0.52       1.09         1.09
19-0915-016         And                    417.00     417.95        0.95       3.52         3.52
19-0915-016         And                    427.40     428.00        0.60       3.15         3.15
19-0915-016         And                    444.00     445.73        1.73      10.40        10.40
19-0915-016         452.45      453.40                              0.95       1.09         1.09
19-0915-016         462.85      464.08                              1.23       1.84         1.84
19-0915-016         502.15      503.15                              1.00       3.59         3.59
19-0915-016         523.18      526.10                              2.92       1.19         1.19
19-1000-010          16.58       18.00                               1.42       1.40         1.40
19-1000-011         No assays greater than 1 g/t Au
19-1000-012         128.20      129.00                              0.80       3.16         3.16
19-1000-012         134.45      135.95                              1.50       1.00         1.00
19-1025-002         190.55      192.00                              1.45       1.03         1.03
19-1035-008         156.20      156.52                              0.32       4.95         4.95
19-1035-010         No assays greater than 1 g/t Au
19-1035-011         No assays greater than 1 g/t Au
19-1110-001          46.78       48.50                              1.72       2.96         2.96
19-1110-002          45.00       45.92                              0.92       1.77         1.77
19-1110-002          48.84       49.97                              1.13       2.08         2.08
19-1110-003          49.90       51.00                              1.10       1.52         1.52
19-1110-003          62.26       64.05                              1.79       6.61         6.61
19-1110-004          47.85       53.73                              5.88       4.74         4.74
19-1110-004         Including               53.13      53.73        0.60      31.90        31.90
19-1110-005          45.00       51.73                              6.73       2.95         2.95
19-1110-006          45.00       48.00                              3.00       3.18         3.18
19-1110-007          48.00       49.00                              1.00       7.68         7.68
19-1110-008          45.02       52.06                              7.04       1.75         1.75
19-1110-009         No assays greater than 1 g/t Au
19-1110-010          49.48       52.75                              3.27      19.44        19.44
19-1110-010         Including               51.20      52.00        0.80      65.20        65.20
19-1110-011          45.15       61.50                             16.35       1.64         1.64
19-1110-011         Including               59.35      60.47        1.12       6.27         6.27
FA-19-075           308.67      309.00                              0.33       1.04         1.04
FA-19-075           418.26      428.67                             10.41       1.10         1.10
FA-19-075           Including              418.26     419.32        1.06       5.71         5.71
FA-19-075           543.00      544.23                              1.23       2.96         2.96
FA-19-075           552.00      553.25                              1.25       1.11         1.11
FA-19-075           554.17      555.00                              0.83       1.08         1.08
FA-19-075           569.55      570.80                              1.25       1.07         1.07
FA-19-075           598.01      616.50                             18.49       3.03         3.03
FA-19-075           Including              608.50     616.50        8.00       6.18         6.18
FA-19-075           652.80      654.15                              1.35       1.26         1.26
FA-19-078           668.00      669.00                              1.00       1.56         1.56
FA-19-078           679.97      680.69                              0.72       5.56         5.56
FA-19-078           690.47      705.59                             15.12       1.35         1.35
FA-19-078           Including              704.51     705.59        1.08      11.03        11.03
FA-19-078           725.50      726.00                              0.50       1.21         1.21
FA-19-078           790.37      790.92                              0.55       3.43         3.43
FA-19-079           144.65      145.47                              0.82       1.33         1.33
FA-19-079           181.60      190.70                              9.10       2.01         2.01
FA-19-079           Including              188.02     188.80        0.78      10.78        10.78
FA-19-079           237.20      238.00                              0.80       1.84         1.84
FA-19-080            87.91       88.87                              0.96       1.22         1.22
FA-19-080           112.03      112.63                              0.60       4.29         4.29
FA-19-080           131.84      202.83                             70.99       1.21         1.21
FA-19-080           Including              131.84     139.13        7.29       5.13         5.13
FA-19-080           And                    131.84     132.44        0.60      26.54        26.54
FA-19-080           And                    138.47     139.13        0.66      31.04        31.04
FA-19-080           And                    170.69     171.28        0.59      38.26        38.26
FA-19-080           And                    199.17     202.83        3.66       3.56         3.56
FA-19-080           319.05      322.88                              3.83       5.72         5.72
FA-19-080           Including              319.05     320.40        1.35       9.29         9.29
FA-19-080           341.70      342.28                              0.58       1.59         1.59
FA-19-080           358.15      360.70                              2.55       2.66         2.66
FA-19-080           396.92      398.34                              1.42       1.59         1.59
FA-19-080           409.91      411.78                              1.87      11.21        11.21
FA-19-088            51.00       56.16                              5.16       2.40         2.40
FA-19-088           Including               51.00      52.50        1.50       6.65         6.65
FA-19-088            75.42       77.23                              1.81       2.69         2.69
FA-19-088            87.00       87.95                              0.95       1.15         1.15
FA-19-088            89.85       90.77                              0.92       1.89         1.89
FA-19-090            68.75       69.82                              1.07       2.85         2.85
FA-19-090           123.49      124.25                              0.76       1.09         1.09
FA-19-090           225.00      235.84                             10.84       3.15         3.15
FA-19-090           Including              225.00     227.47        2.47      12.56        12.56
FA-19-090           325.42      326.82                              1.40       5.37         5.37
FA-19-090           372.84      373.45                              0.61       3.41         3.41
FA-19-090           404.73      405.25                              0.52       1.26         1.26
FA-19-090           408.32      409.55                              1.23       2.20         2.20
FA-19-090           425.70      456.80                             31.10       1.52         1.52
FA-19-090           Including              425.70     427.48        1.78      10.85        10.85
FA-19-090           And                    455.20     456.80        1.60      13.56        13.56
FA-19-090           521.48      528.00                              6.52       1.39         1.39
FA-19-090           566.60      575.32                              8.72       1.38         1.38
FA-19-090           Including              574.52     575.32        0.80       8.87         8.87
FA-19-090           606.96      607.50                              0.54       1.93         1.93
FA-19-090           688.79      690.00                              1.21       1.11         1.11
FA-19-092           433.84      435.25                              1.41       1.46         1.46
FA-19-092           478.16      482.45                              4.29       2.70         2.70
FA-19-092           494.64      495.50                              0.86       1.05         1.05
FA-19-092           499.33      499.95                              0.62       2.41         2.41
FA-19-092           508.78      516.90                              8.12       2.31         2.31
FA-19-092           Including              512.01     512.63        0.62      13.63        13.63
FA-19-092           And                    515.74     516.25        0.51      11.68        11.68
FA-19-092           560.11      560.90                              0.79       1.98         1.98
FA-19-092           564.31      565.53                              1.22       1.23         1.23
FA-19-092           580.15      581.51                              1.36       1.00         1.00
FA-19-092           587.05      607.00                             19.95       1.53         1.53
FA-19-092           Including              606.15     607.00        0.85      13.81        13.81
FA-19-092           638.65      646.78                              8.13       2.20         2.20
FA-19-092           Including              638.65     640.76        2.11       6.57         6.57
FA-19-092           659.66      661.07                              1.41       2.07         2.07
FA-19-092           742.41      743.61                              1.20       2.88         2.88
FA-19-092           754.00      757.19                              3.19       2.14         2.14
FA-19-092           852.00      853.58                              1.58       6.56         6.56
FA-19-099            69.00       69.50                              0.50       3.44         3.44
FA-19-099           148.39      149.87                              1.48       1.16         1.16
FA-19-099           327.21      328.44                              1.23       2.26         2.26
FA-19-099           389.49      390.00                              0.51       1.54         1.54
FA-19-099           414.00      415.16                              1.16       1.70         1.70
FA-19-099           435.00      435.78                              0.78       2.91         2.91
FA-19-099           446.71      447.43                              0.72       5.23         5.23
FA-19-099           614.69      623.03                              8.34       1.29         1.29
FA-19-099           Including              616.92      617.56       0.64       6.67         6.67
FA-19-099           643.40      662.32                             18.92       1.86         1.86
FA-19-099           Including              658.79      662.32       3.53       7.73         7.73
FA-19-099           689.00      690.00                              1.00       4.44         4.44
FA-19-099           724.00      724.57                              0.57       2.48         2.48
FA-19-099           732.15      736.17                              4.02       1.16         1.16
FA-19-099           746.11      746.71                              0.60       1.28         1.28
FA-19-099           767.18      768.00                              0.82       3.48         3.48
FA-19-099           781.38      782.14                              0.76       1.03         1.03
FA-19-099           786.00      787.20                              1.20       1.24         1.24
FA-19-099           818.49      819.29                              0.80       1.02         1.02
FA-19-099           847.10      847.85                              0.75       2.18         2.18
FA-19-099           894.51      895.15                              0.64       4.87         4.87
FA-19-099           901.84      903.00                              1.16       1.34         1.34
FA-19-099           910.03      910.66                              0.63       7.39         7.39
FA-19-099           950.90      951.55                              0.65       4.01         4.01
FA-19-099         1,008.45    1,044.00                             35.55       4.16         4.16
FA-19099            Including             1,009.00    1,016.50      7.50       6.95         6.95
FA-19-099           And                   1,036.50    1,044.00      7.50       6.72         6.72
FA-19-099         1,075.50    1,076.50                              1.00       1.01         1.01
FA-19-099         1,083.25    1,085.25                              2.00       5.31         5.31

(1) The table includes only highlight assay results received since the latest press release.
(2) Gold cut at 140 g/t following InnovExplo's 2016 mineral resource estimate.
Note: True widths are estimated to be 50 to 80 per cent of the reported core length intervals.

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 along and within the pluton, naming it Area 51. The 75,000-metre 2019 drill program has proved 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 National Instrument 43-101 resource estimate.

Assay quality assurance/quality control and qualified persons

Drill core samples from the continuing drill program at Fenelon are cut and bagged either on site or by contractors and transported to either SGS Canada Inc. or ALS Canada Ltd for analysis. Samples, along with standards, blanks and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada or ALS Canada laboratories. Samples are crushed to 90 per cent or 95 per cent less than two millimetres. A one-kilogram riffle split is pulverized to greater than 95 per cent passing 106 microns or 85 per cent passing 75 microns. Fifty-gram samples are analyzed by fire assay and AAS. At SGS, 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 person responsible for the technical content of this press release is Evan Slater, PGeo, MSc, senior project geologist of Wallbridge.

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.

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 100,000- to 120,000-metre exploration drill program in 2020 and a 33,500-tonne bulk sample and 75,000-metre drilling completed in 2019. Wallbridge is also pursuing additional advanced-stage projects, which would add to the company's near-term project pipeline. Wallbridge is also the operator of, and a 20-per-cent shareholder in, Loncan Canada Inc., a privately held company with a large portfolio of nickel, copper and platinum group metal projects in Ontario's Sudbury basin.

We seek Safe Harbor.

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