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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 583,917,794
Close 2020-01-28 C$ 0.74
Recent Sedar Documents

Wallbridge drills 19 m of 43.47 g/t Au at Fenelon

2020-01-28 17:12 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE CONTINUES TO INTERSECT HIGH-GRADE GOLD OVER SIGNIFICANT WIDTHS IN LOWER TABASCO ZONE

Wallbridge Mining Company Ltd. has intersected 43.47 grams per tonne gold (23.57 grams per tonne gold cut) over 19.00 metres in the Lower Tabasco zone on its 100-per-cent-owned Fenelon gold property. This interval is approximately 120 metres below the intersection of 22.73 grams per tonne gold (18.87 g/t Au cut) over 48.01 metres in hole FA-19-086 (see Wallbridge press release dated Dec. 3, 2019) and highlights the excellent potential for similar exceptional, high-grade intersections within the Lower Tabasco zone.

Two additional holes from the continuing 2020 drill program also intersected intervals of visually strong mineralization with abundant visible gold in the Lower Tabasco zone: Hole FA-20-110 returned a 120-metre core length interval with several mineralized zones, six containing visible gold, in the Andromeda-Tabasco-Cayenne corridors, whereas hole FA-20-115 cut a 16-metre core length interval of the Lower Tabasco zone, approximately 23 metres below the FA-19-086 intersection.

"Today's announcement continues to confirm the presence of significant high-grade gold mineralization in the Lower Tabasco zone, which remains open at depth and on strike," stated Marz Kord, president and chief executive officer of Wallbridge. "A known strike length of 300 to 400 metres, uncapped weighted-average gold grades in excess of 10 grams per tonne over average core lengths of about 15 metres, the approximate 500-metre downdip extent identified thus far, and indications from drill holes like FA-20-110 and FA-20-115 highlight the potential for a significant underground resource."

Lower Tabasco zone highlights:

  • FA-19-103: 43.47 g/t Au (23.57 g/t Au cut) over 19.00 metres, including 87.10 g/t Au (45.73 g/t Au cut) over 5.69 metres and 87.57 g/t Au (44.81 g/t Au cut) over 3.34 metres; this interval is approximately 120 metres below the intersection of 22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres in hole FA-19-086;
  • FA-20-110: A 120-metre core length interval along the Jeremie pluton with several mineralized zones, six containing visible gold, in the Andromeda-Tabasco-Cayenne corridors; currently, there is not enough information available to establish which interval corresponds to the Lower Tabasco zone, as several shear zones show Tabasco-like characteristics; assay results are pending;
  • FA-20-115: A 16-metre core length intersection of the Tabasco zone with abundant visible gold and sulphide mineralization; this interval is approximately 23 metres below the intersection of 22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres in hole FA-19-086; assay results are pending.

Upper Tabasco zone highlight:

  • 19-0915-019: 8.24 g/t Au over 4.28 metres, including 36.98 g/t Au over 0.67 metre; this interval is one of the best results obtained so far from the upper portion of the Tabasco zone.

"We continue to be impressed by the continuity of high-grade mineralization in the Lower Tabasco zone," stated Attila Pentek, vice-president, exploration, of Wallbridge. "Hole FA-20-110 was very important in demonstrating the existence of strong mineralization on the 10050E section, thereby establishing a potential shallow to moderate westward plunge of the Tabasco's high-grade domain, whereas FA-20-115 indicates excellent continuity within the high-grade domain."

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 is continuing in 2020 with the same drilling rate of approximately 9,000 metres per month for a projected total of 100,000 to 120,000 metres for the year. So far, a total of approximately 6,500 metres have been drilled in 2020.

Assay results of one surface hole and one underground hole of the 2019 exploration drill program are reported in the attached table. Assays are pending for 24 surface drill holes and 82 underground holes of the 2019 program 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.

                    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)

FA-19-103         785.00   804.00                             19.00      43.47           23.57        
FA-19-103            Including          785.00     790.6      95.69      87.10           45.73        
FA-19-103            And                794.88     798.2      23.34      87.57           44.81        
19-0915-019       174.52   178.80                              4.28       8.24            8.24        
19-0915-019          Including          176.10    176.77       0.67      36.98           36.98        

(1) 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.  
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 and quality control and qualified person

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 metres of 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.

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