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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 586,997,997
Close 2020-03-04 C$ 0.76
Recent Sedar Documents

Wallbridge drills 43.7 m of 3.37 g/t Au at Fenelon

2020-03-04 06:41 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE EXPANDS THE TABASCO AND CAYENNE ZONES ALONG STRIKE

Wallbridge Mining Company Ltd. has released further high-grade intersections in the Lower Tabasco and Cayenne zones on its 100-per-cent-owned Fenelon gold property, expanding the high-grade portion of the Tabasco zone to 500 metres of strike length and 500 metres of downdip extent with intersections such as 4.31 grams per tonne gold over 32.50 metres in hole FA-19-096 and 3.37 g/t Au over 43.70 metres, including 5.71 g/t Au over 19.45 metres in hole FA-20-110.

Drilling in 2020 has significantly expanded the known extents of the Tabasco and Cayenne zones along strike and depth. Holes FA-20-118, -119 and -126 all intersected strong mineralization in the west, while holes FA-20-116 and -123 are pushing mineralization to the east onto Section 10350 E, where the Tabasco zone had not yet been identified. Assays are currently pending for these holes.

The Cayenne zone is also showing areas of strong gold mineralization at depth, as shown by the intersection of 4.61 g/t Au over 15.60 metres, including 19.06 g/t Au over 2.70 metres in FA-19-094, located 75 metres downdip of 17.58 g/t Au over 11.04 metres in FA-19-059, announced in Wallbridge press release dated July 9, 2019. Additionally, definition drilling in the Main gabbro zone has expanded known high-grade shoots with intersections such as 40.66 g/t over 5.96 metres in hole 19-0985-013.

"The high-grade portion of the Tabasco zone is shaping up very nicely. Tabasco remains open at depth and along strike, and has now been extended by an additional 100 metres along strike since our last press release," stated Marz Kord, president and chief executive officer of Wallbridge. "Four of the six drill rigs are currently dedicated to further testing the Tabasco structure along strike and to depth. We are also very pleased with the results of our definition drilling campaign in the Main gabbro zone, which is expanding the known zones with high-grade intersections."

Lower Tabasco zone assay highlights (exploration drilling):

  • FA-19-096: Further gold-bearing assay results have been received surrounding the intervals announced in Wallbridge press release dated Jan. 6, 2020. The complete Tabasco zone intersection is now updated as follows: 4.31 g/t Au over 32.50 metres, including 10.64 g/t Au over 6.68 metres and 5.53 g/t Au over 11.17 metres;
  • FA-19-098: 3.55 g/t Au over 16.81 metres, including 21.07 g/t Au over 1.58 metres;
  • FA-19-102: 4.70 g/t Au over 14.55 metres, including 38.06 g/t Au over 1.03 metres in the Lower Tabasco South zone;
  • FA-19-104: 1.46 g/t Au over 36.90 metres, including 2.18 g/t Au over 10.45 metres;
  • FA-20-110: 3.66 g/t Au over 13 metres, including 9.90 g/t Au over four metres in the Lower Tabasco South zone, and 3.37 g/t Au over 43.70 metres, including 5.71 g/t Au over 19.45 metres in the Lower Tabasco and Cayenne zones.

Upper Tabasco zone assay highlights (exploration drilling):

  • FA-19-085: 44.15 g/t Au over 1.82 metres.

Cayenne zone assay highlights (exploration drilling):

  • FA-19-094: 4.61 g/t Au over 15.60 metres, including 19.06 g/t Au over 2.70 metres.

Main gabbro, Naga Viper zone assay highlights (definition drilling):

  • 19-0985-008: 3.33 g/t Au over 15.15 metres, including 9.04 g/t Au over 2.00 metres;
  • 19-0985-009: 23.90 g/t Au over 3.48 metres and 25.14 g/t Au over 2.42 metres;
  • 19-0985-012: 8.01 g/t Au over 10.88 metres, including 20.53 g/t Au over 2.06 metres;
  • 19-0985-013: 40.66 g/t Au over 5.96 metres;
  • 19-1000-018: 28.25 g/t Au (15.92 g/t Au cut) over 5.27 metres.

"We are now seeing several well-mineralized splays of the Tabasco and Cayenne shear systems at depth along the edge of the Jeremie pluton and in the sediments. In particular, a shear zone right at the contact of the pluton, now referred to as Lower Tabasco South, is showing excellent continuity from hole to hole," stated Attila Pentek, vice-president, exploration, of Wallbridge. "As is typical of other shear-zone-hosted gold systems in the Abitibi, the grade distribution in the Tabasco shear system varies. However, the fact that each drill hole hits wide intervals of strong gold mineralization gives us confidence that tighter-spaced drilling in the future along with our continued structural geology work will define the controls on higher-grade shoots within the shears."

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 19,000 metres have been drilled in 2020.

Assay results of 14 surface holes and 26 underground holes of the 2019/2020 exploration drill program are reported in the associated table. Assays are pending for eight surface drill holes and 36 underground holes with the majority of the latter being short (less than 50 m) definition drill holes in the Main gabbro zone.

A summary of the new drill hole results from the continuing exploration drill program is reported in the associated table. 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         Au cut
                        (m)            (m)            (m)            (m)            (m)          (g/t)          (g/t)

FA-19-080*           721.45         725.35                                         3.90           3.08           3.08
FA-19-081            277.00         284.73                                         7.73           1.36           1.36
FA-19-081            301.42         307.17                                         5.75           1.61           1.61
FA-19-084            468.52         478.40                                         9.88           1.22           1.22
FA-19-085            350.56         352.38                                         1.82          44.15          44.15
FA-19-094            784.50         800.10                                        15.60           4.61           4.61
FA-19-094                        including         784.50         787.20           2.70          19.06          19.06
FA-19-094               and                        798.00         800.10           2.10           9.10           9.10
FA-19-094            839.35         841.55                                         2.20          14.11          14.11
FA-19-096            722.45         754.95                                        32.50           4.31           4.31
FA-19-096                        including         727.52         734.20           6.68          10.64          10.64
FA-19-096               and                        743.78         754.95          11.17           5.53           5.53
FA-19-097            483.28         500.35                                        17.07           1.75           1.75
FA-19-097            569.30         570.33                                         1.03          30.14          30.14
FA-19-098            658.82         675.63                                        16.81           3.55           3.55
FA-19-098                        including         674.05         675.63           1.58          21.07          21.07
FA-19-099          1,244.50       1,246.00                                         1.50           5.94           5.94
FA-19-100            622.00         637.65                                        15.65           5.89           4.71
FA-19-100                        including         623.85         624.35           0.50         177.00         140.00
FA-19-101            577.62         580.91                                         3.29           2.33           2.33
FA-19-102            529.29         543.84                                        14.55           4.70           4.70
FA-19-102                   which includes         529.29         530.32           1.03          38.06          38.06
FA-19-102            642.81         644.88                                         2.07           3.41           3.41
FA-19-102            672.85         673.80                                         0.95           8.80           8.80
FA-19-102            721.50         722.30                                         0.80           6.30           6.30
FA-19-104          1,044.70       1,081.60                                        36.90           1.46           1.46
FA-19-104                        including       1,045.85       1,056.30          10.45           2.18           2.18
FA-19-104                   which includes       1,055.65       1,056.30           0.65          12.75          12.75
FA-20-110            780.00         793.00                                        13.00           3.66           3.66
FA-20-110                        including         784.00         788.00           4.00           9.90           9.90
FA-20-110            857.20         900.90                                        43.70           3.37           3.37
FA-20-110                        including         881.45         900.90          19.45           5.71           5.71
FA-20-110                   which includes         881.45         882.00           0.55          96.13          96.13
19-0985-005                                                                              no significant assay results
19-0985-006                                                                              no significant assay results
19-0985-008           64.25           79.4                                        15.15           3.33           3.33
19-0985-008                      including          65.05          67.05           2.00           9.04           9.04
19-0985-008                      including          72.75          75.45           2.70           6.34           6.34
19-0985-009           62.31          65.79                                         3.48          23.90          23.90
19-0985-009           76.92          79.34                                         2.42          25.14          25.14
19-0985-010                                                                              no significant assay results
19-0985-011           75.86          78.43                                         2.57           6.53           6.53
19-0985-012           70.22          81.10                                        10.88           8.01           8.01
19-0985-012                      including          70.22          71.48           1.26          30.00          30.00
19-0985-012                      including          74.14          76.20           2.06          20.53          20.53
19-0985-013           78.66          84.62                                         5.96          40.66          40.66
19-1000-013                                                                              no significant assay results
19-1000-014                                                                              no significant assay results
19-1000-015                                                                              no significant assay results
19-1000-016                                                                              no significant assay results
19-1000-017                                                                              no significant assay results
19-1000-018            4.30           5.40                                         1.10           7.90           7.90
19-1000-018           20.00          25.27                                         5.27          28.25          15.92
19-1000-019            2.70           5.15                                         2.45           9.95           9.95
19-1000-020                                                                              no significant assay results
19-1000-021            4.85           7.65                                         2.80           6.39           6.39
19-1000-022            5.67           7.08                                         1.41           4.27           4.27
19-1025-001                                                                              no significant assay results
19-1035-012           45.35          46.53                                         1.18           5.73           5.73
19-1035-015           39.74          42.00                                         2.26           4.78           4.78
19-1035-016                                                                              no significant assay results
19-1035-021                                                                              no significant assay results
19-5140-003                                                                              no significant assay results
19-5140-004                                                                              no significant assay results

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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