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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 58.92 m of 1.05 g/t Au at Fenelon

2020-03-04 06:44 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE CONTINUES TO OUTLINE EXTENSIVE GOLD-BEARING VEIN NETWORK IN AREA 51 IN THE HANGINGWALL OF THE TABASCO/CAYENNE SHEAR SYSTEM

Wallbridge Mining Company Ltd. continues to extend intervals of gold mineralization characterized by wide intersections of one to two grams per tonne gold with narrower zones of high-grade material within the Area 51 vein network in the immediate hangingwall to the Tabasco/Cayenne shear system on its 100-per-cent-owned Fenelon gold property.

Intervals such as 1.05 grams per tonne gold over 58.92 metres, 3.34 g/t Au over 16.15 metres and 1.54 g/t Au over 16.40 metres in FA-19-094 are being intersected in the Jeremie pluton in many of the drill holes along the way to test the Tabasco/Cayenne shear system at the edge of the pluton and in the sediments. These extensive gold intercepts are combined with higher-grade intervals, including 7.48 g/t over 11.70 metres and 5.89 g/t over 15.65 metres with grades up to 177.00 g/t over 0.5 metre.

"The fact that many of these drill holes intersect multiple potentially minable zones in Area 51 as well as the Tabasco/Cayenne shear system makes our drill program very efficient, allowing for low per-ounce discovery cost," stated Marz Kord, president and chief executive officer of Wallbridge. "The wide mineralized zones, particularly near surface such as the 1.17 g/t Au over 70.50 metres in hole FA-19-098, could become part of a future potential open pit, adding significant amounts of gold ounces to a high-grade underground operation."

Area 51 Andromeda corridor highlights (exploration drilling)

  • FA-19-094: 1.05 g/t Au over 58.92 metres in the Laika zone, 3.34 g/t Au over 16.15 metres in the Interstellar zone and 1.54 g/t Au over 16.40 metres (including 4.13 g/t Au over 4.50 metres) in the Enterprise zone;
  • FA-19-096: 1.49 g/t Au over 54.02 metres in the Titan zone (including 2.96 g/t Au over 6.32 metres and 4.16 g/t Au over 6.60 metres), and 1.35 g/t Au over 25.74 metres in the Laika zone;
  • FA-19-100: 5.89 g/t Au (4.71 g/t Au cut) over 15.65 metres, including 177.00 g/t Au (140.00 g/t Au cut) over 0.50 metre in the MIB zone;
  • FA-19-102: 1.65 g/t Au over 31.88 metres in the Milky Way zone;
  • FA-19-103: 1.54 g/t Au over 50.00 metres, 2.75 g/t Au over 7.00 metres and 6.70 g/t Au over 2.00 metres in the Laika zone and 3.31 g/t Au over 5.00 metres in the Interstellar zone;
  • 19-0915-019: 1.17 g/t Au over 100.30 metres in the Interstellar zone, including 6.45 g/t Au over 4.20 metres, 84.57 g/t Au over 0.75 metre and 3.87 g/t Au over 4.10 metres 1.11 g/t Au over 48.30 metres in the Laika zone, including 3.71 g/t Au over 7.77 metres;
  • 19-0915-022: 7.48 g/t Au over 11.70 metres in the Interstellar zone;
  • 19-0970-006: 5.06 g/t Au over 7.34 metres in the Titan zone.

Area 51 Orion corridor highlights (exploration drilling):

  • FA-19-098: 1.17 g/t Au over 70.50 metres, including 6.29 g/t Au over 8.95 metres.

"We are outlining a significant mineralized vein network in Area 51 in addition to our continuously expanding high-grade Tabasco/Cayenne shear system," stated Attila Pentek, vice-president, exploration, of Wallbridge. "Many of the wide, low-grade intervals also include high-grade subintervals, which may be amenable to underground mining methods. Currently one drill rig is fully dedicated to drilling short infill holes around and between near-surface intersections in Area 51 to better understand the geometry and grade continuity of these zones."

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 16 surface holes and 24 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 are 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-18-044-EXT*       964.13      965.60                                1.47       11.93       11.93
FA-18-047-EXT*       872.32      876.08                                3.76        4.18        4.18
FA-18-047-EXT*       987.31      988.40                                1.09        5.65        5.65
FA-19-076            101.50      103.00                                1.50        3.43        3.43
FA-19-077*           211.00      216.00                                5.00        7.13        7.13
FA-19-082            376.35      377.42                                1.07        6.58        6.58
FA-09-084            208.64      211.35                                2.71        2.61        2.61
FA-19-084            378.56      379.50                                0.94        9.21        9.21
FA-19-084            405.29      407.80                                2.51        3.93        3.93
FA-19-094            469.57      481.25                               11.68        1.64        1.64
FA-19-094            547.78      606.70                               58.92        1.05        1.05
FA-19-094                     including      547.78      548.60        0.82       14.79       14.79
FA-19-094            633.25      649.40                               16.15        3.34        3.34
FA-19-094                     including      633.25      635.36        2.11       18.18       18.18
FA-19-094            665.00      681.40                               16.40        1.54        1.54
FA-19-094                     including      663.00      667.50        4.50        4.13        4.13
FA-19-096*           246.33      300.35                               54.02        1.49        1.49
FA-19-096                     including      246.33      252.65        6.32        2.96        2.96
FA-19-096                           and      271.55      278.15        6.60        4.16        4.16
FA-19-096            442.80      468.54                               25.74        1.35        1.35
FA-19-096            506.33      507.83                                1.50        6.86        6.86
FA-19-096            651.29      652.79                                1.50        4.01        4.01
FA-19-098             57.90      128.40                               70.50        1.17        1.17
FA-19-098                     including      104.65      113.60        8.95        6.29        6.29
FA-19-098            266.30      273.59                                7.29        1.30        1.30
FA-19-098            423.00      428.22                                5.22        1.69        1.69
FA-19-100            118.75      119.75                                1.00        6.05        6.05
FA-19-100            317.45      319.17                                1.72        2.93        2.93
FA-19-100            407.30      407.95                                0.65       15.41       15.41
FA-19-101            496.00      512.10                               16.10        2.21        2.21
FA-19-102            237.09      237.75                                0.66       24.18       24.18
FA-19-102            328.00      341.49                               13.49        1.61        1.61
FA-19-102            396.39      399.20                                2.81        6.76        6.76
FA-19-102            475.85      507.73                               31.88        1.65        1.83
FA-19-102                     including      475.85      477.60        1.75       10.67       10.67
FA-19-102                           and      502.63      507.73        5.10        4.11        4.11
FA-19-103*           512.00      562.00                               50.00        1.54        1.54
FA-19-103                     including      514.00      534.00       20.00        2.35        2.35
FA-19-103                           and      554.00      561.00        7.00        2.75        2.75
FA-19-103            617.00      619.00                                2.00        6.70        6.70
FA-19-103            694.00      699.00                                5.00        3.31        3.31
FA-19-103            754.00      764.00                               10.00        1.77        1.77
FA-19-104            451.30      452.00                                0.70        7.34        7.34
FA-19-104            632.29      633.00                                0.71       13.25       13.25
FA-19-105                                                            no significant assay results**
19-0915-004                                                          no significant assay results**
19-0915-005          332.46      342.51                               10.05        1.88        1.88
19-0915-005          370.30      391.38                               21.08        0.97        0.97
19-0915-005          422.84      424.25                                1.41        6.14        6.14
19-0915-006                                                          no significant assay results**
19-0915-009                                                          no significant assay results**
19-0915-010                                                          no significant assay results**
19-0915-012                                                          no significant assay results**
19-0915-013                                                          no significant assay results**
19-0915-014                                                          no significant assay results**
19-0915-015                                                          no significant assay results**
19-0915-017           56.90       57.40                                0.50       10.90       10.90
19-0915-018          520.66      527.10                                6.44        5.83        5.83
19-0915-018                   including      520.66      521.36        0.70       43.60       43.60
19-0915-019           18.55       20.05                                1.50        9.74        9.74
19-0915-019          246.50      346.80                              100.30        1.17        1.17
19-0915-019                   including      246.50      250.70        4.20        6.45        6.45
19-0915-019                         and      318.40      319.15        0.75       84.57       84.57
19-0915-019                         and      342.70      346.80        4.10        3.87        3.87
19-0915-019          369.73      374.00                                4.27        1.88        1.88
19-0915-019          425.70      474.00                               48.30        1.11        1.11
19-0915-019                   including      425.70      433.47        7.77        3.71        3.71
19-0915-019          531.60      534.48                                2.88        5.46        5.46
19-0915-019          558.70      560.38                                1.68        4.43        4.43
19-0915-021          195.38      195.90                                0.52       18.51       18.51
19-0915-021          254.90      255.90                                1.00        6.76        6.76
19-0915-022          287.00      298.70                               11.70        7.48        7.48
19-0915-023          198.95      200.15                                1.20        4.27        4.27
19-0925-009          284.88      285.96                                1.08        5.16        5.16
19-0925-010                                                          no significant assay results**
19-0925-017                                                          no significant assay results**
19-0970-004          319.20      321.50                                 2.3        3.59        3.59
19-0970-004          340.90      341.60                                 0.7       16.29       16.29
19-0970-005          326.75      327.70                                0.95        5.51        5.51
19-0970-006*         280.58      287.92                                7.34        5.06        5.06
19-0970-006          375.38      376.47                                1.09        6.36        6.36
19-5140-001          521.69      524.10                                2.41        7.09        7.09
19-5140-003                                                          no significant assay results**
19-5140-004                                                          no significant assay results**

* Results reported here are in addition to previously announced intervals from the same drill holes
** Metal factor of at least five g/t*m and minimum weighted average composite grade of one g/t Au       
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.

We seek Safe Harbor.

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