12:33:15 EDT Tue 07 Jul 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 591,666,961
Close 2020-05-15 C$ 0.98
Recent Sedar Documents

Wallbridge drills 5.35 m of 70.84 g/t Au at Fenelon

2020-05-19 07:50 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE INTERSECTS 70.84 G/T AU OVER 5.35 METRES AND 32.26 G/T AU OVER 7.05 METRES WITHIN THE FENELON MAIN GABBRO

Wallbridge Mining Co. Ltd. has provided further intersections from the definition drilling outlining high-grade shoots at shallow depths adjacent to the existing mine workings within the Main Gabbro area on its 100-per-cent-owned Fenelon gold property.

Results announced today include 70.84 grams per tonne gold over 5.35 metres in hole 20-5150-022, 32.26 g/t Au over 7.05 metres in hole 20-5150-027 in the Naga Viper zone as well as 51.37 g/t Au over 2.10 metres in hole 19-0985-007 in the Cayenne zone.

Main Gabbro definition drilling results

"In addition to delivering exceptional results, the definition drilling campaign in the Main Gabbro has further defined the near-surface zones immediately surrounding existing infrastructure. This allows us to advance the mine planning required with the goal of taking the Main Gabbro into production in the future while exploration and expansion of Tabasco and Area 51 continues," stated Francois Demers, vice-president, mines and projects of Wallbridge. "Eventual production from the Main Gabbro would likely be the first step as we continue to drive this multiphase project forward."

  • 20-5150-022: 70.84 g/t Au over 5.35 metres in the Naga Viper zone;
  • 20-5150-027: 32.26 g/t Au over 7.05 metres in the Naga Viper zone;
  • 19-0985-007: 51.37 g/t Au over 2.10 metres in the Cayenne zone;
  • 19-0985-014: 35.30 g/t Au over 1.05 metres in the Naga Viper zone;
  • 19-0985-015: 29.30 g/t Au over 1.10 metres in the Naga Viper zone;
  • 20-1120-007: 8.25 g/t Au over 3.25 metres in the Serrano zone;
  • 20-1120-009: 23.10 g/t Au over 0.60 metre in the Serrano zone.

Main Gabbro exploration drilling results

Results from five short exploration drill holes testing the near-surface western extension of the Main Gabbro zones were also announced today and include 12.12 g/t Au over 1.90 metres in hole FA-20-112 and 4.38 g/t Au over 1.15 metres in hole FA-20-114. These intersections are approximately 300 and 140 metres west of the nearest mine workings.

2019/2020 drill program

Prior to the March 23, 2020, temporary suspension of drilling activities due to COVID-19, six drill rigs were active on the property: five were focusing on exploration drilling from surface with large-spaced stepouts to define the footprint of the Fenelon gold system, and one underground drill rig was focused on 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 a fully financed 100,000 to 120,000 metres of drilling were originally planned for 2020. So far, up to the March 23, 2020, temporary suspension, a total of approximately 26,000 metres have been drilled this year. As previously announced, exploration activity has resumed at Fenelon, initially with four surface drill rigs; the company now estimates completing between 70,000 and 80,000 metres of drilling in 2020.

Assay results of 22 underground holes and five surface holes of the 2019/2020 exploration drill program are reported in the attached table. All figures and a table with drill hole information of recently completed holes can be found at the company's website.

  
                  WALLBRIDGE FENELON GOLD PROPERTY 2020 DRILL ASSAY HIGHLIGHTS (1)

                      From            To        Length            Au        Au cut (2)        VG (3)
Drill hole              (m)           (m)           (m)         (g/t)         (g/t)

19-0985-007          19.80         21.90          2.10         51.37         45.66            VG
19-0985-007          82.90         86.23          3.33          4.46          4.46
19-0985-014          85.85         86.90          1.05         35.30         35.30            VG
19-0985-015          82.35         83.45          1.10         29.30         29.30            VG
19-1035-017         No significant results*
19-1110-012         No significant results*
19-1150-001         No significant results*
19-1150-002         No significant results*
20-1105-001          29.00         30.40          1.40          8.44          8.44
20-1105-001          53.55         68.55         15.00          1.50          1.50
Including            67.30         68.55          1.25         10.55         10.55
20-1105-002         No significant results*
20-1120-005         No significant results*
20-1120-006         No significant results*
20-1120-007          54.30         57.55          3.25          8.25          8.25            VG
20-1120-008          43.40         49.70          6.30          1.58          1.58
20-1120-009          51.00         51.60          0.60         23.10         23.10            VG
20-1120-010         No significant results*
20-1120-011          47.00         50.20          3.20          2.21          2.21
20-1120-012          51.85         52.95          1.10          6.47          6.47
20-1120-013          46.35         50.70          4.35          2.25          2.25
20-1120-014         No significant results*
20-5150-022          40.70         46.05          5.35         70.84         60.67            VG
Including            42.00         44.10          2.10        123.08         97.18            VG
20-5150-027          43.95         51.00          7.05         32.26         32.26            VG
Including            43.95         45.85          1.90         53.87         53.87            VG
And                  49.95         51.00          1.05        114.50        114.50
20-5150-028          66.35         69.30          2.95          7.18          7.18            VG
FA-20-111           No significant results*
FA-20-112           138.10         140.0          1.90         12.12         12.12
FA-20-114            87.95         89.10          1.15          4.38          4.38
FA-20-117           No significant results*
FA-20-122           No significant results*
                          
(1) Table includes only assay results received since the latest press release dated March 23, 2020.

(2) Au cut at 140 g/t following InnovExplo's 2016 mineral resource estimate.

(3) Intervals containing visible gold (VG).

* Metal factor of at least five grams per tonne per metre 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 along the Detour-Fenelon gold trend, an emerging gold belt in northwestern Quebec related to the Sunday Lake Deformation zone. This major east-west structure in the northern Abitibi greenstone belt hosts the Detour Lake mine and is very similar to other gold trends 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 significantly expanded the footprint and depth extent of Area 51 as well as the Tabasco and Cayenne shear zones, thereby demonstrating the large size potential of the Fenelon gold system. The continuing, fully financed 70,000- to 80,000-metre 2020 drill program (revised from original 100,000- to 120,000-metre guidance due to COVID-19) 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 Inc. or ALS Canada Ltd. laboratories. Samples are crushed to 90 per cent or 95 per cent less than two millimetres. A one-kilogram riffle split is pulverized to over 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 of over 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 along the Detour-Fenelon gold trend, an emerging gold belt in northwestern Quebec with a continuing 70,000- to 80,000-metre exploration drill program in 2020 and a 33,500-tonne bulk sample and 75,000 metres of drilling completed in 2019.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.