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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 591,666,961
Close 2020-05-20 C$ 1.17
Recent Sedar Documents

Wallbridge drills 56 m of 4.84 g/t Au at Fenelon

2020-05-20 07:38 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE EXPANDS TABASCO-CAYENNE SHEAR ZONE GOLD MINERALIZATION AT FENELON

Wallbridge Mining Company Ltd.'s wide-spaced stepout drilling at its 100-per-cent-owned Fenelon gold property has continued to expand the mineralization in the Tabasco-Cayenne shear system along strike and downdip. These new intersections continue to demonstrate the excellent widths and grade of this zone, and include:

  • 56.00 metres of 4.84 grams per tonne gold in FA-20-128;
  • 19.15 metres of 8.41 g/t Au in FA-20-134;
  • 8.50 metres of 9.76 g/t Au in FA-20-116;
  • 6.00 metres of 16.93 g/t Au in FA-20-123.

The shear zones remain open to depth and along strike, and the wide-spaced stepout drilling to expand this mineralized system will continue to be the focus of the 2020 exploration drill program, which has now resumed.

"We are seeing impressive intersections in the western and eastern ends of the so-far-tested 500-to-600-metre strike length of the Tabasco system and are defining a shallow westerly plunge to the wider gold-rich core of the zone," stated Attila Pentek, vice-president, exploration, of Wallbridge. "The intersections on sections 9975-E and 10350-E significantly expand the known extent of the Tabasco shear system and our next drill holes will continue to test the limits of this extensive shear zone system, which remains open in all directions. When we suspended drilling due to COVID-19, hole FA-20-133 was just metres away from reaching the target depth of the Tabasco zone. In addition, the already significant intersection in FA-20-134 still has some assays pending due to delays in processing related to the suspension of activities. We are pleased that we have been able to resume activities at site and continue drilling and processing these drill holes."

Highlights:

  • FA-20-128: 4.84 g/t Au over 56.00 metres on Section 9975-E, including 5.29 g/t Au over 10.60 metres, 38.57 g/t Au over 1.55 metres and 13.29 g/t Au over 5.65 metres;
  • FA-20-134: 8.41 g/t Au over 19.15 metres on Section 9975-E, including 41.01 g/t Au over 3.65 metres; further assays are pending around this mineralized intersection and results will be released when they become available;
  • FA-20-123: 16.93 g/t Au over 6.00 metres on Section 10350-E, including 99.24 g/t Au over 1.00 metre;
  • FA-20-119: 4.65 g/t Au over 17.65 metres on Section 10125-E, including 24.41 g/t Au over 2.55 metres;
  • FA-20-116: 9.76 g/t Au over 8.50 metres on Section 10350-E, including 36.55 g/t Au over 2.00 metres;
  • FA-20-115: 3.19 g/t Au over 24.95 metres on Section 10200-E, including 6.90 g/t Au over 8.20 metres.

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 12 surface holes of the 2020 exploration drill program are reported in the associated table. Further assays are pending for some of the drill holes and intersections of the Tabasco-Cayenne shear system are reported in separate releases.

                WALLBRIDGE FENELON GOLD PROPERTY 2020 DRILL ASSAY HIGHLIGHTS   
          
Drill hole         From          To      From          To    Length       Au     Au cut (2)
                    (m)         (m)       (m)         (m)       (m)    (g/t)          (g/t)

FA-20-108        839.70      842.60                            2.90     2.85           2.85
FA-20-109        688.30      707.20                           18.90     1.20           1.20
FA-20-109                 including    697.50      698.12      0.62    12.31          12.31
FA-20-109        748.10      761.60                           13.50     1.29           1.29
FA-20-109                 including    754.30      755.20      0.90    12.15          12.15
FA-20-109        853.00      857.85                            4.85     3.68           3.68
FA-20-115        624.00      648.95                           24.95     3.19           3.19
FA-20-115                 including    625.00      633.20      8.20     6.90           6.90
FA-20-115                       and    646.50      647.75      1.25    10.64          10.64
FA-20-115        732.00      733.00                            1.00     9.28           9.28
FA-20-116        726.50      735.00                            8.50     9.76           9.76
FA-20-116                 including    732.00      734.00      2.00    36.55          36.55
FA-20-118        729.00      737.40                            8.40     1.50           1.50
FA-20-118        802.00      814.65                           12.65     1.25           1.25
FA-20-118        824.85      826.60                            1.75     9.97           9.97
FA-20-119        824.60      842.25                           17.65     4.65           4.65
FA-20-119                 including    824.60      826.00      1.40    12.36          12.36
FA-20-119                       and    837.20      839.75      2.55    24.41          24.41
FA-20-119        904.60      915.45                           10.85     2.27           2.27
FA-20-119                 including    904.60      907.50      2.90     6.22           6.22
FA-20-123        915.00      921.00                            6.00    16.93          16.93
FA-20-123                 including    917.50      918.50      1.00    99.24          99.24
FA-20-126        770.00      779.40                            9.40     5.57           5.57
FA-20-126        805.00      810.10                            5.10     5.54           5.54
FA-20-126        878.05      890.00                           11.95     3.40           3.40
FA-20-126                 including    880.55      881.10      0.55    38.60          38.60
FA-20-127        957.30      962.30                            5.00     2.33           2.33
FA-20-128        844.00      900.00                           56.00     4.84           4.84
FA-20-128                 including    844.75      855.35     10.60     5.29           5.29
FA-20-128                       and    871.95      873.50      1.55    38.57          38.57
FA-20-128                       and    894.35      900.00      5.65    13.29          13.29
FA-20-129      1,011.00    1,037.50                           26.50     2.58           2.58
FA-20-129                 including  1,034.50    1,037.50      3.00    12.33          12.33
FA-20-134      1,001.45    1,020.60                           19.15     8.41           8.41
FA-20-134                 including  1,001.45     1,005.1      3.65    41.01          41.01

(1) Table includes only highlight assay results received since the latest press 
release on Tabasco results dated March 4, 2020.
(2) Au 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 Fenelon

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.

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