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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 58.5 m of 1.7 g/t Au at Fenelon

2020-05-20 07:44 ET - News Release

Mr. Attila Pentek reports

WALLBRIDGE REPORTS STRONG INTERCEPTS FROM THE AREA 51 GOLD SYSTEM AT FENELON

Wallbridge Mining Company Ltd. continues to outline strong gold mineralization over a 600-by-500-metre area within the Area 51 vein network, which occurs in the hangingwall to the Tabasco-Cayenne shear system on its 100-per-cent-owned Fenelon gold property.

The results announced today continue to show the grade characteristics typical of the Jeremie Pluton-hosted Area 51 veins, allowing the future evaluation of various potential mining scenarios:

  1. Potentially open-pit bulk-minable intercepts in the one-to-two-gram-per-tonne range, including 1.70 g/t gold over 58.50 metres in FA-20-116, 1.01 g/t Au over 82.40 metres in FA-20-113 and 2.06 g/t Au over 38.50 metres in FA-20-115;
  2. Potentially underground bulk-minable intervals in the two to 10 g/t range, including 5.77 g/t Au over 14.85 metres in FA-20-116, 9.28 g/t Au over 6.50 metres in FA-20-115, and 7.18 g/t Au over 6.00 metres in 19-915-020;
  3. Potentially underground minable intervals in the greater than 10 g/t range, including 19.55 g/t Au over 4.10 metres in FA-20-107, 307.74 g/t Au over 0.50 metre in FA-20-118, 121.00 g/t Au over 0.60 metre in FA-20-128 and 78.21 g/t Au over 0.70 metre in 19-0915-025.

"We continue to expand the Area 51 gold system, both east (now on Section 10425) and west (now on Section 9825) with strong intersection both near surface and also at depth in close proximity to the Tabasco zones. Geophysical information and initial drill results by Balmoral indicate that Area 51 mineralization may extend far into the surrounding Balmoral ground and we are looking forward to discovering the extensions of this gold system on the soon-to-be-consolidated land package with drilling planned to start up there this summer," stated Attila Pentek, vice-president, exploration, of Wallbridge. "The geologic interpretation and 3-D modelling carried out by our geology team, working remotely during this temporary suspension due to COVID-19, has provided us with a much-improved understanding of the controls on gold mineralization in the Fenelon gold system. This will enable us to better target these zones and evaluate potential mining scenarios."

Highlights

Andromeda corridor:

  • 19-0915-020: 3.17 g/t Au over 9.00 metres and 7.18 g/t Au over 6.00 metres;
  • 19-0915-024: 2.18 g/t Au over 19.50 metres, including 3.56 g/t Au over 7.50 metres;
  • 19-0915-025: 78.21 g/t Au over 0.70 metre;
  • 19-0915-026: 3.11 g/t Au over 10.15 metres, including 23.26 g/t Au over 0.85 metre;
  • FA-20-108: 1.38 g/t Au over 29.25 metres, including 4.30 g/t Au over 4.50 metres.

Enterprise and Interstellar corridors:

  • FA-19-097: 1.52 g/t Au over 42.12 metres, including 2.39 g/t Au over 16.12 metres;
  • FA-20-115: 2.06 g/t Au over 38.50 metres, including 9.28 g/t Au over 6.50 metres;
  • FA-20-116: 1.70 g/t Au over 58.50 metres (together with Andromeda zone 4), including 5.77 g/t Au over 14.85 metres, which further includes 17.82 g/t Au over 4.50 metres;
  • FA-20-118: 307.74 g/t Au over 0.50 metre.

Laika corridor:

  • FA-20-107: 19.55 g/t Au over 4.10 metres;
  • FA-20-129: 1.18 g/t Au over 28.55 metres.

MIB and Milky Way corridors:

  • FA-19-097: 1.18 g/t Au over 37.98 metres, including 35.39 g/t Au over 0.70 metre;
  • FA-20-109: 1.53 g/t Au over 40.90 metres, including 13.38 g/t Au over 2.25 metres;
  • FA-20-113: 1.01 g/t Au over 82.40 metres, including 7.02 g/t Au over 2.40 metres;
  • FA-20-134: 1.07 g/t Au over 36.90 metres, including 7.07 g/t Au over 2.10 metres.

Orion corridor:

  • FA-20-106: 2.22 g/t Au over 14.75 metres;
  • FA-20-107: 1.14 g/t Au over 22.05 metres;
  • FA-20-128: 1.71 g/t Au over 21.00 metres and 121.00 g/t Au over 0.60 metre.

Titan corridor:

  • FA-20-110: 4.57 g/t Au over 5.40 metres and 2.44 g/t Au over 13.50 metres;
  • FA-20-137: 1.18 g/t Au over 24.00 metres, including 9.55 g/t Au over 1.50 metres;
  • 19-970-007: 3.08 g/t Au over 9.40 metres, including 5.17 g/t Au over 4.70 metres.

Area 51 geologic modelling

The Area 51 mineralization has now been modelled in detail based on available assay results and other geologic observations collected (structural orientation of veins, vein density data, alteration mapping and shear intensity), establishing 27 zones modelled and grouped into eight mineralized corridors. These new models will enable Wallbridge to better target these zones and evaluate potential mining scenarios. Geophysical information and initial drill results by Balmoral indicate that the Area 51 mineralization may extend far into the Balmoral land package and will represent one of the high-priority targets for the 2020 drill program.

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.

Partial assay results of 23 surface holes and six underground holes of the 2019/2020 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 2019/2020 DRILL ASSAY HIGHLIGHTS 

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

19-0915-020        11.70     12.70                       1.00     25.22          25.22
19-0915-020       345.20    354.20                       9.00      3.17           3.17
19-0915-020              including   353.20   354.20     1.00     23.00          23.00
19-0915-020       389.80    396.59                       6.79      1.51           1.51
19-0915-020       411.20    417.20                       6.00      7.18           7.18
19-0915-024       230.25    231.55                       1.30      5.30           5.30
19-0915-024       278.50    298.00                      19.50      2.18           2.18
19-0915-024              including   278.50   281.55     3.05      3.78           3.78
19-0915-024                    and   285.00   292.50     7.50      3.56           3.56
19-0915-025       192.00    195.00                       3.00      1.53           1.53
19-0915-025       226.90    227.60                       0.70     78.21          78.21
19-0915-026       339.80    347.90                       8.10      1.39           1.39
19-0915-026       459.90    470.05                      10.15      3.11           3.11
19-0915-026              including   466.15   467.00     0.85     23.26          23.26
19-0970-007       292.12    300.93                       8.81      2.63           2.63
19-0970-007              including   292.12   295.80     3.68      5.93           5.93
19-0970-007       402.20    403.33                       1.13      5.72           5.72
19-0970-007       499.30    508.70                       9.40      3.08           3.08
19-0970-007              including   499.30   504.00     4.70      5.17           5.17
19-0970-009       440.70    442.20                       1.50      7.64           7.64
FA-19-097*         54.40     55.03                       0.63      8.61           8.61
FA-19-097*        100.30    142.42                      42.12      1.52           1.52
FA-19-097*               including   100.30   110.30    10.00      2.41           2.41
FA-19-097*                     and   126.30   142.42    16.12      2.39           2.39
FA-19-097*        281.35    282.67                       1.32      6.78           6.78
FA-19-097*        301.73    305.17                       3.44      3.69           3.69
FA-19-097*        360.19    398.17                      37.98      1.18           1.18
FA-19-097*               including   371.25   371.95     0.70     35.39          35.39
FA-19-097*                     and   396.80   398.17     1.37     11.48          11.48
FA-19-106          55.75     70.50                      14.75      2.22           2.22
FA-19-106         204.85    205.90                       1.05      5.94           5.94
FA-19-106         363.00    364.50                       1.50      3.36           3.36
FA-19-106         658.05    663.00                       4.95      1.55           1.55
FA-20-107         135.20    137.20                       2.00      4.26           4.26
FA-20-107         213.55    235.60                      22.05      1.14           1.14
FA-20-107                including   235.00   235.60     0.60     16.23          16.23
FA-20-107         541.75    545.85                       4.10     19.55          19.55
FA-20-107         584.30    589.10                       4.80      1.41           1.41
FA-20-108         121.63    122.47                       0.84      9.82           9.82
FA-20-108         550.85    580.10                      29.25      1.38           1.38
FA-20-108                including   561.35   564.45     3.10      3.42           3.42
FA-20-108                      and   575.60   580.10     4.50      4.30           4.30
FA-20-108         602.15    611.75                       9.60      1.02           1.02
FA-20-108         656.10    667.95                      11.85      1.19           1.19
FA-20-108                including   656.10   656.75     0.65      9.40           9.40
FA-20-108         670.95    675.30                       4.35      3.02           3.02
FA-20-108         681.20    682.35                       1.15      3.58           3.58
FA-20-108         691.35    698.60                       7.25      2.08           2.08
FA-20-108         741.00    747.60                       6.60      2.65           2.65
FA-20-108                including   746.45   747.60     1.15     10.55          10.55
FA-20-108         771.90    773.15                       1.25     21.00          21.00
FA-20-108         797.80    799.25                       1.45      3.47           3.47
FA-20-109         416.20    447.60                      31.40      1.19           1.19
FA-20-109                including   432.00   438.00     6.00      4.41           4.41
FA-20-109         462.60    471.00                       8.40      1.21           1.21
FA-20-109         549.65    589.90                      40.25      1.54           1.54
FA-20-109                including   560.15   563.00     2.85      4.83           4.83
FA-20-109                      and   577.75   580.00     2.25     13.38          13.38
FA-20-109         612.25    617.70                       5.45      3.81           3.81
FA-20-110*        192.00    197.40                       5.40      4.57           4.57
FA-20-110*        265.50    279.00                      13.50      2.44           2.44
FA-20-110*               including   265.50   266.00     0.50     56.54          56.54
FA-20-110*        601.00    607.00                       6.00      3.21           3.21
FA-20-113          73.20     97.30                      24.10      1.16           1.16
FA-20-113                including    84.00    84.58     0.58     28.68          28.68
FA-20-113         139.00    143.40                       4.40      1.66           1.66
FA-20-113         150.00    151.05                       1.05      6.85           6.85
FA-20-113         287.40    288.10                       0.70     12.90          12.90
FA-20-113         454.20    459.60                       5.40      2.17           2.17
FA-20-113                including   454.20   455.30     1.10      9.60           9.60
FA-20-113         480.05    495.79                      15.74      0.97           0.97
FA-20-113                including   483.00   484.26     1.26      4.74           4.74
FA-20-113         585.10    667.50                      82.40      1.01           1.01
FA-20-113                including   585.10   587.20     2.10      6.19           6.19
FA-20-113                      and   665.10   667.50     2.40      7.02           7.02
FA-20-113         795.00    796.90                       1.90      3.00           3.00
FA-20-115         176.00    177.00                       1.00      7.01           7.01
FA-20-115         426.80    439.00                      12.20      1.59           1.59
FA-20-115                including   438.00   439.00     1.00     13.40          13.40
FA-20-115         510.50    549.00                      38.50      2.06           2.06
FA-20-115                including   510.50   517.00     6.50      9.28           9.28
FA-20-115                      and   548.00   549.00     1.00     10.25          10.25
FA-20-116         556.00    566.00                      10.00      1.34           1.34
FA-20-116         617.50    676.00                      58.50      1.70           1.70
FA-20-116                including   661.15   676.00    14.85      5.77           5.77
FA-20-116           which includes   671.50   676.00     4.50     17.82          17.82
FA-20-118         360.20    360.70                       0.50     13.47          13.47
FA-20-118         387.00    387.50                       0.50    307.74         140.00
FA-20-118         510.90    520.45                       9.55      1.40           1.40
FA-20-118                including   519.90   520.45     0.55     17.45          17.45
FA-20-119         760.60    766.40                       5.80      1.49           1.49
FA-20-120                                               no significant assay results**
FA-20-121          67.00     68.50                       1.50      5.54           5.54
FA-20-123         160.90    163.30                       2.40      6.93           6.93
FA-20-123                including   162.30   163.30     1.00     16.50          16.50
FA-20-123         612.20    614.40                       2.20      8.28           8.28
FA-20-123                including   613.80   614.40     0.60     14.59          14.59
FA-20-123         724.15    728.00                       3.85      2.31           2.31
FA-20-123         774.00    789.70                      15.70      1.00           1.00
FA-20-123                including   787.50   789.70     2.20      6.09           6.09
FA-20-124         121.00    141.00                      20.00      1.12           1.12
FA-20-124                including   137.00   141.00     4.00      3.93           3.93
FA-20-124           which includes   137.00   137.50     0.50     21.00          21.00
FA-20-124A                                              no significant assay results**
FA-20-127         360.15    365.00                       4.85      1.13           1.13
FA-20-127         457.65    460.40                       2.75      2.56           2.56
FA-20-127         508.85    540.70                      31.85      1.05           1.05
FA-20-127         691.85    693.00                       1.15      8.84           8.84
FA-20-127         780.60    789.00                       8.40      1.09           1.09
FA-20-128          94.50    115.50                      21.00      1.71           1.71
FA-20-128                including   100.50   103.50     3.00      5.72           5.72
FA-20-128         166.60    167.20                       0.60    121.00         121.00
FA-20-128         377.35    378.00                       0.65     15.10          15.10
FA-20-128         393.00    393.60                       0.60     17.92          17.92
FA-20-128         600.90    618.15                      17.25      1.00           1.00
FA-20-128         697.00    697.95                       0.95      5.61           5.61
FA-20-128         747.10    748.35                       1.25      4.90           4.90
FA-20-128         772.10    783.50                      11.40      1.46           1.46
FA-20-128                including   779.35   780.50     1.15      9.76           9.76
FA-20-128         811.40    814.80                       3.40      4.29           4.29
FA-20-129         443.00    445.00                       2.00      3.35           3.35
FA-20-129         462.50    466.00                       3.50      2.06           2.06
FA-20-129         485.00    486.00                       1.00      5.77           5.77
FA-20-129         571.00    599.55                      28.55      1.18           1.18
FA-20-129                including   588.50   599.55    11.05      2.52           2.52
FA-20-132         161.50    172.20                      10.70      1.26           1.26
FA-20-132                including   169.50   172.20     2.70      4.34           4.34
FA-20-133         567.00    570.00                       3.00      8.00           8.00
FA-20-133                including   567.00   568.00     1.00     21.58          21.58
FA-20-134          86.10     89.00                       2.90      2.10           2.10
FA-20-134         173.35    179.30                       5.95      1.93           1.93
FA-20-134                including   178.70   179.30     0.60     10.40          10.40
FA-20-134         210.60    211.30                       0.70      8.30           8.30
FA-20-134         921.20    930.50                        9.3      1.43           1.43
FA-20-134                including      929    930.5     1.50      4.11           4.11
FA-20-134         954.00    990.90                       36.9      1.07           1.07
FA-20-134                including    963.3    964.1     0.80     12.00          12.00
FA-20-134                      and   977.25   979.35     2.10      7.07           7.07
FA-20-137         102.00    126.00                      24.00      1.18           1.18
FA-20-137                including   117.00   118.50     1.50      9.55           9.55

(1) Table includes only assay results received since the latest press release on 
Area 51 results dated March 4, 2020.
(2) Au cut at 140 g/t following InnovExplo's 2016 mineral resource estimate.
* Results reported here are in addition to previously announced intervals from the 
same drill holes.
** Metal factor of at least five g/t by 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 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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