TORONTO, Jan. 28, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the
"Company") is pleased to announce the intersection of
43.47 g/t Au (23.57 g/t Au cut) over 19.00 metres in the
Lower Tabasco Zone on its 100%-owned Fenelon Gold Property
("Fenelon" or the "Property"). This interval is
approximately 120 metres below the intersection of 22.73 g/t Au
(18.87 g/t Au cut) over 48.01 metres in hole FA-19-086 (see
Wallbridge Press Release dated December 03,
2019) and highlights the excellent potential for similar
exceptional, high-grade intersections within the Lower Tabasco
Zone.
Two additional holes from the ongoing 2020 drill program also
intersected intervals of visually strong mineralization with
abundant visible gold in the Lower Tabasco Zone: hole FA-20-110
returned a 120-metre core length interval with several mineralized
zones, six containing visible gold, in the
Andromeda-Tabasco-Cayenne corridors, whereas hole FA-20-115 cut a
16-metre core length interval of the Lower Tabasco Zone,
approximately 23 metres below the FA-19-086 intersection.
"Today's announcement continues to confirm the presence of
significant high-grade gold mineralization in the Lower Tabasco
Zone which remains open at depth and on strike," stated
Marz Kord, President & CEO of
Wallbridge. "A known strike length of 300-400 metres, uncapped
weighted average gold grades in excess of 10 g/t over average core
lengths of about 15 metres, the approximate 500 metre down dip
extent identified thus far and indications from drill holes like
FA-20-110 and FA-20-115 highlight the potential for a significant
underground resource."
Lower Tabasco Zone Highlights
FA-19-103:
|
43.47 g/t Au
(23.57 g/t Au cut) over 19.00 metres, including
|
|
87.10 g/t Au
(45.73 g/t Au cut) over 5.69 metres and
|
|
87.57 g/t Au
(44.81 g/t Au cut) over 3.34 metres
|
|
This interval is
approximately 120 metres below the intersection of 22.73 g/t Au
(18.87 g/t Au cut) over 48.01 metres in hole FA-19-086 (see Figs.1
and 3)
|
|
|
FA-20-110:
|
A 120-metre core
length interval along the Jeremie Plutonwith several
mineralized zones, six containing visible gold, in the
Andromeda-Tabasco-Cayenne corridors. Currently, there is not
enough information available to establish which interval
corresponds to the Lower Tabasco Zone, as several shear zones show
Tabasco-like characteristics (see Figs.1 and 2). Assay results are
pending.
|
|
|
FA-20-115:
|
A 16-metre core
length intersection of the Tabasco Zone with abundant visible gold
and sulfide mineralization. This interval is approximately 23
metres below the intersection of 22.73 g/t Au (18.87 g/t Au cut)
over 48.01 metres in hole FA-19-086 (see Fig.1). Assay results are
pending.
|
Upper Tabasco Zone Highlight
19-0915-019:
|
8.24 g/t Au over
4.28 metres, including36.98 g/t Au over 0.67
metre
|
|
This interval is one
of the best results obtained so far from the upper portion of the
Tabasco Zone.
|
"We continue to be impressed by the continuity of high-grade
mineralization in the Lower Tabasco Zone," stated Attila Péntek,
Vice President Exploration of Wallbridge. "Hole FA-20-110 was very
important in demonstrating the existence of strong mineralization
on the 10050E section, thereby establishing a potential shallow to
moderate westward plunge of the Tabasco's high-grade domain,
whereas FA-20-115 indicates excellent continuity within the
high-grade domain."
2019/2020 Drill Program
Six drill rigs are currently active on the Property: five are
focusing on exploration drilling from surface, doing large-spaced
step-outs 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 6,500 metres
have been drilled in 2020.
Assay results of one surface hole and one underground hole of
the 2019 exploration drill program are reported in Table 1 and the
Figures. Assays are pending for 24 surface drill holes and 82
underground holes of the 2019 program with the majority of the
latter being short (< 50 m)
definition drill holes in the Main Gabbro Zone.
All figures and a table with drill hole information of recently
completed holes can be found on the Company website.
Table 1.
Wallbridge Fenelon Gold Property 2019 Drill Assay Highlights
(1)
|
Drill
Hole
|
From
|
To
|
From
|
To
|
Length
|
Au
|
Au
Cut(2)
|
VG(3)
|
Zone/Corridor
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
|
|
FA-19-103
|
785.00
|
804.00
|
|
|
19.00
|
43.47
|
23.57
|
VG
|
Lower
Tabasco
|
FA-19-103
|
Including...
|
785.00
|
790.69
|
5.69
|
87.10
|
45.73
|
VG
|
Lower
Tabasco
|
FA-19-103
|
And
|
794.88
|
798.22
|
3.34
|
87.57
|
44.81
|
VG
|
Lower
Tabasco
|
19-0915-019
|
174.52
|
178.80
|
|
|
4.28
|
8.24
|
8.24
|
VG
|
Upper
Tabasco
|
19-0915-019
|
Including...
|
176.10
|
176.77
|
0.67
|
36.98
|
36.98
|
VG
|
Upper
Tabasco
|
(1) Table includes
only highlight assay results received since the latest press
release.
|
|
(2) Au cut at 140 g/t
following InnovExplo's 2016 Mineral Resource Estimate.
|
|
(3) Intervals
containing visible gold ("VG").
|
|
Note: True widths are
estimated to be 50-80% 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 proven 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 ongoing, fully funded 100,000 to
120,000 metre 2020 drill program is aiming to further define the
size potential of the deposit and complete in-fill drilling in
support of a maiden 43-101 resource estimate.
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing 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% or 95% less than 2mm. A 1kg riffle split is pulverized to
>95% passing 106 microns or 85% passing 75 microns. 50g samples
are analyzed by fire assay and AAS. At SGS, samples >10g/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 re-analysis for quality assurance and quality control.
The Qualified Person responsible for the technical content of
this press release is Evan Slater,
P.Geo., M.Sc., Senior Project Geologist of Wallbridge.
About Wallbridge Mining
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%-owned Fenelon Gold
Property, which is located proximal to the Sunday Lake Deformation
Zone, an emerging gold belt in northwestern Quebec with ongoing 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% shareholder in, Loncan Canada Inc., a
privately-held company with a large portfolio of nickel, copper,
and PGM projects in Ontario's
Sudbury Basin.
This press release may contain forward-looking statements
(including "forward-looking information" within the meaning of
applicable Canadian securities legislation and "forward-looking
statements" within the meaning of the US Private Securities
Litigation Reform Act of 1995) relating to, among other things, the
operations of Wallbridge and the environment in which it operates.
Generally, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Wallbridge has relied on
a number of assumptions and estimates in making such
forward-looking statements, including, without limitation, the
costs associated with the development and operation of its
properties. Such assumptions and estimates are made in light of the
trends and conditions that are considered to be relevant and
reasonable based on information available and the circumstances
existing at this time. A number of risk factors may cause actual
results, level of activity, performance or outcomes of such
exploration and/or mine development to be materially different from
those expressed or implied by such forward-looking statements
including, without limitation, whether such discoveries will result
in commercially viable quantities of such mineralized materials,
the possibility of changes to project parameters as plans continue
to be refined, the ability to execute planned exploration and
future drilling programs, the need for additional funding to
continue exploration and development efforts, changes in general
economic, market and business conditions, and those other risks set
forth in Wallbridge's most recent annual information form under the
heading "Risk Factors" and in its other public filings.
Forward-looking statements are not guarantees of future performance
and such information is inherently subject to known and unknown
risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Wallbridge. Although
Wallbridge has attempted to identify important risks and factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors and risks that cause actions, events or
results not to be as anticipated, estimated or intended.
Consequently, undue reliance should not be placed on such
forward-looking statements. In addition, all forward-looking
statements in this press release are given as of the date
hereof.
Wallbridge disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, save and except as may
be required by applicable securities laws. The forward-looking
statements contained herein are expressly qualified by this
disclaimer.
SOURCE Wallbridge Mining Company Limited