TORONTO, March 23, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the
"Company") is pleased to announce that it continues to
successfully define high-grade gold mineralization at shallow
depths adjacent to the existing mine workings within the Main
Gabbro area on its 100%-owned Fenelon Gold Property
("Fenelon" or the "Property"). This mineralization
can be readily accessed from the existing mine workings and could
provide material for early stage production.
Main Gabbro Definition Drilling Results
Results from the ongoing definition drill program proximal to
existing mine workings in the Main Gabbro announced today include
19.47 g/t Au over 10.15 metres in hole 19-1035-022,
6.09 g/t Au over 21.05 metres in hole 19-1035-025 as
well as 17.33 g/t Au over 9.30 metres in hole
19-0985-013.
"Although most of the focus in the last few months has been on
our exploration success and rapid growth of the Fenelon gold
system, we are also seeing excellent results in our definition
drill program near the existing mine workings, outlining gold
ounces that will become important in the early stage of any future
production scenario," stated Attila Péntek, Vice President
Exploration of Wallbridge.
19-1035-019A:
|
5.93 g/t Au over
20.76 metres in the Chipotle, Anaheim and Naga Viper Zones,
including 11.89
g/t Au over 6.65 metres in the Naga Viper Zone;
|
19-1035-020:
|
2.44 g/t Au over
20.45 metres in the Chipotle, Anaheim and Naga Viper Zones,
including 6.77
g/t Au over 5.75 metres in the Chipotle Zone;
|
19-1035-022:
|
21.30 g/t Au
(19.47 g/t Au cut) over 10.15 metres in the Chipotle and
Anaheim Zones,
including 155.50 g/t Au over 1.20 metres in the Anaheim
Zone;
|
19-1035-023:
|
9.68 g/t Au over
7.70 metres in the Chipotle and Anaheim Zones;
|
19-1035-024:
|
22.95 g/t Au over
4.35 metres in the Chipotle Zone;
|
19-1035-025:
|
11.36 g/t Au over
10.10 metres in the Chipotle Zone and
6.09 g/t Au over
21.05 metres, including34.71 g/t Au over 3.10 metres in
the Naga Viper
Zone;
|
19-1110-014:
|
17.33 g/t Au over
9.30 metres in the Serrano Zone;
|
19-1110-016:
|
3.04 g/t Au over
7.86 metres in the Serrano Zone;
|
19-1150-003:
|
3.56 g/t Au over
5.00 metres in the Serrano Zone;
|
20-5150-019:
|
5.57 g/t Au over
5.00 metres in the Naga Viper Zone
|
COVID-19 Control Measures
Wallbridge takes the health and safety of its workforce very
seriously and has implemented numerous new health procedures and
increased the frequency of those already in place in order to
reduce the risk of COVID-19.
"As we continue to operate the Fenelon camp to support the 2020
diamond drilling program and progress permitting activities, we
must adapt to the new reality that COVID-19 has imposed upon us,"
stated Francois Demers, Vice
President, Mining and Projects of Wallbridge Mining Company
Limited. "We have taken action and put measures in place to protect
our employees and contractors at site and continue to monitor the
situation closely."
The Company will continue to monitor the situation and adapt as
necessary.
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 24,000 metres
have been drilled in 2020.
Assay results of 37 underground holes of the 2019/2020
exploration drill program are reported in Table 1 and Figure 1. 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 2019/2020 Drill Assay
Highlights(1)
|
|
Drill
Hole
|
From
|
To
|
From
|
To
|
Length
|
Au
|
Au
Cut(2)
|
VG(3)
|
Zone/Corridor
|
Section
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
|
|
|
19-1035-018
|
0.00
|
0.85
|
|
|
0.85
|
36.90
|
36.90
|
VG
|
Chipotle
|
10575
|
19-1035-019A
|
0.94
|
21.70
|
|
|
20.76
|
5.93
|
5.93
|
VG
|
Chipotle/Anaheim/Naga
Viper
|
10575
|
19-1035-019A
|
Including...
|
0.94
|
1.44
|
0.50
|
76.50
|
76.50
|
VG
|
Chipotle
|
10575
|
19-1035-019A
|
And...
|
15.05
|
21.70
|
6.65
|
11.89
|
11.89
|
VG
|
Naga Viper
|
10575
|
19-1035-020
|
0.40
|
21.85
|
|
|
20.45
|
2.44
|
2.44
|
VG
|
Chipotle/Anaheim/Naga
Viper
|
10575
|
19-1035-020
|
Including...
|
0.40
|
6.15
|
5.75
|
6.77
|
6.77
|
VG
|
Chipotle
|
10575
|
19-1035-022
|
0.50
|
10.65
|
|
|
10.15
|
21.30
|
19.47
|
VG
|
Chipotle/Anaheim
|
10575
|
19-1035-022
|
Including...
|
0.50
|
2.90
|
2.40
|
11.65
|
11.65
|
VG
|
Chipotle
|
10575
|
19-1035-022
|
And...
|
9.45
|
10.65
|
1.20
|
155.50
|
140.00
|
VG
|
Anaheim
|
10575
|
19-1035-023
|
0.00
|
7.70
|
|
|
7.70
|
9.68
|
9.68
|
VG
|
Chipotle/Anaheim
|
10575
|
19-1035-023
|
Including...
|
0.00
|
0.90
|
0.90
|
27.10
|
27.10
|
VG
|
Chipotle
|
10575
|
19-1035-023
|
And...
|
6.95
|
7.70
|
0.75
|
65.90
|
65.90
|
VG
|
Anaheim
|
10575
|
19-1035-024
|
2.85
|
7.20
|
|
|
4.35
|
22.95
|
22.95
|
VG
|
Chipotle
|
10575
|
19-1035-025
|
3.65
|
13.10
|
|
|
10.10
|
11.36
|
11.36
|
VG
|
Chipotle
|
10575
|
19-1035-025
|
Including...
|
3.65
|
4.25
|
0.60
|
55.30
|
55.30
|
VG
|
Chipotle
|
10575
|
19-1035-025
|
37.15
|
58.20
|
|
|
21.05
|
6.09
|
6.09
|
VG
|
Naga Viper
|
10575
|
19-1035-025
|
Including...
|
55.10
|
58.20
|
3.10
|
34.71
|
34.71
|
VG
|
Naga Viper
|
10575
|
19-1110-013
|
46.16
|
61.24
|
|
|
15.08
|
0.99
|
0.99
|
VG
|
Serrano
|
10650
|
19-1110-014
|
52.20
|
61.50
|
|
|
9.30
|
17.33
|
17.33
|
VG
|
Serrano
|
10650
|
19-1110-014
|
Including...
|
55.20
|
59.39
|
4.19
|
35.79
|
35.79
|
VG
|
Serrano
|
10650
|
19-1110-015
|
52.54
|
63.89
|
|
|
11.35
|
1.05
|
1.05
|
|
Serrano
|
10650
|
19-1110-016
|
54.00
|
61.86
|
|
|
7.86
|
3.04
|
3.04
|
VG
|
Serrano
|
10650
|
19-1110-016
|
Including...
|
58.66
|
61.86
|
3.20
|
6.24
|
6.24
|
VG
|
Serrano
|
10650
|
19-1150-003
|
27.65
|
32.65
|
|
|
5.00
|
3.56
|
3.56
|
|
Serrano
|
10650
|
19-1150-004
|
No Significant
Mineralization
|
|
10650
|
19-1150-005
|
No Significant
Mineralization
|
|
10650
|
19-1150-006
|
No Significant
Mineralization
|
|
10650
|
19-1160-001
|
No Significant
Mineralization
|
|
10650
|
19-1160-002
|
No Significant
Mineralization
|
|
10650
|
19-1160-003
|
No Significant
Mineralization
|
|
10650
|
20-1165-001
|
No Significant
Mineralization
|
|
10650
|
20-1165-002
|
No Significant
Mineralization
|
|
10650
|
20-1165-003
|
No Significant
Mineralization
|
|
10650
|
20-5150-011
|
No Significant
Mineralization
|
|
10575
|
20-5150-012
|
No Significant
Mineralization
|
|
10575
|
20-5150-013
|
No Significant
Mineralization
|
|
10575
|
20-5150-014
|
No Significant
Mineralization
|
|
10575
|
20-5150-015
|
No Significant
Mineralization
|
|
10575
|
20-5150-016
|
43.40
|
46.10
|
|
|
2.70
|
2.07
|
2.07
|
|
Naga Viper
|
10575
|
20-5150-017
|
No Significant
Mineralization
|
|
10575
|
20-5150-018
|
44.25
|
46.50
|
|
|
2.25
|
2.47
|
2.47
|
|
Naga Viper
|
10575
|
20-5150-019
|
41.00
|
46.00
|
|
|
5.00
|
5.57
|
5.57
|
|
Naga Viper
|
10575
|
20-5150-020
|
No Significant
Mineralization
|
|
10575
|
20-5150-021
|
No Significant
Mineralization
|
|
10575
|
20-5150-023
|
No Significant
Mineralization
|
|
10575
|
20-5150-024
|
55.50
|
56.40
|
|
|
1.30
|
9.28
|
9.28
|
|
Naga Viper
|
10575
|
20-5150-025
|
54.65
|
58.20
|
|
|
3.55
|
1.91
|
1.91
|
|
Naga Viper
|
10575
|
20-5150-026
|
No Significant
Mineralization
|
|
10575
|
20-5150-029
|
No Significant
Mineralization
|
|
10575
|
(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").
|
* metal factor of at
least 5 g/t*m and minimum weighted average composite grade of 1 g/t
Au
|
Note: True widths are
estimated to be 50-80% of the reportd 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 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 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, in 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 16.5% shareholder in, Loncan Canada Inc., a
privately-held company with a large portfolio of nickel, copper,
and PGM projects in Ontario's
Sudbury Basin.
As announced in Wallbridge Press Release dated March 02, 2020, Wallbridge and Balmoral Resources
have entered into a definitive agreement, whereby Wallbridge will,
among other things, acquire all of the issued and outstanding
shares of Balmoral, in an all-stock transaction. The Balmoral transaction secures for Wallbridge a
buffer of several kilometres surrounding its rapidly expanding
Fenelon discovery providing room for growth, as well as future mine
development flexibility. The transaction also significantly expands
Wallbridge's land holdings in Quebec along the Detour Gold Trend (from 10.5
km2 to 739.0 km2), improving the Company's
potential for further discoveries in this under-explored belt.
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