TORONTO, May 19, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the
"Company") is pleased to announce 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%-owned Fenelon Gold Property
("Fenelon" or the "Property").
Results announced today include 70.84 g/t Au 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 & Projects of Wallbridge. "Eventual production from the
Main Gabbro would likely be the first step as we continue to drive
this multi-phase 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 step-outs 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-funded
100,000 to 120,000 metres of drilling was 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 Table 1 and
Figure 1. All figures and a table with drill hole information of
recently completed holes can be found at
www.wallbridgemining.com.
Table 1.
Wallbridge Fenelon Gold Property 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)
|
|
|
|
19-0985-007
|
19.80
|
21.90
|
|
|
2.10
|
51.37
|
45.66
|
VG
|
Cayenne
|
10425
|
19-0985-007
|
82.90
|
86.23
|
|
|
3.33
|
4.46
|
4.46
|
|
Chipotle
|
10425
|
19-0985-014
|
85.85
|
86.90
|
|
|
1.05
|
35.30
|
35.30
|
VG
|
Naga Viper
|
10425
|
19-0985-015
|
82.35
|
83.45
|
|
|
1.10
|
29.30
|
29.30
|
VG
|
Naga Viper
|
10425
|
19-1035-017
|
No significant assay
results*
|
19-1110-012
|
No significant assay
results*
|
19-1150-001
|
No significant assay
results*
|
19-1150-002
|
No significant assay
results*
|
20-1105-001
|
29.00
|
30.40
|
|
|
1.40
|
8.44
|
8.44
|
|
Serrano
|
10650
|
20-1105-001
|
53.55
|
68.55
|
|
|
15.00
|
1.50
|
1.50
|
|
Serrano
|
10650
|
20-1105-001
|
Including…
|
67.30
|
68.55
|
1.25
|
10.55
|
10.55
|
|
Serrano
|
10650
|
20-1105-002
|
No significant assay
results*
|
20-1120-005
|
No significant assay
results*
|
20-1120-006
|
No significant assay
results*
|
20-1120-007
|
54.30
|
57.55
|
|
|
3.25
|
8.25
|
8.25
|
VG
|
Serrano
|
10650
|
20-1120-008
|
43.40
|
49.70
|
|
|
6.30
|
1.58
|
1.58
|
|
Serrano
|
10650
|
20-1120-009
|
51.00
|
51.60
|
|
|
0.60
|
23.10
|
23.10
|
VG
|
Serrano
|
10650
|
20-1120-010
|
No significant assay
results*
|
20-1120-011
|
47.00
|
50.20
|
|
|
3.20
|
2.21
|
2.21
|
|
Serrano
|
10650
|
20-1120-012
|
51.85
|
52.95
|
|
|
1.10
|
6.47
|
6.47
|
|
Serrano
|
10650
|
20-1120-013
|
46.35
|
50.70
|
|
|
4.35
|
2.25
|
2.25
|
|
Serrano
|
10650
|
20-1120-014
|
No significant assay
results*
|
20-5150-022
|
40.70
|
46.05
|
|
|
5.35
|
70.84
|
60.67
|
VG
|
Naga Viper
|
10650
|
20-5150-022
|
Including…
|
42.00
|
44.10
|
2.10
|
123.08
|
97.18
|
VG
|
Naga Viper
|
10650
|
20-5150-027
|
43.95
|
51.00
|
|
|
7.05
|
32.26
|
32.26
|
VG
|
Naga Viper
|
10575
|
20-5150-027
|
Including…
|
43.95
|
45.85
|
1.90
|
53.87
|
53.87
|
VG
|
Naga Viper
|
10575
|
20-5150-027
|
And…
|
49.95
|
51.00
|
1.05
|
114.50
|
114.50
|
|
Naga Viper
|
10575
|
20-5150-028
|
66.35
|
69.30
|
|
|
2.95
|
7.18
|
7.18
|
VG
|
Naga Viper
|
10575
|
FA-20-111
|
No significant assay
results*
|
FA-20-112
|
138.10
|
140.00
|
|
|
1.90
|
12.12
|
12.12
|
|
Main Gabbro
West
|
10200
|
FA-20-114
|
87.95
|
89.10
|
|
|
1.15
|
4.38
|
4.38
|
|
Main Gabbro
West
|
10275
|
FA-20-117
|
No significant assay
results*
|
FA-20-122
|
No significant assay
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 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 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 Jérémie 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 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 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 along the Detour-Fenelon Gold Trend, an
emerging gold belt in northwestern Quebec with an ongoing 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. 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 2, 2020, Wallbridge and Balmoral Resources
Ltd. ("Balmoral") 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-Fenelon
Gold Trend (from 10.5 km2 to 739.0 km2),
improving the Company's potential for further discoveries in this
under-explored belt. As announced in Wallbridge Press Release dated
May 8, 2020, at a special meeting of
Balmoral securityholders held on
May 7, 2020, Balmoral securityholders voted overwhelmingly
in favour of the resolution approving the acquisition of
Balmoral by Wallbridge by way of a
plan of arrangement. On May 13, 2020,
Balmoral announced that it has
obtained the final order from the Supreme Court of British Columbia approving the announced plan
of arrangement with Wallbridge. It is currently anticipated that
the Balmoral transaction will
close on or about May 22, 2020, and
that the Balmoral shares will be
delisted from trading on the Toronto Stock Exchange on or around
May 25, 2020.
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