TORONTO, May 20, 2020 /CNW/ - Wallbridge Mining Company
Limited (TSX:WM) ("Wallbridge" or the "Company") is pleased to
announce that the wide-spaced step out drilling at its 100%-owned
Fenelon Gold Property ("Fenelon" or the "Property")
has continued to expand the mineralization in the Tabasco-Cayenne
shear system along strike and down dip. These new intersections
continue to demonstrate the excellent widths and grade of this
zone, and include:
- 56.00 metres of 4.84 g/t Au 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, and
- 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 step-out 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 Péntek, 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 (see Figs. 2 and 3),
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 (see Figs. 2 and 3),
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 (see Figs. 2 and 6),
including
|
|
99.24 g/t Au over
1.00 metres;
|
|
|
FA-20-119:
|
4.65 g/t Au over
17.65 metres on Section 10125_E (see Figs. 2 and 4),
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 (see Figs. 2 and 6),
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 (see Fig. 2 and 5),
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 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 12 surface holes of the 2020 exploration drill
program are reported in Table 1 and Figures below. Further assays
are pending for some of the drill holes and intersections of the
Tabasco-Cayenne shear system are reported in separate releases. All
figures and a table with drill hole information of recently
completed holes can be found at
https://www.wallbridgemining.com/s/fenelon.asp.
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)
|
|
|
|
FA-20-108
|
839.70
|
842.60
|
|
|
2.90
|
2.85
|
2.85
|
|
Tabasco
|
10275
|
FA-20-109
|
688.30
|
707.20
|
|
|
18.90
|
1.20
|
1.20
|
VG
|
Tabasco
|
9900
|
FA-20-109
|
Including…
|
697.50
|
698.12
|
0.62
|
12.31
|
12.31
|
VG
|
Tabasco
|
9900
|
FA-20-109
|
748.10
|
761.60
|
|
|
13.50
|
1.29
|
1.29
|
|
Cayenne
|
9900
|
FA-20-109
|
Including…
|
754.30
|
755.20
|
0.90
|
12.15
|
12.15
|
|
Cayenne
|
9900
|
FA-20-109
|
853.00
|
857.85
|
|
|
4.85
|
3.68
|
3.68
|
|
Cayenne
|
9900
|
FA-20-115
|
624.00
|
648.95
|
|
|
24.95
|
3.19
|
3.19
|
VG
|
Tabasco
|
10200
|
FA-20-115
|
Including…
|
625.00
|
633.20
|
8.20
|
6.90
|
6.90
|
VG
|
Tabasco
|
10200
|
FA-20-115
|
And…
|
646.50
|
647.75
|
1.25
|
10.64
|
10.64
|
VG
|
Tabasco
|
10200
|
FA-20-115
|
732.00
|
733.00
|
|
|
1.00
|
9.28
|
9.28
|
|
Cayenne
|
10200
|
FA-20-116
|
726.50
|
735.00
|
|
|
8.50
|
9.76
|
9.76
|
|
Tabasco
|
10350
|
FA-20-116
|
Including…
|
732.00
|
734.00
|
2.00
|
36.55
|
36.55
|
|
Tabasco
|
10350
|
FA-20-118
|
729.00
|
737.40
|
|
|
8.40
|
1.50
|
1.50
|
|
Area 51 -
Tabasco
|
9900
|
FA-20-118
|
802.00
|
814.65
|
|
|
12.65
|
1.25
|
1.25
|
|
Tabasco
|
9900
|
FA-20-118
|
824.85
|
826.60
|
|
|
1.75
|
9.97
|
9.97
|
VG
|
Tabasco
|
9900
|
FA-20-119
|
824.60
|
842.25
|
|
|
17.65
|
4.65
|
4.65
|
|
Tabasco
South
|
10050
|
FA-20-119
|
Including…
|
824.60
|
826.00
|
1.40
|
12.36
|
12.36
|
|
Tabasco
South
|
10050
|
FA-20-119
|
And…
|
837.20
|
839.75
|
2.55
|
24.41
|
24.41
|
|
Tabasco
South
|
10050
|
FA-20-119
|
904.60
|
915.45
|
|
|
10.85
|
2.27
|
2.27
|
VG
|
Tabasco
|
10050
|
FA-20-119
|
Including…
|
904.60
|
907.50
|
2.90
|
6.22
|
6.22
|
VG
|
Tabasco
|
10050
|
FA-20-123
|
915.00
|
921.00
|
|
|
6.00
|
16.93
|
16.93
|
VG
|
Tabasco
|
10350
|
FA-20-123
|
Including…
|
917.50
|
918.50
|
1.00
|
99.24
|
99.24
|
VG
|
Tabasco
|
10350
|
FA-20-126
|
770.00
|
779.40
|
|
|
9.40
|
5.57
|
5.57
|
VG
|
Tabasco
South
|
9900
|
FA-20-126
|
805.00
|
810.10
|
|
|
5.10
|
5.54
|
5.54
|
VG
|
Tabasco
South
|
9900
|
FA-20-126
|
878.05
|
890.00
|
|
|
11.95
|
3.40
|
3.40
|
VG
|
Tabasco
|
9900
|
FA-20-126
|
Including…
|
880.55
|
881.10
|
0.55
|
38.60
|
38.60
|
VG
|
Tabasco
|
9900
|
FA-20-127
|
957.30
|
962.30
|
|
|
5.00
|
2.33
|
2.33
|
|
Cayenne
|
10125
|
FA-20-128
|
844.00
|
900.00
|
|
|
56.00
|
4.84
|
4.84
|
VG
|
Tabasco
|
9975
|
FA-20-128
|
Including…
|
844.75
|
855.35
|
10.60
|
5.29
|
5.29
|
VG
|
Tabasco
|
9975
|
FA-20-128
|
And…
|
871.95
|
873.50
|
1.55
|
38.57
|
38.57
|
|
Tabasco
|
9975
|
FA-20-128
|
And…
|
894.35
|
900.00
|
5.65
|
13.29
|
13.29
|
|
Tabasco
|
9975
|
FA-20-129
|
1011.00
|
1037.50
|
|
|
26.50
|
2.58
|
2.58
|
VG
|
Tabasco
|
10125
|
FA-20-129
|
Including…
|
1034.50
|
1037.50
|
3.00
|
12.33
|
12.33
|
|
Tabasco
|
10125
|
FA-20-134
|
1001.45
|
1020.60
|
|
|
19.15
|
8.41
|
8.41
|
VG
|
Tabasco
|
9975
|
FA-20-134
|
Including…
|
1001.45
|
1005.1
|
3.65
|
41.01
|
41.01
|
VG
|
Tabasco
|
9975
|
(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.
|
(3)
|
Intervals containing
visible gold ("VG").
|
Note: True widths are estimated to be 50-80% of the reported
core length intervals
About Fenelon
Fenelon 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 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 Jérémie Pluton. Historically, exploration has
focused on high-grade shear zones hosted in the Main Gabbro, 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