Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced that its 2023
exploration drill program has extended the gold mineralization at
its 100% owned Fenelon Gold project (“
Fenelon”) at
depth in Area 51 and to the south of the Ripley zone.
Attila Péntek, Wallbridge’s Vice President,
Exploration, commented:
“The ongoing drilling campaign at Fenelon
continues to return impressive results, both discovering new
gold-bearing areas on the property (see Press Release from May 8,
2023) and continuing to expand the known deposit as highlighted
today. Significantly, today’s results expand the Area 51 system 80
metres from the nearest intersection in the central part of the
deposit at depth, while new results in the Ripley zone have now
expanded the known footprint of gold-bearing Jeremie Diorite to
over three kilometres north-south. Our exploration program is
consistently growing the overall mineralized footprint and
highlighting the district-scale potential of the Fenelon gold
system.
Over the remainder of the year, our exploration
activities will continue to focus on further delineating the
potential of our Detour-Fenelon land package. In parallel, we
expect to complete a preliminary economic assessment for the
Fenelon deposit this month.”
Composite Highlights
- FA-23-543 intersected high-grade
gold mineralization in the Area 51 system down to 940 metres below
surface including:
- 18.26 g/t Au over 2.70
metres, including
38.63 g/t Au over 1.20 metres,
- 14.16 g/t Au over 2.50
metres, and
- 20.95 g/t Au over 0.50
metre.
Geological Highlights
A transect of four holes were drilled across the
Sunday Lake Deformation Zone (“SLDZ”) immediately
south of the Ripley zone, a new satellite zone of the Fenelon
mineral resource (see February 28, 2023, press release). These
holes intersected several intervals of intense deformation and
strong hydrothermal alteration over hundreds of meters that is
interpreted to represent the main deformation corridor of the SLDZ.
This structure is in contact with the Timiskaming-type conglomerate
rocks identified on the property last year, which in the southern
Abitibi have a strong spatial association with gold deposits.
In addition to outlining the SLDZ corridor,
results indicate the folding of the gold-bearing Jeremie Diorite
immediately to the south of the Ripley Zone, with several gold
mineralized intervals present (see Table 1 below). The interpreted
folding of the Jeremie Diorite opens up new directions to the south
and east for follow-up drill testing of this favorable gold-hosting
environment.
Detour-Fenelon Gold Trend Exploration
Progress
Currently, the Company has three drill rigs
operating on its Detour-Fenelon Gold Trend property: two at its
Martiniere gold project and one that is in the process of being
mobilized from Fenelon to Grasset East to test favorable target
areas on this eastern, unexplored part of the land package.
Wallbridge has completed over 13,000 metres of
drilling at Fenelon and over 10,000 meters at Martiniere as
part of its 2023 exploration program. Assay results are being
released here for six drill holes from Fenelon.
In addition to the drilling campaign, other
grassroots exploration programs are underway to continue developing
the pipeline of regional targets. In the first quarter of this
year, high-resolution airborne magnetic surveys were completed over
a group of properties, including Martiniere and Casault, and a
sonic, drill-for-till orientation program was completed at Casault.
Field work is also currently underway on the Harri property, which
lies between the Company’s two flagship projects, Fenelon and
Martiniere.
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 SGS Canada Inc. for analysis.
Samples, including standards and blanks for quality assurance and
quality control, were prepared and analyzed at the laboratories.
Samples are crushed to 90% less than 2mm. A 1kg riffle split is
pulverized to 85% passing 75 microns. 50g samples are analyzed by
fire assay and AAS or ICP. Samples >10g/t Au are automatically
analyzed by fire assay with gravimetric finish or screen metallic
analysis. To test for coarse free gold and 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 Christopher Kelly,
M.Sc., P.Geo., Senior Geologist of Wallbridge.
Figure 1.
Fenelon Gold Property, Total Magnetic
Intensity Reprocessed (TMI)
Figure 2.
Fenelon Gold Property, Vertical Cross Section A-A’, 75m
Corridor
Figure 3. Fenelon Gold Property, Plan
View, 880m Vertical Depth and 150m Corridor
Table 1. Wallbridge Fenelon Gold Property, Recent Drill
Assay Highlights (1, 4) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut(2) |
VG(3) |
Zone/Corridor |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
Fenelon Expansion Targets |
|
|
|
|
|
|
FA-21-248 |
599.50 |
601.00 |
1.50 |
6.24 |
6.24 |
|
Area 51 |
FA-23-543 |
1131.50 |
1132.00 |
0.50 |
20.95 |
20.95 |
VG |
Area 51 |
FA-23-543 |
1146.00 |
1147.00 |
1.00 |
5.79 |
5.79 |
|
Area 51 |
FA-23-543 |
1178.30 |
1181.00 |
2.70 |
18.26 |
18.26 |
|
Area 51 |
Including… |
1178.30 |
1179.50 |
1.20 |
38.63 |
38.63 |
|
Area 51 |
FA-23-543 |
1204.50 |
1207.00 |
2.50 |
14.16 |
14.16 |
VG |
Area 51 |
Ripley Targets |
|
|
|
|
|
|
FA-23-542 |
No Significant Mineralization |
FA-23-545 |
No Significant Mineralization |
FA-23-547 |
404.00 |
405.50 |
1.50 |
4.17 |
4.17 |
|
Ripley |
FA-23-547 |
475.50 |
477.00 |
1.50 |
5.10 |
5.10 |
|
Ripley |
FA-23-547 |
742.00 |
743.50 |
1.50 |
3.47 |
3.47 |
|
Ripley |
FA-23-549 |
No Significant Mineralization |
Note: True widths are estimated to be 50-80% of
the reported core length intervals
(1) |
|
Table includes only assay received since the latest press release
dated May 8, 2023 |
(2) |
|
Au cut at: 110 g/t for the Tabasco/Contact/Cayenne Zones; 75 g/t Au
for the Area 51 zones |
(3) |
|
Intervals containing visible gold (“VG”) |
(4) |
|
Metal factor of at least 5 g/t*m and minimum weighted average
composite grade of 1.5 g/t Au, matching the underground resource
cut-off grade used in the 2023 MRE |
All figures and a table with drill hole
information of recently completed holes are posted on the Company’s
website under “Current Program” at
https://wallbridgemining.com/our-projects/fenelon-gold/.
About Wallbridge Mining
Wallbridge is focused on creating value through
the exploration and sustainable development of gold projects along
the Detour-Fenelon Gold Trend while respecting the environment and
communities where it operates.
Wallbridge’s flagship project, Fenelon Gold
(“Fenelon”), is located on the highly prospective
Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi
region. An updated mineral resource estimate completed in January
2023 yielded significantly improved grades and additional ounces at
the 100%-owned Fenelon and Martiniere projects, incorporating a
combined 3.05 million ounces of indicated gold resources and 2.35
million ounces of inferred gold resources.
Fenelon and Martiniere are located within an 830
km2 exploration land package controlled by Wallbridge. The Company
believes that these two deposits have good potential for economic
development, especially given their proximity to existing
hydro-electric power and transportation infrastructure. In
addition, Wallbridge believes that the extensive land package is
extremely prospective for the discovery of additional gold
deposits.
Wallbridge also holds a 19.9% interest in the
common shares of Archer Exploration Corp.
(“Archer”) as a result of the sale of the
Company’s portfolio of nickel assets in Ontario and Québec in
November of 2022.
Wallbridge will continue to focus on its core
Detour-Fenelon Gold Trend Property while enabling shareholders to
participate in the potential economic upside in Archer.
For further information please visit the Company’s website at
www.wallbridgemining.com or contact:
Wallbridge Mining Company
Limited
Marz Kord, P. Eng., M. Sc., MBAPresident &
CEOTel: (705) 682‒9297 ext. 251Email:
mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics,
MBAInvestor Relations AdvisorEmail:
vvargas@wallbridgemining.com
Cautionary Note Regarding Forward-Looking
Information
This press release contains forward-looking
statements or information (collectively, “FLI”)
within the meaning of applicable Canadian securities legislation.
FLI is based on expectations, estimates, projections, and
interpretations as at the date of this press release.
All statements, other than statements of
historical fact, included herein are FLI that involve various
risks, assumptions, estimates and uncertainties. Generally, FLI can
be identified by the use of statements that include words such as
“seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”,
“scheduled”, “estimates”, “expects”, “forecasts”, “intends”,
“projects”, “predicts”, “proposes”, "potential", “targets” and
variations of such words and phrases, or by statements that certain
actions, events or results “may”, “will”, “could”, “would”,
“should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes but is not limited to:
statements regarding the potential future performance of Archer
common shares; future drill results; the Company’s ability to
convert inferred resources into measured and indicated resources;
environmental matters; stakeholder engagement and relationships;
parameters and methods used to estimate the MRE’s at the Fenelon
Gold (defined below) and Martiniere (defined below) properties
(collectively the “Deposits”); the prospects, if
any, of the Deposits; future drilling at the Deposits; and the
significance of historic exploration activities and results.
FLI is designed to help you understand
management’s current views of its near- and longer-term prospects,
and it may not be appropriate for other purposes. FLI by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance, or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such FLI. Although the FLI
contained in this press release is based upon what management
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure shareholders and prospective purchasers
of securities of the Company that actual results will be consistent
with such FLI, as there may be other factors that cause results not
to be as anticipated, estimated or intended, and neither the
Company nor any other person assumes responsibility for the
accuracy and completeness of any such FLI. Except as required by
law, the Company does not undertake, and assumes no obligation, to
update or revise any such FLI contained herein to reflect new
events or circumstances. Unless otherwise noted, this press release
has been prepared based on information available as of the date of
this press release. Accordingly, you should not place undue
reliance on the FLI, or information contained herein.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in FLI.
Assumptions upon which FLI is based, without
limitation, include: the results of exploration activities, the
Company’s financial position and general economic conditions, the
ability of exploration activities to accurately predict
mineralization; the accuracy of geological modelling; the ability
of the Company to complete further exploration activities; the
legitimacy of title and property interests in the Deposits; the
accuracy of key assumptions, parameters or methods used to estimate
the MREs; the ability of the Company to obtain required approvals;
the results of exploration activities; the evolution of the global
economic climate; metal prices; environmental expectations;
community and non-governmental actions; and any impacts of the
COVID-19 pandemic on the Deposits, the Company’s financial
position, the Company’s ability to secure required funding, or
operations. In addition to the MD&A, risks and uncertainties
about Wallbridge's business are discussed in the disclosure
materials filed with the securities regulatory authorities in
Canada, which are available at www.sedar.com.
Information Concerning Estimates of
Mineral Resources
The disclosure relating to the Deposits and
MRE’s in this press release and referred to herein was prepared in
accordance with NI 43-101 which differs from the requirements of
the U.S. Securities and Exchange Commission (the
"SEC"). The terms "measured mineral resource",
"indicated mineral resource" and "inferred mineral resource" used
in this press release are in reference to the mining terms defined
in the Canadian Institute of Mining, Metallurgy and Petroleum
Standards (the "CIM Definition Standards"), which
definitions have been adopted by NI 43-101. Accordingly,
information contained in this press release providing descriptions
of our mineral deposits in accordance with NI 43-101 may not be
comparable to similar information made public by other U.S.
companies subject to the United States federal securities laws and
the rules and regulations thereunder.
Investors are cautioned not to assume that any
part or all mineral resources will ever be converted into reserves.
Pursuant to CIM Definition Standards, "inferred mineral resources"
are that part of a mineral resource for which quantity and grade or
quality are estimated on the basis of limited geological evidence
and sampling. Such geological evidence is sufficient to imply but
not verify geological and grade or quality continuity. An inferred
mineral resource has a lower level of confidence than that applying
to an indicated mineral resource and must not be converted to a
mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to
indicated mineral resources with continued exploration. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies, except in
rare cases. Investors are cautioned not to assume that all or any
part of an inferred mineral resource is economically or legally
mineable. Disclosure of "contained ounces" in a resource is
permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Investors are cautioned that while terms, are
substantially similar to CIM Definition Standards, there are
differences in the definitions and standards under subpart 1300 of
Regulation S-K of the United States Securities Act of 1933, as
amended (the "SEC Modernization Rules"), with
compliance required for the first fiscal year beginning on or after
January 1, 2021. The SEC Modernization Rules replace the historical
property disclosure requirements included in SEC Industry Guide 7.
As a result of the adoption of the SEC Modernization Rules, the SEC
now recognizes estimates of "measured mineral resources,"
"indicated mineral resources" and "inferred mineral resources".
Information regarding mineral resources contained or referenced in
this press release may not be comparable to similar information
made public by companies that report according to U.S. standards.
While the SEC Modernization Rules are purported to be
"substantially similar" to the CIM Definition Standards, readers
are cautioned that there are differences between the SEC
Modernization Rules and the CIM Definitions Standards. Accordingly,
there is no assurance any mineral resources that the Company may
report as "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources" under NI 43-101 would
be the same had the Company prepared the resource estimates under
the standards adopted under the SEC Modernization Rules.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/60ceb1a6-bb6f-46ab-a7da-3d7489d57169https://www.globenewswire.com/NewsRoom/AttachmentNg/9bb857db-c564-41b8-a2ff-01aff6d22bb6https://www.globenewswire.com/NewsRoom/AttachmentNg/ee9b245b-b1bf-466c-8567-cdfb70650a6b
Wallbridge Mining (TSX:WM)
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