Toronto, Ontario — September 9, 2019 — Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (“Wallbridge” or the “Company”) is pleased to announce several important discoveries and the achievement of milestones that further demonstrate the large size potential of the Fenelon gold system (“Fenelon” or the “Property”).
Drill results extend the Cayenne zone to a depth of 700 metres, the Tabasco zone an additional 150 metres to the east and all known zones an additional 80 metres to the west-northwest. Furthermore, strong, visible gold-bearing mineralization was discovered in a previously untested portion of Area 51, over 300 metres from the nearest drill hole.
“With over 42,000 m drilled so far in 2019, we are on track to complete 70,000-80,000 metres by the end of the year allowing us to do an initial assessment of the size potential of the gold system and develop a robust strategy for our 2020 exploration program, which should exceed 100,000 metres of drilling” stated Marz Kord, President & CEO of Wallbridge Mining. “Our permitting process is progressing towards receiving approvals for the start-up of small-scale, 400-500 tpd production from the already-developed areas of the Main Gabbro zones by the second half of 2020 while the continued success of our exploration drill program will support a maiden resource estimate for the combined Fenelon gold system in early 2021.”
Highlights of Recently Received Assay Results:
19-0925-012: 8.04 g/t gold over 1.97 metres, including 22.14 g/t gold over 0.47 metres
19-0955-005: 29.58 g/t gold over 1.58 metres, including 106.00 g/t gold over 0.43 metres
19-0955-006: 26.67 g/t gold over 1.83 metres, including 63.07 g/t gold over 0.66 metres
19-0985-002: 8.52 g/t gold over 1.35 metres
19-1035-014: 8.55 g/t gold over 2.28 metres
Area 51 corridor
FA-19-067: A broad envelope of stockwork-style gold mineralization within and along the Jeremie Pluton grading 0.42 g/t gold over 236.67 metres, which includes (see Fig. 5):
- 1.27 g/t gold over 27.21 metres, with the following higher-grade sub-intervals:
4.91 g/t gold over 3.63 metres (including 18.25 g/t gold over 0.75 metres) and,
8.12 g/t gold over 1.82 metres
- 0.80 g/t gold over 19.94 metres including 23.17 g/t gold over 0.48 metres
- 16.33 g/t gold over 0.75 metres, and
- 1.29 g/t gold over 11.46 metres; this zone is developed in the sediments along the contact
19-0925-008: Stockwork-style gold mineralization within the Jeremie Pluton over an approximately 90 metre core length with vein intersections including 7.91 g/t gold over 0.66 metres, 5.16 g/t gold over 0.61 metres and 1.79 g/t gold over 1.96 metres. Additional in-fill sampling is currently underway.
Summary of Significant Drill Results (since last Wallbridge Press Release dated August 07, 2019):
FA-19-077: Several mineralized zones, one containing visible gold, in the Area 51, Tabasco and Cayenne corridors (see Fig. 6). Assay results are pending.
FA-19-078: Network of visible gold-bearing veins over an approximately 220 metre core length within Area 51 starting near surface (see Fig. 6).
FA-19-079: Several mineralized zones in the Tabasco and Cayenne corridors. Area 51-style mineralization was also intersected over an approximately 100 metre core-length at depth in a newly discovered buried portion of the Jeremy Pluton (see Fig. 5). Assay results are pending.
FA-19-080: Network of visible gold-bearing veins over an approximately 300 metre core length within Area 51 starting near surface. Several mineralized zones, two with visible gold in the Tabasco and Cayenne corridors. This hole, along with -082 extend all known zones 80 metres to the west-northwest (see Fig.3). Assay results are pending.
FA-19-081: Several mineralized zones, one containing visible gold, in the Area 51, Tabasco and Cayenne corridors (see Fig. 6). Drilling is currently underway and assay results are pending.
FA-19-082: Network of mineralized veins, one with visible gold, in the Area 51 corridor (see Fig. 3). Drilling is currently underway and assay results are pending.
FA-18-044ext: Extension of a 2018 drill hole from 652 to 1,015 metres depth. Several mineralized zones, one with visible gold, in a so far entirely untested portion of Area 51, over 300 metres from the nearest drill hole (see Fig. 2 & 8). Assay results are pending.
FA-18-047ext: Extension of a 2018 drill hole from 620 to 1,000 metres depth. Several mineralized zones in the Tabasco and Area 51 corridors (see Fig. 7). Assay results are pending.
19-0915-005: Network of mineralized veins, two with visible gold, over an approximately 100 metre core length in the Area 51 corridor (see Fig. 6). Assay results are pending.
“We’ve seen good continuity of the Tabasco zone, Cayenne zone and several mineralized structures in Area 51 giving us confidence in our ability to convert the widely spaced intersections into resources when completing our 2020 in-fill drill program.” stated Attila Péntek, Vice President Exploration of Wallbridge. “The discovery of high-grade mineralization within an entirely untested portion of Area 51 and the proven existence of buried portions of the Jeremie Pluton far in the north, open up an entirely new environment to host gold mineralization”.
Three rigs are active on exploration drilling from surface, doing large-spaced step-outs to define the footprint of the Fenelon gold system and two underground drill rigs are continuing to test the Naga Viper, Cayenne and Tabasco zones near the existing mine workings as well as follow up drilling in Area 51.
Assay results are reported below for the 2019 exploration drill program. Assay results are pending for 28 surface drill holes and 50 underground holes, for a total of approximately 6,500 samples. The Company is making all possible efforts to accelerate the sampling and assaying process and has been working with the laboratory to implement several measures to ensure a faster turn-around time of assay results.
A summary of the new drill hole results from the ongoing 2019 exploration drill program are reported in Table 1 and shown on the Figures below. All figures and a table with drill hole information of recently completed holes can be found on the Company website.
Figure 1: Fenelon Gold, 1:d3,000 Scale Plan view
Figure 2: Fenelon Gold, Long Section looking Northeast
Figure 3: Fenelon Gold, Cross Section 9900_E
Figure 4: Fenelon Gold, Cross Section 9975_E
Figure 5: Fenelon Gold, Cross Section 10050_E
Figure 6: Fenelon Gold, Cross Section 10125_E
Figure 7: Fenelon Gold, Cross Section 10275_E
Figure 8: Fenelon Gold, Cross Section 10500_E
|Table 1. Wallbridge Fenelon Gold Property 2019 Drill Assay Highlights (1)|
|Drill Hole||From||To||From||To||Length||True Width||Au||Au Capped(2)||VG(3)||Zone/Corridor|
|19-1000-001||No assays greater than 1g/t Au.|
(1) Table includes only highlight assay results received since the latest press release.
(2) Au capped at 140 g/t following InnovExplo’s 2016 Mineral Resource Estimate.
(3) Intervals containing visible gold (“VG”).
(4) Currently not enough information available to estimate true width.
Fenelon is located in northwestern Quebec proximal to the Sunday Lake Deformation Zone (“SLDZ”) which hosts the Detour Gold Mine in Ontario, and Balmoral Resources’ gold deposits at Martinière. Secondary splays of the SLDZ transect the Property over two to four-kilometre strike lengths and have controlled the emplacement of a significant gold system along the Jeremie Pluton and within a mafic-ultramafic sill referred to as the Main Gabbro.
Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the resource that existed in the Main Gabbro prior to any drilling by the Company. Wallbridge has undertaken successful surface exploration drilling campaigns in 2017, 2018 and 2019, and has recently completed an underground 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones, located additional parallel zones, and discovered a new gold system associated to the Jeremie Pluton referred to as Area 51.
Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. 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 Persons responsible for the technical content of this press release are Marz Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice President Exploration for Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.
Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a recently-completed 35,000-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the Company’s near-term project pipeline. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.
Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).
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., MBA
President & CEO
Tel: (705) 682-9297 ext. 251
Chief Financial Officer
Tel: (416) 716-8346
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.
Associated File: http://www.wallbridgemining.com/i/pdf/20190909_PR_Drilling_FINAL.pdf
5661 KB in size, approx. 17 minutes, 35 seconds to download at 56.6Kbps