Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced that it has completed
an underground development program that provides direct access to
the Area 51 zone of the Fenelon Gold Property
(“Fenelon” or
the “Property”) for the first time, a significant
milestone for Fenelon.
Preliminary results of tightly spaced
underground drilling, geologic mapping and grade control sampling
have confirmed the geological modeling and interpretation derived
from surface drilling. This includes confirmation of a robust
network of mineralized veins with strong continuity over a wide
section of more than 30 metres, with grade continuity meeting or
exceeding expectations for Area 51.
“After completing approximately 1,800 meters of
underground development, we have had our first opportunity to see
and touch Area 51 gold mineralization since our team discovered
this zone in 2019, and everything we’ve observed so far increases
our confidence in the quality and potential of this deposit,” said
Attila Péntek, Wallbridge’s Vice President, Exploration.
“Underground access to Area 51 will allow us to obtain invaluable
data that we need to further grow our existing gold resources and
improve our understanding of the mineralization and grade
distribution.”
Wallbridge is focused on advancing Fenelon, as
well as the nearby Martiniere property, located within the
Company’s 910-square-kilometre land package on an underexplored
portion of the highly prolific Abitibi Greenstone Belt in
Northwestern Quebec. Both Fenelon and Martiniere have the potential
to support open pit and underground mining and are located close to
existing power and transportation infrastructure.
Program Highlights:
Underground Development
Completed
The Company completed approximately 1,800 metres
of underground development over the course of 2021 and early 2022,
providing access to Area 51 gold mineralization and establishing
drilling platforms to be used in future resource drill programs
(see Figs. 1 and 2). Existing workings, which reached a vertical
depth of 185 metres below surface, are being maintained for
exploration work.
Preliminary Underground In-fill Drill
Results
After establishing underground access, three
infill drill holes totaling 649 metres were completed at a nominal
25-metre spacing to target the Interstellar 03 Zone of the Area 51
gold system.
In contrast to surface drill holes, which
followed a typical south to north drill pattern, these holes were
drilled from east to west crossing the veins. All three holes
successfully intersected the zone where expected and confirmed the
anticipated orientation and grade distribution of the
mineralization, with assay results of 2.23 g/t Au
over 25.35 metres, including
11.77 g/t Au over 2.85 metres in
hole 21-5080-003, as well as 0.68
g/t Au over 10.50 metres in
21-5080-001 (see Figs. 2 and 3). Assay results for
the third underground hole are currently pending.
Geologic Mapping and
Sampling
The new underground exploration drift revealed
excellent exposures of typical Area 51 mineralization and its main
host rock, the Jeremie Diorite, over a 30-metre distance. A network
of sulfide-rich quartz veins characteristic of gold-bearing systems
is clearly visible on the walls (see Fig. 4). The individual veins
show excellent continuities of up to several metres across the
drift, suggesting the deposit could be suitable for bulk mining
methods.
Muck samples of 12 rounds within the Area 51
mineralized zone, representing 2,836 tonnes of material, returned
an average grade of 1.94 g/t Au, which compares favourably to the
grade profile contained in the Company’s 2021 mineral resource
estimate for Fenelon. This grade control (muck and chip) sampling
will aid in the interpretation of future mineral resource estimates
and evaluation of potential mining methods in economic studies.
Figure 1. Fenelon Gold, Plan
Viewhttps://www.globenewswire.com/NewsRoom/AttachmentNg/714b26da-d3b3-4b29-a058-277b3fa356ad
Figure 2. Fenelon Gold, Plan view of
2021-2022 underground development into Area 51 gold
mineralizationhttps://www.globenewswire.com/NewsRoom/AttachmentNg/3416ea87-b16a-42fd-9657-7e1d4ab351bd
Figure 3. Fenelon Gold, Plan view zoomed in
to the area of 2021-2022 underground
developmenthttps://www.globenewswire.com/NewsRoom/AttachmentNg/1f253f17-a976-42fc-95f9-0afc975dd344
Figure 4. Fenelon Gold,
Photos of typical Area 51 gold mineralization in the new
underground exploration
drifthttps://www.globenewswire.com/NewsRoom/AttachmentNg/2851e4f0-73f5-4d31-8cad-0bffa46d15b4
Table 1. Wallbridge Fenelon Gold, Recent Drill Assay
Highlights (1) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut(2) |
VG(3) |
Zone/Corridor |
Section |
In-fill or Expansion |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
|
|
21-5080-001 |
164.60 |
175.10 |
10.50 |
0.68 |
0.68 |
|
Area 51 |
10125 |
In-Fill |
21-5080-003 |
158.35 |
183.70 |
25.35 |
2.23 |
2.23 |
VG |
Area 51 |
10125 |
Expansion |
Including… |
158.35 |
161.20 |
2.85 |
11.77 |
11.77 |
VG |
Area 51 |
10125 |
Expansion |
(1) Table
includes only assay results received since the latest press release
dated January 12,
2022. (2) Au
cut: High-grade capping is 75g/t Au for Area 51 and 110 g/t Au for
Tabasco-Cayenne-Contact
Zones. (3) Intervals
containing visible gold
("VG"). (4) Metal
factor of at least 5.25 g/t*m and a minimum weighted average
composite grade of 0.35 g/t Au for intervals within/beside the 2021
Mineral Resource Estimate (“MRE”) open pit shell, or metal factor
of at least 7.50 g/t*m and a minimum weighted average composite
grade of 1.50 g/t Au for intervals below the depth extent of the
2021 MRE open pit shell.
Note: True widths are estimated to be 80% of the
reported core length intervals.
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., AGAT Laboratories
Ltd. or Bureau Veritas Commodities Canada Ltd. for analysis.
Samples, along with standards and blanks that are included 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. At SGS, AGAT and Bureau
Veritas 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.
As of December 10, 2021, muck and chip samples
from Fenelon were collected and bagged either by contractors or
Wallbridge personnel and transported to SGS Canada Inc. for
analysis. Samples, along with standards and blanks that are
included for quality assurance and quality control, were prepared
and analyzed at the laboratory. Samples are crushed to 80% less
than 2mm. A 250g riffle split is pulverized to 90% passing 75
microns and 30g samples are analyzed by fire assay and ICP.
Prior to this, muck and chip samples were
processed at a non-ISO accredited laboratory. Samples, along with
standards and blanks included for quality assurance and quality
control, were prepared and analyzed at the laboratory. Samples were
crushed to 80% less than 2mm. A 250g split was pulverized to 90%
passing 74 microns. 15g samples were analyzed by fire assay and
AAS.
The Qualified Person responsible for the
technical content of this press release is Peter Lauder, P.Geo,
Exploration Manager of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through
the discovery, acquisition, development, and production of gold
from a portfolio of exploration and development stage assets
located in established mining jurisdictions within Canada.
Wallbridge’s flagship project, Fenelon Gold, is located on the
highly prospective Detour-Fenelon Gold Trend in Northern Abitibi,
Quebec. A Mineral Resource Estimate completed in 2021 validated the
multi-million-ounce potential of Fenelon as well as Wallbridge’s
nearby Martiniere Property, incorporating a combined 2.67 million
ounces of indicated gold resources and 1.72 million ounces of
inferred gold resources. Fenelon and Martiniere, located within a
910-square-kilometre exploration land package controlled by
Wallbridge, have the potential to be developed into mines, and are
close to existing power and transportation infrastructure.
Wallbridge also has interests in several copper, nickel and
platinum group metal properties, including a 17.8% interest in
Lonmin Canada Inc.
Further information about Wallbridge can be
found in the Company’s regulatory filings available on SEDAR at
www.sedar.com and on the Company’s website at
www.wallbridgemining.com.
This news release has been authorized by the
undersigned on behalf of Wallbridge Mining Company Limited.
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 of Wallbridge Mining Company
Limited ("Wallbridge" or the "Company") 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:
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 mineral resource estimates (each an
“MRE”) at the Fenelon Gold and Martiniere 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, except as may be required by law. 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 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 COVID-19 on the Deposits, the Company’s
financial position, the Company’s ability to secure required
funding, or operations. Risks and uncertainties about Wallbridge's
business are more fully discussed in the disclosure materials filed
with the securities regulatory authorities in Canada, which are
available at www.sedar.com.
Covid‒19 ‒ Given the rapidly evolving nature of
the Coronavirus (COVID‒19) pandemic, Wallbridge is actively
monitoring the situation in order to continue to maintain as best
as possible the activities while striving to protect the health of
its personnel. Wallbridge' activities will continue to align with
the guidance provided by local, provincial and federal authorities
in Canada. The Company has established measures to continue normal
activities while protecting the health of its employees and
stakeholders. Depending on the evolution of the virus, measures may
affect the regular operations of Wallbridge and the participation
of staff members in events inside or outside Canada.
Information Concerning Estimates of Mineral
Resources
The disclosure in this press release and
referred to herein was prepared in accordance with NI 43-101 which
differs significantly 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 of 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.
Canadian standards, including the CIM Definition
Standards and NI 43-101, differ significantly from standards in the
SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted
new mining disclosure rules 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.
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